Tullow Oil finds fresh reserves in Kenya

Anglo-Irish energy firm Tullow Oil said Thursday that it will buy a 50-percent stake in six exploration licences in Kenya and Ethiopia, expanding its reach in east Africa.Tullow, which is already a major player in the continent, will pay Canada's Africa Oil Corp up to 33.75 million dollars (26.3 million euros) for a share of six licences that cover two exploration blocks in Kenya and one in Ethiopia.

Originally posted at OilPrice.com, Last year was a record one for major new discoveries, and 2013 has so far demonstrated that the road to discovery still has plenty of mileage. The past two months alone have netted new finds in Egypt, a flurry of promising exploration results in East and West Africa, some important moves toward commercial viability in Kenya, more gas in the North Sea, an unexpected junior discovery in Brazil—and of course, more gains in Texas.

NAIROBI (Reuters) - Kenya said it plans to switch to bidding rounds to license its oil exploration blocks, moving away from one-on-one negotiations with firms, as interest in east Africa's largest economy increases following a recent oil discovery. In March British explorer Tullow Oil and Africa Oil found oil in the Ngamia-1 well on Block 10BB and encountered more a few months later, but its commercial viability has yet to be ascertained. ...

2012 has been a stellar year for oil and gas. From East Africa to North America, new technology, major new discoveries, an unparalleled appetite for exploration and a metamorphosing perception of risk have changed the playing field. We’re looking at potential rather than existing production, and here are our Top 5 picks for this year:Turkana County, KenyaWe have to start with Kenya, the biggest success story of the year. In March, the UK’s Tullow Oil and Canada’s Africa Oil Corp.