“This is the most significant well result to date in Kenya outside the South Lokichar basin. Encountering strong oil shows across such a large interval is very encouraging indeed. I am delighted by this wildcat well result and the team are already working on our follow-up exploration plans for the Kerio Valley Basin.”

French major Total (TOTF.PA) has agreed to buy East African oil retailer Gulf Africa Petroleum Corp (Gapco) from Reliance Industries (RELI.NS) for an undisclosed amount as it seeks to strengthen its presence in the continent.

Reliance, which has 76 percent stake in Gapco, and the minority shareholders have agreed to sell their holding for cash to Total, the Indian company said in a statement on Tuesday.

The two companies said the transaction is yet to be approved by authorities...........................

Gapco's assets in Tanzania, Kenya and Uganda include logistic terminals, 108 fuel stations, and 260,000 kilolitres of storage capacity. Total currently operates a network of more than 4,000 fuel stations in Africa.

"Although Africa's overall oil demand is low by global standards, the continent's oil demand growth rates are very high, having risen by around 50 percent over the last decade to almost 4 million barrels per day (bpd)," BP said in a report.