March 26th, 2012
11:03 AM ET

Oil discovered in Kenya

Kenya has finally struck oil after decades of exploration, the country's president announced Monday.

President Mwai Kibaki called the discovery a "major breakthrough," though it will take more than three years before the country can become an oil producer.

"This is the first time Kenya has made such a discovery and it is very good news for our country," Kibaki said at a state function in Nairobi.

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