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Kenya's president signs petroleum bill into law - statement

NAIROBI, March 12 (Reuters) - Kenya's president signed on Tuesday a long-awaited petroleum bill into law to regulate oil exploration and production, and which outlines how revenues will be shared between local communities and companies.

Tullow Oil and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. The companies are working towards a final investment decision (FID) by the end of this year.

(Reporting by George Obulutsa Writing by Maggie Fick Editing by Edmund Blair)