A.P. Moller-Maersk has agreed to buy half of Africa Oil Corporation’s stakes in three onshore exploration licenses in Kenya and two in Ethiopia for as much as USD 845 million, Bloomberg reported.

The Copenhagen-based company disclosed the deal in a statement it released on Monday November 9, 2015. The deal requires Maersk Oil to split the payment between USD 365 million upfront and up to USD 480 million in future payments depending on the performance of the Lockichar Project.

As energy prices fell, Maersk Oil last week reported 86 percent profit drop in the third quarter. The parent company Maersk had said it is willing to spend money on investments to help the oil unit grow.

“As part of the Maersk Group, we are in a position where we can take advantage of opportunities arising in current market conditions,” Maersk Oil Chief Executive Officer Jakob Thomasen said in the statement.

Source: Bloomberg