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Maersk Oil Pays Up To $845 Million To Buy Into East Africa

Maersk Oil Pays Up To $845 Million To Buy Into East Africa

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Maersk Oil, the Copenhagen-based energy company, will pay up to $845 million for oil exploration licenses in Kenya and Ethiopia. The deal for Africa Oil Corp.’s shares in five onshore licenses includes an upfront sum of $365 million and up to $480 million in performance-based payments, according to a statement by the company.

The 100,000 square kilometers of licences cover the Turkana region of…

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