Cobalt Agrees to $1.75B Transaction with Sonangol for Angola Blocks

Cobalt Agrees to $1.75B Transaction with Sonangol for Angola Blocks
Cobalt signs an agreement to sell its entire 40% participating interest in blocks 21/09 and 20/11 to Sonangol for $1.75 billion.

Cobalt International Energy Inc. announced Monday that it has signed an agreement to sell its entire 40 percent participating interest in blocks 21/09 and 20/11, located offshore Angola, to Sonangol for $1.75 billion.

The transaction, which has an effective date of Jan. 1, is subject to Angolan government approvals, which are expected before the end of the year. According to a Cobalt statement, both parties are committed to attaining a final investment decision for the Cameia development in Block 21/09 by year end 2015, in order to deliver first oil from Cameia in 2018.

Joseph H. Bryant, Cobalt’s chairman and chief executive officer, commented in a company statement:

"We are proud of the tremendous success that our partnership with Sonangol has achieved in opening the pre-salt play in the Kwanza Basin with five significant discoveries and a deep portfolio of exploration prospects. We remain committed to continuing our joint efforts with Sonangol to move the Cameia development project to sanction by year end."

Francisco Lemos Jose Maria, chairman and chief executive officer of Sonangol, said in a company release:

"Over the past seven years, Cobalt International Energy has had outstanding exploration success in Angola’s pre-salt, which will accrue considerable prosperity to the Angolan people over coming generations. We are thankful and appreciative of their efforts and dedication to the task and wish them well in their future endeavors in the global industry."

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Estvo Estrela | Aug. 31, 2015
This a great program about oil and gas.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)

Most Popular Articles

From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
Channel Development Manager Job
Expertise: Business Development|Sales
Location: Minneapolis, MN
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours