Cobalt oil group sells stake in Angola

25 August 2015

The American oil group Cobalt has sold to Angola’s Sociedade Nacional de Combustíveis (Sonangol) its 40 percent stake in two Angolan blocs for US$1.75 billion, the group announced.

Cobalt International Energy Inc. remains in Angola with only a participation in bloc 9, indicates the statement released on Monday in Houston.

“The purchase and sale agreement provides for a smooth transition to a new operator and underscores the parties’ commitment to attain the final investment decision for the Cameia development in bloc 21/09 by year-end 2015 in order to deliver the first oil from Cameia in 2018,” reads the statement posted on the American oil company’s website.

Although Cobalt will remain as operator in the interim period, “all costs going forward will be borne by Sonangol,” the company specifies, recalling that the agreement is subject to approval by Angolan regulatory authorities, which should occur by the end of the year.

Cobalt operates in Angola, sub-Saharan Africa’s second-ranking oil producer, taking advantage of similarities between the Brazilian and Angolan coasts to boost its activity.

In a presentation to analysts several weeks ago, a company official said the group aimed to concentrate its oil exploitation activities in the Gulf of Mexico, reports the Bloomberg financial agency. (Macauhub/AO)