Cobalt International discovers more gas in Angola

6 May 2016

US company Cobalt International has made a “significant” discovery of condensates and natural gas in the Zalophus # 1 well in Block 20 of the Angolan sea, the company said in a statement.

Announcing the results of the first quarter of 2016 and an update on operational activity, Cobalt said this was the third discovery in Block 20 and the sixth in the Angolan pre-salt layer.

The company is currently the operator of Block 20 with a 40 percent stake in partnership with Sonangol Pesquisa e Produção (30 percent) and BP Exploration Angola (Kwanza Benguela) Limited (30 percent).

This stake, as well as another of equal size, was sold in August 2015 to Angolan state oil company Sonangol, and the two sides are waiting for the process, known to the US company as “Transaction Angola”, to be concluded.

The Petroserv Catarina drilling rig is currently involved in drilling exploratory wells in the Golfinho # 1 well and the first results point to more condensate and natural gas.

Cobalt International recorded losses of US$30.8 million in the first quarter of 2016 compared with a loss of US$70.5 million in the same period of 2015. (macauhub/AO)