Angola reaches settlement with Cobalt

LUANDA, December 20, 2017 – Sonangol said Tuesday it had settled all disputes with Cobalt International Energy.

The NOC will pay the US company USD 500 million for its shares of two offshore blocks. Sonangol said it would pay USD 150 million by February 23 and another USD 350 million by July 1.

According to Cobalt’s Q1 2017 report, released May 8, the company had requested arbitration from the International Chamber of Commerce, making a claim of USD 2 billion against Sonangol for not following through on its purchase of Cobalt’s Angola assets. In August 2017, the company said it was in talks with the NOC to solve the matter amicably, but “until this matter is resolved in a satisfactory manner, Cobalt will continue to vigorously prosecute these claims in arbitration and seek all available remedies.” Last week the company filed for bankruptcy.

Read our latest insights on: