HOUSTON – Sonangol and Cobalt International Energy Inc. have signed a sale and purchase agreement for Sonangol to acquire all of Cobalt’s 40% participating interest in blocks 21/09 and 20/11 offshore Angola for $1.75 billion.
With an effective date of Jan. 1, 2015, the transaction is subject to customary Angolan government approvals, which are expected by the end of the year.
The sale and purchase 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 block 21/09 by the end of 2015 in order to deliver first oil in 2018. Notwithstanding Cobalt’s continuing as operator for an interim period, all costs going forward will be borne by Sonangol.
Francisco Lemos José Maria, chairman and CEO of Sonangol said, “Over the past seven years, Cobalt International Energy has had outstanding exploration success in Angola’s presalt, which will accrue considerable prosperity to the Angolan people over coming generations.”
Joseph H. Bryant, Cobalt’s chairman and CEO, said: “We are proud of the tremendous success that our partnership with Sonangol has achieved in opening the presalt 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.”