[Angola] Sonangol and Cobalt announce $500 million oil dispute settlement
The Angolan National Concessionaire Sociedade Nacional de Combustíveis de Angola — Empresa Pública (“Sonangol”) and Cobalt International Energy, Inc. have signed an agreement to resolve all disputes and transition Cobalt’s interests in Blocks 20 and 21 offshore Angola to Sonangol for $500 million.
The settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of Texas. An initial non-refundable payment of $150 million is to be paid by Sonangol no later than February 23, 2018 with the final $350 million payment to be received no later than July 1, 2018.
Mr. Carlos Saturnino, Chairman and Chief Executive Officer of Sonangol said: “I would like to thank Mr. Tim Cutt and Cobalt team for all efforts made to conclude with success, the settlement of all issues related to the Angolan offshore oil concessions, that is Block 21/09 and Block 20/11. Sonangol will continue the development of strategies and actions with all stakeholders to relaunch the stability and attractiveness of the hydrocarbons industry in Angola.”
“I want to thank Mr. Carlos Saturnino for his leadership in decisively and successfully resolving the outstanding issues between our companies. I also wish to thank Sonangol’s Board of Directors. I believe this resolution is in the best interest of our stakeholders,” said Timothy J. Cutt, Cobalt’s Chief Executive Officer. “We look forward to working with Sonangol to implement this agreement and wish them all the best in developing these world class assets.”