Angola: Angola’s state oil company Sonangol said Dec. 20 it had settled all disputes with Cobalt International Energy Inc. and would pay the Houston-based E&P $500 million for its stakes in two offshore oil blocks.

Cobalt had filed arbitration requests in May 2017 seeking in excess of $2 billion due to the impact of failed extension talks on its attempts to sell offshore blocks 20 and 21 in Angola. Sonangol said it would pay $150 million by Feb. 23 and a further $350 million by July 1. The settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of Texas.

Selected by SPTEC Advisory from Oil and Gas Investor