Angola’s state-owned oil company agreed to acquire Cobalt International Energy Inc.’s 40 percent interest in discoveries off the nation’s coast for $1.75 billion.
Sociedade Nacional de Combustiveis de Angola, known as Sonangol, expects to receive government approval for the purchase of the stakes in blocks 21/09 and 20/11 before the end of the year, according to a statement Monday. Cobalt, a Houston-based deep-water oil explorer, will continue as operator for an interim period with Sonangol bearing all costs.
Cobalt has been searching for oil off the coast of Africa’s second-largest oil producer in geological formations that mirror a region offshore Brazil that yielded large oil discoveries. The explorer made its first oil discovery from the Cameia-1 well in block 21 in 2011.
Brazil Energy Insight 
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