US independent Cobalt International Energy has struck a $1.75 billion cash deal to sell its stakes in two prolific, deep-water pre-salt blocks off Angola to state oil company Sonangol EP.
The deal, assuming it concludes, will also see Cobalt repaid for $400 million of spending this year and will leave it to focus its spending on assets in the Gulf of Mexico, where the Heidelberg project is due on stream in mid-2016 and the North Platte, Shenandoah and Anchor discoveries are being appraised.
Proceeds
