Angola’s Sonangol Buys Cobalt Oil Assets for $1.75 Billion

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.