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Angola, Cobalt seeks arbitration

Cobalt International Energy has filed two arbitration requests with the International Chamber of Commerce (ICC) in Paris seeking more than $2bn in compensation from Sonangol. In March 2017, Cobalt submitted a notice of dispute to Sonangol EP over the sale of the US company’s 40% holdings in blocks 20 and 21. In an operational update on 8 May, Cobalt said it had now filed a request for arbitration with the ICC against Sonangol EP for breach of the August 2015 purchase and sale agreement for the sale by Cobalt to Sonangol of the assets.

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