Angola: Cobalt winds down

Cobalt International has started winding down its Angolan operations as it proceeds with the sale of its assets to Sonangol. The company said it expected to reduce its global workforce by 50% as it concentrates on its US operations.In August 2015, Cobalt and Sonangol announced an agreement for the sale of Cobalt’s 40% working interest in Angola blocks 20 and 21 for $1.75bn before transaction costs and taxes. Cobalt received the initial payment of $250m in 2015 and expects to close the transaction upon receipt of Angola government approvals.