Sonangol unlikely to pay $2 bln Cobalt arbitration

By Miriam Malek 16 May 2017
  • Twitter logo
  • LinkedIn logo
  • facebook logo
  • Email logo
The case between Cobalt and Sonangol related to Angola’s offshore blocks 20 and 21. (Cobalt) The case between Cobalt and Sonangol related to Angola’s offshore blocks 20 and 21. (Cobalt)

Angola’s state-owned oil company, Sonangol, is facing a $2 billion arbitration case against United States-based Cobalt, but severe liquidity issues make it unlikely the African company will be able to foot the bill if it loses the case, Angolan sources have told Interfax Natural Gas Daily.

The case is related to offshore blocks 20 and 21, which are estimated to hold around 225-285 billion cubic metres of gas.

Log in or register for a free trial to continue reading this article

Already a subscriber?

If you already have a subscription, sign in to continue reading this article.

Sign in

Not a subscriber?

To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.

Sign up