Angola’s Sonangol says settled dispute with Cobalt International Energy

Angola’s state oil company Sonangol said on Tuesday it had settled all disputes with Cobalt International Energy and would pay the U.S. oil firm $500 million for its stakes in two offshore oil blocks.

Cobalt had filed arbitration requests in May seeking in excess of $2 billion due to the impact of failed extension talks on its attempts to sell offshore blocks 20 and 21 in Angola.

Sonangol said it would pay $150 million by Feb. 23 and a further $350 million by July 1.