Cobalt International Energy group has announced plans to farm-out its 40% interest in Angola’s Blocks 20 and 21 to third parties, following the withdrawal of Sonangol from the agreement.

According to the company, its Chief Executive, Tim Cutt, met in late July with the head of the state-owned company, Isabel dos Santos (photo), to negotiate the sale of the two stakes.During the meeting, the partners decided that Cobalt International Energy would sell its 40% interests in blocs 20 and 21 to third parties.

Cobalt in August 2015 announced that it sold its interests in the two blocks to Sonangol for the sum of $1.75 billion. This means that the U.S group will only keep a stake in bloc 9.“The sale and purchase agreement provides for a smooth transition to a new operator and underscores the parties’ commitment to attain the final investment decision so that production can begin in late 2018,” the group told Macauhub.

Anita Fatunji