Petroleum Africa
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Thursday, June 6, 2013
Sonangol P&P, part of Angola’s state-run oil conglomerate, is progressing its plans to pick up more exploration and production assets. The company plans to buy a stake in an offshore block from the country’s VP Manuel Vicente.
Sonangol will purchase 15% of Block 21-09 from Nazaki Oil & Gaz SA, a company held by Vicente and two senior generals, according to a February 28 decree allowing the sale seen by Bloomberg.
The block is operated by US independent Cobalt International Energy. In March Cobalt said that tests on two wells had been “outstanding.” Production is planned for 2016.
Nazaki’s ties to Angola’s leadership prompted the US SEC and the US Department of Justice to open a bribery probe into the operations of Cobalt in 2011. Cobalt denied any wrongdoing.
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