Cobalt International Energy (CIE) is an independent exploration and production company with operations in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in West Africa. In the U.S. Gulf of Mexico, Cobalt International Energy has four discoveries: North Platte, Shenandoah, Anchor and Heidelberg. Heidelberg began initial production in January 2016, and North Platte, Shenandoah and Anchor are currently being appraised. In Angola, Cobalt International Energy has made seven aggregate discoveries offshore Angola on Blocks 20 (Orca, Zalophus, Golfinho and Lontra) and 21 (Cameia, Bicuar and Mavinga). The company also have a non–operated interest in the Diaba block offshore Gabon, where Cobalt International Energy has one discovery (Diaman).1

Operational Highlights

  • Net production from Heidelberg averaged approximately 3,450 barrels of oil equivalent per day (“boepd”) during the three months ended September 30, 2017, and is currently producing approximately 3,400 boepd on a net basis.
  • During the third quarter of 2017 the company completed the North Platte appraisal program and are currently planning to file for a suspension of production (“SOP”) during the fourth quarter of 2017. As a contingency to the SOP process, Cobalt International Energy is also currently in the planning stages for a North Platte #5 well.
  • At Anchor, the operator plans to file an application with the Bureau of Safety and Environmental Enforcement to expand the existing Anchor unit to include the two leases located immediately south of the unit (Green Canyon blocks 850 and 851). Assignments submitted for the south Anchor leases were approved by the Bureau of Ocean Energy Management in August 2017. The operator currently intends to file for an SOP for the Anchor unit.
  • At Shenandoah, the operator is currently concluding studies to verify the suitability of a more cost effective facility as the production host and is also evaluating future drilling options.


On March 8, 2017, the company submitted a Notice of Dispute to Sonangol pursuant to the Agreement for the sale by it to Sonangol of the entire issued and outstanding share capital of its indirect wholly–owned subsidiaries, CIE Angola Block 20 Ltd. and CIE Angola Block 21 Ltd., which respectively hold its 40% working interest in each of Block 20 and Block 21 offshore Angola. Subsequently, the company filed a RFA with the ICC against Sonangol for breach of the Agreement. Through this arbitration proceeding, Cobalt International Energy is requesting an award against Sonangol in excess of $2 billion dollars, plus applicable interest and costs. On July 17, 2017, Sonangol filed an Answer to its RFA and Counterclaim, asking for repayment of the $250.0 million initial payment that Sonangol made to it under the Agreement. The arbitral tribunal has been constituted, and Cobalt International Energy is in the process of agreeing with the parties the Terms of Reference for the arbitration.

The company also filed a separate RFA with the ICC against Sonangol P&P seeking recovery of over $178.9 million, including applicable interest and costs, representing the joint interest receivable owed to it for operations on Block 21 offshore Angola. The arbitral tribunal has been constituted, the Terms of Reference agreed, and the parties are currently working with the tribunal on a procedural timetable for the arbitration proceedings.

Unless resolved to its satisfaction, the company intend to continue to vigorously prosecute these claims in arbitration and seek all available remedies in law and equity. The company also intend to vigorously defend against any counterclaims Sonangol and Sonangol P&P might assert.


  1. ^
Tags: US:CIE
Created by Asif Farooqui on 2019/10/09 02:17
This site is funded and maintained by