Blocks

$2b Lawsuit Has Investors Worried About Angola

US-based oil company Cobalt filed for arbitration for a $2-billion suit against Angola’s state-run Sonangol oil giant last week, according to court documents found by Reuters. The two parties were due to reach an agreement on license extensions for two deepwater blocks, but negotiations broke down last year. Now Cobalt claims a $2 billion award, plus interest and other costs, as compensation …