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Sonangol acquires Cobalt's Angola discoveries for US$1.75 billion

Sonangol acquires Cobalt's Angola discoveries for US$1.75 billion

Report summary

On 24th August 2015, Sonangol and Cobalt signed an agreement for Sonangol to acquire Cobalt's 40% participating interest in blocks 21 and 20 offshore Angola for US$1.75 billion. The blocks contains five fields with commercial reserves estimated at 785 mil bbl. The deal is effective January 1, 2015 and our base case valuation of the deal is US$958 million (discounted at 10% from Jan 2015). Our valuation excludes technical reserves on the blocks of 4.7 tcf of gas and 650 mil bbl of liquids.

What's included?

This report includes 1 file(s)

  • Sonangol acquires Cobalt's Angola discoveries for US$1.75 billion PDF - 338.60 KB 7 Pages, 7 Tables, 1 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
    • Cobalt
    • Sonangol
  • Oil & gas pricing and assumptions

In this report there are 8 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Blocks 20 and 21
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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