Cobalt’s $1.75 B Angola offshore blocks Deal scales through

Cobalt’s $1.75 B Angola offshore blocks Deal scales through

Cobalt’s proposed sale of interest in two offshore blocks in Angola to the state-run oil firm Sonangol has fallen through, as expected.

The Houston-based oil exploration and production company Tuesday said that the purchase and sale agreement for Cobalt’s 40% participating interest to Sonangol expired on August 22, and was thus terminated.

To remind, earlier this month, on August 2, Cobalt said it expected the proposed $1.75 billion sale would not go forward as planned. The company said it had held meetings with Sonangol, and it was agreed the blocks would be offered to a third party.

In a statement on Tuesday, August 23, the company said it planned to work with Sonangol to understand and agree on the financial and operational implications of the termination. The company has begun the marketing and sale process of its Angolan assets.

Related News: Petrofac Signs 3-year contract,offshore Angola

Petrofac has been awarded a three-year contract to provide a condition monitoring program for Bumi Armada’s Olombendo floating, production, storage and offloading (FPSO) bound for offshore Angola.

Currently under conversion in Singapore, the FPSO Armada Olombendo will be deployed at Eni’s Block 15/06 East Hub field development, located offshore Angola, towards the end of 2016.

According to Petrofac, the scope of work will include the implementation of the condition monitoring program, training, an ABS initial submission report, monthly vibration and lube oil analysis, risk based reporting and hardware and software support through Petrofac’s proprietary CBMnet system.

CBMnet is an internet-enabled management reporting system that provides clients with the ability to optimise maintenance and manage the risk to delivery of their business objectives through the assessment of critical rotating machinery condition, Petrofac explained.

The system is hosted online and managed by Petrofac’s in-house team. It has provided support for over 92 facilities across 15 countries.

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