Sonangol and Cobalt International Energy Inc. (NYSE: CIE) have signed a sale and purchase agreement for Sonangol to acquire Cobalt’s 40% participating interest in blocks 21/09 and 20/11 offshore Angola for $1.75 billion with an effective date of Jan. 1, 2015.

This transaction is subject to customary Angolan government approvals which are expected prior to the end of the year.

The two companies aim to attain the final investment decision for the Cameia development in Block 21/09 by year-end 2015 to deliver first oil from Cameia in 2018. Notwithstanding Cobalt’s continuing as operator for an interim period, all costs going forward will be borne by Sonangol.