Angola’s state oil company Sonangol said Dec. 20 it had settled all disputes with Cobalt International Energy Inc. and would pay the Houston-based E&P $500 million for its stakes in two offshore oil blocks.

Cobalt had filed arbitration requests in May 2017 seeking in excess of $2 billion due to the impact of failed extension talks on its attempts to sell offshore blocks 20 and 21 in Angola.

Sonangol said it would pay $150 million by Feb. 23 and a further $350 million by July 1. The settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of Texas.