As highlighted last week, Cobalt recently disclosed: On January 29, 2018, the United States Securities and Exchange Commission concluded its FCPA investigation relating to the Angolan operations of Cobalt International Energy, Inc. and advised that the SEC staff does not intend to recommend any enforcement action by the SEC against Cobalt. Houston-based oil explorer Cobalt International Energy is to cash out for $1.8bn on Angolan prospects that are at the centre of a US corruption investigation. The US oil company Cobalt International Energy Inc. has been issued with a Wells Notice by the U.S. Securities and Exchange Commission in relation to its operations in Angola. Risk of military invasion; Level of corruption - especially levels of regulation in Basic Materials sector. Both U.S. persons and non-U.S. persons whose activities are within U.S. jurisdiction including exporters, nongovernmental organizations, international organizations, and financial institutions may rely upon the authorizations in these COVID-19-related GLs provided they meet the applicable conditions. Angolas state energy group, Sonangol, has backed out of a $1.8bn deal with Cobalt International Energy. As of December 5, 2018, a class of investors entered into three settlements resolving a federal class action on behalf of investors who purchased the Cobalt International Energy securities between March 1, 2011 and November 3, 2014. Vicente is no stranger to corruption allegations. Headquarters Houston, Texas. October 18, 2021. The Company also has a non-operated interest in the Diaba Block offshore Gabon in West Africa. Houston-based Cobalt International Energy, Inc. announced in a January 29, 2018 8-K filing that the SEC had concluded its second investigation relating to the companys operations in Angola, and that SEC staff did not intend to recommend an enforcement action. Tag: Cobalt International Energy. According to the U.S. government, Transparency International and Human Rights Watch, government corruption and mismanagement are pervasive in Angola. SEC Ends Second FCPA Probe into Texas-based Energy Company. Cobalt International Energy In 2007, Cobalt International Energy begun making efforts to secure oil exploration rights in Angola. Baker Botts lawyers in the Corporate Investigations and Government Enforcement and International Trade Practice areas have been advising clients across industries on anti-corruption matters since the 1980s. Thirty percent of Angolans are illiterate. Both accessed at www.sec.gov In 2010, Angolan anti-corruption campaigner and journalist Rafael de Morais published a report alleging that a U.S. oil exploration company called Cobalt International Energy had gone into partnership with a front company secretly owned by Vicente and two other top Angolan officials. Another year, another wave of allegations of corruption in the oil and gas industry, as the leaks in the Pandora Papers come to light. The company said on Cobalt International Energy Sued. Page 5. Because of the high volatility, Cobalt is a high-risk investment that could possibly give high rewards, but would best benefit a portfolio already stacked with low beta investments. Cobalt International Energy is a global oil exploration company based in Houston, Texas. The process was concluded in 2010, with Cobalt gaining the exploration rights. 424B1 Prospectus. Cobalt International Energy, Inc. operates as an oil-focused exploration and production company. below, whereby Cobalt International Energy, L.P. (GOM Company No. The investment bank Goldman Sachs is backing an oil deal in Angola by U.S. firm Cobalt International Energy, despite a risk that local partners in the deal could expose Cobalt to prosecution for corruption in the United States, Global Witness revealed today. The company was involved in a controversial oil exploration deal in Angola involving a local firm with alleged links to the government. The company has reserves deepwater in the Gulf of Mexico and offshore Angola and Gabon in West Africa. In re Cobalt International Energy, Inc., et al., Case No. The SECs investigation began in March 2017. A year ago we wrote about the first .. 01500), and Nexen Petroleum Offshore U.S.A. Inc. (GOM Company No. Cobalt International Energy, Inc. is a development stage petroleum exploration and production company headquartered in Houston, Texas. Exhibit 10.1 . Riverstone Holdings, which is owned by the Carlyle Group, founded Cobalt International Energy. Cobalt International Energy. A copy of the Declaration of David D. Law360 (October 12, 2018, 9:37 PM EDT) -- A class of Cobalt International Energy investors urged a Texas federal judge Friday to approve a $146. As detailed in previous FCPA Scorecard posts, this Cobalts pioneering approach to oil exploration was built on the unique idea that an agile company, armed with exceptional human talent, the best available seismic data, outstanding assets and a disciplined business model, can compete with the worlds largest energy Becky Yerak. This document is part of the source library for NRGI's 2017 Resource Governance Index, a comprehensive measure of the quality of natural resource governance in oil, gas and mineral-rich countries. 22 In March 2017, the SEC had initiated an informal inquiry related to Cobalt and contributions to the Sonangol Research and Technology Center. [9] goldman_sachs_backs_angolan_oil_deal_despite_corruption_risks [12] Cobalt International Cobalt International is an energy company that explores and produces oil and gas at locations in North America and West Africa. Cobalts corporate governance is designed to enhance our ability to pursue the objectives critical to energy exploration and intended to ensure ongoing accountability and transparency to shareholders. The two companies reached a sale agreement a year ago, however Sonangols newly appointed boss, Isabel dos Santos, has now written to Cobalt to recommend that it sell elsewhere. The corruption allegations over ENI in Nigeria are a reminder of this -- but it is not only big oil companies that are impacted. Cobalt crashes, lawyers win class action. John Paulsons made headlines over gold and pianos lately, but another big move by the manager centered around Cobalt International Energy . Anti-Corruption Digest - February 2015. 1. Second, many green energy technologies require minerals such as nickel, lithium, and cobalt. in August 2009 to become a holding company for Cobalt International Energy, L. Cobalt International Energy and its officers and directors in a securities fraud class action in the Southern District of Texas alleging that Cobalt defrauded investors by misrepresenting its FCPA compliance and the visibility of two large wells used for drilling off the coast of Angola. COBALT INTERNATIONAL ENERGY, INC. : REVERSE SPLIT: 1 of 15 COBALT INTERNATIONAL ENERGY, INC. : Announces Effectiveness of 1-for-15 Reverse Stock Split COBALT INTERNATIONAL ENERGY, INC. : Revises Effective Date of Reverse Stock Split Cobalt International Energy, Inc. is an independent exploration and production company. In 2014, Mr Vicente was caught up in a nasty corruption allegation involving Cobalt International Energy when it turned out that he himself and two senior Angolan generals had held previously concealed stakes in Nazaki Oil and Gs, Cobalts local partner in Angola . Vicente is no stranger to corruption allegations. 02079, relinquish all of their record title interests therein. Cobalt International Energy, Inc. is an independent, oil-focused exploration and production company with a salt prospect inventory in the deepwater of Page 106. 02873), TOTAL E&P USA, INC. (GOM Company No. According to the oil company,the SEC will not recommend any enforcement action against Cobalt. From oil companies to scientific equipment makers, enforcement actions resulted in total corporate penalties of $1.57 billion in 2014 and averaged a record $156.6 million. The projected recovery in the Cobalt Settlement is between $4,200,000 and $165,700,000. The BP and Cobalt cases show why we need much more transparency around the accessing of oil deals in poor and corruption-prone U.S. regulators investigated and ultimately did not find Cobalt liable. , Cobalt TOTAL & Nexen-Lessees OCS-G 31890-Keathley Canyon Block 347 OCS-G 31624-Garden Banks Block 502 Cobalt International Energy, Inc. The SECs investigation began in March 2017. Beth Forsythe , Thomas O. Gorman , Mike Stinson. The Houston-based exploration company is seeking to cash out on its interest in two prospects in the southern African country that have attracted scrutiny by U.S. authorities. What is Cobalt International Energy Corruption. 10-K filing to the Securities and Exchange Commission for 2009. The oil and gas industry is rife with corruption. 1 Cobalt International Energy's Angola Play 1 Cobalt International Energy is a Houston-based, independent oil exploration and production company that is focused on prospects in the deepwater of the U.S. Gulf of Mexico and offshore in West Africa. Cobalt International Energy Inc., a publicly traded company whose major investors include Carlyle Group and Paulson & Several shareholder plaintiffs' firms have begun investigations into Cobalt International Energy Inc.'s possible violations of U.S. securities laws while operating in Angola. The U.S. Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") issued 15 declination letters in 2017 notifying companies of their decision not to pursue charges in connection with alleged violations of the Foreign Corrupt Practices Act ("FCPA").These declinations are a strong signal to companies that they should have strong anti-corruption Cobalt International Energy won confirmation of a chapter 11 liquidating plan Thursday, clearing the way to closing on sales of its oil-and-gas assets in the Gulf of Mexico. Industries: Oil and Gas Energy Technology. Cobalts pioneering approach to oil exploration was built on the unique idea that an agile company, armed with exceptional human talent, the best available seismic data, outstanding assets and a disciplined business model, can compete with the worlds largest energy Unlike other oil and gas companies, Cobalt has chosen to focus on two main sites, the Gulf of Mexico and offshore from Angola and Gabon, rather than to expand all around the globe. Where was general (and minister) Joo Loureno at the time? Cobalts beta is currently 1.78, which means that the company is more receptive to change during times of boom or bust. Retention Bonus Agreement. Despite its U.S. roots, it has interests in the west coast of Africa. HOUSTON (Bloomberg) -- Cobalt International Energy Inc. fell more than 10% after it reported a government corruption investigation into its Angola operations may lead to They were initially funded by energy-focused private equity firms (Carlyle/ Riverstone and Effective Date: On April 10, 2018, the conditions set forth in Article IX.A of the Plan were satisfied and the Effective Date of the Plan occurred. Houston-based Cobalt International Energy, Inc. announced in a January 29, 2018 8-K filing that the SEC had concluded its second investigation relating to the companys operations in Angola, and that SEC staff did not intend to recommend an enforcement action. Cobalt International Energy, Inc.: Form 10-K (1 March 2011) Cobalt International Energy, Inc.: Form 8-K (11 March 2011) Cobalt International Energy, Inc.: Form 10-K (21 February 2012) Quartz: "The absence of a mysterious research center in Angola could be evidence of oil corruption" (12 August 2014) The BP and Cobalt cases show why we need much more transparency around the accessing of oil deals in poor and corruption-prone Goldberg represented Cobalt International Energy in connection with several instances of FCPA scrutiny and as highlighted in this recent post his client refused to settle. Cobalt International Energy, Inc. is an independent exploration and production company. They responded with Cobalt International Energy (NYSE: CIE), Calumet Specialty Product Partners (CLMT-0.70%), and Petrobras (PBR 2.32%). February 23, 2015. The original agreed price was $1.75 billion. Goldman Sachs is a major shareholder in Cobalt and two of its executives sit on Cobalt's board. Law360 (February 13, 2019, 7:12 PM EST) A Texas federal judge approved $173.8 million in settlements of investor class action claims on Wednesday stemming from bribery allegations against now-bankrupt Cobalt International Energy Inc., plus $43.45 million in fees for co-class leads Bernstein Litowitz Berger & Grossmann, Entwistle & Cappucci and others. Cobalt International Energy Inc. filed for bankruptcy on December 14, 2017. Cobalt International Energy is riskier than the average oil company because it is still in the early stages of the development of costly and time-consuming offshore oil and gas projects. Cobalt International Energy (NYSE: CIE) isn't like your average oil company. Cobalt International Energy is a petroleum exploration and production company based in Houston. Payments by BP to the state oil company of Angola and news of a U.S. investigation into Cobalt International Energys Angolan activities are underlining the need for greater transparency about how companies gain access to energy deals. Beyond tracking some of the biggest battery metal producers, the index will promote the Current operations. One example is Houston, TX-based Cobalt International Energy. Welcome to Dorsey & Whitneys monthly Anti-Corruption Digest. The matters range from routine counseling, to due Industries: Oil and Gas Energy Technology. Cobalt International Energy and its officers and directors in a securities fraud class action in the Southern District of Texas alleging that Cobalt defrauded investors by misrepresenting its FCPA compliance and the visibility of two large wells used for drilling off the coast of Angola. Cobalt International Energy: Oil, Angola and Corruption. Tata Group (/ t t /) is an Indian public multinational conglomerate manufacturer of automobiles, airplanes and other products, headquartered in Mumbai, Maharashtra, India.Founded in 1868 by Jamshedji Tata, the company gained international recognition after purchasing several global companies.It is one of the biggest and oldest Cobalt International Energy Inc. said Tuesday its links to oil exploration and production in Angola are the subject of a formal U.S. probe into possible violations of foreign bribery law. Cobalt International Energys founders and main shareholders are Goldman Sachs, and a partnership between the Carlyle Group and Riverstone Holdings, with an initial investment of US$500 million in 2005. Common battery metals include lithium, cobalt, and nickel. Company: Cobalt International Energy, Inc Ticker Symbol: CIE Class Period: Feb-21-12 to Nov-4-14 Date Filed: Dec-22-14 Lead Plaintiff Deadline: Feb-20-15 Court: --- Allegations: Los Angeles, CA: A securities class action lawsuit has been brought on behalf of those who purchased or otherwise acquired the securities of Cobalt International Energy, [] In 2010, Angolan anti-corruption campaigner and journalist Rafael de Morais published a report alleging that a U.S. oil exploration company called Cobalt International Energy had gone into partnership with a front company secretly owned by Vicente and two other top Angolan officials. US prosecutors have dropped their corruption investigation into Cobalt International Energy (NYSE:CIE) five years after the Houston-based oil explorers local partner in an Angolan deal was revealed to have been secretly owned by top officials from the African nation.. Cobalt said on Wednesday that it had received a letter from the US Department of Law360, Houston (December 1, 2014, 6:42 PM EST) -- Pension funds representing a proposed class of Cobalt International Energy Inc. shareholders sued 23 3. 17-36709 (MI) Jointly Administered. First, on November 30, 2014, plaintiff security holders filed a securities class action lawsuit in the Southern District of Texas against Cobalt International Energy, Inc., certain of its directors and officers, certain investment firms that allegedly controlled the company, and its offering underwriters. A company owned by the former Angolan vice president and naturally one of the most emblematic members of the MPLA, Manuel Vicente, will have profited US$3 billion from the transaction of two oil blocks that had been ceded at zero cost by the company Sonangol. Image courtesy of Cobalt International Energy Cobalt International Energy Inc. said Tuesday it received a Wells Notice in connection with the SECs investigation of its operations in Angola and potential liabilities under the Foreign Corrupt Practices Act.. Cobalt International Energy, Inc. can closely analyze the following factors before entering or investing in a certain market- Political stability and importance of Independent Oil & Gas sector in the country's economy. In this digest, we draw together news of enforcement activity throughout the world and aim to reduce your information overload. The DRC has many problems with governance and transparency, leading to widespread abuses in its entire mining industry, not just cobalt. The named plaintiffs are two pension funds: one for St. Lucie County firefighters in Florida and one for firefighters and police in Cobalt International Energy, Inc. is a development stage petroleum exploration and production company headquartered in Houston, Texas. Cobalt International Energy Inc. filed for bankruptcy on December 14, 2017. January 29, 2015. On January 29, 2018, the SEC concluded its FCPA investigation into the Angolan operations of Cobalt International Energy, Inc. (Cobalt), a Houston-based oil exploration and production company. In a securities filing, Cobalt said the SECs staff has made a preliminary determination to Cobalt International has been under FCPA scrutiny since March 2011.