Cobalt International Energy selling some oil assets for $1.75 billion

MarketsAssociated Press

Cobalt International Energy Inc. is selling some oil assets for $1.75 billion.

The sale to the Angolan National Concessionaire Sociedade Nacional de Combustíveis de Angola - Empresa Pública includes Cobalt's 40 percent stake in Blocks 21/09 and 20/11 off the shores of Angola.

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The deal is subject to customary Angolan government approvals, which are expected before the end of the year.

Shares of Houston-based Cobalt added 26 cents, or 3.6 percent, to $7.50 in Monday afternoon trading.