The decision concludes the DOJ investigation of Cobalt and with it all FCPA investigations by US regulatory agencies into Cobalt’s Angolan operations.  The DOJ and the United States Securities and Exchange Commission (“SEC”) began investigating Cobalt’s operations in Angola in 2011 in response to allegations of a connection between senior Angolan government officials and Nazaki Oil and Gaz, S.A., an Angolan company that, until 2014, held a working interest alongside Cobalt on Blocks 9 and 21 offshore Angola. In January 2015, the SEC investigation also concluded without any enforcement action. 

Delighted

'We are delighted that the Department of Justice, like the Securities and Exchange Commission, has concluded its investigation and is taking no action,'  said Michael Goldberg, a Partner based in Baker Botts' Houston and New York City offices and Co-Chair of the firm’s International Dispute Resolution group.