A Chinese state-owned oil company is in talks with Nigeria to buy large stakes in some of the world's richest oil blocks in a deal that would eclipse Beijing's previous efforts to secure crude overseas.
The bids could pitch the Chinese into competition with western oil groups, including Shell, Chevron, Total and ExxonMobil, which partially or wholly control and operate the 23 blocks under discussion. Sixteen licences are up for renewal.
CNOOC, one of China's three energy majors, is seeking to acquire 6bn barrels of oil, equivalent to one in every six barrels of the proven reserves in Nigeria, sub-Saharan Africa's biggest crude producer and a major supplier to the US.
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