Totalof France has agreed the $2.5bn sale of a minority stake in a Nigerian oilfield to Sinopecof China.
The deal, which is subject to approval from Nigeria’s government, will see the Chinese state-controlled oil group acquire Total’s share of production in the Usan field in deep waters off the Niger Delta.
The transfer of Total’s 20 per cent share in the block will see Sinopec take command of output running at 24,000 barrels of oil per day and boosts the Chinese company’s recoverable reserves by 100m barrels.
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