French oil firm Total SA sells Nigeria offshore oil stake to China's Sinopec for $2.5B

The Associated Press

LAGOS, Nigeria - French oil firm Total SA says it has sold a stake in an offshore oil field in Nigeria for $2.5 billion to Chinese state oil company Sinopec Corp.

Total made the announcement Monday in a statement posted to its corporate website. Sinopec officials were not immediately available for comment.

Officials with Total have said they plan to sell off some stakes in oil fields around the world to raise cash for new ventures.

Total said the deal, done for cash, must be approved by Nigerian authorities.

The state-run Nigerian National Petroleum Corp. is the concession holder on the field. Other partners include Chevron Corp, Esso E&P Nigeria Ltd. and Nexen Petroleum Nigeria Ltd.

China has been interested in expanding its oil holdings in Nigeria for some time.