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News Summary: Total sells Nigeria offshore stake

Source : AP
Last Updated: Mon, Nov 19, 2012 17:30 hrs

: French oil company Total SA said Monday it had sold its stake in an offshore oil field near Nigeria for $2.5 billion to the Chinese state-run firm Sinopec Corp.

CHINESE EXTENSION: China is increasingly looking across Africa for raw materials and commodities to fuel its massive economy.

PUMPED UP: The field includes Total's deep-water Usan production operation, which opened earlier this year and has a production capacity of 180,000 barrels a day. The field is about 62 miles offshore.




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