Sinopec buys Totals Nigerian Oil Field for $2.5 Billion

Total SA (FP), France’s largest oil company, sold its 20 percent stake in an offshore Nigerian field to China Petrochemical Corp. for roughly $2.5 billion as part of an asset-disposal program.

Highlights from market news:

Sinopec’s reserves of crude oil declined from 3.3 billion barrels in 2007 to 2.8 billion barrels at the end of last year, enough for nine years of production at 2011 levels, according to data compiled by Bloomberg. Its parent, China Petrochemical, said in January that it will seek to produce 50 million metric tons of crude a year overseas by 2015. Last year, foreign production was 23 million tons.

Click here to read full Bloomberg article.