French oil firm, Total SA
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.
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.
NationalMirror
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