Sinopec close to deal for Nigerian oilfields

China Petroleum & Chemical Corp (Sinopec) is close to buying stakes in Nigerian onshore oil blocks from Total for about US$2.4 billion as it seeks to reverse a decline in oil reserves, industry sources say.

The French explorer, the third-biggest oil company in Europe, is seeking to divest up to US$20 billion of assets before 2014 to raise cash for oil and gas projects.

via Business feed http://www.scmp.com/business/commodities/article/1076575/sinopec-close-deal-nigerian-oilfields