Total sells Nigeria offshore oil stake for 25B

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first_imgLAGOS, Nigeria (AP) – 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. Comments   Share   Construction begins on Chandler hospital expansion project 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.(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) Parents, stop beating yourself up Mary Coyle ice cream to reopen in central Phoenix Former Arizona Rep. Don Shooter shows health improvementcenter_img Sponsored Stories Top Stories Bottoms up! Enjoy a cold one for International Beer Day Quick workouts for men How do cataracts affect your vision?last_img

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