A subsidiary of China Petrochemical Corp, or Sinopec Group, has agreed to acquire a 20% stake in an offshore Nigerian field from French major Total SA for about US$2.5 billion, the two companies have announced. The OML 138 block contains the Usan field which is on course to produce 140,000 b/d by year-end after starting up in February, said Total. The Nigerian National Petroleum Corporation (NNPC) is the block's concession holder. Its partners include Chevron Petroleum Nigeria Ltd. (30%), Esso E&P Nigeria (Offshore East) Ltd. (30%) and Nexen Petroleum Nigeria Ltd. (20%).
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