Sinopec has Agreed to buy Nigerian Oil Blocks from Total
China Petroleum & Chemical Corp., seeking to reverse a decline in oil reserves, is close to buying stakes in Nigerian onshore oil blocks from Total SA, for about $2.4 billion.
The French explorer, Europe’s third-biggest oil company, is seeking to divest $15 billion to $20 billion of assets from 2012 to 2014 in order to raise cash for oil and gas projects. Chief Executive Officer Christophe de Margerie has said most of that will come from the exploration and production division.
China’s state-backed energy companies are seeking new oil and gas reserves abroad to feed it's growing economy.
Surely there are better oil plays out there to buy into if China wants to increase the reserves it has access to?!?
Nigeria is on the verge of a civil war, and oil production is heavily threatened.
Blocks in Kurdistan or even Iraq would be more suitable.
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