Sinopec Buys Oil Reserves in Nigeria

China Petroleum & Chemical Corp. the state-owned oil company usually known as Sinopec, has reportedly signed a preliminary deal to buy onshore oil blocks in Nigeria from France’s Total. The price is said to be $2.4 billion. Sinopec is seeking to bolster its diminishing reserves of crude, which declined to 2.8 billion barrels at the end of last year from 3.3. billion barrels in 2007. In 2009, it acquired reserves in Nigeria, Cameroon and Gabon when it bought Addax Petroleum. Sinopec’s parent, China Petrochemical, said at the start of this year that Sinopec aims to raise overseas production to 50 million metric tons (366 million barrels) of crude a year. Production was running at 23 million tons last year.

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Filed under China-Africa, Energy

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