News Summary: Total sells Nigeria offshore stake

Updated at: 11/19/2012 10:35 AM
By The Associated Press

FRENCH CONNECTION: French oil company Total SA said Monday it had sold its stake in an offshore oil field near Nigeria for $2.5 billion to the Chinese state-run firm Sinopec Corp.

CHINESE EXTENSION: China is increasingly looking across Africa for raw materials and commodities to fuel its massive economy.

PUMPED UP: The field includes Total’s deep-water Usan production operation, which opened earlier this year and has a production capacity of 180,000 barrels a day. The field is about 62 miles offshore.

(Copyright 2012 by The Associated Press. All Rights Reserved.)