Sinopec 'Negotiating to Buy Total SA Oil Fields in Nigeria'

China Petrochemical Corp. (Sinopec) is in talks with France's Total SA to buy its onshore oil fields in Nigeria, a source close to Total says.

A Sinopec spokesperson said the company had no information to release.

Sinopec, one of China's Big Three state-owned oil companies, will pay US$ 2.4 billion for the fields, Bloomberg reported.

Sinopec has said it expected to have oil production of 50 million tons annually from its overseas projects by the end of 2015.

Total, the third-largest oil and gas company in Europe, intends to sell up to US$ 20 billion in assets by the end of 2014, Bloomberg said. This would help raise funds for new projects.

Total entered Nigeria in 1962 and it has been one of the three largest international oil firms in the country.