China, Nigeria in $50 billion oil talks

Chinese oil companies are in talks to buy six billion barrels of oil reserves in Nigeria, the Wall Street Journal reported. Nigeria’s presidential advisor, Emmanuel Egbogah, made told reporters of the proposed deal at an industry conference in New Delhi but declined to name the Chinese companies involved. "Chinese companies have made proposals to buy reserves in Nigeria. Specifically, their application is to acquire 6 billion barrels of oil reserves, which we are currently discussing," he said. "They are prepared to spend as much as US$50 billion." Egbogah also declined to reveal when discussions would be completed. Nigerian officials said in September that it was in talks with a Chinese state-oil company about a deal to secure rights to several offshore oil fields currently unused by western oil companies.