China's Sinopec to buy into Nigerian oil field

China’s state-owned China Petrochemical Corporation, also known as Sinopec Group, will buy a US$2.5 billion stake in an offshore Nigerian oil field from French energy group Total SA (TOT.NYSE, FP.EPA), Bloomberg reported. The deal for a 20% ownership of the field could close as soon as December. Sinopec could then access oil in an area that includes the Usan field, which began production in February, Total said Monday. At maximum capacity, the field will provide Sinopec with 36,000 barrels of oil a day, according to RBC Capital Markets analysts. RBC values the stake at US$2.1billion, suggesting that Total is profiting substantially on the deal. Sinopec Group is the owner of publicly listed China Petroleum & Chemical (Sinopec; SNP.NYSE, 600028.SH, 0386.HKG).