Chinese company Sinopec has struck a deal with Total to buy the equivalent of 100million barrels of West Africa crude for around $2.46billion.
The deal covers assets on offshore block OML 138 in the Niger Delta Basin in which Sinopec will take a 20% stake.
OML 138 block contains the Usan field, which was brought into production late February this year and has since apparently enjoyed steady operation and production.
Its current equity oil output is approximately 24,000 barrels per day and it is expected to turn out 26,000 barrels per day net to Sinopec at its highest production level (about 1.3million tonnes per year).