Total plans to sell assets in Nigeria to Sinopec

French oil and gas company Total is considering selling its oil and gas assets in Nigeria to Chinese refining company Sinopec for $2.4bn.

The company said that it has plans to sell assets between $15bn and $20bn by 2014 as part of its approach to manage business by buying and selling assets, reports reuters.com. Total CEO Christophe de Margerie said that they are involved in discussions with certain buyers about selling assets in Nigeria.

"But it doesn’t mean we are scared and intend to start some kind of walking out of Nigeria…Total is happy to develop its projects in Nigeria," Margerie added.

In mid-October the company stopped oil and gas production on onshore block 58, in which it holds 40% stake, as it was losing 90,000 barrels per day of oil equivalent.

Nigeria is one of the largest crude oil exporters in Africa. Oil companies in the country experienced losses as floods affected their output over recent weeks.