Minister of State for Petroleum Odein Ajumogobia said China would not be given all the reserves it was seeking but that Nigerian state oil firm NNPC could sell stakes in joint ventures with existing oil partners if Beijing offered the right price.
The Chinese made a proposal which Nigeria is considering. They are asking for 6 billion barrels of oil from our reserves, but according to Ajumogobia, Nigeria is not going to give them all of that.
Western oil firms including Royal Dutch Shell (RDSa.L), Chevron (CVX.N) and ExxonMobil (XOM.N), operate in Nigeria through joint ventures with NNPC.
Asked if the state firm could sell its stakes to China, Ajumogobia said:
"It's an option we are also looking at. Why not? If the offer is very good and very attractive why not? NNPC has the right to do whatever it likes with its own share."
Some analysts say the sale of stakes to China by NNPC would likely be challenged by other partners in the ventures and that the prospect of putting a greater proportion of Nigerian oil reserves in foreign hands would face huge political opposition.
Chinese state energy firm CNOOC has identified 23 licenses in Nigeria in which it would like to buy stakes.
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