Sinopec Said to Buy Total Nigeria Blocks for $2.4 Billion

China Petroleum & Chemical Corp., seeking to reverse a decline in oil reserves, is close to buying stakes in Nigerian onshore oil blocks from Total SA, for about $2.4 billion, according to two people familiar with the matter.

Sinopec, as the state-backed Chinese refiner is known, has signed a preliminary deal to acquire the stakes, said one of the people, who asked not to be identified because the agreement has not been made public.