China National Offshore Oil Corp (CNOOC), the nation's third largest oil and gas producer, is in talks with Nigeria to acquire large stakes in some of the world's richest oil blocks, the Financial Times reported.

CNOOC, the nation's largest offshore crude producer, is bidding for 6 billion barrels of oil, equivalent to one in six barrels of proven reserves in Nigeria, the second largest oil producer in Africa.

CNOOC's potential bid came after Nigeria's oil licenses were set for renewal. Global oil giants including Shell, Chevron, Total and Exxon Mobil control or partially control 23 oil blocks in Nigeria, among which 16 licenses are set to expire.