Chinese authorities have given their approval to three overseas acquisition deals by state oil companies Sinopec and China National Offshore Oil Corporation (CNOOC).
The National Development & Reform Commission said today on its website that it had approved Sinopec s $7.1 billion deal to buy 40% of Repsol's deep-water oil assets in Brazil.
The commission also rubber-stamped the acqusition by CNOOC, led by president Yang Hua, of 50% of the exploration rights in five Australian coalbed methane gas blocks owned by Exoma Energy, as well as the company s deal with Chesapeake Energy for a 33.3% stake in the Niobrara shale gas fields in the US.
Chinese state energy companies have since 2010 embarked on a spending spree for gas asset as the country aims to triple the use of the lower-carbon fuel in the next decade to fuel its expanding economy, Reuters reported.
Meanwhile, China National Petroleum Corporation (CNPC) has won approval from the country s National Energy Administration (NEA) to start producing oil and gas from Algeria s Block 438B.
CNPC will hold a 70% stake in the block with Algerian state-run Sonatrach holding the remainder, according to an NEA statement.
The Chinese giant won the right to explore the 4354 square-kilometre block in 2004 and achieved commercial oil and gas flows from its first appraisal well, HEB-A-1, in February 2007.
