CNOOC Gets State Approval to Buy Stake in Exoma Gas Blocks

China National Offshore Oil Corp., the nation s largest offshore oil developer, got state approval to buy a 50 percent stake in Exoma Energy Ltd. s exploration blocks in Australia for $50.5 million. The parent of CNOOC Ltd. will gain access to Exoma s five coal-seam gas blocks in Queensland, the National Development and Reform Commission said in a statement on its website on March 23.

China National signed an agreement for the Australian gas blocks in December, joining companies such as BG Group Plc and Royal Dutch Shell Plc in exploring for coal-bed methane to meet rising demand for energy from the Asia-Pacific region including China. Domestic rival PetroChina Co. and Shell acquired Australian coal-seam gas producer Arrow Energy Ltd. last year for A$3.5 billion. Listed unit CNOOC also received approval from the Chinese government to buy 33.3 percent of Chesapeake Energy Corp. s Niobrara shale gas project in Colorado and Wyoming.