03-03-09 China National Petroleum Corp. (CNPC) agreed to buy Verenex Energy, snapping up the Canadian company and its Libyan oil assets for about $ 400 mm.
Verenex's main asset is its 50 % stake in the promising Area 47 property in northwest Libya, along with other assets in the area.

China's oil and gas companies have been on the hunt for resources around the world in recent years in a bid to secure supply for the country's growing economy. China's boom helped boost crude oil to record highs last summer, before a global downturn took hold. Chinese energy firms had been put off by high asset prices, but recent deals suggest these are falling to more palatable levels.
China Petrochemical & Chemical Corp., known as Sinopec, in December closed its $ 2 bn acquisition for Tanganyika Oil, which has oil fields in Syria.

Verenex, whose board has approved the deal, said CNPC's offer is subject to certain conditions, primarily the approval of the Libyan National Oil Corp. The offer is also subject to acceptance by Verenex shareholders owning at least two-thirds of the outstanding shares.
The company said the agreement contains customary provisions prohibiting Verenex from soliciting any other acquisition proposal but allows the Verenex board to accept and recommend a superior proposal on payment of a breakup fee.