CNPC plans Canadian oil firm buy

China National Petroleum Corp (CNPC), the country's largest oil and gas producer, has agreed to buy Canada's Verenex Energy Inc for C$499 million ($390 million) in a bid to boost its business in Africa.

CNPC's international arm, CNPC International Ltd, has offered to take over Verenex for C$10 ($7.8) per share, a 28 percent premium to the company's recent share price, Verenex said on its website.

The Calgary-based Verenex's biggest asset is its 50-percent stake in the Area 47 oilfield in northwest Libya in northern Africa, along with other assets in the vicinity.