China National Petroleum Corp (CNPC) will buy Verenex Energy, a Canadian company that holds oil assets in Libya, for US$400 million, the Wall Street Journal reported. Verenex said CNPC will pay C$10 (US$7.97) per share, which represents a 28% premium on the company’s closing price on the Toronto Stock Exchange Wednesday. CNPC’s offer is subject to certain conditions, including the approval of the Libyan National Oil Corp. Verenex’s most valuable asset is a 50% stake in the Area 47 property in northwest Libya. It also has various other interests in the region. The spike in global crude oil prices last summer slowed China’s ongoing search for oil and gas resources around the world. However, recent activity suggests prices have now fallen to acceptable levels. In December, Sinopec paid US$2 billion for Tanganyika Oil, which has assets in Syria.