OREANDA-NEWS. April 05, 2011. China National Offshore Oil Corp or CNOOC, which is the largest offshore oil producer in China and the parent company of CNOOC Ltd<0883>, announced that it will spend USD1.47 billion to buy one-third stake of three oil blocks in Uganda from Tullow Oil Plc, the Wall Street Journal reported.

The deal is subject to approvals from the Chinese and Uganda's governments, and is expected to be made in the first half of this year, according to the report.

CNOOC said in a statement that Total SA has reached the same agreement with Tullow, to take a one-third stake in latter's three blocks.

Separately, CNOOC reaped RMB 54.41 billion in net profit last year, 84.53% more than RMB 29.49 billion in 2009, while it realized RMB 183.1 billion in operating revenue, up 74% from a year earlier, according to an earlier report from China Knowledge.