BEIJING (Reuters) -- China's Yantai Xinchao Industry Co. Ltd. has agreed to spend about 8.3 billion yuan ($1.31 billion) to buy oil fields in Texas, the company said in a corporate filing late Saturday.

The oil fields, in Howard and Borden counties, will be bought from Tall City Exploration LLC and Plymouth Petroleum LLC, Xinchao said in the filing with the Shanghai Stock Exchange.

The transaction has already been approved by the U.S. Treasury Department's Committee on Foreign Investment, it added.

(Reporting by Ben Blanchard and Meng Meng; Editing by Simon Cameron-Moore)