Great Wall Drilling Co. in Cuba, Oct. 21, 2015
Plymouth Petroleum LLC and Tall City Exploration LLC will be selling oil fields in Texas’ Borden and Howard counties to Yantai Xinchao Industry Co. Ltd. Above, a Chinese worker stands near an oil rig of the Great Wall Drilling Co., a subsidiary of China National Petroleum Corp., in Varadero in the Matanzas province of Cuba during an organized tour by the state-run Cuba-Petroleo Oct. 21, 2015. Reuters/Enrique de la Osa

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)