Britain says won't stand in way of Nexen-CNOOC deal

Tue Dec 11, 2012 5:40am EST
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LONDON Dec 11 (Reuters) - Britain's energy ministry said on Tuesday it will not stand in the way of China's CNOOC takeover of Canada's Nexen, which owns a 43 percent stake in the North Sea Buzzard oil field that helps set the benchmark Brent crude price.

"We will not stand in the way," said Mike Hawkins, head of oil and gas licence administration at Britain's Department of Energy and Climate Change.

"The licence does not change, no formal approval is needed," he said, adding that the department has had discussions with both Nexen and CNOOC.