The European Commission Friday cleared U.K.- based energy company Centrica PLC (CNA.LN) to buy gas and oil exploration company Venture Production PLC (VPC.LN) in a deal worth some GBP1.3 billion.

With its dwindling natural gas reserve base, Centrica wants Venture's gas output to help supply its 15.5 million gas and electricity customers in the U.K.

In mid August the company said it had managed to secure about a 40.8% stake in Venture, and is aiming to increase it to over 50% to gain control of the company.

-By Peppi Kiviniemi, Dow Jones Newswires; +3227411483; peppi.kiviniemi@dowjones.com
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