BRUSSELS, Feb 5 (Reuters) - The European Union executive on Friday cleared the purchase of equipment maker Cameron International Corp by Schlumberger, the world's No.1 oilfield services provider.

Reuters exclusively reported in January that the deal would be waved through. This is the second-biggest tie-up in the energy services after Halliburton's proposed takeover for Baker Hughes of about $35 billion.

"The proposed acquisition would raise no competition concerns, given the very limited overlaps between the companies' activities and the modest increment in market shares brought about by the transaction," the European Commission said in a statement.

(Reporting by Gabriela Baczynska and Robert-Jan Bartunek)

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