Jan 29 (Reuters) - Britain's competition regulator said

on Wednesday it has launched an inquiry into oilfield services

company SLB's proposed $8 billion deal to buy smaller

rival ChampionX ( CHX ).

The Competition and Markets Authority said it is looking at

whether the deal, which was announced in last April, would raise

competition concerns in any UK markets.

It has set a deadline of March 27 for its Phase 1 decision.