Oil Firm Sequa Petroleum Calls Off Planned Deals with Total, OMV

Reuters

OSLO, April 19 (Reuters) - Oil firm Sequa Petroleum has called off two planned acquisitions of Norwegian offshore field interests, one from France's Total and the other from Austria's OMV, due to tough market conditions, it said on Tuesday.

Sequa Petroleum said in October it would buy a 15-percent stake in the Gina Krog oilfield for 1.4 billion crowns ($171.20 million) from Total.

It had said in December that it was reconsidering its purchase of a 0.6 percent stake in the Ivar Aasen field from OMV for 45 million crowns.

(Reporting by Gwladys Fouche, editing by Terje Solsvik)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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