Sequa pulls out of offshore Norway deals

Offshore staff

LONDONSequa Petroleum has backtracked on a decision to acquire a 15% interest in the Gina Krog field in the Norwegian North Sea.

The Norwegian government had approved Sequa’s entry into the development, operated by Statoil, and an unrelated acquisition from OMV of 0.554% interest in the Det norske soljeselskap-operated Ivar Aasen field development.

Sequa cited current market conditions.


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