Sequa Petroleum N.V. has decided not to progress with the acquisition of a 15% interest in Gina Krog (illustration: Statoil)

Sequa Petroleum N.V. has announced that it – due to current market conditions – has decided not to progress with the acquisition of a 15% interest in Gina Krog, as announced on 19 October 2015 and subsequently approved by the Norwegian government on the basis of an effective date of 1 January 2015, and the acquisition of a 0.554% interest in the Ivar Aasen field from OMV, as announced on 9 November 2015.

Sequa Petroleum reports that it continues to pursue its strategy to create value in a cyclical market environment by means of acquisition, optimisation and monetisation of assets with proven resources, current and near term production, and value upsides, applying its technical and financial expertise to establish a balanced asset portfolio in select areas with low marginal cost, growth potential and synergies.

Tags: OMV, Sequa Petroleum N.V.