Sequa withdraws from offshore Norway E&P
Sequa Petroleum has decided to cease E&P activity offshore Norway, conducted through its subsidiary Tellus Petroleum, and focus on acquiring assets elsewhere in Europe.
It has initiated consultation procedures with Tellus employee representatives.
Tellus, formed in Oslo in 2012, aimed to amass interests in small and medium-sized producing fields and discoveries offshore Norway. However, proposed transactions for interests inthe Gina Krog and Ivar Aasen projects both fell through last year.