Sequa Petroleum to stop Norwegian E&P activities

Oil and gas company Sequa Petroleum plans to cease its E&P activities in Norway, conducted through Tellus Petroleum, and focus on acquiring assets elsewhere in Europe.

Regarding plans to stop its activities in Norway, Sequa said on Thursday that consultation procedures with Tellus employee representatives have been initiated and other required steps will follow in due course.

Oslo-based Tellus was established in 2012 as an independent oil and gas company with an aim to buy a portfolio of interests in small and medium sized producing fields and discoveries on the Norwegian Continental Shelf. Tellus became part of the Sequa Petroleum in September 2015.

Whilst in the process of restructuring its debt, ceasing activities in Norway and liquidating Tellus assets, Sequa expects to be able to draw sufficient funds to enable it to continue to trade.

Sequa explained that the net funds expected from the repatriation of liquidated assets together with debt restructuring will enable the company to progress selected high quality acquisition targets of production and development assets elsewhere.

The company also added that effective February 9 Jelte Bosma will relinquish his role of director of the Management Board, to pursue additional interests outside the oil & gas sector. However, Bosma will continue as an employee of the company with a focus on business development.

On the subject of Tellus’ operations, the company agreed to buy Wintershall’s non-operated interest in four fields off Norway, the Knarr (20%), Veslefrikk (4.5%), Ivar Aasen (6.4615%) and Yme (10%) in June 2015 only to back down from the transaction in December that year citing “current market environment” as the reason behind its withdrawal. The planned transaction had also involved a 15% stake in the Wintershall-operated Maria development as well as seven exploration licenses.

Meanwhile, in October 2015, Tellus signed an agreement with Total E&P Norge to buy interests of 30% in PL 029C, 14.78% in PL 029C and 21.8% in PL 048, representing 15% interest in the Gina Krog field off Norway. Also that month, Tellus agreed with the Austrian energy company OMV to buy 0.554% interest in the Ivar Aasen field for a total consideration of up to NOK 45 million.

However, come April 2016 and Sequa Petroleum ditched its plans to acquire interests in the two North Sea fields.

Offshore Energy Today Staff

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