Tellus, Wintershall break off Norway deal

Image: Wintershall
Image: Wintershall

Tellus Petroleum, a 100% subsidiary of Sequa Petroleum, has cancelled a deal to buy interest in the four fields on the Norwegian continental shelf from Wintershall due to the current market environment.

Wintershall, a 100% BASF subsidiary, had originally planned to divest assets in the four non-operated fields Knarr (20%), Veslefrikk (4.5%), Ivar Aasen (6.4615%) and Yme (10%) on the Norwegian continental shelf to Tellus Petroleum. The planned transaction also involved a 15% stake in the Wintershall-operated Maria development as well as seven exploration licenses.

The agreed purchase price for the transaction was $602 million, of which $40 million was subject to the Maria Field development being approved by the Norwegian Ministry of Petroleum and Energy.

Following discussions, Wintershall and Tellus have agreed not to proceed with the Wintershall-Tellus transaction, announced on June 18, 2015, Sequa Petroleum said on Wednesday.

Furthermore, Tellus is evaluating the Ivar Aasen transaction with OMV in the light of the decision not to proceed with the Wintershall-Tellus transaction.

Tellus is progressing with the preparations for financing the Gina Krog transaction with Total, with the transaction planned to close early in 2016. To remind, in October 2015, Tellus signed an agreement with Total E&P to purchase interests of 30% in PL 029C, 14.78% in PL 029C and 21.8% in PL 048, representing 15% in the Gina Krog.

 

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply