Sequa Petroleum NV called off its third planned acquisition of Norwegian offshore field interests on April 19, in a sign of the challenges faced by a Norwegian oil industry hit by low crude prices.

Oil firms have cut spending, axed thousands of jobs and scrapped projects as they look to protect dividend payments to shareholders due to crude prices which have fallen by more than 60% over the last two years.

Sequa Petroleum, whose headquarters are in London but is listed in Paris, cancelled on April 19 a deal announced in October to buy a 15% stake in the Gina Krog oil field from Total ASA (NYSE: TOT) for 1.4 billion crowns (US$171.20 million).

It also said it would call off its purchase of a 0.6% stake in the Ivar Aasen field from Austria's OMV AG for 45 million crowns.

Sequa had warned in December that it was reconsidering the deal.

"[This is] due to current market conditions," the firm said in a statement to the Oslo bourse.

In December, Sequa called off a planned $602 million acquisition of Norwegian assets from Wintershall AG, a subsidiary of Germany's BASF SE. (US$1 = 8.1775 Norwegian crowns)