By Friedrich Geiger

FRANKFURT--BASF SE said on Tuesday that its Wintershall subsidiary has released Tellus Petroleum from its obligation to purchase stakes in several fields with oil reserves.

Tellus Petroleum, a subsidiary of Sequa Petroleum NV, had agreed in June to buy stakes in nonoperated fields on the Norwegian continental shelf as well as stakes in a development and exploration licenses. The agreed purchase price was about $602 million, dependent on certain conditions.

Tellus Petroleum has requested to be released from its obligations under the sales and purchase agreement, to which Wintershall has consented, BASF of Germany said.

(END) Dow Jones Newswires

December 22, 2015 12:57 ET (17:57 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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