The 2020 revenue of Canada-based energy company, Valeura Energy, decreased by 16% to $8.5 million from the full year of 2019, the company announced on Thursday.
Valeura said the decrease was mainly due to lower realized gas prices.
The company had agreed to sell its shallow conventional gas business in Turkey for $15.5 million to its UK-based joint venture Thrace Basin Natural Gas (TBNG) in October 2020.
"The sale of our conventional gas business is progressing and has now obtained all but one remaining government consent to complete the transaction. Both Valeura and the buyer remain committed to the deal, with confidence on both sides stemming from a solid ongoing production performance which has delivered average full-year volumes that are virtually unchanged from the prior year," said the company's CEO Sean Guest.
"We believe the increasingly positive investment environment we see today should increase interest by potential partners and are therefore continuing the farmout process into 2021," he added.
Valeura produces crude oil and natural gas from conventional reservoirs in the Thrace Basin of northwest Turkey and is focused on appraising and developing a deeper unconventional tight gas play.
By Murat Temizer