Canada-based Valeura Energy's revenue decreased by 21.39% to $1.9 million in the second quarter of 2020, compared to the same period of 2019, the company said on Wednesday.
The net petroleum and natural gas sales of the Turkey-focused company in the second quarter of this year averaged 561 barrels of oil equivalent per day, marking a 20% decrease from the second quarter of 2019.
"Q2 production was 20% lower than Q2 2019, and 22% lower than Q1 2020 as a result of reduced customer demand for natural gas due to lower industrial activity caused by the COVID-19 pandemic and Turkish national holidays during the period. Production volumes have since recovered as industrial activity in Turkey normalises, resulting in an exit rate for Q2 of 672 barrels of oil equivalent per day," the company explained.
Sean Guest, President and CEO said that, despite the challenging circumstances the global oil and gas industry faced during the last several months, Valeura's strategy remains intact and poised to deliver value for shareholders.
"We are resuming activities to improve the efficiency of our conventional gas business and are focused on increasing production to maximise value," he said.
By Murat Temizer