Valeura Reports Bump in Q1 Output
Turkey-focused gas producer Valeura Energy increased production by 9% quarter on quarter (q/q) in January-March to 706 boe/d, it reported on April 14.
The price it sold its gas at was down 4% q/q at $7.08/'000 ft3, owing to a sharp rise in the value of the US dollar towards the end of the period. In Turkish lira terms the price was unchanged. Petroleum and gas revenues for the first quarter nevertheless climbed 6% to $2.8mn.
The Covid-19 pandemic has reduced gas demand among Valeura's light industrial customers, the company said. Valeura has sought to manage this by curtailing third-party gas throughput and making only minimal reductions to its own gas production. Its recent output is around 75-80% the average rate in the first quarter, it said.
"Even with the effects of the Covid-19 pandemic in the latter half of the quarter, our first quarter performance increased relative to Q4 and is a continuing demonstration of how we can optimise our production operations," CEO Sean Guest said. "Looking forward, we will undoubtedly face headwinds as this unprecedented turmoil unfolds, but we will continue to always adhere to the best medical and safety advice to protect the health of our staff."