TransGlobe Egypt production averaged at 11,990 barrels of oil per day (bbls/d) in Q2 2020, according to a statement.

The company’s production from its concessions in the Eastern Desert decreased by 5%, recording 11,757 bbls/d down from 12,343 bbls/d in Q1 2020.  Per the statement, concessions at West Gharib, West Bakr, and North West Gharib produced 3,453 bbls/d, 7,935 bbls/d, and 369 bbls/d respectively. 

Transglobe remained consistent with its revised 2020 budget by excluding drilling activity at the Eastern Desert for Q2 2020. The statement shows that approximately 304.6 million barrels (mmbbls) of inventoried entitlement crude oil were sold to the Egyptian General Petroleum Corporation (EGPC) during the quarter.

As for the Western Desert operations, the South Ghazalat concession witnessed a production increase by 15% than the previous quarter, with 233 bbls/d. The company also changed its 2020 production guidance for the South Ghazalat concession and narrowed it to 11,200 to 11,600 bbls/d. Additionally, the company sold 8 mmbbls of its entitlement crude oil production from the Western Desert to EGPC. The Company sold 312.6 mbbls of crude oil to EGPC in Q2-2020 for net proceeds of $7.2 million. 

The company noted that it remains in talks with EGPC to amend, extend, and consolidate the company’s Eastern Desert concession agreements.