TransGlobe Energy Corporation announced that its production had increased by 27% in 2017, Egypt Oil & Gas reports.
Output is expected to average 15.4 million barrels of oil equivalent per day (mboe/d), a marked increase from the average of 12.1 mboe/d in 2016.
Out of this total, 12.8 mboe/d were produced in Egypt while 2.6 mboe/d were produced in Canada.
The company noted, however, a snag that impacted operations in Egypt.
“In Egypt, production was impacted by the release of the workover rig in early August due to escalating safety and performance issues. A replacement rig was contracted and mobilized in late September and a second workover rig was operational December 1st. The reduction of the backlog of well workovers is anticipated in early 2018 with two workover rigs in operation,” the company’s press release stated.
The company sold approximately 510,000 barrels of its Egyptian oil in November, netting $24.5 million.
TransGlobe expects to end 2017 with around 800,000 barrels of inventoried oil, a decrease of 35% from December 2016.