United Energy Group to acquire Apex’s upstream oil, gas operations in Egypt
United Energy Group Ltd. (UEG), Hong Kong, has agreed to acquire upstream oil and gas operations in Egypt from Apex International Energy LP.
Under the agreement, the entire issued share capital of Apex International Energy Holdings I, the company which holds Apex’s Egyptian business, will be acquired by United Energy (MENA) Ltd.
Apex holds interests in eight onshore concessions in the Western Desert of Egypt, with average working interest production over 11,000 boe/d in 2024.
Apex’s portfolio offers growth potential, with numerous drilling and re-entry opportunities, enhanced oil recovery, and exploration acreage of over 3,500 sq km, the companies said separate releases.
Earlier this month, Egypt’s Cabinet of Ministers approved merging Apex’s West Razzak and East Kanayis concession agreements with Southeast Meleiha under a unified merged concession agreement. UEG said the move “will enhance fiscal terms, provide for increased investment through drilling commitments, and unlock greater economic potential for all parties.”
UEG entered the Egyptian market in 2019 through the acquisition of Kuwait Energy plc. The company plans ongoing expansion in the region, where it currently holds interests in 5 producing assets in Egypt’s Western and Eastern Deserts (Burg El Arab, West Wadi El Natrun, Area A, Abu Sennan, and East Ras Qattara), with gross production averaging 22,000 boe/d in 2024.
When the deal closes, UEG's gross production in Egypt in 2024 will reach 39,000 boe/d, putting the company among the top 10 oil and gas producers in Egypt, the company said.
