Bluewater, a specialist energy private equity firm, has today signed a purchase agreement to sell Apex International Energy, a leading independent player in oil & gas exploration and production in the prolific Egyptian upstream market.
Subject to the fulfilment of governmental approvals and customary conditions precedent, Apex will be bought by a subsidiary of United Energy Group, a Hong Kong headquartered, and market listed, integrated energy group with major assets across the Middle East, North Africa, South Asia and Europe. Bluewater first invested in Apex in November 2018 as part of its second fund.
Led by President & CEO Tom Maher and Founder & Chairman Roger Plank, Apex International Energy has grown significantly in the last six years. Major milestones in the company’s growth trajectory include the January 2021 discovery of oil in its Southeast Meleiha concession, with first oil production in August of the same year, the January 2023 acquisition of six concessions in Egypt’s Western Desert from Italian energy company Eni SpA and the commencement of natural gas production in September 2023.
Working interest production in 2024 averaged more than 11 thousand barrels of oil equivalent per day, an increase of 10% year-over year, putting Apex in the top ten producers in Egypt. In total, since production began in 2021, Apex has delivered over 10.3 million working interest barrels of oil equivalent (96% oil) to the Egyptian market for domestic use.
