United Energy Acquires Apex's Western Desert Operations
Deal News | Feb 10, 2025 | Phoenicia Group Libya LLC
United Energy (MENA), part of United Energy Group (UEG), has reached a Sale and Purchase Agreement with Apex International Energy, acquiring Apex's oil and gas exploration plus production in Egypt's Western Desert. Expected to increase UEG's gross production to 39,000 boe/d by 2024, this acquisition positions UEG among Egypt's top oil producers. Apex's interest spans eight onshore concession areas, boasting a production level over 11,000 boe/d in 2024, along with extensive exploration potential. The Egyptian Cabinet's recent approval of merging Apex-related concession agreements is set to enhance fiscal terms and bolster economic value. UEG has been in the Egyptian market since 2019 post-Kuwait Energy acquisition and plans to leverage its expertise to boost production and support regional energy advancements. UEG, a prominent independent energy entity from Hong Kong, is executing a broader strategy in Egypt to amplify resource integration and fortify the global energy supply chain.
Sectors
- Oil & Gas Exploration and Production
- Acquisitions & Mergers
Geography
- Egypt – The primary activities and assets being acquired are located in Egypt's Western Desert.
- China/Hong Kong – United Energy Group is listed in Hong Kong and this deal expands their presence in Egypt.
- Middle East & North Africa (MENA) – The article mentions United Energy (MENA), indicating regional operations impacting the broader MENA region.
Industry
- Oil & Gas Exploration and Production – The article involves the acquisition of upstream oil and gas operations, focusing on exploration and production in Egypt.
- Acquisitions & Mergers – The deal discussed involves a significant acquisition and the integration of assets between two companies in the energy sector.
Financials
- 39,000 boe/d – United Energy Group's projected gross production in Egypt post-acquisition in 2024.
- 11,000 boe/d – Apex's current average working interest production in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| United Energy (MENA) | Acquirer | Company | A subsidiary of United Energy Group responsible for the acquisition of Apex's Egyptian operations. |
| United Energy Group (UEG) | Parent Company | Company | Listed in Hong Kong, UEG owns United Energy (MENA) and is a significant player in the global energy sector. |
| Apex International Energy | Target Company | Company | An independent oil and gas producer with operations in Egypt's Western Desert. |
| Egyptian Cabinet | Government | Government | Approved the merger of Apex-related concession agreements, aiding the economic and operational potential of the assets. |