United Energy (MENA) Limited, a wholly-owned subsidiary of Chinese independent United Energy Group (UEG), has acquired the upstream oil and gas assets held by US independent Apex International Energy in Egypt, UEG announced on Friday.
Apex’s assets comprise eight onshore concession areas with approximately 3,500 square kilometres of exploration acreage in the Western Desert. Average working interest production from the acquired assets was more than 11,000 boepd in 2024.
UEG first entered the Egyptian market in 2019 through the acquisition of Kuwait Energy and currently holds interests in five concession areas. The acquisition of Apex’s assets will bring UEG’s gross production in Egypt to around 39,000 boepd and place it among the country’s top 10 oil and gas producers.
The value of the transaction was not disclosed. UEG noted that the Egyptian Cabinet recently approved the merger of Apex-related concession agreements, which improves their fiscal terms and investment potential.
Hong Kong-listed UEG has oil and gas E&P operations in South Asia, the Middle East, North Africa and Europe, for a total average gross production of approximately 167,000 boepd.
Source: theenergyyear.com