Apex International Energy has acquired concessions in Egypt's Western Desert, increasing its production to 11,500 barrels per day and solidifying its position as the eighth leading oil producer in the region.

Target Information

Apex International Energy (Apex) has acquired interests in four concessions within Egypt's Western Desert oil-producing region from IEOC Production B.V. (IEOC), a subsidiary of Eni S.p.A. This acquisition significantly increases Apex's production capacity by 65%, elevating its output to approximately 11,500 barrels per day. The purchased assets include the Ras Qattara, West El Razzak, and East Kanayis concessions, with plans to acquire the West Abu Gharadig concession pending parliamentary approval. Furthermore, Apex is set to obtain a 25% interest in the East Obaiyed concession and a similar interest in the South West Meleiha concession as extension approvals are expected shortly.

With the completion of this deal, Apex will manage six out of eight concessions in the Western Desert, retaining a dominant operational position. The company's existing infrastructure and strategic assets utilized for its South East Meleiha operations will further enhance its capabilities in these newly acquired areas. The firm anticipates commencing gas production in the second quarter of 2023 from the Faramid Development Lease in the East Obaiyed concession, adding to its portfolio of resource outputs.

Industry Overview in Egypt

The Egyptian oil and gas sector remains one of the most pivotal within the nation’s economy, exhibiting resilience amid global energy fluctuations. As a leading minority producer in the region, Egypt leverages its vast res