Bluewater has signed an agreement to sell Apex International Energy to United Energy Group Limited, enhancing Apex's growth potential in Egypt's oil and gas sector.

Information on the Target

Bluewater has officially signed an agreement to sell Apex International Energy, a prominent oil and gas exploration and production company headquartered in Houston. Under Bluewater’s guidance, Apex has established itself as a leader in the Egyptian market, possessing interests in eight concessions. With an impressive average working interest production exceeding 11,000 barrels of oil equivalent per day in 2024, Apex has significantly contributed to the region's oil output.

Since its inception, Apex has achieved major milestones that have propelled its growth. Notably, the discovery of oil in its Southeast Meleiha concession in January 2021 marked a turning point, followed by the start of oil production in August of the same year. Furthermore, the strategic acquisition of six concessions in the Western Desert from Italian energy firm Eni S.p.A. in January 2023 allowed Apex to broaden its operational footprint and enhance its production capabilities, culminating in the commencement of natural gas production in September 2023.

Industry Overview in Egypt

The oil and gas sector in Egypt plays a critical role in the country’s economy, contributing a significant portion to national revenue. Egypt is known for its rich petroleum resources, with proven oil reserves that make it a key playe