Bluewater, a specialist energy private equity firm based in UK, has signed a purchase agreement for the sale of Apex International Energy, a leading independent player in oil and gas exploration and production in the prolific Egyptian upstream market.

 

Pursuant to the purchase agreement, subject to the fulfilment of governmental approvals and customary conditions precedent, Apex will be bought by United Energy (Mena) Limited, a wholly-owned subsidiary of the United Energy Group Limited, a Hong Kong-based 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 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 S.p.A. 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.

 

Salil Oberoi, Partner at Bluewater, said: "Working with the great leadership team of Maher and Plank, we have invested in the business and helped it grow via both new discoveries and acquisitions to become a major player in the prolific Egyptian oil & gas sector."

 

"After six years of our ownership Apex International Energy is now on a clear growth trajectory and we are proud to hand the business over to the new owners in such strong shape," he added.

 

During Bluewater's successful stewardship, Apex has grown into one of the independent leaders in Egyptian oil & gas exploration and production. 

 

The company now possesses interests in 8 concessions, and averaged more than 11,000 barrels of oil equivalent per day working interest production in 2024.

 

Maher, while lauding Bluewater for its support since 2018, said: "We have made great strides together with our focus always being on safe and environmentally conscious growth for the benefit of all our stakeholders." 

 

Plank said: "On behalf of our Apex Board of Directors, a heartfelt thanks to Tom, the management team and all our employees in Houston and Cairo for their hard work and dedication to building a significant and profitable energy company."

 

"Apex’s oil production growth in Egypt from zero to a top ten producer in less than two years from the initial discovery is both remarkable and rewarding to Egypt and to our shareholders," he added.

 

Oberoi lauded Plank, Maher and the rest of the management team for their role in the growth of Apex and turning it into a significant player in the Egyptian oil & gas sector. "We wish them and the Apex business well for the future," he added.