February 13, 2025 [United Energy]- United Energy (Middle East and North Africa) Co., Ltd., a wholly-owned subsidiary of United Energy Group, formally signed a “Share Purchase and Sale Agreement” with Apex International Energy LP to fully acquire Apex’s upstream oil and gas exploration and production business in Egypt. After the transaction is completed, United Energy’s total production in Egypt will reach 39,000 barrels of oil equivalent per day (boe/d) in 2024, ranking among the top ten oil and gas producers in Egypt.
Core assets and strategic synergy
Apex is a major independent oil and gas producer in Egypt’s Western Desert, holding interests in eight onshore concessions, with an average equity daily production of more than 11,000 barrels in 2024. Its assets include 3,500 square kilometers of exploration area and multiple production increase projects, with significant development potential. It is worth noting that the Egyptian Cabinet recently approved the merger of Apex’s related concession agreements. The new agreement will improve fiscal terms, increase investment, release economic potential, and create long-term value for all parties.
Market expansion and regional development
Since entering the Egyptian market through the acquisition of Kuwait Energy in 2019, United Energy currently holds interests in five concession areas, with an average total production of 22,000 barrels per day in 2024. This acquisition not only achieves an increase in production, but also forms exploration and development synergies through asset integration. It will rely on technical experience and financial strength to promote oil field production increase and regional energy development, and help Egypt’s energy industry upgrade.
Industry status and future layout
As one of the largest independent oil and gas companies listed in Hong Kong, China, United Energy’s business covers South Asia, the Middle East, North Africa and Europe. This transaction marks a new stage in its Egypt strategy, and in the future it will further integrate regional resources and strengthen its global energy supply chain layout.
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