United Energy (MENA), a wholly-owned subsidiary of United Energy Group (UEG), has signed a 'Sale and Purchase Agreement' with Apex International Energy. The agreement stipulates that United Energy (MENA) will fully acquire Apex's upstream oil and gas exploration and production operations in Egypt. After the completion of the transaction, UEG's gross production in Egypt in 2024 will reach 39,000 barrels of oil equivalent per day (boe/d), enabling it to rank 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 the Western Desert of Egypt. It holds interests in 8 onshore concession areas, with an average working interest production of over 11,000 barrels of oil equivalent per day (boe/d) in 2024. Apex's portfolio offers considerable growth potential, with enhanced oil recovery, and a large exploration acreage of over 3,500 km². Notably, the Egyptian Cabinet recently approved the merger of Apex-related concession agreements. The new agreement will improve fiscal terms, increase investment, unleash economic potential, and create long-term value for all parties involved.
Market Expansion and Regional In-depth Development
Since entering the Egyptian market through the acquisition of Kuwait Energy in 2019, UEG currently holds interests in 5 concession areas, with an average gross production of 22,000 barrels of oil equivalent per day (boe/d) in 2024. This acquisition not only boosts production but also creates exploration and development synergies through asset integration. By leveraging its technical expertise and financial strength, UEG will enhance oilfield production and support regional energy development, contributing to the upgrading of Egypt's energy industry.
Industry Standing and Future Landscape
As one of the largest independent integrated energy companies listed in Hong Kong, China, UEG's business covers South Asia, the Middle East, North Africa and Europe. This transaction marks a new stage in its Egyptian strategy. In the future, it will further integrate regional resources and strengthen its global energy supply chain landscape.
Source: United Energy Group
