Bluewater, a private equity firm specializing in energy investments, has finalized an agreement to sell Apex International Energy, an independent exploration and production (E&P) company with a strong presence in Egypt's upstream market.
Over the past six years, Apex has achieved significant milestones, including the discovery of oil in its Southeast Meleiha concession in January 2021, followed by first oil production in August of the same year. The company further expanded its portfolio by acquiring six concessions in Egypt's Western Desert from Italian energy giant Eni S.p.A. in January 2023 and commenced natural gas production in September 2023.
In 2024, Apex's working interest production averaged over 11,000 barrels of oil equivalent per day (boed), marking a 10% year-on-year increase and positioning the company among Egypt's top ten producers. Since initiating production in 2021, Apex has supplied more than 10.3 million working interest barrels of oil equivalent (96% oil) to Egypt's domestic market.
Salil Oberoi, Partner at Bluewater, praised Apex's leadership, stating, "We congratulate Roger Plank, Tom Maher, and the entire management team for transforming Apex into a key player in Egypt's oil and gas sector. We wish them and the business continued success."
Tom Maher, President and CEO of Apex International Energy, expressed gratitude to Bluewater for its support since 2018, saying, "With Bluewater's backing, we have achieved significant growth while prioritizing safe and environmentally responsible operations for the benefit of all stakeholders."
Roger Plank, Founder and Chairman of Apex's Board of Directors, also acknowledged the efforts of the management team and employees, noting, "Apex's journey from zero production to becoming a top-ten producer in Egypt within two years of its initial discovery is a remarkable achievement, benefiting both Egypt and our shareholders."
The sale of Apex is contingent upon regulatory approvals and standard closing conditions. The buyer is a subsidiary of United Energy Group Limited, a Hong Kong-based, publicly listed integrated energy company with assets across the Middle East, North Africa, South Asia, and Europe. Bluewater initially invested in Apex in November 2018 as part of its second fund.
This transaction marks a new chapter for Apex International Energy, reflecting its successful growth trajectory and strategic importance in Egypt's energy landscape.