United Energy (Middle East and North Africa) Co., Ltd., a wholly owned subsidiary of United Energy Group, has officially signed a Share Purchase and Sale Agreement with Apex International Energy LP to acquire its upstream oil and gas exploration and production business in Egypt. Following the completion of the transaction, United Energy’s total production in Egypt is expected to reach 39,000 barrels of oil equivalent per day (boe/d) in 2024, positioning the company among the top ten oil and gas producers in Egypt.
Core Assets and Strategic Synergy
Apex is a significant independent oil and gas producer in Egypt’s Western Desert, holding interests in eight onshore concessions with an estimated average equity daily production of more than 11,000 barrels in 2024. The company’s assets encompass 3,500 square kilometres of exploration area and multiple production enhancement projects with considerable development potential.
Notably, the Egyptian cabinet has recently approved the merger of Apex’s related concession agreements, a move that will improve fiscal terms, increase investment, unlock economic potential, and generate long-term value for all stakeholders.
Market Expansion and Regional Development
Since entering the Egyptian market through the acquisition of Kuwait Energy in 2019, United Energy has expanded its presence, holding interests in five concession areas with an average total production of 22,000 barrels per day in 2024.
This latest acquisition not only enhances production capacity but also creates exploration and development synergies through asset integration. Leveraging its technical expertise and financial strength, United Energy aims to boost oil field production, drive regional energy development, and support the advancement of Egypt’s energy sector.
Industry Position and Future Strategy
As one of the largest independent oil and gas companies listed in Hong Kong, China, United Energy operates across South Asia, the Middle East, North Africa, and Europe. This transaction marks a new milestone in the company’s Egyptian strategy, further reinforcing its regional resource integration and global energy supply chain expansion.
By strengthening its position in Egypt’s energy market, United Energy continues to solidify its role as a key player in the international oil and gas industry while contributing to long-term energy security and economic growth.
For more information visit www.uegl.com.hk
