Energy private equity firm Bluewater is selling Egyptian oil and gas E&P Apex International Energy to a subsidiary of United Energy Group Ltd. for an undisclosed amount, Bluewater announced Feb. 10.

Bluewater first invested in Apex in November 2018 as part of its second fund, and over the last six years the company has grown significantly, Bluewater said in the sale’s press release.

In 2021, Apex discovered oil in its Southeast Meleiha concession and made first oil that same year. In 2023, Apex acquired six concessions from Eni SPA in Egypt’s Western Desert and began natural gas production.

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“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,” said Roger Plank, founder of Apex International and chairman of the board.

Working interest production increased 10% year-over-year in 2024 with an average of more than 11,000 boe/d. Since production began in 2021, Apex has delivered over 10.3 MMboe working interest (96% oil) to the Egyptian market.

“On behalf of our board of directors, a heartfelt thanks to Tom [Maher, president and CEO of Apex], 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,” said Roger Plank, founder of Apex International and chairman of the board.

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