How Bluewater Transformed Apex Into a Top Oil Producer Before Its Sale

Bluewater, a specialist energy private equity firm, has announced the sale of Apex International Energy to United Energy Group Limited, a Hong Kong-based integrated energy company.

This deal underscores the potential of strategic investment in Africa’s energy sector and marks the culmination of a successful partnership that transformed Apex from a small player into one of Egypt’s top ten oil producers.

Apex’s Growth Journey

Bluewater first invested in Apex in November 2018, recognizing the opportunities in Egypt’s upstream market. Under the leadership of President & CEO Tom Maher and Founder & Chairman Roger Plank, Apex achieved significant milestones, including a major oil discovery in January 2021 at the Southeast Meleiha concession. Just months later, in August 2021, the company began oil production.

Building on this success, Apex expanded further in January 2023 with the acquisition of six concessions in Egypt’s Western Desert from Italian energy giant Eni S.p.A.

This move significantly boosted Apex’s production capacity and resource base. The company also started natural gas production in September 2023, diversifying its energy portfolio.

Impressive Production Growth

Apex’s production figures reflect its rapid growth. In 2024, the company’s working interest production averaged over 11,000 barrels of oil equivalent per day (boed), a 10% increase from the previous year.

HAVE YOU READ?

How High Financing Costs Are Slowing Kenya and Senegal’s Renewable Energy Growth

Since beginning production in 2021, Apex has delivered over 10.3 million barrels of oil equivalent to the Egyptian market, with 96% of it being oil.

United Energy Group’s Expansion

The sale to United Energy Group is subject to customary governmental approvals and conditions. For United Energy Group, the acquisition strengthens its presence in the Middle East and North Africa (MENA) region.

The company, which entered the Egyptian market through its 2019 acquisition of Kuwait Energy, currently holds interests in five concession areas.

With Apex’s assets, its gross production in Egypt is expected to reach 39,000 boed, solidifying its role as a key player in the country’s energy sector.

Industry Reactions and Significance

Key figures involved in the deal have praised the partnership’s success. Salil Oberoi, Partner at Bluewater, commended the Apex team for their role in growing the company into a significant force in Egypt’s oil and gas sector.

Tom Maher expressed gratitude to Bluewater for their support since 2018, highlighting the strides they made together.

Roger Plank acknowledged the dedication of Apex’s teams in Houston and Cairo, emphasizing the remarkable achievement of becoming a top-ten producer in less than two years from its initial discovery.

This transaction highlights the attractiveness of Egypt’s oil and gas sector for foreign investment. It also showcases the role of private equity in unlocking value and driving growth in the region.

With Apex transitioning to new ownership, the company is well-positioned to continue contributing to Egypt’s energy security and economic development.

Meanwhile, Bluewater’s successful exit from the investment demonstrates the potential for strong returns in Africa’s energy sector.