Egypt: PE firm Bluewater exits energy company
Bluewater, a private equity firm focused on the energy sector, has signed a purchase agreement to sell Apex International Energy.
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Bluewater, a private equity firm focused on the energy sector, has signed a purchase agreement to sell Apex International Energy, an independent player in oil and gas exploration and production in Egypt.
Apex will be acquired by a subsidiary of United Energy Group, subject to governmental approvals and customary conditions precedent. United Energy Group is a Hong Kong-headquartered, publicly listed integrated energy company with major assets across the Middle East, North Africa, South Asia, and Europe.
Bluewater first invested in Apex in November 2018 as part of its second fund.
Apex has expanded significantly over the past six years. In January 2021, it discovered oil in the Southeast Meleiha concession, with production starting in August. Two years later, in January 2023, it acquired six Western Desert concessions from Italy’s Eni. Natural gas production began in September 2023.
Working interest production in 2024 averaged more than 11 thousand barrels of oil equivalent per day, an increase of 10% year-over year, putting Apex in the top 10 producers in Egypt.
Salil Oberoi, partner at Bluewater, stated: “We would like to congratulate Roger Plank, Tom Maher and the rest of the management team who have been instrumental in the growth of Apex and turned it into a significant player in the Egyptian oil and gas sector. We wish them and the Apex business well for the future.”
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