The deal follows a period of significant expansion for Apex in Egypt’s upstream oil and gas sector.

Since Bluewater’s initial investment in 2018, Apex has achieved key milestones, including the discovery of oil in its Southeast Meleiha concession in January 2021, which led to first production by August of the same year. The company further strengthened its position in January 2023 by acquiring six concessions in Egypt’s Western Desert from Italian energy giant Eni. In September 2023, Apex also began producing natural gas.

Apex’s production has seen consistent growth, averaging more than 11,000 barrels of oil equivalent per day (boed) in 2024, a 10% increase from the previous year. This rapid expansion has placed the company among Egypt’s top ten producers. Since commencing production in 2021, Apex has delivered over 10.3 million barrels of oil equivalent, with 96% of its output being oil designated for domestic use.

Bluewater praised Apex’s leadership team for driving the company’s success. “Roger Plank, Tom Maher, and the entire management team have built Apex into a major player in Egypt’s oil and gas sector,” said Bluewater Partner Salil Oberoi. “We wish them continued success.”

Apex President and CEO Tom Maher expressed gratitude for Bluewater’s backing. “Their support has been instrumental in our growth, enabling us to operate safely and sustainably while delivering strong results for all stakeholders,” he said.

Apex Founder and Chairman Roger Plank also acknowledged the company’s rapid trajectory. “Growing from zero to a top ten producer in under two years is an outstanding achievement, benefiting both Egypt and our shareholders,” he stated.

The transaction remains subject to government approvals and customary closing conditions. Bluewater’s exit from Apex follows its investment via its second fund in November 2018.

Source: World Oil

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