Amid the general Egyptian upstream gloom (MEES, 12 July & MEES, 12 July), one firm that is bucking the trend is Texas-based Apex International, formed in 2016 by former Apache Egypt executives (MEES, 9 December 2016). Apex has grown its output every year since its first output in August 2021, though the key 2023 boost came with taking stakes in six Western Desert blocks from Italy’s Eni (MEES, 13 January 2023).
The Eni purchase saw Apex near-doubling its working interest output to 10,280 b/d for 2023 from 2022’s 5,820 b/d. Output rose further to 11,500 b/d for 1H 2024 (see chart). Apex has six operated blocks in Egypt – four of them acquired from Eni – and holds 25% in two blocks operated by Eni (75%), all located in the Western Desert. (CONTINUED - 288 WORDS)
