Chinese independent oil and gas player, United Energy Group (UEG), has struck a major deal to expand its presence in Africa, fully acquiring Apex International Energy’s upstream assets in Egypt.
A Strategic Move into North Africa
This acquisition positions United Energy as one of Egypt’s top 10 oil and gas producers, with total production expected to hit 39,000 barrels of oil equivalent per day (boepd) upon completion.
The deal was executed through United Energy (Middle East and North Africa), a wholly owned subsidiary of the company. However, the financial details of the transaction remain undisclosed.
China’s Growing Influence in Africa’s Energy Market
This latest move underscores China’s continued investment in African oil and gas assets, as Beijing-backed companies look to secure long-term energy supplies and strengthen their foothold in global hydrocarbon markets.
With Egypt’s strategic location, vast energy reserves, and growing demand for investment in its upstream sector, United Energy’s acquisition of Apex’s assets marks a significant milestone in China’s expanding energy ambitions in North Africa.
, has struck a major deal to expand its presence in Africa, fully acquiring){kind=link}