Egypt-focused oil and gas firm Apex International Energy will acquire shares in six producing oil concessions in the Western Desert from Eni, the company said in a statement yesterday. The assets will raise Apex’s production by 65% to 11.5k barrels per day, which the company says will make it the eighth-largest oil producer in Egypt. Apex did not disclose how much it paid for the assets. The company declined to speak about the financial terms of the concessions when we asked yesterday.

The breakdown: Apex will acquire 100% of West Razzak, 75% of Ras Qattara, 45% of West Abu Gharadig, and 50% of East Kanayis, and become the operator of the concessions alongside the Egyptian General Petroleum Company. It will also get 25% of the East Obaiyed and South West Meleiha concessions, where Eni will remain the operator. The company aims to start natural gas production in the second quarter of 2023 in the East Obaiyed concession.

Apex + Eni also landed an exploration block: EGPC has awarded Apex and Eni each a 50% interest in the East Siwa exploration concession in the Western Desert, with Apex as the operator. The concession is awaiting parliament’s approval in the second quarter of 2023.

Where the money’s coming from: The acquisitions are being part-financed through a loan arranged by Mauritius Commercial Bank.

Apex has discovered four fields in South East of Meleiha since January 2021 and the company is collaborating with Eni to carry out additional exploratory drilling this year.

ICYMI- We recently spoke with Apex CEO and President Tom Maher as part of our CEO poll on exports and FDI.

EXXONMOBIL ACQUIRES TWO OFFSHORE BLOCKS-

US oil giant ExxonMobil has acquired two offshore blocks in the Nile Delta, the company said in a press release (pdf) yesterday. ExxonMobil Egypt will operate both blocks and hold 100% interest. The awards are pending government approval, with operations scheduled to begin in 2023.