Apex International Energy (Apex) has acquired interests in four concessions in the Western Desert oil producing region of Egypt from IEOC Production B.V. (IEOC), a unit of Eni S.p.A. and two additional concessions will be acquired by Apex after parliamentary approval of extensions, which is expected this quarter.
The deal sees Apex acquire all of IEOC’s interests in the Ras Qattara, West El Razzak and East Kanayis concessions, with the West Abu Gharadig concession to be acquired following an extension, and will become operator of each through Farah Petroleum Company (PetroFarah), the joint venture operating company of Apex and the Egyptian General Petroleum Company (EGPC).
Apex also acquired a 25% interest from IEOC in the East Obaiyed concession and will acquire a 25% interest in the South West Meleiha concession following an extension, where IEOC will remain operator.
Apex expects to start its first natural gas production during Q2, when the Faramid Development Lease in the East Obaiyed concession is projected to come online. There are two natural gas discoveries in the concession, and IEOC has been progressing development plans with EGPC.
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