Apex International Energy signs two concession agreements in Egypt

Apex International Energy, an independent oil and gas exploration and production company focused on Egypt, today announced that it has signed two concession agreements for 1.7mn acres encompassing the West Badr el Din (4,180 sq km) and South East Meleiha (2,535 sq km) concessions.

Both are located in the prolific Abu Gharadig Basin in Egypt's Western Desert. Apex was awarded the two blocks as part of the Egyptian General Petroleum Corporation (EGPC) 2016 bid round.

Egypt, which used to be a net energy exporter, has become a net importer in recent years as consumption has increased while production has fallen.

The government has been on a drive to lure back foreign investors to its energy sector in an effort to address a squeeze on public finances.