Egypt-based Oil and Gas company Apex International has increased its oil and gas production by 62 percent this year. The company has managed to boost its oil production to 11,100 barrels a day. This is an increase of 4,200 barrels more than was being produced at the start of the year. The company acquired assets in oil and gas from IEOC production. This is a subsidiary of the Italian oil and gas company Eni. The assets were issued to Apex International at the start of 2023. The company acquired all of IEOC’s interests in various concessions around Egypt. This includes concessions in Ras Qattara, and East Kanayis. West Abu Gharadig is also part of the concession acquired by the company.
The companies operate through Farah Petroleum Company (PetroFarah) through a joint venture. The venture includes Apex International, and state owned Egyptian general Petroleum Company. Apex developed an organic working interest production in one of their concessions. The Southeast meleiha production was at 7,100 barrels a day (b/d). The incremental working interests in production added by the acquired assets was at 2,900 barrels a day. This gives Apex International a combined working interest production of 10,000 b/d in the West desert region. Apex launched a 32-well repair program and workover in Zarif and Aghar fields. This also included the Raml and Faras fields.
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The Addition of the Six Acquired Concessions is one of the Factors Contributing to Apex International Interests
Apex International has attributed its interests to the acquiring of the six concessions under their belt. This is one of the factors that has seen the company achieve a 62 percent increment in production this year. Other factors include the comprehensive workover executed by the team in the acquired fields. The increment is also attributed to the start-up of the Faramid gas project and working production. This increment has been accomplished without a lost-time incident while lowering unit operating cost. The company’s CEO asserts that this is a tribute to the hard work and dedication of Apex International. Gas production is currently 24.4 million cubic feet a day in which a quarter of it is attributed to Apex International.
