The Project Sponsor is Warburg Pincus, a global private equity group. Established 50 years ago, Warburg Pincus has invested more than $58 billion in more than 760 companies in more than 40 countries around the world.

Apex plans to build an exploration and production business of scale through asset acquisitions and capital investments in drilling, infrastructure, production enhancement and exploration to deliver long-term profitable growth in production and reserves.  The total project cost is estimated at $500 million. The proposed IFC investment is $75million in equity. The equity would be used to fund: (i) corporate G&A; (ii) acquisition of oil and gas assets; (iii) early development of such assets and exploration activities in the newly acquired blocks. 

Apex, headquartered in Houston, has an office in Cairo, Egypt that leads the local operations.

This is a Category A project primarily due to potentially significant and diverse impacts which may be associated with some of Apex’s activities.

The key environmental, social, health and safety issues associated with this proposed investment is the recently founded company’s management capacity to identify and mitigate E&S risks in newly acquired and developed onshore and potentially offshore oil and gas projects.  This E&S risk management process includes undertaking adequate social and environmental assessments and monitoring during exploration activities and any subsequent development phase (including the assessment of potential cumulative impacts).  Typical issues associated with onshore and offshore oil and gas development include ensuring fair, safe and healthy working conditions for direct and contract employees; ensuring the proper handling of hazardous materials, and management of airborne emissions, wastewater, solid and hazardous waste; ensure appropriate management of the impacts of construction and operations on, community health, safety and security, and consult and engage with potentially project-affected communities; and ensure potential social issues relating to pipelines and facilities land acquisition processes are identified and mitigated.  Apex has committed that, upon implementation of the specific measures detailed below, their activities will meet the requirements of the IFC Performance Standards.