United Energy Group (UEG), a Hong Kong-based investment and asset management company, is advancing its energy portfolio by securing oil exploration rights in Libya and the Republic of the Congo.
According to Mohamed Hamdy, UEG’s Project Development Manager, the company is actively expanding its presence in North Africa. It is currently studying opportunities in Algeria, alongside its confirmed interests in Libya and Congo.
In a strategic move towards sustainability, UEG has signed a memorandum of understanding (MoU) with LONGi Green Energy, one of the world’s largest solar panel manufacturers. The partnership will support the company’s transition to renewable energy in its operations.
Hamdy explained that UEG plans to install solar systems in its oil fields located in northern Egypt’s Western Desert. These systems will replace the diesel generators currently used to power remote sites, helping the company reduce operational costs and carbon emissions.
As part of the agreement, UEG and LONGi will implement a 20-megawatt peak hybrid solar power system across six oil fields. The system is expected to generate approximately 24,800 megawatt-hours of clean energy per year, significantly reducing the fields’ dependency on fossil fuels.
Hamdy revealed that UEG currently owns 13 oil fields in the Western Desert region, including eight recently acquired from the American company Apex. The group’s total investments in Egypt’s oil sector range from $1.5 to $2 billion.
These developments are part of UEG’s broader plan to inject $7 billion in new investments into the Egyptian market. The company previously acquired Kuwait Energy in 2018 and Apex in December 2024.
With exploration underway in Libya and a green energy agenda in full swing, UEG appears poised to solidify its presence in North Africa’s energy sector.
