SAMI Signs Defense Venture Deal with Lockheed Martin

SAMI Signs Defense Venture Deal with Lockheed Martin
TT
20

SAMI Signs Defense Venture Deal with Lockheed Martin

SAMI Signs Defense Venture Deal with Lockheed Martin

Saudi Arabian Military Industries (SAMI) has signed an agreement to set up a joint venture with US firm Lockheed Martin to enhance the Kingdom's defense and manufacturing capabilities, the Saudi company said on Sunday.

SAMI, which is owned by the Saudi state's Public Investment Fund (PIF), will own 51% of the venture.

"The new agreement will develop localized capabilities by transferring technology and knowledge, and by training a Saudi workforce in manufacturing products for, and providing services to, the Saudi armed forces," the statement said.

The agreement was signed on the sidelines of the International Defense Exhibition and Conference (IDEX) in Abu Dhabi, United Arab Emirates.



BP Starts Production at Second Phase of Egypt's Raven Field

FILE PHOTO: Signage is seen outside a BP (British Petroleum) petrol station in Liverpool, Britain, February 7, 2023. REUTERS/Phil Noble/File Photo
FILE PHOTO: Signage is seen outside a BP (British Petroleum) petrol station in Liverpool, Britain, February 7, 2023. REUTERS/Phil Noble/File Photo
TT
20

BP Starts Production at Second Phase of Egypt's Raven Field

FILE PHOTO: Signage is seen outside a BP (British Petroleum) petrol station in Liverpool, Britain, February 7, 2023. REUTERS/Phil Noble/File Photo
FILE PHOTO: Signage is seen outside a BP (British Petroleum) petrol station in Liverpool, Britain, February 7, 2023. REUTERS/Phil Noble/File Photo

British energy giant, BP, announced on Sunday the start of production from the second development phase of the Raven field, offshore Egypt, which involves the subsea tieback of additional Raven infill wells to its existing onshore infrastructure as part of the West Nile Delta (WND) project.

BP, the operator, holds an 82.75% stake in the project, while Harbour Energy owns the remaining 17.25%.
The new wells are expected to produce approximately 220 billion cubic feet of gas and 7 million barrels of condensate, the company said in a statement.

The project was safely executed ahead of schedule, allowing for an accelerated start of production.

Nader Zaki, BP Regional President for the Middle East and North Africa, said: “This further demonstrates BP’s commitment to investing in Egypt.”

Wail Shaheen, VP BP Egypt, said: “This series of achievements embodies our ongoing commitment to helping meet the increasing local energy demand by optimizing production from available resources while adding new ones.”

The West Nile Delta Gas Development comprises a series of gas condensate fields located offshore Egypt, within the North Alexandria and West Mediterranean Deepwater concessions.