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MeneameHouston-based Key Energy Services expects to begin working in Colombia "prior to the end of the year," company COO Trey Wilson said in a webcast.
The company recently relocated assets to Colombia with a rig and ancillary equipment meant to showcase the firm's technology, CEO Dick Alario said in the webcast.
"We are pursuing several opportunities down there, and once we secure a contract, we'll move additional rigs and ancillary equipment into the country," Alario said.
The rig was relocated from Mexico's Chicontepec field where the company had 11 idle workover rigs following the conclusion of a contract with state oil company Pemex for 14 rigs in the first quarter.
Six of those rigs were to be included in another 10-rig Pemex contract, but the state giant took only three of the 14 rigs due to budget cuts for its northern region.
Chicontepec failed to produce the results anticipated by Pemex despite billions of dollars worth of drilling contracts and came under fire in late 2009. Activities have since slowed as Pemex reevaluates its strategy for the field.
Key has said previously that its idle rigs could be sent to other parts of Latin America.
"There are a couple other areas in Latin America - I don't want to get into them right now - that have the potential to consume some of that equipment, so we're not going to let it sit around," Alario said.
Alario added that the company has roughly 30 rigs operating in Argentina, which leaves 10 idle.
"So we have some spare capacity there and those rigs are pretty much adaptable for all of South America, so that's a source of assets that we could move around as well," he said.
Wilson also highlighted Key's new management team with a technical staff "to direct our Latin America operations and develop new opportunities."
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