Apache signs $10 million oil rig deal with Key Energy
Oil field service company, Key Energy Services, recently announced that it has signed a multi-year contract with oil and gas independent Apache Corporation for five newly refurbished workover rigs, at a cost of approximately $10 million to be deployed in the Arab Republic of Egypt.
The two companies have signed a two-year agreement with options for multiple one-year extensions under which Key will provide and operate five workover rigs in Egypt for work on Apache concessions in the Western Desert.
"These five rigs will fill a critical shortage of completion, work-over and well servicing rigs in Egypt and will therefore allow us to increase activity and, in turn, production levels from our Western Desert fields, " said Key's Chairman and CEO, Francis D. John.
Key Energy Services owns approximately 1,477 well service rigs and 1,455 oilfield service vehicles, as well as 79 drilling rigs. The Company provides diversified energy operations including well servicing, contract drilling and other oilfield services and oil and natural gas production. It has operations in all major onshore oil and gas producing regions of the continental United States, Argentina and Ontario, Canada. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
- Desperate for an economic makeover, Egypt signs historic oil exploration deals with foreign firms
- Growing glut: Oil prices tumble 9%
- Exploring new possibilies: Western firms win key Egyptian oil, gas exploration deals
- Power dominates: Egypt signs $40 billion worth of energy deals on second day of investment conference