Calgary oil and gas firms affected by the gradual weakening of the industry since 2014 have been expanding their business options in South America.
The Canadian Global Exploration Forum helps oil and gas companies that are considering an expansion outside of Canada. According to the CGEF, many companies that are interested in extending their business in Central and South America.
CGEF Vice President Curtis Evert noted that since they established the organization 10 years ago, companies have increased their consideration of international expansion.
"I personally know of probably half a dozen companies on the exploration and production side that are actively looking for new ventures [in South America] that haven't had international ventures before," Evert said.
He further noted the region is an excellent fit for some companies and that the geology in South America is quite comparable to what Alberta explorers and producers are accustomed. There are already existing opportunities in Argentina, Brazil, Colombia, Ecuador, Paraguay, Peru and Uruguay.
CGEF President Terry Strang said there are also opportunities for service companies other than the exploration and production prospects.
"I think it would be a value to a lot of these companies to get a little bit more for their product and pay a little bit less for the services — or even to bring Canadian services down there to keep the service companies from Alberta here healthy to be able to work in other countries," Strang said.