iran rig report - petroview.ir
TRANSCRIPT
MARKET UPDATE
The operation of OEOC rig 208 will be started in Ahwaz1-4 oilfield by OEID.
TDDC rig 301 is in waiting mode in Azadegan field for about 9 months.
NDCO rigs NDC 110, 111 & 117 are ready for Marun1-4 project.
Drilling operation in Ramshir and Mansouri EPC/D projects paused.
PPARS has started South Pars (Phase11) project under IPC contract.
Drilling operation in the Forouzan EPC/D project will be started by OKDC soon.
PGFK drilling activity will be commenced by year end in the Reshadat project.
NIDC day rate contract in NISOC was been extended for workover activities.
Several EPC/D contracts will be awarded namely Ahwaz 2-3-5, Golkhari, and Gachsaran 3-5.
MAPNA MD1 rig spudded in South Pars (phase 11).
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 3
UTILIZATION RATE
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 4
Drilling activities will moderately accelerate in the near future, mainly as a result of new EPC/D projects
The demand for offshore drilling rigs will exceed the supply in 2021
0
10
20
30
40
50
60
70
80
90
100
2016 2017 2018 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021
Offshore Land
81
72%
32
28%
Land
Active Idle
11
61%
7
39%
Offshore
Active Idle
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 6
Lease contracts will be signed for 10 land drilling rigs.
Sepehr-Jufair, Marun 2-5, and Ahwaz 1-4 drilling activities will be commenced by end of the year.
OVERVIEW
In the near future, operations will be started in
Reshadat (PGFK), Forouzan (PPARS), South Pars
(PPARS), and Siri (GPTK).
CLIENTS – LAND49
14
10
6
1 1 1
0
5
10
15
20
25
30
35
40
45
50
NISOC ICOFC PEDEC NIOCEXP AOGC IOOC POGC
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 7
Around two-thirds of land activities are concentrated in NISOC; followed by ICOFC and PEDEC.
Most of the drilling activities in ICOFC regions are based on
CLIENTS – OFFSHORE
6
4
1
0
1
2
3
4
5
6
7
IOOC POGC NIOC-EXP
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 8
▪ Workover activities in the South Pars will be accelerated.
▪ New contracts awarded: SP Phase 11 (PPARS), Resalat (IOEC), Reshadat (PGFK), Siri (GPTK), and Forouzan (PPARS).
CONTRACTORS - LAND
58
6
5
2
2
3
1
2
2
1
12
3
3
3
2
2
1
3
3
2
1
0 10 20 30 40 50 60 70
NIDC
NDCO
OEOC
PEDEX
TDDC
DDC
GPTK
NIOC
Sepenta
NK
MAPNA
PTS
POA
PGFK
Active Idle
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 9
NIDC manages the largest drilling fleet with 70 rigs; of which around 58 rigs are active.
Several small contractors, namely Sepanta, NK, PTS, and POA do not have active rig contracts.
CONTRACTORS - OFFSHORE
3
2
1
2
1
1
1
1
1
1
2
1
1
0 1 2 3 4
PGFK
NDCO
NIDC
DCI
POKC
MAPNA
OKDC
NIOC
Active Idle
WT2, Modarres, Rajaie, and AmirKabir rigs have been idle for more than 2 years.
MAPNA MD1 rig spudded in SP Phase11.
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 10
42
52%33
41%
6
7%
Land
Workover Development Exploration
Share of workover activities has been improved during the last few years due to decrease in development activities as e result of lower capital investments.
ACTIVITY
Offshore activity will have commenced in Reshadat.
(PGFK), Foruzan (PPARS), Siri (GPTK), SP Phase11
(PPARS).
6
55%
4
36%
1
9%
Offshore
Workover Development Exploration
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 11
57
70%
19
23%
2
3%
3
4%
Land
Dayrate EPC/D Buyback IPC
6
55%
5
45%
Offshore
Day-rate EPC/D
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 12
Share of EPC/D projects has increased in last two years
and MOP plans is to use it as the main contract type
for workover and maintenance purposes.
CONTRACT TYPE
Share of Day-rate contracts in offshore area has been
decreased mainly due to lower-than-planned drilling
activities in IOOC regions.
REGIONS
The land market contributes about 90 percent of drilling activities.
More than 30 % of drilling activities are focused on Marun, Ahwaz, and Azadegan regions.
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 13
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 16
NISOC
42
86%
7
14%
Contract
Day rate EPD
Main
Contractors
NIDC 43
OIEC 2
Dana 1
NISOC 1
PEDEX 1
PGFK 1
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
17
35%
32
65%
Activity
Development Workover
49
60%
32
40%
Client Share (Land)
NISOC Others
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 17
ICOFC
7
50%
7
50%
Contract
Day rate EPD
Main
Contractors
NDCO 5
NIDC 4
MAPNA 3
GPTK 2
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
10
71%
4
29%
Activity
Development Workover
14
17%
67
83%
Client Share (Land)
ICOFC Others
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 18
PEDEC
1
10%
4
40%3
30%
2
20%
Contract
Day rate EPD IPC Buy Back
Main
Contractors
ZN 3
NIDC 3
SAED 2
TDDC 1
PEDEX 1
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
17
35%
32
65%
Activity
Development Workover
10
12%
71
88%
Client Share (Land)
PEDEC Others
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 19
NIOCEXP
Main
Contractors
NIDC 6
OKDC 1
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
7
100%
Contract
Day rate
7
100%
Activity
Expoloration
6
7%
75
93%
Client Share (Land)
NIOC-EXP Others
1
9%
10
91%
Client Share (Offshore)
NIOC-EXP Others
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 20
IOOC
Main
Contractors
PEDCO 2
NDCO 2
NIDC 2
PSIK 1
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
5
71%
2
29%
Contract
Day rate EPD
2
29%
5
71%
Activity
Development Workover
1
1%
80
99%
Client Share (Land)
IOOC Others
6
55%
5
45%
Client Share (Offshore)
IOOC Others
IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 21
POGC
1
20%
4
80%
Contract
Day rate EPD
Main
Contractors
PGFK 3
IOEC 1
NIDC 1
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3
60%
2
40%
Activity
Development Workover
1
1%
80
99%
Client Share (Land)
POGC Others
4
36%7
64%
Client Share (Offshore)
POGC Others
22Iran Rig Report , December 2020 (PUBLIC)
Petroleum: For Iran, from Iran
P h o n e : + 9 8 ( 2 1 ) 6 6 4 0 3 5 0 1
E m a i l : i n f o @ p e t r o v i e w . i r
PetroView is an Iranian oil & gas research and consultancy platform, providing market intelligence
and business insights through connecting data, markets and clients to create a comprehensive
trusted view of the oil industry, enabling the decision-makers to develop their strategies, mitigate
risks, improve productivity and pursue new opportunities. From a primary focus on Iran’s
upstream industry, now PetroView publishes an extensive range of analytical reports covering
upstream oil & gas, oilfield services, and crude oil & petroleum products trading.