iran rig report - petroview.ir

IRAN RIG REPORT , DECEMBER 2020 (PUBLIC) 1

IRAN

RIG

REPORTDECEMBER 2020

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).


UTILIZATION RATE


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

RIG UPDATEClients, Contractors, Activity, Contracts, Regions

81

72%

32

28%

Land

Active Idle

11

61%

7

39%

Offshore

Active Idle


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


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


▪ 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


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.


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


57

70%

19

23%

2

3%

3

4%

Land

Dayrate EPC/D Buyback IPC

6

55%

5

45%

Offshore

Day-rate EPC/D


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.


RIG MAP

14IRAN RIG REPORT , DECEMBER 2020 (PUBLIC)

CLIENT PROFILEMain Contractors, Drilling Activity, Contract Type, Client Share, Regions


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


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


14

17%

67

83%

Client Share (Land)

ICOFC Others


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


10

12%

71

88%

Client Share (Land)

PEDEC Others


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


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


1

1%

80

99%

Client Share (Land)

IOOC Others

6

55%

5

45%


IOOC Others


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


1

1%

80

99%

Client Share (Land)

POGC Others

4

36%7

64%


POGC Others

22Iran Rig Report , December 2020 (PUBLIC)

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