/
Analysis

PEMEX's Drilling Strategy

Wed, 01/20/2016 - 10:58

PEMEX is putting efforts in achieving efficiency in all its exploration-related activities. Between 2012-2015, 75% of the company’s exploration investments went to drilling. The main efficiency-seeking initiatives in this area included increasing efficiency in well drilling and completion and negotiating tariffs for drilling equipment. In this sense, PEMEX succeeded in reaching drilling efficiency levels similar to the international standards and adjusting tariffs by 15-30%.

Given the fact that drilling activities tend to receive the most investments, PEMEX defined an initiative to improve drilling efficiency in 2014. In 2014, PEMEX drilled 43m/d in onshore areas, 26m/d in shallow waters, and 40m/d in deepwaters. The following year, the NOC improved these figures, reaching 58m/d in onshore wells, 52m/d in shallow waters, and 58m/d in deepwater assets. The first quarter of 2016 throws optimistic numbers that meet the international benchmark, with an average of 69m/d for onshore, 86m/d in shallow waters, and 88m/d in deepwaters.

DAILY RIG RATES 2015 (US$ thousand)

DESCRIPTION OF IMPLEMENTED INITIATIVES

PEMEX DRILLING EFFICIENCY (m/d)