Data for: Understanding rig rate formation in the Gulf of Mexico

Abstract of associated article: We examine the largest cost component in offshore development projects, rig rates. High rig rates in recent years have restricted development of new oil and gas fields, as well as IOR projects and thus increased the cost for importing countries. Thus, it is important to understand developments in rig rates. Using econometric analysis, we examine the effects on jackup rig rates from gas and oil prices, rig capacity utilisation, contract length and lead time, and rig-specific characteristics like drilling depth capacities and rig classification. Having access to a unique data set from the Gulf of Mexico (GoM), containing contract information, we are able to estimate how contract parameters crucial to the relative bargaining power between rig owners and oil and gas companies affect rig rates. We find that increasing lead times and contract lengths enhance the bargaining power of the rig companies and are likely to be associated with higher rates for new contracts. Further, we find that gas prices are more important for jackup rig rates in the GoM area than oil prices — ten percent increase in gas prices leads to nine percent increase in rig rates in the long run, according to our results.

相关研究论文摘要：本研究聚焦海洋油气开发项目中占比最高的成本构成要素——钻井平台费率（rig rates）。近年来高企的钻井平台费率制约了新型油气田及提高采收率（Improved Oil Recovery, IOR）项目的开发，进而推高了油气进口国的成本。因此，厘清钻井平台费率的变化趋势具有重要意义。本研究采用计量经济学分析方法，探究油气价格、钻井平台产能利用率、合同期限与前置周期，以及钻井深度能力、平台分类等平台专属特征对自升式钻井平台（Jack-up Rig）费率的影响。得益于墨西哥湾（Gulf of Mexico, GoM）地区独有的包含合同细节的数据集，本研究得以量化分析那些对钻井平台运营商与油气公司相对议价能力至关重要的合同参数如何作用于钻井平台费率。研究结果显示，前置周期与合同期限的延长会提升钻井平台运营商的议价能力，进而推高新合同的费率水平。此外，本研究发现，相较于原油价格，天然气价格对墨西哥湾地区自升式钻井平台费率的影响更为显著：研究结果表明，天然气价格每上涨10%，长期来看将带动钻井平台费率提升9%。