Abstract: The daily rate system management mode highlights the leading role of Party A, thereby optimizing management procedures and and increasing the efficiency of completion operations. To promote the market-oriented operation of daily rate system management for drilling and completion, Sinopec selected Well Bin 4 as the first pilot exploratory well to use the system in China. The drilled strata of the well feature fracture-cavity development, high leakage risk, strong abrasiveness, and poor drillability, which lead to many drilling difficulties, such as being very leak-prone, highly likely to collapse and break, subject to serious bit bouncing, and low rate of penetration(ROP). In response to these drilling problems, key technologies for comprehensive and efficient drilling were developed. They are based on the formulation of ROP increase and rock breakage plans for different well sections, the optimal selection of drilling BHA(Bottom Hole Assembly) for rock breakage at different well sections, and the development of a plugging and anti-sloughing drilling fluids while strictly implementing the the daily rate system management mode which was customized for Sinopec’s drilling and completion projects. The field application revealed that breakthroughs were made in terms of operation efficiency, drilling and completion periods, complex processing, and average ROP, and there were no failures or shutdowns during drilling. With a drilling depth of 4 056 m, the drilling period, well completion period, and the average ROP of the whole well were 35.06 days, 39.79 days, and 16.04 m/h, respectively, all of which set records for exploratory well constructions in the Binchang Work Area. The research shows that the daily rate system management mode has advantages in the integrated application of new technologies and management efficiency. Moreover, the key drilling technologies and management mode of Well Bin 4 are reproducible and can be used as reference, which provide a demonstration for the market-oriented operation and promotion of the daily rate system.