I agree that it sounds like "drill, baby, drill."

Basic meaning: this is the imperative, the command form of a verb, telling someone to drill (for oil) and addressing them casually. It's not meant as real instructions. It's being said in a general sense, like cheering or encouragement.

Cultural meaning: this originally comes from a United States presidential election in 2008. Several Republican politicians said while campaigning. This is a pretty good summary: https://en.wikipedia.org/wiki/Drill,_baby,_drill

Note: in the US, this phrase is associated with Republicans. So, if you use it in conversation, people may think that you're saying you support Republicans. It's not a vulgar phrase or anything, but it could lead to misunderstandings if you didn't intend to reference politics.

It's also worth mentioning the speaker has a strong accent. It's not incomprehensible or anything, but it wouldn't be one to use to practice your English pronunciation.