This new report published by CDA focuses on how geoscience data can make a very significant contribution to the business of oil and gas exploration and production if companies invest in good data management practices.
Based on a survey of more than 20 senior executives responsible for exploration and production activities in companies based in the UK and Norway, the report provides invaluable insight into the business case for data management, bridging the gap between the data specialists and budget holders.
Commissioned by CDA and performed by Schlumberger, this uniquely business-focussed study found that the way that subsurface information (defined in the study) is managed has significant impact on the overall performance of E&P companies. Participants in the study estimated that “between a quarter and a third of all new value generated by typical E&P companies can be directly attributed to the subsurface data they hold”.
An understanding of the subsurface strongly and directly affects business performance and the study showed that data holds a pre-eminent place alongside people, work processes and IT applications in developing this understanding. This view comes from the expected use of the data but there are also important occasions when data leads to unexpected benefits and the study cites several examples of such cases.
The study concludes that a review of current practices concerning data quality, access and indexing systems, data preservation, security and data governance would reveal substantial opportunities to increase the total value that E&P companies generate.
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