Energy Watchblog

Big Oil Execs Slippery handling of Big Data?

<div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjkZvTZ_ntOpwJlxIWmEmMA-rW2B4EnU35jNefcyAFqyqzYPFUpoJWdHDzIcRgcUwCxIYkt7v99GEryEDdmlbC12TZrCsW62ekZdWiiefStBL97Hjww3aCqdg2o2fS9zNSInLZFQDhn0cn/s1600/molten_website_image_technology.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjkZvTZ_ntOpwJlxIWmEmMA-rW2B4EnU35jNefcyAFqyqzYPFUpoJWdHDzIcRgcUwCxIYkt7v99GEryEDdmlbC12TZrCsW62ekZdWiiefStBL97Hjww3aCqdg2o2fS9zNSInLZFQDhn0cn/s320/molten_website_image_technology.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div><h1 class="entry-title" style="background-color: white; border: 0px; font-family: 'Open Sans', sans-serif; font-weight: 300; margin: 0px 0px 10px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-color: transparent; color: #4c4d51; font-size: 14px; line-height: 22px;">Hearing it enough already?  Big Data.  Most every major O&G executive is banging the drum as to it being the foundation of the future.   How "Big Data" is a crucial part of changing the world's energy.</span></h1><h1 class="entry-title" style="background-color: white; border: 0px; font-family: 'Open Sans', sans-serif; font-weight: 300; margin: 0px 0px 10px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-color: transparent; color: #4c4d51; font-size: 14px; line-height: 22px;">Yep, its true and proven.  Big data with all the new technology and solutions has made quantum changes to many companies, and entire regions and countries.  Yet according to Molton, oil and gas executives treat this prized Big Data asset like a vintage restored toy. <br /><br /><a href="http://www.pennenergy.com/articles/pennenergy/2013/08/molten-big-oil-and-gas-not-ready-for-big-data.html" target="_blank">PennEnergy</a> chimed in on the </span><span style="background-color: transparent; color: #990000; font-size: 14px; line-height: 22px;">Molton</span><span style="background-color: transparent; color: #4c4d51; font-size: 14px; line-height: 22px;"> report stating "</span><span style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 12px;">According to the oil and gas management consultancy, many </span><a adhocenable="false" href="http://www.pennenergy.com/oil-gas.html" style="border: 0px; color: #1370ac; font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none;" target="_blank">oil and gas</a><span style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 12px;"> companies are ‘borderline irresponsible’ in how they maintain their existing data, despite the billions they spend on it. The company argues that better valued and managed data will afford executives and investors greater certainty on strategically important measurements crucial to executive decision making, such as the Reserve Replacement Ratio (RRR)."  </span></h1><h1 class="entry-title" style="background-color: white; border: 0px; font-family: 'Open Sans', sans-serif; font-weight: 300; margin: 0px 0px 10px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background-color: transparent; color: #4c4d51; font-size: 14px; line-height: 22px;">This is sounding all too familiar?  Have a read the post on Molton's Site?  Interesting perspective and points out an array of issues O&G execs are doing in handling Big Data and offer some insights..</span></h1><h1 class="entry-title" style="background-color: white; border: 0px; font-family: 'Open Sans', sans-serif; font-weight: 300; margin: 0px 0px 10px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.molten-group.com/" style="background-color: transparent; border: 0px; clear: left; color: #aeaeae; font-size: 22px; font-weight: bold; line-height: 22px; margin-bottom: 1em; margin-right: 1em; margin-top: 0px; outline: 0px; padding: 0px; text-decoration: none; text-transform: uppercase; vertical-align: baseline;"><img alt="Molten Group" src="http://molten.vgroup-digital.com/wp-content/uploads/2012/11/Molten_logo.png" style="border: none; margin: 0px; outline: 0px; padding: 0px; vertical-align: bottom;" /></a><span style="background-color: transparent; color: #4c4d51; font-size: 14px; line-height: 22px;"> "Oil and gas companies are highly dependent on data, and more recently ’big data’, to make critical strategic decisions – yet they do not recognize the value of this data nor do they manage it as a valuable asset. Our recent study, which examines the issues data management presents, shows that investment in data is high and management of data is low. However the rewards in managing data well are high, with those companies who do it achieving the highest accuracy in the all important Reserves Replacement Ratio."  Read the <a href="http://www.molten-group.com/the-data-crunch/" target="_blank">full post here</a> and</span><span style="background-color: transparent; color: #4c4d51; font-size: 14px; line-height: 22px;"> </span><span style="background-color: #efeeed; color: #4c4d51; font-size: 14px; line-height: 22px;"><a href="http://www.molten-group.com/wp-content/uploads/2013/07/130207_white_paper_WEB_v1.pdf" target="_blank">Download the freee report/study </a>on data management in the Energy Sector and how to prepare for ‘big data’ </span><span style="background-color: transparent; color: #4c4d51; font-size: 14px; line-height: 22px;"> </span></h1>

Big Oil Execs Slippery handling of Big Data?

Hearing it enough already? Big Data. Most every major O&G executive is banging the drum as to it being the foundation of the future. ...

A new Africa?

<div class="entry" style="background-color: white; margin: 0px; padding: 0px;"><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbQDiYj4vrJsOr8m3TxpYes4xdMKvqIpOFECGtdS9VAyOe8zvvvrKDLhIMCvOIwnb0JzF9PWFbR1EVWBxE8yTNA4LWySi8ZI6ycc1bZJBTWkrwpZRnvmCaRX7G2vCjiwU0A1myeytXFUCq/s1600/iStock_000016177667_ExtraSmall.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbQDiYj4vrJsOr8m3TxpYes4xdMKvqIpOFECGtdS9VAyOe8zvvvrKDLhIMCvOIwnb0JzF9PWFbR1EVWBxE8yTNA4LWySi8ZI6ycc1bZJBTWkrwpZRnvmCaRX7G2vCjiwU0A1myeytXFUCq/s320/iStock_000016177667_ExtraSmall.jpg" width="320" /></a></div><h2 class="top-margin" style="color: #003366; font-family: 'Helvetica Neue', Helvetica, sans-serif; font-weight: normal; line-height: 22px; margin: 0px 0px 10px; padding: 0px 0px 15px;"><span style="color: #333333; font-size: 14px; line-height: 19.59375px;">Recent advances in technology and data capabilities is "well" known. From one estimate, a single well can produce a terabyte of data per day.  There is also the large amounts of archived data from decades of drilling activity sitting dormant for decades as "useless" information.  What is also "well" known is that incredible amounts of data is yet to be collected, formatted and accessed by new technology.  Can this movement of technology, engineering, and data analysis change the status of a continent?  </span></h2><div style="color: #333333; font-family: 'Helvetica Neue', Helvetica, sans-serif; font-size: 14px; line-height: 19.59375px;">-----</div><div style="color: #333333; font-family: 'Helvetica Neue', Helvetica, sans-serif; line-height: 19.59375px;"><a href="http://info.drillinginfo.com/di-blog/" target="_blank">DRILLINGINFO BLOG</a></div><div style="color: #333333; font-family: 'Helvetica Neue', Helvetica, sans-serif; font-size: 14px; line-height: 19.59375px;">Below is a partial of the blog post at <a href="http://www.drillinginfo.com/" target="_blank">Drillinginfo</a> which touches on this topic.  Have a look at the below and read the <a href="http://info.drillinginfo.com/africa-oil-and-gas-mozambique-president-oil/" target="_blank">full article</a>  by <span style="line-height: 21px;">Andrew Hayman</span> on Drillinginfo's  <a href="http://info.drillinginfo.com/" target="_blank">blog</a>. </div><div style="color: #333333; font-family: 'Helvetica Neue', Helvetica, sans-serif; font-size: 14px; line-height: 19.59375px;"><br /></div><h2 style="color: #3a6189; font-family: 'Helvetica Neue', Helvetica, sans-serif; font-size: 22px; font-weight: normal; line-height: 26px; margin: 0px; padding: 0px;"><a href="http://info.drillinginfo.com/africa-oil-and-gas-mozambique-president-oil/" style="-webkit-transition: background-color 0.2s ease, border 0.2s ease, color 0.2s ease; color: #ec7100; outline: 0px; transition: background-color 0.2s ease, border 0.2s ease, color 0.2s ease;">Africa Oil and Gas: Mozambique’s President Leads the Charge for Exploration and Development</a></h2><div class="entry" style="color: #333333; font-family: 'Helvetica Neue', Helvetica, sans-serif; font-size: 14px; line-height: 19.59375px; margin: 0px; padding: 0px;"><div style="margin-bottom: 20px;"><a class="cboxElement" href="http://info.drillinginfo.com/wp-content/uploads/2013/08/iStock_000016177667_ExtraSmall.jpg" rel="lightbox[8626]" style="-webkit-transition: background-color 0.2s ease, border 0.2s ease, color 0.2s ease; color: #ff6600; outline: none; text-decoration: none; transition: background-color 0.2s ease, border 0.2s ease, color 0.2s ease;" title="Africa Oil and Gas: Mozambique’s President Leads the Charge for Exploration and Development"><img alt="Africa Oil and Gas: Mozambique’s President Leads the Charge for Oil Development" class="alignright size-full wp-image-8936" height="282" src="http://info.drillinginfo.com/wp-content/uploads/2013/08/iStock_000016177667_ExtraSmall.jpg" style="border: none; float: right; margin: 0px 0px 20px 20px;" width="425" /></a>East Africa oil and gas has become a focus of attention for African new ventures for most international oil companies (IOCs), from Houston to Beijing.</div><div style="margin-bottom: 20px;">Decades of indifference about East Africa were predicated on the notion that East Africa was, at best, modestly gas prone.</div><div style="margin-bottom: 20px;">But the huge, high-quality gas finds in exceptional reservoirs in the offshore Rovuma Basin in Mozambique have brought IOCs to East Africa as never before. Multi-billion dollar post-appraisal deals have been done (Eni-CNPC, Videocon-ONGC-OIL); and are being negotiated (Anadarko, with many suitors).</div><div style="margin-bottom: 20px;"><strong>With continuing geopolitical difficulties in North Africa and in Nigeria, where better place in Africa to explore?</strong><br /><strong><br /></strong>Read the <a href="http://info.drillinginfo.com/africa-oil-and-gas-mozambique-president-oil/" target="_blank">full article</a> here </div><div class="ts-fab-wrapper" id="ts-fab-below" style="clear: both; margin: 0px 0px 2em; padding: 0px;"><div class="ts-fab-tabs" style="margin: 0px; padding: 0px;"><div class="ts-fab-tab" id="ts-fab-bio-below" style="border: 2px solid rgb(51, 51, 51); margin: 0px; min-height: 80px; overflow: hidden; padding: 12px;"><div class="ts-fab-text" style="line-height: 1.5; margin: 0px 0px 0px 96px; padding: 0px;"><div style="margin-bottom: 20px;"></div></div><div style="margin-bottom: 20px;"></div></div><div style="margin-bottom: 20px;"></div></div><div style="margin-bottom: 20px;"></div></div><div style="margin-bottom: 20px;"><span id="pty_trigger"></span></div></div></div>

A new Africa?

Recent advances in technology and data capabilities is "well" known. From one estimate, a single well can produce a terabyte of da...