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.   How "Big Data" is a crucial part of changing the world's energy.

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.

PennEnergy chimed in on the Molton report stating "According to the oil and gas management consultancy, many oil and gas 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)."  

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..

 "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 full post here and Download the freee report/study on data management in the Energy Sector and how to prepare for ‘big data’