A recent survey of industry professionals conducted by Evaluate Energy owners geoLOGIC systems ltd. in partnership with the Daily Oil Bulletin sought to gain a deeper understanding of how data is being used by oil and gas companies.
Detailed results and analysis are available in a new white paper available for free download here.
Some of the key takeaways of the survey, courtesy of Darrell Stonehouse at JWN Energy, are summarized below:
E&P – Cost efficiency is key
- The survey results demonstrate that operators remain laser-focused on managing costs, improving project planning and ensuring capital is deployed where it can deliver the most immediate return.
- E&P companies are also using data to identify large acquisitions and adjacent, bolt-on opportunities.
Oil Services – Business development is top priority
- Oilfield services companies are more focused on business development as their primary requirement when using data.
- The key ‘data goal’ for exploration and development-focused suppliers is operational efficiency to meet customer pricing demands.
- Production-oriented suppliers, meanwhile, are focused more on using data to drive new business.
Vast majority of decision makers are using third party data across the industry
- Nearly 70% of E&P data users incorporate some third-party data in their workflows, with one-third of data users almost always leveraging third-party data.
- Oilfield service data users are slightly less likely to integrate third-party data into workflows, but the survey still showed that around 60% in this sector almost always use outside data to drive business decisions.
Find out more:
- More on these key takeaways, including comments on the results from both geoLOGIC CEO David Hood and President and COO Terry Jbeili, can be found in this piece by Darrell Stonehouse at JWN Energy
- Analysis: Efficiency gains and realities of ‘real-time’ planning dominate E&P data considerations given market uncertainty
- Analysis: Oilfield Services looking for data that provides a competitive edge
- Whitepaper Download: Strategies for data-driven value creation within oil and gas