OPEC Announces Oil and Gas Big Data Project
With the oil and gas industry experiencing a period of turbulence not experienced in decades, the Organization of the Petroleum Exporting Countries (OPEC) have recently put a new emphasis on big data. This week, OPEC announced plans for the creation of of the Oil and Gas Big Data Project, an effort to use publically-available data sources related to the oil and gas industry to give market shareholders access to “comprehensive, well represented, user-friendly and transparent oil and gas-related information.”
Data as a Solution
The oil and gas industry has long been an example of what industries across the business world face. There’s an abundance of public data available, yet little of this valuable insight is utilized because it’s scattered across multiple sources, the data comes in various forms, and there isn’t one specific tool for businesses to use to access and assess the data. This absence of a data management and analytics tool has left decision makers in the oil and gas industry, financial industry, and the supporting industries related to the oil and gas industry doing what no one wants to do - guess as to what happens to the industry next.
The Data Gap Remains
While the Oil and gas Big Data Project looks to help businesses and organizations in the oil and gas industry access public industry data, this solution will leave private company data unearthed. With this solution, companies will have access to the same public information as competitors. While this insight will prove advantageous to the companies who take advantage, leaders will need to implement their own data management and analytics initiatives to find a true competitive advantage in an industry where operating efficiently will be the key to success going forward.