Data as an asset: what the oil and gas sector can learn from other industries about “Big Data”
Perrons, Robert K., Jensen, Jesse W., & (2015) Data as an asset: what the oil and gas sector can learn from other industries about “Big Data”. Energy Policy, 81, pp. 117-121.
The upstream oil and gas industry has been contending with massive data sets and monolithic files for many years, but “Big Data” is a relatively new concept that has the potential to significantly re-shape the industry. Despite the impressive amount of value that is being realized by Big Data technologies in other parts of the marketplace, however, much of the data collected within the oil and gas sector tends to be discarded, ignored, or analyzed in a very cursory way. This viewpoint examines existing data management practices in the upstream oil and gas industry, and compares them to practices and philosophies that have emerged in organizations that are leading the way in Big Data. The comparison shows that, in companies that are widely considered to be leaders in Big Data analytics, data is regarded as a valuable asset—but this is usually not true within the oil and gas industry insofar as data is frequently regarded there as descriptive information about a physical asset rather than something that is valuable in and of itself. The paper then discusses how the industry could potentially extract more value from data, and concludes with a series of policy-related questions to this end.
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|Item Type:||Journal Article|
|Keywords:||Big Data, Oil and Gas, Information Technologies, Data|
|Subjects:||Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300) > Business Information Systems (150302)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Current > Schools > School of Management
|Copyright Owner:||Copyright 2015 Elsevier Ltd.|
|Deposited On:||11 Mar 2015 00:19|
|Last Modified:||30 Jul 2015 03:52|
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