The Value of E&P Data
Information about the geology underlying the UKCS is absolutely critical to the understanding of the subsurface, in finding potential hydrocarbon accumulations, in modelling reservoirs and maximising recovery of oil and gas. The quality of almost all decisions taken by E&P companies depends directly upon the availability of sufficient and reliable well and seismic data. The volume of this information is in the order of petabytes and the cumulative acquisition cost amounts to billions of pounds.
A recent CDA study which involved more than 20 senior executives from oil companies in the UK found that 70% of the value generated by oil companies’ E&P activities relies on their understanding of the subsurface. The study then estimated that data and its effective management contributed more than one-third of this understanding.
Strategic Goals for 2020
The company’s over-arching strategic goal is to reset the business and to emerge from 2019 in a strong and sustainable position from the fundamental changes wrought by the NDR, and in so doing, preserve and build upon the legacy of CDA’s past achievements and continue to deliver value to stakeholders.
This goal will be delivered through:
- Successful delivery and operation of the NDR contract with the OGA
- Active engagement with the OGA and participation in the NDR Advisory Committee
- Successful alignment and integration of Information Management services with Oil & Gas UK’s portfolio
- The identification and development of existing and significant new collaborative business opportunities in the IM domain, in partnership with Oil & Gas UK
- The transfer of professionalisation activities to appropriate ‘safe’ hands
- Providing a continuing and relevant industry IM focal point for stakeholders
- Retaining and developing key CDA staff