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