Energy Insights(TM) Study Finds Efficient Data Management Key to Achieving Profitability in Oil and Gas Industry; Study Offers CIOs Specific Recommendations to Improve Workflow
FRAMINGHAM, MA – FEBRUARY 1, 2006 – A new study released by Energy Insights, an IDC Company, predicts profits generated in 2005 will be reinvested in data management-related software, hardware, and services over the next five years. The study examines the growth of exploration and production (E&P) data, intelligent oilfield initiatives, and the globalization of oil and gas companies.
"Data management is more than just about data storage and access. Efficient data management in the oil and gas industry can have a very real impact on operating efficiency, and therefore profitability," asserts Sekhar Venkat, Research Manager of Energy Upstream Strategies at Energy Insights, and author of the study entitled "A Comprehensive Picture of Data Management in the Upstream Industry – Concepts, Challenges, and Opportunities" (Doc# EI10081).
The study also includes six specific recommendations for chief information officers (CIOs) and other top executives at oil and gas companies to leverage data management solutions as a means to improving decision making, streamlining workflow, integrating databases, consolidating applications, and centralizing IT systems throughout the organization. Recommendations relate to a number of topics including centralization of data servers, audit readiness of IT systems, and implementation of a tiered storage architecture to optimize cost.
Other key findings:
— Effective data management, specifically in the exploration and production (E&P) business, has a direct impact on operating efficiency and profitability of oil and gas companies.
— There are necessary investments in the software, hardware, and services aspects of information life-cycle management (ILM), unstructured data management, and relational data base management.
— There is an imminent need for thought leadership to deal with the industry's "managed chaos."
The full report and additional findings are available at http://www.idc.com .
About Energy Insights, an IDC Company
Energy Insights, an IDC Company, provides energy industry executives with research-based advisory and consulting services that enable energy companies to maximize the business value of their technology investments, minimize technology risk through accurate planning, benchmark themselves against industry peers, adopt industry best practices for business/technology alignment, make more informed technology decisions and drive technology-enabled business innovation.
Energy Insights provides full coverage of the energy industry value chain from upstream to retail activities. Staffed by senior analysts with significant technology experience in the energy industry, Energy Insights provides a portfolio of offerings that are relevant to both IT and business needs.
Founded in January 2005, Energy Insights is headquartered in Framingham, Mass. Visit http://www.energy-insights.com for more information.
IDC is a subsidiary of IDG, the world's leading IT media, research, and exposition company.