DNV GL connects the oil & gas industry with a new data platform

19/04/2017

The oil & gas industry is increasingly recognising the need to overcome data quality issues and manage the ownership, control, sharing and use of data. As a trusted third party, DNV GL is launching an industry data platform, Veracity, to facilitate frictionless connections between different industry players, domain experts and data scientists.

New DNV GL research among industry leaders in the oil & gas sector shows that nearly four out of ten (39%) respondents say their organisation has an increased focus on digitalisation and, despite ongoing cost pressures, 39% believe spending on digitalisation will increase in 2017. The fact that 49% of the respondents believe digitalisation is necessary to boost profitability shows that the industry should step up its digitalisation efforts.

DNV GL has worked for years with oil & gas companies on big data projects, focusing on reduced downtime, improved safety, predictive maintenance, performance forecasting, energy efficiency and real-time risk management. A key lesson from such big data projects is that data quality is a major barrier to overcome.

“A distinctive element of our new industry data platform is therefore that it combines domain expertise and data science to put quality assured data, the veracity of data, at the centre and facilitate industry-wide collaboration and innovation. The aim is to not only build trust, but also boost knowledge and encourage collaboration. The industry needs to be successful at this to leverage the benefits of digitalisation,” said Elisabeth Tørstad, CEO, DNV GL – Oil & Gas.

Remi Eriksen, President and CEO of DNV GL, explained: “The potential for using data more smartly in our industries is enormous. Companies have always turned to us for independent expert assessments and best practices, to build trust in the safety, efficiency and sustainability of their physical assets and operations. Now, we are exercising this same role in the digital domain with our Veracity industry data platform, designed to help companies leverage the ever-increasing quantity of data from multiple sources. We are not looking to own data, but rather to unlock, qualify, combine and prepare data for analytics and benchmarking.”

Other main findings from the industry outlook research show significant regional differences in the uptake of digitalisation. While globally 39% of senior oil & gas professionals report an increased focus on digitalisation since the downturn, only 28% in Latin America and 32% in North America report the same. On the other hand, respondents in Asia-Pacific and Europe have been those most focused on digitalisation, at 40% and 42%, respectively. However, most regions show the same interest in implementing/investing significantly in digitalisation, with a variance of just 2%, from Latin America at 20% to Europe at 22%.

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