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黑料社楤ig data黑料社� is a collection of complex data sets so large that they are often difficult to process using traditional database management tools or data processing applications.

A new report from Molten suggests that major oil and gas companies risk missing out on the performance potential data and 黑料社榖ig data黑料社� offer unless they better manage their information. Among the challenges in managing these data sets are access, analysis, capture, curation or maintenance, definition, secure deletion, presentation or visualization, search, sharing, security, storage and transfer.

Colin Frost, partner at Molten Group, commented: 黑料社淐ompanies within the oil and gas sector face increasing pressure to make quick, effective decisions if they are to maintain production momentum and high levels of performance. As a consequence, they are becoming highly dependent on data, and more recently 黑料社榖ig data黑料社�, to support these critical decisions. Paradoxically, recognizing the value of this data and the need to manage it as a valuable asset is not so widely accepted at an executive level. Unchecked, the relationship is one that could possibly lack reward and, at worst, prove unsustainable黑料社�.

Molten has highlighted that with final investment dependent on critical data and high level metrics, it is vital that the information that underpins these decisions is well maintained. Companies must formalize data governance and adopt better management processes.

Research shows that accuracy in data intensive measurements such as the reserve replacement ratio (RRR) has increased, although at an average uncertainty rate of 10% there is room for improvement. The rewards for such improvement will be high, with those companies exhibiting greater maturity in data management achieving the highest performance in reserves replacement.

Colin Frost said: 黑料社淎 10% error rate in RRR is deemed acceptable in the sector. However, I think we need to question if this level of error is appropriate. Demands are becoming more acute. Management teams are under pressure to keep momentum behind production, yet as an industry we黑料社檙e saying it is OK to base decisions on measures such as these that can be prone to significant error.黑料社�

Although supermajor oil and gas companies invest between US$ 1 million 黑料社� US$ 3 million on data acquisition each year, the annual spend on maintaining this asset is dramatically less, lower than 1% of the acquisition cost. Molten argues that many oil and gas companies are 黑料社榖orderline irresponsible黑料社� in how they maintain their existing data. The consulting firm argues that better valued and managed data will afford executives and investor greater certainty on strategically important measurements crucial to executive decision making.

The full report is available on the .

Adapted from a press release by .

Read the article online at: /business-news/12052014/big_data_507/