The Digital Oilfield and Information Governance
The new technological advances of the 'digital oilfield' allow oil and gas professionals to analyze huge amounts of digital information to make better and more
accurate business decisions. Technology allows engineers and geoscientists to lower operating costs while maximizing the value of field assets. Additionally, the
emergence of new drilling methodologies has enabled the profitable recovery of oil and gas from fields that were considered to have little value.
This shift in both the types of information available to the exploration and production (E&P) segment of the oil and gas industry and how companies drill has greatly
increased the value of subsurface data, such as well files, including seismic data and core samples. Well files and the data associated with them, when properly indexed,
classified and organized, can facilitate better decision-making when assessing the possibility of re-exploring existing field assets or developing new ones. In this
competitive industry, leveraging all the data available about a well can mitigate some of the risk of costly misjudgments. And in order to effectively utilize all
the information available, solid information governance is a requirement.
Easier Access, Enhanced Governance, Better Decisions
To make the best decisions, stakeholders need access to accurate and complete data. For E&P companies, ensuring that they have an electronic "single source of truth" for
well files enables all decision-makers to leverage a holistic view of the well data, both current and historic. A strong information governance program ensures that
subsurface data, including well logs, core and seismic data are complete, indexed and easily accessible.
Geological Core Storage
Geological core samples can be convenient to store on-premises, but there are distinct information governance advantages to storing core offsite. It can be easier to
find your core when you need it if it's all consolidated with one vendor. Iron Mountain, with
core storage facilities in four countries and
storing nearly two million cubic feet of drill core, understands how to care for core. Leveraging best practices from around the globe, Iron Mountain safely stores your
core and cuttings, while you have access to it for analysis whenever you need. And, in fact, Iron Mountain will do the heavy lifting of laying out your core and then
packing it up when you're finished with your analysis. A secure chain of custody – part of a strong information governance process – is built into Iron Mountain's operations.
Aging Seismic Tapes
Practicing good governance for seismic tape means keeping them from decomposing due to the passage of time and the inevitable "vinegar syndrome." As older seismic tapes
age, they start to break down, but it is possible to extract the data from these compromised tapes. An experienced vendor can
restore the seismic data and copy that information
onto fresh media, index it, and make it easily accessible and useful. This older seismic data has value, because acquiring that same data today could be expensive,
difficult or impossible – especially in areas that are now more densely populated.
Strong governance for information that is both physical and digital is a primary way to make sure that oil and gas professionals can find the data they need, when they need
it, to make faster decisions and increase production. With over 30 years of oil and gas information management experience for all the Super Majors and 90 percent of the
Majors, Iron Mountain can help make better governance a reality.
Do you have questions about oil and gas records management? Read
additional Knowledge Center stories
on this subject, or contact Iron Mountain's oil and gas team.
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