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

14th February 2017

DNV GL research shows that nearly half of senior oil and gas executives think they need to embrace digitalization to increase profitability -

DNV GL launch new digital platform
DNV GL launch new digital platform

The oil and 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 now 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 and gas sector shows that nearly one in four (39 per cent) respondents say their organisation has an increased focus on digitalisation and, despite ongoing cost pressures, 39 per cent believe spending on digitalisation will increase in 2017. The fact that 49 per cent of the respondents believe digitalisation is necessary to boost profitability shows that the industry should step up its digitalisation efforts. 

DNV GL has for years worked with oil and 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 learning 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,” Elisabeth Tørstad, CEO, DNV GL – Oil & Gas, said. “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.

“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 amount 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 per cent of senior oil and gas professionals report an increased focus on digitalisation since the downturn, only 28 per cent in Latin America and 32 per cent in North America report the same. On the other hand, respondents in Asia Pacific and Europe have been those most focussed on digitalisation 40 per cent and 42 per cent respectively. However, most regions show the same interest in implementing/investing significantly in digitalization, with a variance of just two per cent - from Latin America at 20 per cent to Europe at 22 per cent.

 

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