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OPEX Group and Wood Mackenzie launch new oil and gas data service

10th March 2020

Wood Mackenzie, has joined forces with Aberdeen-based provider of data science and predictive analysis services, OPEX Group to launch a new data service for the oil and gas industry.

Preston Cody, Head of Analytics Solutions, Wood Mackenzie

The Operations DataHubTM, which has been developed in partnership between the two companies, enables operators to securely pool and gain insight from operations data from multiple assets across the UKCS basin, with the aim of learning from each other and sharing best practice to make more informed decisions, reduce costs and optimise operational performance.

Crucially, Operations DataHubTM provides these benefits without any risk of commercially sensitive data being exposed or identified to competitors. Data is handled in a consortium with agreed confidentiality and data security terms, with insights being delivered at two distinct levels: confidential, operator-specific data, and anonymised, comparative metrics and best practices.

Jamie Bennett, CEO of OPEX Group, said: “OPEX currently works with individual operators, helping them to tap into the potential of the vast volumes of data at their disposal. Being able to take the right decisions and the right actions at the right time helps our customers to reduce costs, increase revenue and achieve compliance.

“Partnering with Wood Mackenzie in the Operations DataHubTM is the next logical step in our service offering – going beyond the analysis of isolated data-sets and unlocking the power of collective insight. We are absolutely thrilled to be working with a firm of such global renown and well-established heritage on this pioneering new opportunity.”

Preston Cody, Head of Analytics Solutions, Wood Mackenzie, said: “For decades Wood Mackenzie, and our parent company, Verisk, have served clients across a host of different industries with trusted, comparative analytics. Via the Operations DataHubTM, we are bringing the world class data protections that have enabled data consortia in other sectors to the upstream industry.

We have been impressed by OPEX’s technology and data science capabilities, and we are proud to be combining our respective areas of expertise and working in alliance with them to develop the Operations DataHubTM. By creating this new service, Wood Mackenzie and OPEX Group aim to drive data analytics to the next level, supporting our customers to benefit from insights not just from their own assets, but right across the industry as a whole.”