The Power of Data Consortiums: Lessons from Managing O&G in a Pooled Environment #Consortium, #Analytics, #Best Practices
Date & Time
Wednesday, November 11, 2020, 1:00 PM - 1:30 PM

At PNEC 2019, Wood Mac presented how its Analytics Lab is building O&G data consortiums based on the proven practices of its parent company managing data consortiums for the Insurance and Banking sectors. For 2020, we will present a case study from one of our pilot projects with contributed data, explaining the enhanced value realized by applying advanced analytics to a broader, higher fidelity dataset than is available publicly or to any single operator. Through this case study, we will demonstrate how combined datasets improve the predictive power of supervised learning techniques. As part of the case study, Wood Mac will explain how the data was integrated from multiple operators, the challenges involved in such a collaboration, and lessons learned. The perspective we provide will benefit attendees as they address their own internal challenges integrating data across functional and regional silos, from external data vendors, and between operating partners and their supply chain. Our objective is to continue to strengthen the case for industry collaboration and data sharing. Wood Mac is currently fully financing the data consortium pilot projects, and this presentation is not an offer or promotion for commercial services or solicitation. We do believe it represents and exciting development and future opportunity for the industry, so will be advocacy of collaboration and a promotion of the success from our recommended approach. I selected the track "Other" because we will actually touch on several related topics. As one would expect, we would be interested in exploring how we might have our presentation included in a plenary session. If that is not possible, this could fall under the following tracks: Data Science and Analytics Looking Outside the Petroleum Industry Technical Trends and Innovation Case Studies and Solutions.

Co-author: Preston Cody, Wood Mackenzie