Peaxy Seeks to Keep Unstructured Data from Going Dark
As the industry faces price pressures, being able to see unstructured seismic data sets can reduce the number of fracks that have to be done, saving time and money. What’s also changed in the industry is the fact that modern compressors and turbines are equipped to allow data tracking, and the increase in bandwidth, mean more data is being gathered.
“If you want to serve a complicated piece of equipment that will run for 25 years, engineers need access to the three crown data sets. You need access to historical data sets. It’s not just about a point solution here and there – we need a different perspective,” Terranova commented.
Loss of Tribal Knowledge
What’s also changed over the past 20 years is that Fortune 1000 companies, not just oil and gas companies, are realizing that their crown jewel data sets are data islands, fragmented across thousands of disc drives.
Besides the bits and bytes approach, oil and gas companies used the tribal knowledge approach to storing data – by asking their colleagues if they remembered where engineering drawings were if they wanted to use an older drawing as a template for a new project. The ability to easily access such data from as long ago as 50 years ago – including information such as serial numbers for rig parts – can save engineering hours. Allowing easier access to information such as serial numbers for parts also has become critical as the industry seeks to prevent future incidents like the 2010 Deepwater Horizon disaster, Terranova said.
However, the updates that occur to IT systems every three to five years – coupled with the fact information is stored across multiple areas – means that data can be lost, causing data to go dark. Tribal knowledge also is being lost as the oil and gas industry undergoes the Great Crew Change and large numbers of older workers start to retire.
“It’s about having complete, high fidelity data, because you won’t know what question you’ll need to ask the data five to 10 years down the road. Current structured approaches require you to predetermine what questions you want to ask the data set, which is hugely limiting,” said Terranova.
Terranova sees Peaxy’s biggest competitor as companies deciding to do nothing and stay on the same course for data strategy. Given the long product cycles for the industry, the companies who have the ability to access decades of unstructured data will be the winners.
“A certain leadership equation needs to exist in the boardroom to tackle this issue,” said Terranova. “It’s not trivial stuff.”
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