Whether they are applying D&A upstream to their rigs or downstream to their refineries and customers, oil and gas executives are increasingly finding the value in data and analytics. We believe that data and analytics – when properly applied and acted upon – will bring unprecedented levels of safety and virtually eliminate downtime.
– David Conroy
Managing Director, Oil & Gas Sector, KPMG in the US
The oil and gas sector epitomizes the idea of leveraging big data. The sector is information-driven, from seismic data that determines the quality of a company's oil reserves to the complex instruments that generate millions of daily data points about the safety and reliability of drilling operations. Data also plays a role in downstream decisions about refinery, marketing and trading.
The single biggest D&A opportunity for companies in the oil and gas industry is to manage operational risk, because it has the largest corresponding cost if something goes wrong.
But as oil and gas companies continue to automate operations and generate huge volumes of data, will they have the ability to properly interpret the data and act on the information? Indeed, even though the industry relies on data from sophisticated systems, it is far from a clean IT environment.
Find out more from KPMG's network of D&A professionals about the opportunities for the oil and gas sector.