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Some companies are establishing new information
governance structures to harness OT and IT
(Operational Technology and Information
Technology) data sources, and we expects others
to follow.

Data Quality
When it comes to information related to assets the
issue of data quality hits oil and gas companies.
These are typical complaints that I collect:
• asset databases are incomplete;
• documents (including drawings) are not updated;
• information stored in the different company
systems are not consistent or integrated;
• information is not available or not properly
synchronized on mobile devices;
• data quality is not systematically audited. Poor
data quality heavily impacts the decision-making
process, increasing the risks of operational
mistakes. Oil & gas companies need to carefully
tackle this issue to avoid reducing effectiveness of
operations. Additionally inconsistent data across
Fig. 2 - Risk Process that combines the toolbox systems components to provide systems (typically GIS, Geographic Information
Evaluation Loop: a comprehensive approach to exploration petroleum Systems, and EAM / ERP, Enterprise Asset
1.Credit risk, planning from geological development through the capital Management / Enterprise Resources Planning)
2.Liquidity risk, allocation process.
3.Operational risk, increases the risk of fines from regulators.
4.Market risk,
5.Political risk,
6.Foreign exchange Right Information in Time Prevention of Non Compliance
risk Most oil & gas companies would agree that the most Every time there is a not approved deviation from
significant challenge for their enterprise is management procedures and specifications we have a non
of information. Oil & gas companies continue to work to conformance. With the increasing regulatory pressure,
be able to create intelligence from the massive amount oil & gas companies cannot afford the risk of being non-
of technical and business data, both structured and compliant to some rules. For this reason the possibility
unstructured, that they have collected. The ultimate goal to meet a non conformance can be considered in
in collecting all this information is to speed time to first medium-high level.
oil, reduce risks, and meet compliance requirements The non conformance has always a deep impact on
with information life-cycle management. project plan to search for a deviation or to rebuilt

Fig. 3 - Stakeholders
in small business

IndustrIal Plants - May 2018
50