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5 Reasons Your E&P Company Needs Master Data Management
Imagine that the Chief Operating Officer (COO) of your company needs to provide investors with information quickly. He asks his finance, geoscience, engineering, and land people to give him a list of wells in which the company has financial interest, that have this specific producing formation, and that are not abandoned, and then to plot them on a map. They tell him there’s no one place in the company that has the answer, so they return with several separate lists.
The COO assigns a data analyst to work through these lists and data to create the map he wants. Overwhelmed, the analyst finds that none of the lists match completely. She requests a team that spends weeks matching up the wells from each source, checking source documents for accurate values, analyzing the meaning of each status, and standardizing status and formation names. At the end of their analysis, the analyst and COO conclude that each discipline’s list was partially right and that all of this work was necessary to get an accurate answer.
If this scenario sounds familiar, you’re not alone. In this whitepaper, we illuminate five reasons why your exploration and production (E&P) company needs Master Data Management (MDM). Download your copy today to learn how MDM can cure your company’s inefficiencies that burn time, energy, and money.