With competition as pressure-filled as it is in the oil and gas industry in California, it is no wonder why many producers go to great lengths to implement innovative strategies to try to get an upper hand. One way they can do this is by developing a strong business strategy that is able to withstand the ebbs and flows of the economy without compromising key components of organizational structure.
This is where the idea of a platform strategy comes into play, which is an innovative way to combine technology and data management to optimize the use of valuable information within the oil and gas industry. An interesting statistic for people to note is that multiple terabytes of information are generated by a single oil rig in just one day. If there was a way to condense this information and store it in one place where it could be shared amongst applicable parties, the outcome could be a compilation of data, rich with crucial information that can be used in predicting success and identifying areas of change.
Experts recommend that this seemingly far-fetched idea can actually be achieved and that some oil and gas producers are already moving in this direction by optimizing how they collect, store, disseminate and preserve data. Platforms should be built incrementally so that producers can actively identify the areas of their business that would benefit the most from an efficient transfer of data. They should also incorporate analytics to effectively track various metrics that can be used in strengthening their influence.
When producers are working toward building their assets, an attorney can be a helpful person to have on their team. Experienced legal professionals understand the risks and challenges of operating within such an industry and can be instrumental in helping producers protect the foundation of their success.
Source: Forbes, “How Oil And Gas Can Benefit From The Platform Economy,” Lital Marom, Sept. 27, 2019