The role of Data Exchange Standards
Data transfer and exchange standards are a critical component of the oil and gas industry’s digital transformation, as well as a driver of increased efficiencies and better collaboration between operators, service companies and regulating agencies.
What does the adoption of data exchange standards entail?
Similar to other business transformation initiatives, adopting data exchange standards within a regulating agency will involve an investment in time and resources. This initial efforts pays off very quickly as the simplified maintenance and evolution of standards-based data exchanges results in lower operational costs, less resources wasted on trouble-shooting data quality issues, and a more uniform process when defining and executing data deliveries to and from operator companies.
These formats are also critical for the long-term preservation of data, since they are by design application-independent, self-descriptive and metadata-rich. There will be no time-limit on the ability to read such data.
Why does a regulating agency need to support standards?
Regulating agencies set the rules for data delivery within the scope of their mission. By insisting on data delivery using industry-standard data exchange formats, they drive the industry’s adoption process and participate in accelerating the use of these standards. Participating in Work Groups allows a regulating agency to better anticipate the new capabilities of evolving data exchange systems.