Monday 12. September

Monday 18:55  What can your data really tell you?
- Harald Wesenberg, Equinor

Data is valuable, and the more data, the more value, right? In a world that is increasingly data driven, we are getting more and more value from our using the data that we have stored for decades. But are there limits to what our data can tell us?

Abstract - There is an adage stating that “applications age like fish, while data age like (fine) wine”, meaning that data become more valuable as it gets older. And that is certainly true for a lot of the data collected in the oil and gas industry. Long timeseries of production data, 4D seismic and reservoir models, and more continue to provide value to companies, while also providing the basis for new value opportunities in machine learning and artificial intelligence.
However, experience has shown us that there are limits to what the data can tell us. While data gives us insight, it does not give us perfect insight. Our insight will be shaped by our assumptions on the data and the world they represent. These assumptions can prove deadly in high-risk organizations.