You may have already seen the phrase 'Data is the new oil'. Usually, this statement refers to the unprecedented opportunities that data offers in improving customer experiences and business processes. And ironically, it often refers to other industries and their transformation, but the biggest change is currently occurring precisely in the oil and gas industry itself.

There is no other industry where the statement "Data is the new oil" applies better than in its own, where companies work with oil and gas. To survive, and ideally grow, in this unstable era, it is crucial for these organisations to reinvent their information strategy.

Add to that the volatile oil price and you have a storm of troublesome conditions.

Information management veteran Neal Stidolph previously cited the tough times "The world of the oil and gas industry is very challenging right now. It is hard enough to find resources at the moment. Whether it is due to oil sands, deep water or even unstable geopolitics. Add to that the fluctuating oil price, rapidly rising costs and sinking production and you are dealing with a storm of difficult conditions."

Within this heady instability, however, there are also huge opportunities. Deloitte's report (Connected Barrels) reveals, "After years of oil price increases, that oil price grew to over $100 per barrel. New techniques have created a price equilibrium around $20 to $30. This new line for the price per barrel will push inefficient oil and gas companies out of the market, as well as even some efficient ones. Even the efficient companies will be challenged to the limit. Fortunately for the industry, new technologies are available to meet these challenges."

So, turbulent times in a difficult market. What are the 4 information management challenges in the oil and gas industry?

1. Oil and gas is not a one-sided industry

To keep a little overview in mire of versatility, the sector is referred to as the oil and gas industry. This appears to be a clearly defined industry. On the contrary, it is rather a mosaic of connected (sub) industries, all with their own priorities. As an example, Deloitte already announced that exploration and production companies are sitting on the large and very valuable mountain of exploration data.

For the companies, the challenge lies in bringing the data together intelligently so that it can actually be utilised and spare risky and expensive exploration initiatives.

Transport, pipeline and storage companies place a high value on the accessibility and availability of data and monitoring. This helps them avoid costly bottlenecks and shutdowns, which is definitely a strategic priority.

Refineries and retailers are closest to the end user. Data inspires them to discover where in the market there are new business opportunities.

If you add the complexity of oil extraction to this equation, you quickly understand that the oil and gas industry is a complex sector. From conventional on land and shallow water drilling to deepwater wells to scale oil and gas to oil sands. It is a very complex world with diverse challenges.

This calls for information management solutions, which, despite the diversity of the market, provide specific support for these complex challenges, needs and requirements.

2. Managing information around physical assets is crucial

Managing technical information of huge amounts of physical equipment and assets is one of the core processes of oil and gas companies. The oil and gas industry offers huge opportunities to connect the physical world (driving Internet of Things) with the digital world (asset information).

Oil and gas companies call managing these types of assets 'asset change management'. In the context of information management, this is then often referred to as 'Asset Lifecycle Information Management' or 'Enterprise Asset Management'.

This process is fraught with content management challenges, especially as the difference between the physical and digital worlds: rapidly changing, directly linked to health and safety, crucial for compliance and necessary for security in times of disaster and terrorism. As the Deepwater Horizon disaster showed, there is no industry where the availability of real-time emergency information is more important than in the oil and gas industry.

3. Gigantic data management - Dark data potential goldmine

Following Deloitte, "The Internet of Things has been bubbling for a while. It only boils over the moment the technology improves to the point where we reach total adoption. The added value of IoT is not in directly managing devices, but in the information these devices will provide." There is great potential up for grabs, many companies in the oil and gas industry (but also Terminals, for example) are just not grasping this opportunity yet.

According to Deloitte, the oil and gas industry is way behind in terms of digitalisation. At 4.68 (scale 1/10), the digital maturity of this market is the lowest of all. This means that the companies that are now adopting new technology and embracing innovation will very quickly gain a competitive edge. There are estimates that only one per cent of oil and gas companies' information is actually available and used by decision makers.

4. What information is more important than where it is stored

The valuable information of companies in the oil and gas industry varies enormously in size, format and complexity. Documents and drawings of large projects need to be exchanged and updated continuously. Yet this information often still exists on paper, whereas the entire organisation (from HR to contract management) needs instant availability of information. They do not want to have to dive into a cupboard, but to be able to request this information immediately. Preferably via smartphone or tablet.

All these points point to an underlying need for an organisation-wide content management strategy. A strategy that includes seamless integration with existing systems, that is perceived by all users as simple (regardless of their role, function or level) and, above all, one that does not interfere with daily processes, but rather supports them.

Intelligent information management helps organisations in the oil and gas industry to automate, streamline core processes and extract value and insights from data and documents. It is currently more true than ever: data is the new oil, especially in the oil and gas industry itself.