This partnership is said to offer a long-lasting solution to oil companies for the transition to sustainable energy generation.
In a recent announcement, International Business Machines Corp (NYSE: IBM) and Amazon Web Services Inc (AWS), an Amazon.com Inc company (NASDAQ: AMZN) have joined hands to extend the reach of a set of tools to oil companies to serve customers better. This partnership will ensure that the benefits of IBM Open Data for Industries for IBM Cloud Pak for Data and the AWS Cloud are combined to offset the many challenges faced by energy companies and customers.
This partnership was influenced by a recent discovery of IBM and Reuter’s whitepaper, that the demand for Affordable gases continues to soar, forcing the energy industry to reduce greenhouse gases. The energy industry has been facing strong challenges in coming out with solutions to free up time, capital and resources as they boost efficiencies to invest in initiatives that aim to discover new sustainable energy sources. Research has found that data and digital technology can perfectly help this transition. However, only less than half of oil and gas executive respondents are making use of data to drive innovation.
This collaboration is aimed at reducing the data barriers that have been a problem in the industry. IBM Open Data for Industries uses the OSDU data foundation for the oil, gas, and energy industry. It is open-source and completely integrated with the IBM cloud Pak for Data management.
While dealing with data residency requirements, customers would be able to run OSDU data applications in the AWS cloud thanks to this new partnership. Oil companies would be helped to reduce the cost, time, and resources needed to leverage data to derive insight and transition to sustainable energy production.
According to Bill Vass, the Vice President, Engineering, AWS, customers will benefit from the collaboration as they will be able to access global and seamless offerings which can also run any IT infrastructure coupled with its long-term digital innovation.
“Much of the data needed to solve the complex energy challenges, such as superior subsurface decisions, already exists, yet is untapped. This is because one of the greatest values of that data is derived when it can be effectively combined, but usually, this data is locked by data residency requirements, legacy applications, or proprietary data formats,” he said.
Manish Chawla, global managing director, energy, resources, and manufacturing, IBM also stated that data is very important in facilitating energy transition. However, energy companies are usually weighing options of running applications on-premises or doing so in the cloud.
“This means that rather than using all of that collective data to gather insights, augment operations and inform innovation, some of it was going unused. Our collaboration with Amazon Web Services is addressing the need to make it easier for energy customers to access their data and provides the industry with a flexible solution to meet the challenges of today, as well as more easily adapt as the industry evolves,” he said.
This partnership is therefore said to offer a long-lasting solution to oil companies for the transition to sustainable energy generation.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
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