S&P Global Commodity Insights and Amazon Web Services Empower Digital Transformation in Upstream Oil & Gas Industry
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The collaboration between S&P Global Commodity Insights and AWS signifies a strategic move to enhance the accessibility and utility of upstream data in the energy sector. By leveraging AWS's robust cloud infrastructure, S&P Global aims to streamline the integration and analysis of vast datasets for energy companies. This partnership has the potential to improve decision-making processes and operational efficiency, which could lead to cost savings and increased competitiveness for clients in the energy industry.
From a market perspective, the availability of high-quality, interoperable data through a cloud-based platform can reduce barriers to entry for smaller players and stimulate innovation. The move aligns with the broader industry trend towards digital transformation and could influence market dynamics by accelerating the adoption of AI and machine learning in energy operations. This could potentially disrupt traditional business models and create new opportunities for growth, particularly in the context of the energy transition.
The integration of S&P Global Commodity Insights' Upstream Solutions with AWS's cloud services marks a significant advancement in the digital transformation of the oil and gas sector. The emphasis on data interoperability and the OSDU®-Data-Platform compatibility is particularly noteworthy. This compatibility ensures that data can be utilized across different applications, enabling a more cohesive and efficient approach to data management within the industry.
In the short term, this collaboration could enhance the analytical capabilities of geoscientists and upstream operators, leading to more informed strategic decisions. In the long term, it could facilitate the energy transition by providing the necessary data infrastructure to support workflows related to renewable energy sources and sustainability initiatives. The provision of comprehensive datasets, such as those related to energy transition, could play a pivotal role in shaping the future of energy production and consumption.
The strategic partnership between S&P Global and AWS could have financial implications for both companies and their stakeholders. For S&P Global, broadening the accessibility of their data and software through AWS's platform may lead to an expansion of their customer base and potentially increase revenue streams. The move may also enhance S&P Global's competitive edge in the data services market.
For AWS, the collaboration with a leading information provider like S&P Global could reinforce its position as a preferred cloud service provider in the energy sector. This could attract additional business from energy companies seeking to leverage AWS's cloud capabilities for data management and analytics. The partnership may also reflect positively on Amazon's stock (NASDAQ: AMZN), signaling the company's continued growth and diversification in cloud services.
-- New Energy Cloud Collaboration Facilitates Artificial Intelligence and Machine Learning Tools through S&P Global Data and Software --
Under this new agreement, AWS Data Exchange (ADX) will feature a comprehensive data offering from S&P Global Commodity Insights' Upstream Solutions that includes information on more than seven million oil and gas wells, putting trusted data within speedy reach of decision-makers and paving the way for cloud access to specific S&P Global Commodity Insights software that aids geoscientists and upstream operators.
S&P Global Commodity Insights' OSDU®-Data-Platform-compatible* upstream data is now available to energy companies and others on AWS in a way that decouples data from application-specific formats and allows for cross-application plug-and-play -- putting data how and where needed. The cloud access facilitates high-quality data, seamless data interoperability, and easy integration solutions. It allows a company to integrate S&P Global Commodity Insights Upstream content easily with its own proprietary data and/or 3rd party proprietary data on one platform, making an entire company catalog available across the organization to power workflows in compatible applications.
Joerg Gerth, Vice President, Channel Partners, S&P Global Commodity Insights, said: "We're proud to be offering another avenue by which we meet our customers where they are. By leveraging the power of S&P Global Commodity Insights trusted data and tools and enhanced with scalability and reliability of the AWS cloud, this solution enables companies to make faster, more informed decisions, driving efficiency, collaboration, and adaptability."
The new access to S&P Global Commodity Insights' world-class OSDU®-Data-Platform-compatible global upstream data that's loaded into Energy Data Insights on AWS for the OSDU® Data Platform will benefit the oil and gas industry in a number of ways, including further facilitation of generative AI and energy transition by:
- Providing cloud access to S&P Global Commodity Insights data for machine learning
- By having the best, most comprehensive data curated in one place, it supports accuracy and faster analysis
- Aiding energy transition workflows through broad coverage of subsurface and commercial upstream content
In addition, AWS and S&P Global Commodity Insights will provide access to S&P Global Commodity Insights' Kingdom™ Geoscience Software that enables geoscientists, for example, to easily execute compute-intensive subsurface interpretation workflows like geophysical and geological analyses, automated fault interpretations, advanced data analytics, and machine learning applications.
Howard Gefen, General Manager of Energy & Utilities at AWS, said: "Our collaboration with S&P Global Commodity Insights will unlock innovative, data-driven possibilities for our joint customers. By integrating with AWS's Energy Data Insights solution, based on AWS's cloud technologies, we will together act as a catalyst for global energy companies' decision-making and elevate their analytical capabilities, enabling informed, strategic investment decisions for sustainable energy sector growth."
Amazon Web Services (AWS) is a world-leading cloud computing layer that offers a wide range of services to help organizations accelerate their digital transformation efforts. With a highly scalable, reliable, and secure cloud infrastructure, AWS empowers businesses to build, deploy, and manage applications and services with ease.
Leanne Todd, Head of Upstream Solutions, S&P Global Commodity Insights, said: "By harnessing the scalable computing power of the AWS cloud, we are seamlessly connecting people, data, and software to increase efficiency and productivity of their operations. Accessing S&P Global Commodity Insights' rich Upstream data, the OSDU Data Platform Layer, and Kingdom Geoscience Software, we're effectively turbocharging geoscientists workflows. This not only facilitates faster subsurface interpretations but also unlocks invaluable insights, fostering enhanced performance and seamless collaboration across exploration, exploitation, and energy transition projects."
S&P Global Commodity Insights has worked with AWS to make at least 30 datasets available through the cloud, including such as S&P Global Commodity Insights' Platts Market Data packages for energy transition, shipping, nuclear, metals, power and gas, LNG, petrochemicals, agriculture, oil and refined products, as well as other supply, demand, arbitrage, forward curve, outages and other data.
Today's collaboration agreement builds on a long-time relationship between S&P Global (NYSE: SPGI) and AWS on strategic initiatives, such as the collaboration with S&P Global's Enterprise Data Management solution (EDM) and exploring new areas for collaboration on integrated go-to-market approaches, product development and channel distribution. The relationship between the companies was extended last year by advancing secure, cloud-based services to more than 100,000 of S&P Global's government and enterprise customers in 43 countries around the world.
*The OSDU® Forum created a universal schema that simplifies and standardizes data for access through the OSDU® Data Platform. Such collation and standardization historically have been labor-intensive processes for upstream operators
Media Contacts:
Americas: Kathleen Tanzy + 1 917-331-4607, kathleen.tanzy@spglobal.com
About S&P Global Commodity Insights
At S&P Global Commodity Insights, our complete view of global energy and commodity markets enables our customers to make decisions with conviction and create long-term, sustainable value.
We're a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts® products and services, including leading benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights. S&P Global Commodity Insights maintains clear structural and operational separation between its price assessment activities and the other activities carried out by S&P Global Commodity Insights and the other business divisions of S&P Global.
S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit https://www.spglobal.com/commodityinsights.
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SOURCE S&P Global Commodity Insights
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