As Landmark CEO John Gibson told PDM recently, the cost of well log data reformatting is estimated at several hundreds of millions of dollars per year.
POSC, which had already done the groundwork on an XML schema for well log data, WellLogML, has initiated a study to determine the extent and nature of well log reformatting costs. Following the study, POSC plans to develop a strategy aimed at a significant reduction of such costs.
POSC is calling for participants in what should be an ‘objective and straight-forward’ study. The study is being organized now and is planned to begin by the end of September 2001 and to be completed by year-end.
Companies that have measured well log reformatting costs in the recent past and that are willing to share the methodology and/or results should contact POSC through www.posc.org. You do not have to be a POSC member to participate.
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