PennWell’s 3 year ‘long march’ from beneficiary of FTC’s largesse to implementation looks as though it is nearing its goal. As reported in Oil IT Journal Vol. 4 N° 6, PennWell’s PenPoint subsidiary was created to leverage the dataset it inherited from Dwights after the merger with PI, way back in 1995. This action was an attempt on the US Federal Trade Commission’s part to avoid a monopoly situation in oil and gas data delivery.
Since then, PI/Dwights has become IHS Energy, acquired Petroconsultants and generally strengthened its dominant position. Despite great intentions – and plans to develop a brand new ‘state-of-the-art’ database – PennPoint has so far failed to set the data world afire. This may be about to change as PennPoint – now re-baptized PennEnergy is to ally with upstream e-business portal specialist PetroWeb.
1.3 million wells
PennWell has signed a ‘multi-year’ agreement with PetroWeb to ‘develop the data delivery infrastructure and interface’ for PennEnergy’s data. The data set comprises well and production data for over 1.3 million U.S. oil and gas wells.
PennEnergy Data CEO Jayne Gilsinger said, “Since receiving the FTC license to the historical well and production data file, we recognized the real challenge for a successful energy data product is to move away from the cumbersome and costly traditional collection and delivery processes. Our new data product is more affordable and streamlined to support today’s data management requirements.”
PennWell president Bob Biolchini added, “PetroWeb makes a natural partner to develop our data delivery framework, given its industry leadership position. We are fortunate to have the unique combination of oil and gas and information technology expertise with PetroWeb.”
PetroWeb president Dave Noel concluded, “The marketplace will have a powerful, new approach to data access, management and delivery. PennEnergy Data will offer the industry cost-effective data solutions based on leading-edge technology.” PennEnergy must now play catch-up with IHS Energy which has consolidated its market leadership while PennWell was getting its energy data act together.
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