Page 4 - LatAmOil Week 49 2021

COMMENTAR
LatAmOil COMMENTARY Y LatAmOil

(Photo: MEEI)
Young sees Big Data

boosting energy sector

New technologies can help Trinidad and Tobago’s oil, gas and power

industries optimise performance and create value, energy minister says

STUART Young, the head of Trinidad and Toba- amounts of data sets.”
go’s Ministry of Energy and Energy Industries He went on to say that the establishment of
WHAT: (MEEI), spoke recently about the benefits that such a depository would be in line with the work
Trinidad and Tobago’s new technologies – especially Big Data – might MEEI has already done to set up a storage space
energy minister has benefit the country. Speaking at the virtual for the country’s energy data. “Big data tech-
highlighted Big Data’s UN-TT Big Data Forum on December 3, he nologies will allow the ministry to extract and
potential to benefit the expressed support for the creation of a National process data stored and captured in NEDR in its
energy sector. Energy Data Repository (NEDR) capable of management of the sector to the benefit of the
storing and analysing all the information gen- people of TT,” he stated.
WHY: erated by Trinidad and Tobago’s oil, gas, and This benefit is likely to be substantial, given
Young discussed propos- power industries. that the electric power and upstream, mid-
als for the creation of
a National Energy Data Taking this step will allow the country to reap stream and downstream oil and gas sectors
Repository (NEDR). benefits such as maximising the volume of oil or already account for about a third of Trinidad
gas extracted from reservoirs and speeding up and Tobago’s GDP, he added. “From a govern-
WHAT NEXT: the process of making decisions on investments, ment perspective, it [has been] determined
Big Data could prove Young said. that the employment of Big Data and analytics
particularly useful as the “Real-time and fast processing of data is [will] boost annual income, reduce corruption,
country moves ahead crucial in [the] oil and gas industry,” he said improve [and] better workplace conditions,
with new offshore explo- in his speech at the forum. “Big data analytics increase energy efficiency and improve foreign
ration projects. enable the rapid processing and analysis of large trade,” he commented.

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