Data Is the New Oil

Data Is the New Oil

17 December 2025

“Data is the new oil” is a phrase we have been hearing for quite some time. It is reflected clearly in the rankings of the world’s most valuable companies. Where oil conglomerates once dominated the top positions, those positions are now occupied by technology- and data-driven firms—or companies closely connected to them, such as semiconductor manufacturers (The Economist, 2017).

Recently, during an interview, a journalist caught me off guard with a question: beyond economic threats, such as a potential decline in tourism, are there also economic opportunities in the midst of the current geopolitical situation? It surprised me. I replied that my focus is more on peace and the opportunities that would bring. When it comes to war, I am a pacifist. I even suggested that Curaçao could become the island where peace is negotiated.

But as I thought out loud, I arrived at a different answer. During the Second World War, the refinery on Curaçao was of unprecedented importance. Estimates suggest that roughly 70% of the fuel used by the Allied forces was produced here (Emmer & Gorsira, 2010). This brought enormous prosperity to the island. It also left us with an asphalt lake that we are still dealing with today. Around the same period, offshore financial structures were, in effect, invented here. In great haste, Dutch companies were legally relocated to Curaçao to prevent them from falling into German hands. Two economic pillars that supported Curaçao’s prosperity well into the 1980s were thus shaped directly by wartime conditions.

Recently, I read an article suggesting that data could become the new oil for Curaçao. I believe there is something to that. What we already see today is that countries no longer want their data stored in the United States. For those who may not realize this: the cloud does not float in the sky; it is located in data centers, physically situated within national borders. European countries and companies, in particular, are seeking to reduce their dependence on American technology firms. Increasingly, this debate is framed in terms of data sovereignty (de Volkskrant, 2025).

I have previously argued that data is overrated. That does not mean it is unimportant—this is merely to clarify that point.

This discussion made me think of Estonia, often described as the most digital country in the world. A few years ago, I studied Estonia as part of research into digital government (Goede, 2019). Estonia has even established a so-called data embassy in Luxembourg, a world first. Critical government data and systems are backed up on servers outside the country’s borders, with the same legal immunity as a physical embassy. The goal is to ensure digital sovereignty and continuity of public services, even in the event of cyberattacks or major crises (Vainsalu, 2017).

Perhaps, given the current geopolitical situation, this presents an opportunity for Curaçao to position itself as a location for secure data storage, not as a naïve techno-utopia, but as a carefully considered strategy grounded in legal certainty, stability, and sovereignty. Perhaps this—alongside peace—is one of the opportunities now emerging.

Miguel Goede

References (APA)

Emmer, P. C., & Gorsira, F. (2010). The Dutch Caribbean: History and development. KITLV Press.

Goede, M. (2019). E-Estonia: The e-government cases of Estonia, Singapore and Curaçao. Academia.edu.

The Economist. (2017, May 6). The world’s most valuable resource is no longer oil, but data. The Economist.

Vainsalu, M. (2017). Data embassies: A new tool for digital continuity. Journal of Cyber Policy, 2(3), 1–8.

de Volkskrant. (2025). Europa wil minder leunen op tech uit de VS; data-soevereiniteit wint aan belang. de Volkskrant.