Integration, in the context of oil and gas deals, requires significant investment in technology and tools to enable individuals to evaluate oil and gas properties. Interested parties must be able to communicate clearly with one another, without regard to land, water, language, or culture barriers. From there, we move to that third step-collaboration. This is where organizations stand to gain the most value. Using online collaboration tools, organizations are able to connect their business processes to information, databases, and skills from third parties to help them complete evaluations in a timely fashion.
Collaboration ultimately leads to the handshake that seals a successful deal.
We have also seen why the door had to be opened. While technology abounds, such is not always the case with qualified industry professionals-the individuals with the experience and expertise to harness the power of the Internet and collaborate online. All of us either experienced or know about the 1973 and 1978 oil price hikes. In response to these economic shifts, people began pouring into the industry. Most people currently in the industry are from that era, which was marked by enormous growth of personnel.