The oil and gas industry is extremely vast and hosts rather large corporations that create enormous volumes of information every day. So the management of documents always was an issue for these organizations.

usage of ideals for oil and gas industry

And now, as green energy technologies improve, oil and gas companies face unprecedented competition — new alternative energy firms leave progressively less space for them. That’s why mergers, partnerships, and other kinds of collaborations happen in this industry more often than ever. This only makes the document maintenance harder. However, there is a solution — the iDeals data room.

Why iDeals?

This provider makes sure its software is suitable and convenient for all the industries. Therefore, it has all the certificates and features you might require. The iDeals virtual data room will provide your company with:

  • A secure storage protected with bank-grade encryption
  • Additional protecting tools (multi-factor authentication, watermarks, fence view, remote shred, remote wipe, granular permissions)
  • Full control over users through permissions and reports
  • Q&A section for accelerating deals
  • Easy document management
  • Advanced full-text search
  • Software that’s compatible with all devices
  • Customizable interface
  • Detailed reports

Thus, virtual data room solutions became a vital tool for oil and gas companies. This software allows them to reduce hassle and increase efficiency for better results.

When data rooms are used?

Oil and gas companies can use data rooms every day to manage documents and keep them updated. Additionally, this tool makes collaboration easier. That’s why primarily virtual data rooms are utilized for Mergers and Acquisitions — which is useful as this process becomes frequent in the oil and gas industry. Additionally, firms can use this tool for audits and due diligence, fundraising, short and long-term collaborations, and virtually any process that involves documents. Thus, all the sensitive files remain perfectly protected yet accessible by authorized users. And you have full control over the activity of others and the safety of your documents.