The year 2020 has shifted the oil and gas industry drastically. In the early months of the new year, COVID-19 resulted in price drops and a decrease in production. This, however, will not be a permanent situation. Now is the time to look at the horizon and what the next oil cycle will look like. This is a unique period of time that will define the future of oil and gas. Recently we have seen the trade largely uptake technology in various forms. This will likely be the key to accelerating the industry’s success. 

Offshore Technology reported that oil and gas prices have dropped by 50% since January 2020 and The International Energy Agency stated that oil demand is likely to decrease by 23.1 million barrels per day (BPD) in Q2. This next cycle is going to rely on workers’ abilities to share their data more efficiently so that they can assist in the industry’s recovery. This could mean many changes behind the scenes depending on research. Oil Field Technology reports that unlike other industrial revolutions, technologies are being explored to enhance sustainability, which will also contribute to the recovery of the industry.    

This new oil cycle is now being referred to as the Fourth Industrial Revolution – or 4IR. Globally, oil and gas companies are exploring state-of-the-art methods to create and enhance their workflows. While this industry is not a stranger to advanced technologies like drones, robots and 4D printers. They are now fully understanding the importance of file transfer technologies to transfer their seismic data. 

When companies that operate within the oil and gas industry face file transferring delays due to transferring large data sets, software like FileCatalyst technology step in as a solution. 

NICE Software, delivers comprehensive grid & cloud solutions for a wide number of oil and gas companies. When one of their clients faced urgent file transferring issues for their large data sets across long distances (Perth, Australia to Houston, Texas) FileCatalyst Direct held the ability to remove that complication and send the crucial files on their way. 

To accelerate file transfers within NICE Software’s solution, FileCatalyst Direct was directly integrated within the existing EnginFrame software. FileCatalyst Direct point-to-point solution enabled, accelerated and managed file transfers with FileCatalyst’s patented UDP-based technology. This solution allows file transfer speeds of up to 10 Gbps for any file size between cities, countries and even continents while overcoming the challenges that come with latency and packet loss

Getting your hands on solutions that will assist your data transferring is a step in the right direction towards industry regrowth. During this unusual time, it is necessary that companies connect their research as quickly and efficiently as possible. Oil and gas have consistently played a large role in the economies and naturally, people want it to bounce back. But as predicted, the industry may need to go through alterations. If companies take advantage of the new and current technology available, it’s safe to say there will be a slower but steady regrowth period in the not so distant future.