TAQ Energy, an oilfield abandonment service company, and Engage Mobilize announced a partnership to develop a cloud-based operational and financial platform for TAQ’s well-servicing business. The companies said they expect the combination of Engage’s automated financial work flow with TAQ’s field data acquisition to improve business efficiency and lower operational costs.
Engage is a financial work-flow automation company. TAQ has said that it aims to provide its customers with improved visibility, accuracy, and timeliness of project execution, reporting, and invoicing.
“The ultimate result for our customers is a reduction in their time spent managing abandonment projects at a lower project cost,” the company said in a statement. “Operators will also have the confidence that all abandonment data has been recorded and documented, including required notifications for full regulatory and audit compliance.”
Asset retirement presents an industry challenge as operators face a mounting financial obligation when oil and gas wells are at the end of their life.
“Part of TAQ’s approach to tackle this challenge is partnering with industry leaders in technology like Engage to streamline operations for both the service provider and operator,” the company's statement said. It added that another benefit of the partnership is the development of an emissions-tracking and -reporting platform that will present the emissions footprint of operations and calculate carbon offsets.