Eka Software Solutions, the leading global provider of Smart Commodity Management software solutions, announced today that Tourmaline Oil Corp. has selected Eka's InSight CM platform to manage trading, position, risk, scheduling, and settlement for its rapidly expanding crude oil and natural gas operations.
Tourmaline Oil Corp. (TOU.TO) is a leading North American intermediate crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production, and acquisition program. The company's business strategy is to maximize shareholder value by increasing reserves, production, and cash flows through the development of a continually growing asset base.
To support the company's rapid growth, Tourmaline required an advanced, multi-commodity ETRM solution that was fully integrated across front, middle, and back office. They sought a solution that would provide real-time position, exposure, and risk management to efficiently run operations and meet all reporting and audit requirements. Only Eka offered a single platform for both oil and gas that addressed all of Tourmaline's needs.
"Tourmaline had outgrown its current systems and it was imperative we invest in an advanced, multi-commodity ETRM software platform to support our rapidly expanding oil and gas operations," said Sherra Aspin, Manager, Natural Gas at Tourmaline Oil Corp. "Eka offered the most comprehensive solution with the lowest total cost of ownership, providing the best value. With a single platform that integrates all front, middle, and back office functions, everyone has the information needed to best perform their roles."
Eka's energy solutions manage financial derivatives and physical contracts for crude and refined products, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), power, coal, and biofuels. Covering all aspects of a transaction including trading, risk management, processing, scheduling, logistics, and accounting, Eka's ETRM solutions include advanced analysis and reporting, giving Eka's customers a competitive advantage.
"Last year, Eka enjoyed tremendous growth in our energy business, increasing our customer base 33%," said Andy Bout, VP Energy at Eka. "Recently, we were named a Major Player in the IDC MarketScape: Worldwide ETRM Software 2015 Vendor Assessment. Clearly, energy companies are seeking alternatives to the dated ETRM platforms, and evaluating next-generation solutions that provide enhanced decision making for the most effective business management."