NoviqTech and GRR enter strategic alliance to drive digital oil and gas recycling solutions

NoviqTech (ASX: NVQ) has upgraded its client partnership with Global Resource Recovery (GRR) to a strategic alliance for waste management within the Australian oil and gas sector.

The new arrangement designates the Northern Territory-based company as a channel partner for NoviqTech’s Carbon Central platform to sector clients.

It builds on the foundations of the original partnership signed in August in which GRR adopted Carbon Central to enhance transparency and accountability in its recycling processes.

Strategic partner

NoviqTech expects the strategic alliance to leverage GRR’s industry expertise and promote Carbon Central’s blockchain-enabled solutions, which have been specifically designed to track and verify recycling operations.

The company will continue to develop, maintain and support the platform to ensure its reliability and scalability.

GRR will transition from being a user of Carbon Central to a strategic partner actively marketing the platform to a substantial top-tier client base in the oil and gas industry.

It will also drive market engagement and adoption among industry players for a fee of 20% of the profits from NoviqTech sales to any new clients it introduces to the platform.

Sustainable solutions

NoviqTech chief executive officer Freddy El Turk welcomed the new alliance.

“This evolution of our partnership reflects GRR’s deep industry knowledge and presence in the oil and gas sector, which makes it an ideal channel partner for us as we aim to broaden the adoption of Carbon Central and deliver sustainable, transparent solutions to this critical industry,” he said.

“This alliance will strengthen our strategic position and provide a platform to accelerate Carbon Central’s adoption in a key market [and] we are confident in the long-term benefits of this expanded collaboration.”

Global market

Projections see the global oil and gas sector’s total addressable market for connected solutions growing at a compound annual rate of 16.3% to approximately $114 billion by 2032.

The upstream segment — representing approximately 50% of the industry — highlights vast opportunities for digital solutions to optimise operations, improve safety and enhance compliance.

Mr El Turk said the Australian regulatory environment mandates transparency in emissions reporting and operational accountability

This in turn creates additional demand for digital tools like Carbon Central.