What Does The Future Hold For Canadian Oil And Gas Producer Obsidian Energy

When the Canadian company, Penn West Petroleum Ltd., underwent a number of key adjustments within the organization and its structure, the idea for re-branding the company was born. After a 92 percent majority of the company’s shareholders cast their votes in favor of renaming the company. Thus, on June 26, 2017 Penn West Petroleum Ltd. ceased its operations under its original name. Obsidian Energy Ltd. is the new name that this oil and gas producer that began operating under after this successful re-branding.

 

Obsidian Energy is one of Canada’s most impressive produces of natural gas and oil, reaching a daily average of somewhere around 30,000 boe. In addition to this impressive output, Obsidian Energy also is in control of some extremely high-quality assets, which make up the company’s nicely balanced portfolio.

 

It should be noted that the energy industry has been going through some of biggest changes that an industry has seen in modern times. Although what the energy market will look like in the future is certain, Obsidian’s management team is dedicated to pursuing continued success within this field. They believe that their passion and entrepreneurial spirit will be the building blocks that will allow the company to see great success for years to come in the oil and gas industry.

 

Obsidian Energy is well-poised to achieve its current goal of moderate growth over its next three years of doing business. This is because the changes that took place within the organization have created a team that is leaner, stronger, more efficient and capable of greater things that it ever was before.

 

Throughout the course of Obsidian Energy’s journey, it will strive to be very accountable to everyone involved in the process. This doesn’t just include their company’s partners and its shareholders, however. The local communities in which Obsidian Energy is able to operate are also a place that the company’s management team wishes to place accountability for the long term.

 

Obsidian Energy has a commitment to make positive impacts on all of the communities where they have operations. Obsidian sponsor a Community Matters Program where all employees and contractors are to communicate openly with all people in the communities.

 

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Obsidian Energy: Coming Back Stronger than Before

Obsidian Energy is an oil and natural gas producer. The company was founded in 1979 as Penn West Petroleum and made the name change to Obsidian Energy in 2017. Over the years the company was gaining steam and in 2008 hit an all-time high of over nine and a half billion dollars in revenue. When oil and gas prices dropped the company suffered. As of now, Obsidian Energy has come back stronger because of the adversity it has met and has a new commitment to the shareholders, consumers and the environment.

 

The first thing that Obsidian Energy is doing to make sure things are on the right path is making sure that the company is as environmentally friendly as it can be. Obsidian Energy has a program in place to make sure that the company is in full and complete compliance with Canadian environmental laws and regulations. The oil fields of Obsidian Energy have been strategically placed in order to cause as little damage to the land and air around them as possible. that is social responsibility at it’s finest. Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves. Obsidian’s oil production comes from three key areas in Alberta: the Alberta Viking, the Pembina Cardium and the Peace River Oil Sands.

 

Obsidian Energy has also made sure to put many safety standards in place to make sure that employees, community members, and other areas are not affected by the practices of the company. Here is a few of them. The first safety rule is that Obsidian Energy will meet or exceed legislative requirements when it comes to implementing programs and the procedures that employees follow. The second rule is that company management will ensure compliance and perform audits of their operations on a regular basis. A third and final rule is that any injury or accident must be reported and investigated by the company. These rules are meant to keep as many people safe as possible when Obsidian is conducting the day to day drilling activities. Refer to This Article to learn more.

These are just a few things that Obsidian Energy has done in order to become a competitive oil and natural gas producer once more. Through the adversity, Obsidian Energy has come back stronger than it was before. That is the measure of a strong business.

 

 

Source: http://www.ogj.com/articles/2017/05/penn-west-petroleum-moves-toward-changing-name-to-obsidian-energy.html