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