How Obsidian Energy Is Scaling The Heights In Light Oil And Gas Production

Obsidian Energy is an oil and gas producer based in Calgary Alberta in Canada. The company was previously known as Penn West Energy Trust until mid-2017 when it has a name change. The company has a high-quality asset and produces around 30,000ores under the leadership of David French who is the CEO. The company production comes from Pembina, Peace River Oil Sands and Alberta Viking and in 2017 the company produce is likely to more than 31000 ores of oil per day.

 

The company underwent significant changes which are helping redefine the company and grow stronger. The company has assets which provide the right platform for delivering and succeed in the industry. The company through the CEO says that the name changes to obsidian which means a naturally occurring volcanic glass is significant and aligns with the company vision and shareholders expectations. The company did a few restructurings which includes the appointment of new auditors, elections of new directors and workforce restructure to enable the company to carry it out its mandate successfully. Get More Info Here.

 

The company operates through Alberta Viking which enables them to leverage its infrastructure advantages as it has a leading position and ownership over the whole area. The area has light oil and gas with high net back shorter cycle wells that complement longer cycles. Obsidian also has built a Cardium Water flood platform that has a low decline and high netback light oil production. The company aim is to ensure they maintain reservoir pressure throughout production. The company Is part of the peace river operated partnership which has a significant position of crude oil resources. Through this, the company can maintain constant oil production.

 

 

Obsidian Energy runs a community matters program as a commitment to making an impact in the communities in areas where the company operates. The company adheres to environmental laws and endeavors to conducting their operations respectfully and responsibly. The company management team carries out safety training, awareness training to ensure the safety of its employees and the community around. Obsidian also provides timely response to any safety concern through toll-free numbers as part of a commitment to providing safety to the workers and the community around.

 

 

Visit: http://calgaryherald.com/business/energy/restructured-penn-west-proposes-name-change-to-obsidian-energy

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