Oil and petroleum are the most valuable products in the world today. It is considered as black gold, and countries that have access to oil and petroleum have become the richest nations on Earth. Canada, being the second largest country in the world by land area, is blessed with oil and petroleum. Some are waiting to be discovered, especially on the northern parts of the country. Some are already being extracted, especially in the western parts of the country. The current economy of Canada depends on so many factors, but the oil and petroleum industry is considered as one of the most important industries in Canada because they are contributing greatly to the country’s economy. There are many oil and petroleum companies in Canada today, but Obsidian Energy simply shines above the rest because of the company’s rich and vibrant history.
Known as Penn West Petroleum in the past, Obsidian Company is a medium sized oil and petroleum company based in Calgary, Alberta. Their operations are focused on the country’s western part, where most of the oil and petroleum has been discovered and extracted. The company was one of the top performing oil and petroleum firms in the country before, but the recent changes in the price of oil in the world market affected them greatly. Since 2014, the price of oil keeps on going down, and as a result, Penn West Petroleum has to undergo restructuring and rebranding, and in June 26, 2017, Obsidian Energy was introduced to the world. The company is now being managed by David L. French, the current president and CEO, and during the restructuring process, thousands of their employees were laid off. Only 300 remain, and some are still skeptic about their job security. Find More Information Here.
Under the leadership of David L. French, he promised the remaining employees working for Obsidian Energy that there will be no more lay-offs, and that Obsidian is working with other drilling and exploration firms to search for new sources of oil and petroleum. The downward movement of the price of oil is celebrated by many across the world, but little do they know, some people are really affected, losing their jobs in the process.
See Also: https://www.bloomberg.com/quote/OBE:CN