Obsidian Energy was introduced to the public in June 2017. The Calgary-based oil and petroleum company is the result of the restructuring and rebranding of the Penn West Petroleum, which has experienced a massive loss and bankruptcy due to the oil and petroleum price crash. Under a new management, Obsidian Energy is hoping that they will be able to exceed what Penn West Petroleum has accomplished in the past. Today, Obsidian Energy is slowly becoming a middle-sized oil and petroleum supplier.
After the dissolution of Penn West Petroleum, many oil and petroleum fields owned by the company in the Western Canadian Regions were left untapped. The new management of Obsidian Energy decided to make new explorations to find resources in the area.
Obsidian Energy held some caravans across the region to explore the remaining wells, and to their surprise, oil and petroleum still exists. Extraction came days after the discovery, and the company was able to make 31,000 barrels of oil per day. These products are now being sold in the international market, and Obsidian Energy is slowly making a profit. The management at the OSI Industries is hoping that they will be able to discover new oil and petroleum wells so that they could earn more profit. The company sees a brighter future ahead, now that they have tapped the resources of the western region. Obsidian Energy would have to go a long way before they can surpass what Penn West Petroleum has achieved in the past, but Obsidian is optimistic that they will be able to do it in a few years.
In the past, long before the oil and petroleum price crash, Penn West Petroleum is consistently recognized as one of the top 60 Canadian companies. They also provide jobs to a lot of people, especially those who are living near Calgary, Alberta. However, the excessive production of oil and petroleum products by Iran and Russia in 2014 resulted to the price crash. The oil and petroleum industry is yet to recover from the disastrous price crash, and Obsidian Energy believes that they will be able to get back on track. Refer to This Article for more information.
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