What You Need To Know About Obsidian Energy

What You Need To Know About Obsidian Energy

Formerly known as the Penn West Exploration Ltd, Obsidian Energy is a medium-sized company that specializes in the production of natural oil and gas, and is located in Calgary, Alberta, Canada. For some time, Obsidian managed to emerge as one of the top sixty largest natural oil and gas producers between 2005 and 2011. In 2008, Obsidian Energy managed to reach the peak of its production by accumulating a total of US$9.5 Billion as its gross profit.

 

Work Experience

 

Due to the significant drop in the prices of oil that took place back in 2014, the company faced manacles of financial crisis that actually had a great impact on its performance over a short period of time. The major drop in the oil prices compelled the management to sell some of the company’s assets and even do some restructuring so that it could be able to cover the debts. The above-mentioned process took place within two years following the financial instability that Obsidian Energy underwent.

 

Location

 

The obsidian Energy plants are situated in Alberta around the basin known as the Western Sedimentary Basin. This region is also known to be the world’s best and biggest oil reserve as compared to the ones in the Middle East. Alberta receives production from three major areas before being supplied to the market; the three regions include the Pembina Cardium, Alberta Viking, and River Oil Sands. According to reliable sources, the gross 2017 production is eluded to be 31,000 bbl on a daily basis.

 

Though the company faced a number of challenges that came as a result of a significant drop in the prices of oil in the world, it still managed to survive. It is, therefore, safe to conclude that the management that was regulating the duties undertaken by the company at that point did an amazing job. By carefully allocating the scarce resources that were available at that moment, the company managed to spring back to life and make some more profits that enabled it to expand its operation within the nation.

 

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Read More: https://beta.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/penn-west-shareholders-approve-name-change-to-obsidian-energy/article35463586/?ref=http://www.theglobeandmail.com&

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