Responsible Oil and Gas Firm –Obsidian Energy

It is an organization that has changed names several times. Obsidian Energy was previously known as Penn West Petroleum, Penn West Energy Trust, and Penn West Exploration Ltd. The oil and gas firm is a middle-sized company based in Calgary, Alberta, Canada. Toronto Stock Exchange had listed Obsidian which then was known as Penn West Trust as the six largest company in their stock exchange market between 2005 and 2008. In 2014 the company was not doing well in the gas and energy industries, and it underwent a financial crisis which forced the management to sell their asset in order to settle some of the debts the oil and gas group had.

Penn West Petroleum Ltd changed its name to Obsidian Energy in June 2017. Obsidian Energy is allocated in an area with high-quality gas and oil that has been producing about 30,000 bores per day. The firm is situated in a region which is considered to be one of the largest and the richest in oil and gas in Canada; along the West Canadian sedimentary basin. The oil, as well as the gas, is extracted from three major basins which include; Alberta Viking, Peace River Oil sands, and Pembina Cardium. The change of name comes with new responsibility for the management team for they trust that the asset available for the organization will of great help for the group and the asset help them expand their company and survive in the ever-changing industry.

Obsidian Energy does not only extract oil and gas, but it is also responsible for the communities around them. The oil and gas company has been carrying out their operations with a lot of respect for the people and the respect has been extended to their contractors, and staff who also know that they are supposed to openly communicate with the society before undertaking any new operation. Obsidian is responsible for communicating to the people about negative and even positive impact of their operation to the community as well as the environment. Obsidian Energy is founded on respect, responsibility, discipline, love for their work, and are accountable to their shareholders, community, as well as their partners.

 

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

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