THE FUTURE OF OIL AND GAS PRODUCTION AT OBSIDIAN ENERGY

Obsidian Energy is a medium sized gas and oil producer located in Calgary, Alberta, Canada. It was formerly known as Penn West Petroleum Limited but changed its name to Obsidian Energy on26 June 2017. It has a well-balanced portfolio of great quality asset producing a capacity of 30,000 barrel per day. This company is has its foundation based on endless passion for their work, discipline and unwavering accountability to their partners, shareholders and the societies in which they operate around.

 

Obsidian oil and gas fields

Obsidian oil and gas fields are located in Alberta along Sedimentary Western Canadian Basin. This region is among the largest petroleum reserves in the world. Production sources are on three key areas around Alberta namely, the Peace River Oils Sands, The Pembina Cardium and the Alberta Vikings. Cardium forms the foundation of their portfolio is built on with high-netback light oil production and low decline. The use of water floods has been successful at increasing production and recovery rates at the Cardium.

 

Alberta Viking area, that Obsidian Energy has a leading position and ownership of infrastructure over the whole Esther area. It offers a mix of gas and light-oil with high-netback shorter cycle complementing the longer activities cycle at the Cardium. The Peace River is a company jointly operated by Obsidian Energy and China Investment Corporation holding a majority position amenable to conventional cold flow production in a crude oil resource.

 

Name change to Obsidian Energy

On 26 June2017, Penn West shareholders approved its name change to Obsidian Energy effective immediately and the stock symbol changed to “OBE” on both New York Stock Exchange and the Toronto Stock Exchange. The shareholders voted to 92 percent in favor of the name change.

 

According to the CEO of the company, Dave French the company chose the name obsidian as it is a naturally occurring volcanic glass that can be honed and sharpened. Obsidian focuses on pursuing modest growth for the next three years with the spending budget determined by the prices of oil and gas. Its current employee count is 300 with a production of 30,000 barrels of oil equivalent.

 

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