Canada is known as an energy powerhouse. In fact, there are many Canadian companies that are able to turn the country’s natural resources into valuable and affordable energy to the people in the North American region. One of those companies, Obsidian Energy, has emerged to become one of the more notable mid-sized Canadian energy producers.
So what does Obsidian Energy do? Well, the company operates a number of oil and gas producing facilities in the Alberta providence. The company uses a number of different methods to get the crude oil out of the ground. These different methods are designed to keep cost low and maximize the profitability of the company.
Formerly known as Penn West Petroleum Limited, Obsidian Energy has emerged as the “new kid on the block” with an experienced team of energy executives. With multiple facilities producing over 23,000 barrels of oil equivalent (boe) per day, Obsidian is one of the more productive mid-sized energy currently operating in North America.
Currently, Obsidian is managing three operations. The largest of the three operations, Cardium, is located just outside of Edmonton. This operation uses a waterflood approach to which helps reduce the decline rates of the wells. Overall, the Cardium operation produces over 17,000 boe per day.
To the north of the Cardium operation is Peace River facility which uses a cold flow manufacturing process. Operating as a joint venture with the China Investment Corporation, Peace River is a profitable partnership with one of the best funded Asian investment groups. The Peace River operation is currently producing over 4,800 boe per day.
Finally, there is the Alberta Viking operation located in the southern part of the Alberta Providence. With ownership of a large infrastructure, Alberta Viking is able to operate with a structural advantage over many other light oil and gas operations. Today, Alberta Viking is able to produce over 1,700 boe per day. View Additional Info Here.
With three productive facilities, Obsidian Energy is making a name for itself in the Canadian energy industry. With an eye on profitability and growth, the company will seek to make continued progress into the 21st century.