Menu

Obsidian Energy December 1, 2017

After the company was renamed, Obsidian has experienced immense growth. The management has been keen to ensure that the budget is spent wisely. The company faced several challenges, and the administration came together to provide a solution. After some discussions, 92% of the shareholders voted in favor of the resolution. Apparently, when all the stakeholders agree on something, then implementing it becomes more natural. That is why the company rose again even after the challenges that led to its collapsing.

 

 

Formerly, Penn West Petroleum Ltd., Obsidian has several subsidiaries including Canetic Resources Trust, Endev Resources Partnership, and Sifton Energy Inc. Currently, the company has approximately 300 employees on staff. One of the main things that are emphasized in the company is the safety of the workers and the surrounding community. The workers are encouraged to put on safety gear whenever they are working. Wearing safety clothes help in preventing accidents that could be averted. Due to that, they have come up with safety principles that must be observed by all the workers. The company’s management ensures that compliance by establishing appropriate programs.

 

 

Also, any injury that occurs must be reported and investigated. Apart from that, all the applicable jurisdictional regulation must be enforced in the site. Therefore, when all the rules are observed, chances of accidents occurring are minimized. They also have an emergency response plan. Obsidian energy is ready to respond to any emergency involving its operation. Due to proper management, the company has continued to have positive results. It had made arrangements for clearing some of the debts incurred when it had some crisis. Find Related Information Here.

 

 

The other important thing that concerns Obsidian Energy is the environment. Measures are put in place to ensure that the situation is not damaged. Oil and gas can cause significant environmental effects. The management understands s all the results and that is why they came up with methods of minimizing the effects. If the environment is not conserved, then the relationship between the company and the surrounding community can be tense. The community can accuse the company of poisoning them. We all know that for a business to be successful there must be a proper relationship between Obsidian Energy and the society. The workers from the group must also respect the people form the surrounding community.

 

See Also: 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&reqid=%257B%257Brequest_id%257D%257D