The oil industry is changing quickly in Canada. New technology allows oil companies to drill in new areas. Obsidian Energy is one of the largest oil companies in Canada. Obsidian has made numerous investments in new technology over the past few years.
At one time, it looked like Obsidian Energy was going to go bankrupt. In the last crude oil crash, many oil companies did not make any profits for several years. Obsidian Energy did not have a significant cash reserve, and the company had to sell land to other companies.
A new CEO recently took over Obsidian Energy. Since she became CEO, the company has increased both sales and profits. Many people believe she is doing a great job.
New Business Opportunities
Obsidian Energy is a unique oil company for several reasons. The company also produces solar energy panels for people to use. Most oil companies do not offer alternative energy services. The leaders of Obsidian Energy see the potential for solar power in Canada. Many people in Canada are willing to pay more for clean energy.
New Oil Drilling
With new technology, Obsidian Energy can drill for oil in new locations around the world. Drilling for oil can be a long and challenging process. Companies experience fluctuations in both sales and profits in the oil industry.
Obsidian Energy’s oil fields are located in Alberta, along the Western Canadian Sedimentary Basin. This region is one of the world’s largest petroleum reserves.
With the growth of the company, some people expect Obsidian Energy to buy another company in the future. Acquiring a smaller company is a proven strategy to generate profits in the oil industry. The leaders of Obsidian Energy are excited about the plans for both oil and solar energy.
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