Safeguarding the Environment
We conduct our business in a manner that recognizes and reflects the ever-present need to balance environmental impacts and economic interests within the communities in which we operate.
The environment is everyone’s business. At Obsidian Energy, we are committed to strong environmental practices and continually improving our environmental performance, using strategies to recognize the ever-present need to balance any potential impacts with the interests of our communities. We believe in a holistic approach to sustainability, incorporating various stakeholder interests into our approach to minimizing environmental impacts. This approach allows our initiatives to work towards multiple goals, such as using technology to improve our asset integrity while simultaneously reducing our emissions – providing a better outcome for all.
We established environmental baselines as of 2018 and have since been focused on reducing legacy ARO, improving asset integrity, reducing GHG emissions and responsible water management. These areas will continue to be the forefront of our environmental sustainability model as we expand our focus, incorporate new technologies, invest in our asset base, and work to ensure that the environment is safeguarded.
Industry Leader in Asset Retirement & Reclamation
As an oil and gas producer, we are accountable to our stakeholders and others. We incorporate full cycle asset development across our operations, which means not only bei
ng aware of our environmental footprint, but actively focusing on reducing it as we develop our asset base. We built a culture where the ‘obligation’ to decommission assets and restore land to a pre-development state is a standard part of our business, integrated fully throughout the development life cycle. Our teams are dedicated to upholding these goals and we are very proud of all the work that has been accomplished so far.
Air Quality & Greenhouse Gas Emissions
The quality of the air we breathe impacts everyone, and we view our responsibility to manage air quality within our operations of the utmost importance. To ensure local communities are informed, we have active discussions with all our stakeholders regarding what we are doing to safeguard air quality and our response in the event of a potential incident.
We are proud of what we have accomplished so far. A major focus is our 88% reduction in flared emissions since 2018, largely due to the work in Peace River where investment into infrastructure for gas capture which contributed to the drastic reduction of our flared emissions. This equated to 95% of previously flared and vented emissions being removed from the air and placed in the sales line – improving air quality locally while preserving valuable natural resources.
Another key area of focus has been related to fugitive emissions with the implementation of new technology at our operations over the past several years. Improving our ability to identify and eliminate fugitive emissions points quickly as a routine part of operations resulted in lowering our fugitive emissions by 80% since 2018.
Responsible Water Usage
We recognize the importance of water as a shared resource and are dedicated to reducing fresh water used in operations to conserve this valuable commodity. While we use fresh water for both hydraulic fracturing and enhanced oil recovery through injection into underground formations, we strive to ensure what minimal amount is used supports responsible energy development and the betterment of our communities.