financetom
Business
financetom
/
Business
/
Canadian First Nation blockades disrupt Obsidian Energy's operations in Peace River
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Canadian First Nation blockades disrupt Obsidian Energy's operations in Peace River
May 15, 2024 11:38 AM

May 15 (Reuters) - Oil and gas producer Obsidian Energy ( OBE )

said on Wednesday that blockades by Canada's Woodland

Cree First Nation forced it to shut in production at two of its

sites amid an ongoing dispute with the Indigenous community.

The company said that the first blockade took place near its

Walrus field asset on May 5, forcing a production shutdown.

The blockade later shifted near the entrance of its Harmon

Valley South (HVS) field operation on May 11, Obsidian said. The

HVS field asset was producing 4,500 net barrels of oil

equivalent per day (boepd) at the time.

Production at Walrus has restarted, but it remains halted at

HVS, the company said, adding that the blockades are breaching a

court order and a resolution agreement between the two parties.

The Woodland Cree First Nation has been locked in a dispute

over oil and gas drilling operations by Obsidian at its

territory. The company maintains that its current and future

drilling locations are situated on Crown land, away from the

Indigenous community's reservation.

Calgary-based Obsidian produces around 6,500 boepd, or 20%

of its total production, from assets in the Peace River region.

"We reserve the right to pursue all legal means to restore

the lawful operation of our HVS field, and may, without further

notice, commence civil litigation against the WCFN and related

parties for damages," said Obsidian's CEO Stephen Loukas.

Woodland Cree First Nation said, separately, that it remains

ready and willing to sit down with Obsidian to resolve their

ongoing dispute.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
KBR to Acquire LinQuest for $737 Million in Cash
KBR to Acquire LinQuest for $737 Million in Cash
Jul 16, 2024
06:51 AM EDT, 07/16/2024 (MT Newswires) -- KBR (KBR) said Tuesday that it has agreed to acquire LinQuest, an engineering, data analytics and digital integration company, for $737 million in an all-cash transaction. The deal is expected to be accretive to adjusted earnings per share and has been unanimously approved by the KBR board of directors. The company said it...
RecycLiCo Battery Materials Obtains European Unitary Patent for Battery Recycling Process
RecycLiCo Battery Materials Obtains European Unitary Patent for Battery Recycling Process
Jul 16, 2024
06:52 AM EDT, 07/16/2024 (MT Newswires) -- RecycLiCo Battery Materials ( AMYZF ) on Monday said it has been granted a European Unitary Patent for its hydrometallurgical lithium-ion battery recycling solution. The patent solidifies the company's intellectual property portfolio in Europe, a key market focused on electrification and sustainable battery technologies, RecycLiCo said. The patent is the 16th issued globally...
--BofA Posts Q2 EPS of $0.83 Per Share on Revenue of $25.4 Billion, vs CIQ Analyst Consensus of $0.80/Share on Revenue of $25.2 Billion
--BofA Posts Q2 EPS of $0.83 Per Share on Revenue of $25.4 Billion, vs CIQ Analyst Consensus of $0.80/Share on Revenue of $25.2 Billion
Jul 16, 2024
06:51 AM EDT, 07/16/2024 (MT Newswires) -- Price: 42.38, Change: +0.49, Percent Change: +1.17 ...
Masimo Files Complaint Against Politan Capital Over Alleged Misstatements in Proxy Material
Masimo Files Complaint Against Politan Capital Over Alleged Misstatements in Proxy Material
Jul 16, 2024
06:51 AM EDT, 07/16/2024 (MT Newswires) -- Masimo ( MASI ) said Tuesday it has filed a complaint in California federal court seeking to require Politan Capital to correct alleged misstatements and omissions in its proxy materials. The company also alleged Politan founder Quentin Koffey of assisting plaintiff's counsel in litigation against Masimo ( MASI ), among other things. In...
Copyright 2023-2026 - www.financetom.com All Rights Reserved