Frontera Achieved 102% Of Its 2022 ESG
Goals
2023 Environmental, Social, and Governance
Targets Announced
Positively Impacted More Than 73,100 People
Developing 218 Social Projects
Advanced Its First Photovoltaic Power Project
At Its CPE-6 Block In Colombia To
Reduce Energy Use, Costs, and Carbon Emissions
Commissioning The SAARA Pilot Project, A Water
Reuse And Purification System Within A Circular Economy
Framework
CALGARY,
AB, May 30, 2023 /PRNewswire/ - Frontera
Energy Corporation (TSX: FEC) ("Frontera" or the
"Company") today released its 2022 Sustainability Report,
announced its 2023 environmental, social and governance
("ESG") targets, highlighting its commitment to developing
and implementing meaningful actions to strengthen its ESG
performance across its business.
Orlando Cabrales, Chief
Executive Officer, Frontera commented:
"I am thrilled to report that Frontera exceeded its 2022 ESG
goals, achieving an overall compliance of 102%. Our dedication to
harmonizing our business objectives with our ESG goals underscores
our belief that responsible corporate stewardship and robust
business performance are not just complementary, but mutually
reinforcing. Through operational excellence and steadfast
integrity, we are cultivating a sustainable future that prioritizes
the well-being of our employees, communities, ecosystems, and the
environment, all while creating societal value."
Frontera's 2022 Sustainability Report details Frontera's
sustainability efforts, the Company's performance against its 2022
ESG goals and publicly establishes its 2023 ESG objectives. The
2022 Sustainability Report covers the period from January 1, 2022, to December 31, 2022, and has been prepared in
accordance with the Sustainable Accounting Standards Board (SASB),
Task Force on Climate-Related Financial Disclosures (TCFD), Carbon
Disclosure Project (CDP) and the Global Reporting Initiative (GRI),
the Global Compact, the Voluntary Principles on Human Rights and
Security, and the UN Sustainable Development Goals. Frontera has
voluntarily published annual Sustainability Reports since 2016 as
part of its continuous and transparent disclosure efforts to
highlight its ESG achievements and challenges.
Frontera's 2022 Sustainability Report can be accessed on the
Company's website at:
https://www.fronteraenergy.ca/sustainability-reports/
Highlights of Frontera's 2022 ESG performance
include:
Environment:
- Frontera neutralized 52% of its GHG emissions through carbon
credits
- The Company reduced the average water consumption in its
operations by 21%
- Frontera reforested and restored 1,747 hectares, totalling
4,057 cumulative hectares preserved and conserved since 2018
- Frontera has added gas-powered vehicles to its oil
transportation fleet, shifting the paradigm of crude oil transport
and promoting cleaner transportation
Social:
- Frontera achieved a TRIR of 0.82 and maintained a zero incident
rate in its operations, the best health and safety performance in
the Company's history
- Frontera positively impacted more than 73,100 people in
Colombia, Ecuador and Peru through the development of 218 projects,
investing $4.3 million and making
direct purchases of local goods and services for a total of
$51.3 million
- Frontera received the Friendly Biz certification from the
Chamber of LGBT Businesses of Colombia for being an LGBT+ friendly
business
- The Company was recognized as one of the top 20 companies to
work for in Colombia in 2022
according to Great Place To Work in the category of companies with
300 to 1,000 employees
Governance:
- Frontera was recognized as one of the World's Most Ethical
Companies by Ethisphere, for the second consecutive year
- The Company maintained a rate of zero material cybersecurity
incidents
Frontera's 2023 Environmental, Social, and Governance
Goals
As part of its 2022 Sustainability Report, Frontera published
its ESG goals for 2023. Frontera will report its progress in
achieving its 2023 goals in its 2023 Sustainability Report which it
anticipates publishing in May 2024. A
list of the Company's 2023 ESG goals is shown in the table
below.
Environmental
|
Social
|
Governance
|
Climate
Action
●
Neutralize 50% of GHG emissions through
carbon credits (annual average)
●
Initiate the solar farm at block
CPE6
|
Work, Health, and
Safety
●
Improve health and safety indicators by
10% (TRIR target of 0.74)
|
Cybersecurity
●
Maintain a rate of zero material
cybersecurity incidents
|
Clean water and
sanitation
●
Recycle 15% of the water required in
operational activities
|
Diversity, equity,
and inclusion
and human talent
management
●
Improve our performance on diversity,
equity, and inclusion indicators
●
Improve Great Place to Work results
towards an "excellence" category
|
Compliance, ethics,
and transparency
●
Continuously improve our culture of
ethics and compliance, evidenced by external assessments
(Ethisphere)
|
Life &
Ecosystems
●
Preserve 1,000 new hectares of biological
corridors in Casanare and Meta to protect 4 representative mammal
species
●
Protect, restore, and maintain a
cumulative 5,057 hectares at the end of 2023
|
Community
engagement
●
Increase the scope and impact of social
investment projects
●
Implement the Mobilizing Women program in
at least 2 blocks
|
Comprehensive risk
management
●
Link ESG risks and opportunities in
operational risk management for critical macro processes
|
Responsible
consumption and production
●
Reuse at least 17% of solid waste sent
for final disposal
|
Responsible
management of the supply chain
●
Increase direct purchases of local goods
and services to US$55 MM
|
Innovation and
competitiveness
●
Achieve US$30MM in cost
reduction
●
Implement 6 innovation
initiatives
●
Implement 4 initiatives of the
environmental challenge (Waste Management)
●
Consolidate 25 agile initiatives with the
Coach Agile tribe, under agile methodologies
|
About Frontera
Frontera Energy Corporation is a Canadian public company
involved in the exploration, development, production,
transportation, storage, and sale of oil and natural gas in
South America, including related
investments in both upstream and midstream facilities. The Company
has a diversified portfolio of assets with interests in 31
exploration and production blocks in Colombia, Ecuador, and Guyana, and pipeline and port facilities in
Colombia. Frontera is committed to
conducting business safely and in a socially, environmentally, and
ethically responsible manner,
If you would like to receive News Releases via email as soon as
they are published, please subscribe here:
http://fronteraenergy.mediaroom.com/subscribe.
Corporate Presentation
See Frontera Energy's corporate presentation at:
https://www.fronteraenergy.ca/reports-presentations/
Social Media
Follow Frontera Energy's social media channels at the following
links:
Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.
Advisories
Cautionary Note Concerning Forward-Looking
Statements:
This press release contains forward-looking information
within the meaning of Canadian securities laws. Forward-looking
information relates to activities, events, or developments
that Frontera believes, expects, or anticipates will or may
occur in the future. Forward-looking information in this
presentation includes, without limitation, Frontera's 2023 ESG
goals, the Company's expectations regarding its 2023 Sustainability
Report and the Company's dedication to harmonizing its business
objectives with its ESG goals. All information other than
historical fact is forward-looking information.
Forward-looking information reflects the current
expectations, assumptions, and beliefs of Frontera based on
information currently available to it and considers the experience
of Frontera and its perception of historical trends. Although
Frontera believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be placed on such
information. Forward-looking information is subject to a number of
risks and uncertainties, some that are similar to other oil and gas
companies and some that are unique to Frontera. The actual results
of Frontera may differ materially from those expressed or implied
by the forward-looking information, and even if such actual results
are realized or substantially realized, there can be no assurance
that they will have the expected consequences to, or effects on,
Frontera. The annual information form of Frontera for the year
ended December 31, 2022, and
Frontera's management's discussion and analysis for the year ended
December 31, 2022, and quarter ended
March 31, 2023, and other documents
Frontera files from time to time with securities regulatory
authorities describe the risks, uncertainties, material assumptions
and other factors that could influence actual results and such
factors are incorporated herein by reference. Copies of these
documents are available without charge by referring to Frontera's
profile on SEDAR at www.sedar.com. All forward-looking information
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, Frontera disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events, or results
or otherwise.
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SOURCE Frontera Energy Corporation