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Governance
Steering Towards Success: Ethical Leadership for Sustainable Growth
Our commitment to good corporate governance creates an environment that promotes long-term growth. This commitment ensures transparency and accountability, which are essential for securing the trust of our stakeholders. It also fosters a culture of ethical decision-making and compliance that helps mitigate risks and contributes to the company’s sustainability and success.
Our Performance in 2023
Fostering ethical leadership, trust, and sustainable growth through strong corporate governance.
Compliance, Ethics and Transparency
Ethics Excellence: We’re honored to be recognized as one of the World’s Most Ethical Companies by Ethisphere for a fouth year.
Comprehensive Risk Management
Sustainability-Climate Risk Synergy: We made progress in linking sustainability and climate risks in the corporate risk strategy.
Cybersecurity
Flawless Operations Achieved. We maintained a rate of zero material incidents without information or financial loss.
Human Rights
Ethical Operations Commitment: No human rights violations were detected in our operations.
Innovation and Competitiveness
- 38 employees trained as agile coaches.
- A cost reduction of US$39.8 million was achieved through 256 employee-led initiatives.
Financial Performance and Operation Excellence
Growth and Efficiency: By monitoring high standards of governance and transparency, we executed a total expenditure of US$443 million on exploration activities to deliver gross 2P reserves of 164 MMboe and an average production of 40,919 boe/d, optimizing capital efficiency and cash flow.
Compliance, Ethics and Transparency
Ethics Excellence: We’re honored to be recognized as one of the World’s Most Ethical Companies by Ethisphere for a fouth year.
Comprehensive Risk Management
ESG-Climate Risk Synergy. We made progress in linking ESG risks and climate risks in the corporate risk strategy.
Cybersecurity
Flawless Operations Achieved. We maintained a rate of zero material incidents without information or financial loss.
Human Rights
Ethical Operations Commitment. No human rights violations were detected in our operations.
Innovation and Competitiveness
- 38 employees trained as agile coaches.
- A cost reduction of US$39.8 million achieved through 256 employee-led initiatives.
Financial Performance and Operation Excellence
Growth and Efficiency: By monitoring high standards of governance and transparency, we executed a total expenditure of US$443 million on exploration activities to deliver gross 2P reserves of 164 MMboe and an average production of 40,919 boe/d, optimizing capital efficiency and cash flow.
Our 2023 Governance GoalsInfluencers of Integrity
Outstanding business ethics
Continuously improve
our culture of ethics and compliance, evidenced by external assessments (Ethisphere)
Risk management
Integrate
Sustainability-related risks and opportunities into operational risk management for critical
macro-processes
Innovation and Competitiveness
Achieve
US $30 million in cost reductions
Implement
Consolidate
25 agile initiatives with the Coach Agile tribe
Cybersecurity
Maintain
a rate of zero material cybersecurity
incidents
Human Rights
Ensure
adequate human rights due diligence in Frontera’s operations
Performance & Excellence
Achieve
an average production of more than 40,000 boe/d, optimizing the execution of capital expenditures