In 2012 World Finance named a Colombian firm as the ‘Most Sustainable Oil and Gas Company in Latin America’. That company was
Pacific Rubiales, the country’s largest independent oil and gas exploration company with interests at home as well as in Peru and Guatemala. In the same year, Pacific Rubiales was included in the STOXX Global ESG Index, whose members are the leading global firms based environmental, social and governance criteria.
“You could win awards in terms of business and it would be great and they would tell you about how good business is,” comments Ronald Pantin, company President. “But when you’re awarded and recognized abroad for the shared value model and social investment you are doing well in Colombia, that makes us proud.”
He adds: “We believe in shared value. We believe the company has to play a part in improving society and the environment, do things better and, logically, offer added value to our shareholders.”
“In Pacific Rubiales, the unskilled employees earn more than twice the minimum
wage in Colombia” |
Part of what the company has done is to take advantage of the land lying fallow on top of its oil fields. Aside from putting vital infrastructure in place, such as roads, telecoms, utilities, etc., it has also empowered the rural residents with enhanced agricultural skills and inputs.
In terms of its main business activity, Pacific Rubiales has played a key role in stepping up Colombia’s oil production; just seven years ago it recorded some 14,000 barrels per day. Today it produces 314,000 bpd and investment and research into new technology could potentially raise this even further and help the country maintain long-term production of over 1 million bpd.
Pacific Rubiales also boasts its own pipelines, such as the Llanos and Bicentennial lines, 75 and 1,430 miles long, respectively.
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