At Parex, we are committed to responsibly managing sustainability matters within the frameworks that prioritize people, planet and profits while delivering strong operational results. Our long-term aspiration is to become one of the least carbon intensive oil and gas exploration and production companies.
Introduced GHGs emissions intensity reduction targets (mid-term target: 50% reduction by 2030 from 2019 levels)
Investing in geothermal and solar energies to lower carbon footprint from operated fields’ power generation
Reduce GHG emissions/boe (~14% intensity reduction in 2021)
Biodiversity and land protection, including tree planting, repopulation of vulnerable turtles and protection of forests
Water for all: Increase community access to clean water
Clean Energy Program: Improve community access to electricity using renewable sources
Provide ongoing community support during the COVID-19 pandemic
Implement corporate Diversity, Equity & Inclusion (DE&I) plan
2023 diversity target: At least 30% of Broad of Directors are female
20% of 2022 variable compensation linked to ESG metrics
Transparency and disclosure through recognized ESG frameworks and standards (TCFD, UNGC, SASB, GRI)
Shareholder return through share buybacks and dividends
In 2020, Parex became a participant of the United Nations Global Compact (UNGC) and made the commitment to align its corporate management and business practices with the 10 UNGC principles in the areas of Human Rights, Labour, Environment and Anti-corruption.
This step demonstrates Parex’ commitment to building a robust sustainability strategy along with its ability to evaluate, measure and communicate it, especially in terms of taking action in support of broader UN goals such as the UN Sustainable Development Goals (SDGs).View Sustainable Development Goals PDF