Page 16 - 2020 Sustainability Report - Gran Tierra Energy
P. 16

Economic Impact
GTE’s operational and financial stability helped ensure minimal disruption to communities during a difficult year. Contracts for local vendors and salaries for local workers injected capital into local economies and created opportunities as these funds circulated throughout the community for secondary and tertiary goods and services.
GTE’s impact on Colombia and Ecuador extends beyond jobs and direct capital through a business culture that delivers long-term benefits for the people and environment in the areas where the company operates.
   GTe’s economic Impact in Colombia and ecuador in 2020*
$4M $2M
*Units in millions of dollars (USD) **Total includes all Capex, Opex, G&A,
 Economic Value Generated and Distributed**
 Payments to Suppliers, Contractors and
Other Third Parties
 Payments to Governments (Taxes, Royalties)
 Payments to Employees (Salaries and Benefits)
  Investment in Communities
Social Investment
  Acquisitions, Taxes and Royalties in 2020.
   Progress in ecuador
GTE continued to lay groundwork in Ecuador to commence exploration and development in the Sucúmbios region by continuing stakeholder relations activities, conducting workshops with government agencies, providing humanitarian aid to affected regions and advancing its applications for environmental licenses. GTE was one of a small number of international companies operating in Ecuador to be invited by the Canadian government to participate in the Extractive Industries Transparency Initiative, a global standard for the good governance of oil, gas and mineral resources.

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