Leading Junior Oil Company a Pioneer in Colombia.
Canacol is a pioneer in shale extraction in Colombia, participating in the first project of its kind in the country. Founded by Charle Gamba in Toronto in 2008, Canacol has grown by around 25% per year since its founding and continues to expand. Today, Canacol has around 250 employees and offices in Toronto and Bogota. It is partnering with Exxon, Shell and Conoco Phillips.
Explaining his company’s growth, Mr. Gamba says, “Canacol has expanded steadily thanks to our successful explorations and strategic acquisitions.” The company operates in 22 blocks throughout Colombia and is targeting 134,000 barrels of oil equivalent per day for calendar year 2014, a total it expects to increase to 17,000 barrels of oil equivalent per day by the end of the year.
Canacol is now ranked number five among junior exploration companies in Colombia and has around three million acres of land area still to be explored up to 2017. Mr. Gamba says, “We have a diverse portfolio. We are looking for and extracting light oil, heavy oil and gas in order to avoid relying on a single source or field. We have increased our reserves to 41 million barrels.”
Commitment to CSR projects
The company is well known for its commitment to corporate social responsibility and has brought clean water, schools and healthcare support to the communities where it operates throughout Colombia. In fact, Canacol dedicates around US$3 per barrel sold for community-service projects. Mr. Gamba adds, “We are very proud that we have adopted the UN Charter for Human Rights, and we make an effort to hire locally.”
Canacol will continue to play a key role in Colombia’s economic development. It provides technical-consultancy services to Colombia’s Ministry of Mines and Energy and other organizations, and Mr. Gamba points out, “We strongly believe that public-private partnerships benefit both parties.”