4 August 2021 | 07:45am
StockMarketWire.com - Trinidad and Tobago focused oil company Trinity Exploration & Production said executive chairman Bruce Dingwall had died, aged 61.
Dingwall founded the company in 2005, following the acquisition of Venture Production s Trinidadian assets and became executive chairman in 2013. We are deeply saddened and shocked by Bruce s death, managing director Jeremy Bridglalsingh said. First and foremost, our thoughts are with his family at this difficult time, and we extend to them our deepest sympathies. No-one can escape the fact that Bruce was instrumental in the formation, growth and success of Trinity over the years. He will be sorely missed, not only as a colleague, but also as a close friend to so many of us within the Trinity team.
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On Monday the International Energy Agency said firms should not develop new oil and gas fields. The Paris-based watchdog said the climate pledges made by governments to date – even if fully achieved – would fall well short of what is required to bring global energy-related carbon dioxide emissions to net zero by 2050. It said there needed to be a massive increase in spending on renewables along with changes in behaviour if the net zero target were to be met. However, industry champions say new oil and gas fields will be needed to help meet global demand for energy while alternative sources are developed.
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Oil and gas firms have slashed investment in the North Sea in recent months Picture: Andrew Milligan/PA Wire AS the crude price traded at nine-month highs last month Scottish energy giant SSE poured a bucket of ice-cold water on hopes of recovery in the North Sea. The 40 per cent rise in the crude price since early November, to around $53 per barrel, has been fuelled by hopes that effective coronavirus vaccines will be made available around the world by spring. While the surge in infection rates caused by the new variant has concerned traders, moves by Saudi Arabia to ease fears that Opec + members would ease production curbs too quickly have helped calm nerves.