Regional Cooperation Key to Curbing Gulf of Guinea Oil

The Gulf of Guinea has become famous for its piracy crimes over the last two decades, with many ships being invaded by modern-day pirates looking for wealth. Despite repeated attempts to crack down on criminals in the region, little has worked to stop the activities completely. However, the recent strengthening of safety standards as well as greater regional cooperation are helping to deter violent criminal activity and are expected to improve transit safety in the region in the coming years. 

The Gulf of Guinea is strategically located, stretching from Senegal to Angola, covering approximately 6,000 km of coastline and 20 commercial seaports. It provides an important transport route for oil and gas, as well as goods, to and from central and southern Africa. It is highly trafficked, with around 1,500 fishing vessels, tankers, and cargo ships passing through the waters each day, representing around 25 percent of African maritime traffic. It is therefore highly attractive for maritime crime. The region that the maritime route spans is rich in natural resources, from hydrocarbons to metals and minerals. The Gulf provides around 60 percent of the continent’s oil production, with two-thirds of reserves concentrated in Nigeria’s waters. 

Acts of piracy have been taking place in the Gulf of Guinea for several years, making safety a key concern for energy companies and maritime workers. Piracy is defined under international law as threatening “maritime security by endangering (…) the welfare of seafarers and the security of navigation and commerce. These criminal acts may cause the loss of life, physical harm or hostage-taking” situation.” However, in recent years, piracy has given way to bunkering activities – the act of oil theft. Bunkering is achieved by diverting and smuggling oil by loading unauthorised ships. This can result in oil spills and explosions and leave pipelines vulnerable to leaks. 

In recent years, several criminal networks operating in the region have shifted away from traditional piracy activities in favour of oil bunkering. Rather than boarding ships to steal goods or kidnap workers in exchange for ransoms, criminals are increasingly targeting vessels carrying refined goods, looking to steal oil products. This is likely because the financial incentives are that much higher. The total earnings for piracy and kidnapping for ransom in 2021 equated to around $4 million, compared to oil bunkering’s multi-million-dollar potential.

Source: https://oilprice.com/Energy/Crude-Oil/Regional-Cooperation-Key-to-Curbing-Gulf-of-Guinea-Oil-Piracy.html

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