• 55 mins UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 5 hours LNG Glut To Continue Into 2020s, IEA Says
  • 7 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 10 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 12 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 13 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 7 days OPEC Oil Deal Compliance Falls To 86%
Where To Look For Value This Earnings Season

Where To Look For Value This Earnings Season

Energy majors are about to…

Oil Stocks To Watch As Geopolitical Risk Mounts

Oil Stocks To Watch As Geopolitical Risk Mounts

Oil market sentiment has turned…

Pirate Attacks Increase in the Gulf of Guinea

Pirate Attacks Increase in the Gulf of Guinea

I had always believed that pirates boarded oil tankers in order to take the crew and cargo hostage in return for a ransom, or to syphon off the cargo for illegal sale on the black market, but it seems as though the pirates aren’t above a bit of common mugging.

I say common, but it isn’t the most common thing in the world to discover that an oil tanker (its crew mainly) has been the victim of a mugging, but on Thursday the government, and maritime agency of Togo announced that pirates had looted a chemical tanker off the coast earlier in the week.

Traditionally the Horn of Africa has been a danger zone for pirate attacks, but whilst international navies are actively engaged in counter-piracy operations there, the growing piracy activities in the Gulf of Guinea (along the coasts of Nigeria, Togo, Ghana, and the Ivory Coast) has begun to grow exponentially, with little fear of naval retribution.

Related article: Has Piracy Around the Horn of Africa Gone?

Pirates from Nigeria are increasing attacks on ships in the Gulf of Guinea
Pirates from Nigeria are increasing attacks on ships in the Gulf of Guinea. (The Economist)

Gunmen approached the MT Ocean Centurion tanker on Tuesday, and boarded it around 45 miles south of the capital Lome, whereupon they did not hijack the ship, but rather stole money and possessions, before making a getaway.

The Togolese government sent out a naval vessel to the tanker after receiving a distress call in the wake of the attack. The tanker was then escorted to the port of Lome whilst the country’s navy hunted the pirates.

Related article: GE to ‘Power Africa’, Without the Risk

The International Maritime Bureau (IMB) confirmed that “on July 16, the robbers took two crew members and disembarked from the tanker with the rescue boat, taking along ship's cash, crew cash and personal belongings. The crew were released later. Three crew members were injured during the incident.”

The increased number of pirate attacks in the area, mostly believed to be carried out by Nigerian gangs, have led to a sharp increase in the shipping and insurance costs for voyages along Africa’s West Coast, deterring investors from supporting projects in those coastal countries.

Another pirate attack from this week has also been announced. In a more traditional hijacking, pirates took control of an oil products tanker, taking hostage the 24 on board crew. The attack occurred just of the coast of Gabon, making it the most southerly pirate raid in the Gulf of Guinea.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News