Pirates are expanding in West Africa, threatening offshore oil storage [CNBC]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: CNBC
A worker inspect facilities on an upstream oil drilling platform at the Total oil platform at Amenem, 35 kilometers away from Port Harcourt in the Niger Delta in 2009.Pius Utomi Ekpei | AFP | Getty ImagesAs international oil companies (IOCs) grapple with a historic plunge in crude prices, a rise in piracy is also poised to threaten supply chains.The first quarter of 2020 saw a spike in piracy around the world, with 47 attacks compared to 38 for the same period last year, according to the International Maritime Bureau (IMB).The Gulf of Guinea, a key production hub surrounded by eight oil exporting countries in West Africa, has emerged as a global hot spot, accounting for 21 attacks so far this year and 90% of all kidnappings at sea in 2019.Most attacks still occur in Nigerian waters, but piracy is expected to rise in 2020 and 2021 and expand further into neighboring states, posing serious concerns for shipping and international oil companies, according to research by political risk con
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