Oil and gas resources and energy commodities such as petroleum products, crude oil and liquified natural gas (LNG), along with their related physical infrastructure, are prone to security risks all across the world, and especially in West Africa, the Johannesburg-based AEC said in its latest Africa Energy Outlook 2020.
Oil-producing nations such as Nigeria are regular victims of energy theft, vandalism and piracy, which jeopardise energy security and the entire economy of oil-dependent countries, says the report emailed to Xinhua.
The AEC has endorsed an initiative to bringing together senior players and security heads from the operators, regulators, and service companies to tackle and discuss major challenges such as kidnap for ransom, pipeline vandalism, crude oil theft, port security and community collaboration.
"The energy sector is central to the economic stability of the whole continent, and especially West Africa where oil is the pillar of economic growth," said Nj Ayuk, AEC Executive Chairman.
Security threats can result in major disruption to energy operations across the value chain, and are very costly for the sector and African economies, he cautioned.
The AEC applauds all initiatives taken to ensure the security of energy assets in the region, including the recent collaboration between the Nigerian Navy and international navies, Ayuk said.
