Fuel & Energy News South Africa

Piracy hurts oil exploration off Africa's east coast

Fin24 reports that piracy poses a major threat to any oil or gas exploitation of the significant reserves off the east African coast, driving up costs and wreaking having among exploration companies according to energy attorney Dr Luke Havemann.

Fin24 reports he told delegates attending the Natural Gas Southern Africa conference that insurance premiums had rocketed and specialist security services have to be commissioned and paid for to protect ships and rigs.

He says these factors had driven exploration and exploitation costs up sharply, according to Fin24.

Read the full article on www.fin24.com

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