Nigerian Navy Arrests Ghanaian Ship Loaded with Two Million Litres of Crude Oil

• The Nigerian Navy announced that it has arrested a Ghanaian ship loaded with Nigeria crude oil
• The Navy said the ship was loaded with about two million litres of crude oil heading to the Benin Republic
• The development came after the plan of the Nigerian government to increase crude oil production to a new high

Legit.ng’s Pascal Oparada has reported Tech, Energy, Stocks, Investment and the Economy for over a decade.

The Nigerian Navy stated this weekend that it had arrested a Ghanaian ship with about two million litres of crude oil and a 13-crew syndicate, one Ghanaian and 12 Nigerians who were on board the ship, Motor Tanker (MT) Sweet MIRI, on February 25, 2024.

The development comes as the office of the Inspector General of Police (IG) secured the forfeiture of two multi-million naira vessels arrested for oil bunkering. The ships to be forfeited are MT Habour Spirit and MT Kali.

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Ship was caught heading to Benin Republic

Also, the Navy disclosed that the arrest of the Ghanaian ship was due to its newly launched ‘Operation Delta Sanity.’

ThisDay reports that the Navy spokesman, Rear Admiral Ayo Vaughan, in a statement, said the arrest of the suspects was made about 174NM off Nigeria’s coast heading to Benin Republic.

The statement said the Navy observed that the vessel had turned off her Automatic Identification System (AIS) to evade detection.

The statement said:

“The infraction by the vessel contravenes the International Ships and Port Security Code (ISPS), and she was tagged a “Vessel of Interest” (VoI) by the Nigerian Navy.

“Curiously, the suspicious disposition of the vessel necessitated the swift deployment of the Nigerian Navy Ship ABA and SOKOTO to intercept the vessel.

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Navy launches offensive against oil

According to the statement, the arrest aligns with the directives of the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, who has ordered an in-depth and independent investigation into the ship's action.

The development follows a plan by the Nigerian government to increase crude oil production to about 2.5 million barrels per day.

Nigeria projects new crude oil output

Nigeria’s projection comes as the price of Brent crude rose in the last three days, crossing $84 per barrel on Friday, February 1, 2024, after trading for about $80 per barrel in the past weeks.

Punch reports that Nigeria’s oil output rose by 91,476 barrels per day, hitting 1 426,574 barrels daily in January, compared to the production figure of 1,335,098 barrels per day in December 2023.

Data from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) indicates that with condensate, Nigeria’s oil production increased to 1,64 million barrels daily in January 2024 from the 1.55 million barrels produced in December 2023.

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Crude oil price rises to new high

Legit.ng reported that the price of Brent Crude rose to $83.19 barrels on Tuesday, February 13, 2024, an increase of $1.19 compared to its cost the previous day, according to data from the Nigerian government, showing that the country’s output rose to 1,426,574 barrels per day in January 2024.

The gain in crude oil price and the increase in Nigeria’s output would lead to more Forex earnings for the country, which has battled FX scarcity for months.

Source: Legit.ng