Safe, secure and continuous supplies of energy are critical to modern society, providing the lifeblood to the global economy. The securitization of energy for heat, light and transportation affirms the strategic role petroleum plays, fuelling growth and development.
The global energy system is large and complex, requiring enormous amounts of embedded capital. In order to maintain energy supply and security, it is paramount that the energy system and supply chain is secure and stable. Energy security needs to be thought of not just in terms of energy supply itself, but also in terms of safeguarding the entire supply chain.
Mistakenly, threats to the physical supply chain are not fully evaluated when assessing potential bottlenecks and supply disruptions. As over 60 per cent of the world’s oil and natural gas is transported by sea annually, it is imperative that the sea-lanes remain clear and safe for tankers and their crew.
Every day hundreds of tankers sail through the sea-lanes of the super highway, delivering energy to international markets. It is clearly in the interest of all participants in the global economy to ensure that vessels carrying crude can pass peacefully without being impeded upon by piracy or terrorism, or is it?