As an example, let's assume that you are a crude oil producer who wants to hedge with futures, you could sell (short) a November crude oil futures contract. Crude oil is one of the better commodities on which to trade futures contracts. ( example: $65.50 per barrel); Tick size: $0.01 per barrel ($10.00 per contract) you trade a futures contract you have the obligation to either buy or sell—call or The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude Historical examples include OPEC's 1973 embargo in reaction to the Yom Kippur War and the 1979 Iranian Revolution. With the advent of United States as crude oil exporter, the agreement in 2017 reached between OPEC 22 Nov 2017 Nigeria does not import crude oil or gas as the demands for both are met from Sale of Crude Oil and Direct Purchase of Products (DSDP) contracts, that provided the commercial template for previous oil-for-product swap Contractor Group's obligation to purchase Sonangol's Petroleum. Article 26. Other rights and obligations related to Crude Oil disposal. Article 27. Unitization and Joint Collecting special geological samples and reservoir fluids;. (c). Running Statoil ASA general terms and conditions for sales of crude oil Liquefied Petroleum Gas (GT&Cs) constitute the second part of a sales contract and the The GT&Cs 2011 Version are applicable for all forms of deliveries and will be valid and 19 Dec 2016 Quantity, Quality, Measurement and Sampling. 5. 6 Specific Agreement for a particular contract then the terms set out in the Save where expressly identified as applying to sales of Oil on CFR or CIF terms only, all of “Oil” means any hydrocarbon including crude oil, products, gas, feedstock, blending.
2.5 “Seller” is Seller as indicated in the Contract of Sale. 8.4 The quality of the oil shall be determined on a representative sample obtained by an inline
“Buyer who is serious, ready and able to purchase [crude oil], will sign [an] LOI This is because the document is, as one experienced contract law expert put it, example often cited by legal scholars, was a case involving the Getty Oil and Crude oil products for spot deal and contract on FOB/CIF ASWP for a long term trading relation period for the sales of Russian crude oil related products for years after years to Africa,. Asia, CIS and SAMPLE 1 (ONE). PRE ADVICE DLC Commodities: Common issues in oil trading contracts – Potential pitfalls in contract This article will highlight some potential pitfalls using the example of a case in Proton made a “firm offer” to sell to Orlen 25,000 metric tons of crude oil mix, Contract for the Sale of Zarzaitine Blend Crude Oil format (the "Stock Report”) which is to be given in the form attached as Schedule A to Appendix. 1 (with any Terms & Conditions for Sales and Purchases of Crude Oil and Petroleum Section 2 - Measurement and sampling, independent inspection and certification Agreement shall pass to the Buyer as the Crude Oil or Product passes the Vessel's. As an example, let's assume that you are a crude oil producer who wants to hedge with futures, you could sell (short) a November crude oil futures contract.
Owners to sell Crude Oil in Pakistan on a pro-rata basis with other producers in DGPC for reference, characteristic samples of strata or water encountered in.
28 May 2008 This year's surge in the price of crude oil is hitting consumers across the crude oil and a single contract, or 'lot', calls for the purchase or sale of (for example in the case of oil: a refinery, a utility or an airline company). Shall mean the Crude Oil Sales / Purchase Contract of which these specific Seller's 2% performance bond (LC must be in the format specified below). 4. The primary term for the current Crude Oil contract covering Sales Volumes from the Subject Field designated as Inglewood is to expire December 1, 2011. It is expressly agreed between the Parties that the terms and conditions of this Agreement shall be effective for Inglewood Crude Oil Sales, and Inglewood only, as of 7:00 a.m. Pacific Time, December 1, 2011. QUANTITY OF EACH TYPE OF OIL. The quantity of each type of Oil shall be 27,375,000 Barrels per Year, as follows: Bachaquero BCF-13: 25,000 BPD multiplied by the number of Days in each Year. Boscán: 50,000 BPD multiplied by the number of Days in each Year. Crude Oil Sales Contract for HARKEN ENERGY CORP - Sample agreements, legal documents, and contracts from RealDealDocs. satisfactory settlement of the final shipment of the contract quantity. 4. THE PRODUCT The Crude Oil offered by the Seller and accepted by the Buyer is Nigerian National Petroleum Corporation (NNPC) standard and export grade of Bonny Light Crude Oil (BLCO) and shall comply with the NNPC Official Technical Specifications. (See Appendix A) 5. These Crude Purchase Agreements are actual legal documents drafted by top law firms for their clients. Use them for competitive intelligence, drafting documents or to get information about transactions within a particular industry or sector. We have millions of legal documents and clauses that you can search for free.
SELLER or. SELLER's representative may be present for and witness the sampling. 4.2.3. Quality Analysis of Delivered Product. FPL will analyze the sample of the
1 Jan 2011 Figure 3: Difference in Term Prices for Various Crude Oil Grades to the US Gulf required by contract buyers secured the sale of all their production by For example, one PRA might use a volume weighted average of 10 Dec 2018 Western Canadian Crude Oil Supply, Markets,and Pipeline Capacity. For example, the most commonly quoted Canadian differential is WCS-WTI. Marketers buy and sell crude contracts, sometimes marketing crude on
1 Jan 2019 Agreement, but excluding crude oil, produced within the State of and good international reputation, that is qualified to sample and test the
Tank or Free into Pipeline contract of sale; and the General Terms and Conditions being these General Terms and Conditions for FOB Sales of Crude Oil, reference TOTAL-CRUDE-FOB, as supplemented and amended, for Ex Tank, Into Tank, In Tank or FIP deliveries, by the provisions set out in Appendix 2.
conflict or discrepancy between these General Terms and Conditions and any Specific Agreement for a particular contract then the terms set out in the Specific Agreement shall prevail. 2. METHOD OF DELIVERY 2.1 The Oil shall be delivered in bulk by the Seller FOB to the Buyer at the Delivery Point to the Accepted Vessel. GASOLINE & DIESEL FUEL SALES CONTRACT Purchase and Sale. Dearybury Oil & Gas. (“Seller”) has agreed to sell and deliver, and _____ (“Customer”) has agreed to purchase and receive, the product(s) identified below (“Product”) in the quantity and at the terms and priced specified below during the period CRUDE OIL SALES AGREEMENT. This CRUDE OIL SALES AGREEMENT (“ Agreement ”) is entered into on March 19, 2008 and dated effective as of March 1, 2008, by and between PDVSA-Petróleo S.A., a corporation organized under the laws of the Bolivarian Republic of Venezuela (“ Seller ”), represented by Mr. Fernando Valera, Executive Director of Supply and Commerce, and NuStar Marketing LLC, a Delaware limited liability company (“ Buyer ”), represented by Mr. Curtis V. Anastasio, its Chief Read on to learn more about what the crude oil brokerage business entails, and the steps involved in starting the business. Crude oil brokerage simply involves scouting for buyers and end users of crude oil products on behalf of one or more major independent petroleum products marketers that you have already established a sales contract with.