good day all oil and gas interested persons. i have some terms you may need to know when venturing into oil and gas.;-)
spa- sales and purchase agreement.
pop- proof of product.
nor- notice of readiness.
loi- letter of intent.
bg- bank guarantee.
atb- authority to board.
atl- authority to load.
q@q- quantity and quality.
bcl- bank confront letter.
other things you might need to know are : mandate,facilitator,bank coordinates e.t.c
more to come

^ ^ ^ ^ Thank you

SPA- SALES AND PURCHASE AGREEMENT,
this is a legal document which is presented by the seller of a supposed oil commodity through the sellers agent to the buyer or his or her agent or mandate for the buyer to sign,seal and return back to the seller.it is a legal document binding on both parties once signed and incurs a penalty if one party defaults in fulfilling his side of the purchase contract. most likely it has the terms agreed by both seller

and buyer present in it. a copy of this document is given to the banks of both parties in the deal while copies are also kept for security reasons. since the spa is a legal document,care should be taken before it is signed since many people defraud others with it.it is often times in soft copy and is printed out and filled by the other party. more info to come.

ways by which people defraud others with the spa.
once an agreement is reached by some parties and the spa has been signed, some fraudsters fault the agreement deliberately and demand a penalty fee of $100,000 or more from the buyer thus forcing the buyer to pay for a deal that never occured.this is usual with many desperate facilitators and agents so be careful when you enter any deal cos many nigerians out there are scammers.

PROOF OF PRODUCT(P.O.P)
As the name implies, the proof of product is a document issued by the owner of a particular oil commodity in a vessel or a seller of an oil commodity showing that he truly possesses that product and it is still available for purchase. it can be issued in paper form,online or by electronic form. the p.o.p is a document that can be verified and should always be by the buyer of the oil product before he commences any deal.

the proof of product can be verified by shell screen both in nigeria and in london or any other reputable oil and gas body. once a genuine p.o.p has been confirmed other steps in the deal can now resume. if a vessel has no p.o.p please do not enter into such a deal. you might just Lose your money or just waste your time. cheers.

This is very nice.Thanks.

LETTER OF INTENT(L.O.I)
The letter of intent is a legal document not just a letter issued by the buyer's bank to the seller through his agent to show that the buyer is truly interested in purchasing a particular oil commodity. the l.o.i is issued with scrutiny by the bank as this shows the outright commitment of the buyer. some times the terms of purchase which appears in the SPA is also included in the L.O.I. the L.O.I is issued thru the buyer's

mandate to the seller's mandate as this is a prerequisite before any transaction can occur. many a times buyers issue L.O.I only to find out that the seller or his agent is not genuine or does not have the supposed product at hand.a lot of hungry facilitators do this when they are still struggling to get a supplier.they commit the buyer only to start hustling for a seller.also note that the L.O.I has an expiry date but it can be re-issued.cheers

more oil and gas terms
mt799,sgs,bill of lading,c.p.a- charter party agreement,mandate,facilitator,sharing ratio and gross. more terms to come and more explanations.

WHO IS A FACILITATOR?
a facilitator in the oil and gas field is more or less like a middleman in the world of commerce.a facilitator is someone who searches for both buyers and sellers of an oil commodity.he in many cases looks for agents to companies or individuals who need a particular oil product available for sale. a facilitator spends both time and money trying to get both genuine and serious buyers and sellers.the work of a facilitator

facilitator is very stressful and sometimes discouraging when he comes in contact with unserious persons.sometimes the chain of facilitators and agents to a deal makes everything tiring.the fee of a facilitator is much lower than that of an agent but it is something compared to the effort.a facilitator is like a catalyst that initiates a deal.once started his job is almost over.whats left is his returns and benefits.

BANK GUARANTEE(BG)
bank guarantee as the name implies is a legal document issued by the buyer's bank to the seller or agent in order for the
seller to be assured that the buyer has enough funds to cover the oil commodity purchase.the bank guarantee is processed by the bank not more than 2 to 3 days if there is any delay. d bank guarantee also serves as the L.O.I since it makes the seller sure of the buyer and indicates the buyers' readiness

@silvernice,
thanks for your write ups. Please can you give a step-by-step approach in sealing a cargo deal. That is as a facilitator or agent what are the things you ask for when trying to link a buyer to a seller and vice versa and what are the requirement to becoming a facilitator or agents.

nice question next 1. i would like to answer it one by one.firstly you asked of the things you request from both buyer and seller when you are about to start a deal. well for the buyer, the first thing you should ask is how committed he is.if he says he is ready then you have to contact the seller for his terms.the first term is that the buyer is to raise a L.O.I or bank guarantee.this step shows truely the commitment of the buyer.if the buyer

raises the L.O.I or BG he would need to send a scanned copy of it to your email which you will issue to the seller. once this has been cleared and confirmed,the buyer will request for a proof of product from the seller to confirm that the product is still available. the buyer might also need to demand a copy of the sgs report and bill of lading(applies to incoming commodity vessel). once the P.O.P has been verified by the buyer using shell screen

in nigeria or london or any other reputable checking system, the seller would proceed to issue the s.p.a to the buyer. once this has been filled,signed and returned, the seller should respond with a 2% performance bond. this is done in case the seller defaults in the deal.after this is done the buyer would issue a revolving,divisible,documentary,irreversible letter of credit to the sellers bank.once this has been received and confirmed by the

seller's bank then the seller issues an a.t.b(authority to board) to the buyer for him to come on board and inspect the vessel. loading commences immediately once an authority to load has been issued. once loading commences into the buyer's vessel the vessel's captain issues a notice of readiness to the buyer to show that the ship has been loaded and is ready to leave the port.immediately the cargo vessel leaves the port's manifold or harbour the

full shipping documents and other documents issued at the port is submitted to the seller and buyer's bank,the buyer's bank activates the instrument and then the seller's bank can now issue funds to the seller's company and all banking coordinates,agents,facilitators present in the S.P.A. pls note that these steps are not a rule to sealing a deal. it might be altered in some ways depending on both buyer and seller negotiations. cheers.

Forget about terms, just Checkout www.oilandgaz..com for the real deal

please edet wont you open a separate thread if you want to advertise your website. i'm posting all these so that people can easily access it in this forum than visiting one or the other. incase of next time get a thread for yourself.your blog has nothing to offer. very substandard way of starting a business and advertising. dear readers please neglect this poster.

i will like you help out with this terminologies.
I will be very grateful if you could furnish me with infos.
thank you

Hello sir,
thanks for all you have written. I think i have learnt alot reading ur words. Am a newbies and am willing to learn more from you, if it is convenient for you, u can mail me directly to my box, folyadenuk@yahoo.co.uk. I have some few questions to ask you sir. I had a deal in october which was meant to take place @ d togo terminal, both d buyers went on board bt i have no passport to cross d boarder and moreover my project supervisor wont allow me to leave sch @ all cost. later on in the evening that day, the guy entrusted to get my own cut of 10m for me came back to tell me the deal didnt take place. My question is how can i find out if the deal didnt really take place and secondly, dis might sound a lil stupid bt am just curious. Is there any spot, that will be easy for a newbies like me to find a buyer and act as the facilitator. I will be waitin and hoping to read from u soon. Once again thanks for your guidelines. Hoping to do business with you as well

@silvernice
thanks alot for the detailed write up.Please i am also a newbe  and i am interested in becoming an agent or facilitator of blco how do i go about sourcing for buyers? and becoming an agent for the seller and buyer ? I will apprieciate any usefull tips .

@silvernice, I am interested in oil and gas, pls email me for more details: opym_intcorp@yahoo.com

thanks all good job

plss at posta i ned ur numba plss i want to go into oil,and gas but i want to talk to u private, i see u re of great inportance here, kindly mail me ur mail ph numba at yeye_4live@yahoo.com , tanks

thank you all for reading this post. well to start with, there are little or no places on the internet where crude oil buyers can be found.however alibaba.com might be a place you can get buyers but not much.buyers are gotten through agents both locally and internationally.you can also get them on facebook.well if you have any available crude oil at hand for sale kindly mail me with the information and I'll see if i can submit them to a few

well to the porter who asked how to confirm a deal has been completed. well if your deal was of genuine source which was verified by shell/NNPC screen both in nigeria and london, then can stil check the status of the vessel.conce a deal is finished,it is no longer available.another thing is that you as a facilitator offer to have some of the necessary documents such as the cpa and q88,L.O.I,BG and other at least.also if you had a banking