International Oil Supply, Transportation, Refining & Trade
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Registrations are closed
International Oil Supply, Transportation, Refining & Trade
1,850.000 KD
International Oil Supply, Transportation, Refining & Trade
21 -
26
Jul
2024
Istanbul,
Turkey
![Turkey](/base/static/img/country_flags/tr.png)
What are the Goals?
By the end of this training course, participants will be able to:
- Understand Upstream oil exploration, production & supply principles and practices
- Understand refining process, compute refinery gross and net margins
- Understand LP models, and develop crude oil selection criteria
- Apply petroleum economics, calculate financial benchmarks and prioritize projects
- Estimate costs, negotiate and compare physical deals and help write contracts for the sale of crude oil and refined products
- Use Worldscale reference to charter a ship and to calculate the profitability
- Understand the international markets, their risks and how prices are formed and disseminated
- Understand the hedging instruments, determine the price risk exposure and manage price risk.
- Acquire legal and regulatory issues relating to the International aspects of oil trading
Who is this Training Course for?
This training course is suitable to a wide range of professionals but will greatly benefit:
- Business Development managers
- Corporate Planning professionals
- Lawyers & law firms’ personnel
- Geoscientists & Engineers
- Refiners
- Bankers, accountants
- Auditors
- Members of Board and Senior Oil Executives
- Media personnel who interface with traders and trading
- Government regulators
- Tax & finance advisors
- Auditors
- Compliance officers
- Equity & Financial Analysts and Bankers
- Joint Venture officers
- Contract Negotiators
Daily Agenda
Day One: Essential Upstream Practices
- Introduction to the course
- Introduction to how oil was formed
- Origin, Accumulation And Migration Of Petroleum
- Essential Requirements For Hydrocarbon Accumulation
- Fundamentals of Oil & Gas Geology and Petroleum Engineering
- Introduction To Oil & Gas Geology
- Simple Anticline Structural Trap
- Barrier or Closure – Reservoir Traps - Reservoir Mapping
- Oil & Gas Drilling Techniques
- Types Of Drilling – Exploration, Delineation, Appraisal, Developmental, Maintain Potential Wells
- Drilling Circulatory System – Safety And Environmental Impact
- Well Logging and Well Completion
- Tools and Techniques for Evaluating Oil & Gas Wells
- Open and Cased Well Logs
- Functions of Well Casing
- Benefits of Horizontal Well over Vertical well - Multilateral Well Completions
- Essence of International Oil Supply – Global Reserves, Production & Trade
- Introduction to global oil business - Exploration, Extraction, Refining, Marketing, Transportation
- Global Oil Resources – World Oil and Gas Reserves, Production of Oil and Gas
- Industry units – for the USA, Europe and Asia, Conversion factors
- Crude Oil Classifications
- Crude Oil Quality Indictors, crude oil characterization by Assays
- Crude Oil Distillation – Refined Products
- Oil Industry Units and Conversion factors
- Fundamentals of Oil Economics
- Delivered price of crude oil – the concept GPW (Gross Product Worth)
- Net Refining Margin calculation
- Value of Crude Oil and the Determining Factors in Crude Selection
Day Two: Crude Oil Trading
- The Evolution of International Oil Pricing System – The Big Picture
- Introduction
- Evolution of Crude Oil Pricing System
- The Era of the Posted Price
- The Pricing System Challenged by Independent Oil
- The Emergence & Consolidation OPEC Administered Pricing System
- The Changing Landscape for IOC’s/NOC’s
- The Collapse of the OPEC Administered Pricing – Net Back Pricing
- The Market-Related Oil Pricing System and Formulae Pricing
- Spot Markets, Long Term Contracts and Formula Pricing
- Benchmarks in Formulae Pricing
- Oil Price Reporting Agencies and Price Discovery Process
- The Brent Market and its Layers
- The US Benchmarks
- The Dubai-Oman Market
- Trading Physical Crude Oil and its Logistics – Chap 2 CON
- Trading Fundamentals and Trading Terminology
- Impact of Production Sharing Contracts and its components
- Fiscal Tools
- Cost Recovery Component
- Profit Oil Component
- Royalty and Tax
- Tax Implications – Ring Fencing
- Market Price
- Joint Operating Agreements
- Transportation Agreements
- Tariffs
- Value Adjustment Mechanism
- Terminal Logistics
- Floating Platform Storage Operations
- Crude Oil Lifting Agreements
- Marine Vessel Nomination
- Physical Sales and Purchase Agreements
- Freight Contracts
- Freight Costs
- Laytime
- Demurrage
- The Dissection of Crude Oil Price
- First Component - the Absolute Price
- What are Benchmark crudes
- Brent
- WTI
- ASCI
- Dubai/Oman
- TAPIS
- ESPO
- Criteria for Ideal Benchmarks
- The Regulation of Benchmark Crudes
- Determination of Absolute Value of Crude
- Forwards and Future
- Brent Chains
- Credit Security and Forward Market
- The Futures Market and Absolute Value of Oil
- Initial Margin
- Variation Margin
- Physical Delivery
- Exchange for Physical Delivery
- Hedging the Absolute Value of Crude Oil
- Basic Hedging Theory
- Practical Considerations
- Dated Brent Risk Hedged with Forward Brent Contract
- Floating Priced Hedging
- Speculation
- Oil Price Formula – The 2nd Component - Time Differential
- Arbitrage
- Swap - the “Contract for Difference”
- What is the right time to set the price?
- What goes on when two traders transact a deal?
- CFD and the time value in Oil Price
- Value Fixation
- Floating Fixing or Hedging value of Oil
- Hedging and the Slope of the Forward Oil Curve
- The Term Contract Pricing of Oil
- Oil Price Formula – The 3rd Component - Grade Differential
- The Crude Oil Grade
- The Crude Oil Quality
- The Crude Discount
- The Refining Assay
- Paraffinic
- Naphthenic
- Refining processes
- The Gross Product Worth
- Location and Freight
- Price Risk Management - Hedging the Crude Oil Price
- The Types of Risks
- The Strategic Hedging
- Operational Hedging
- Risk Management Considerations
- Correlations and Basis Rick
- Tax Basis Risk
- Choosing The Right Tools
- The Company Risk Profile
- The Company Risk Appetite
- Market Price View
- When to Close a Hedge
- When Strategic Hedge Go Operational
- Swaps
- Options
- Premium
- Option Style
- Option Strategy
- The Zero Cost Collar
- Option Valuation
- Summary
Day Three: Refined Products Trading
- The Trading Refined Products
- Light Distillate
- Middle Distillate
- Fuel Oil
- Other products
- Participants in Refined Products Trading
- Arbitrage
- The 24/7 Market
- The Roll of Traders
- The importance of Location
- Transportation and Operations
- Pricing and the Netback War
- Pricing Policies Latest Trends
- Price Fixing
- Storage
- Types of Oil Products
- Supply/Demand Balance
- Production, Consumption and Refinery Capacity
- Light Distillate
o
- Middle Distillate
- Fuel Oil
- Other products
- Future Trends
- Environmental Products
- Refining I – Basics
- Simple Chemistry for Non-Chemists
- Paraffin
- Olefins
- Napthenes
- Aromatics
- Catalysts
- Crude Oil Properties
- API and Sulfur
- Acid
- Salt
- Water
- Metals
- Other
- The Crude Oil Assay
- Basic Refining Processes
- Separation
- Treatment
- Upgrading Conversion
- Blending Refinery Economics
- Gross Product worth
- GPW and refiner Margin
- Team Work
- Refining II – Conventional Refinery Upgrading
- Cat Cracking
- Hydrocracking
- Visbreaking
- Coking
- Oil Products and their Qualities
- Physical Oil Products and the Grade Value of Crude
- Quality
- Petroleum Gases
- Methane
- Ethane
- Propane
- Butane
- Light Distillate
- Naphtha
- Gasoline
- Middle Distillate
- Kerosene
- Gas Oil
- Diesel
- Fuel Oil
- Straight Run Fuel
- Cracked Fuel Oil
- LSWR
- Bunker Fuel Oil
- Specialty Products
- Lubes
- Waxes
- Bitumen
- Coke/Carbon Black
- Oil Logistics and the Art of Trade
- Delivering Oil Products
- Shipping
- Pipeline
- Rail Car
- Road Truck
- Delivery Term
- Other Pricing Bases for Refined Products
- Oil Contracts
- Split Weekends
- Counterparties
- Grade/Quality
- Quantity
- Delivery
- Price
- Payment Clause
- Irrevocable Documentary Letter of Credit
- Standby Letter of Credit
- Parent Company Guarantee
- Open Credit
- Dispute Resolution
- Nominations
- Vetting
- Storage
- The Price of Refined Oil Products
- History of Oil Prices and How the Benchmarks evolved
- The Components of the Oil Price
- The Absolute Value of Products Price: the Role of Benchmark
- The Characteristics of Bench Marks
- Choosing the Right Benchmark: Price Reporting Agencies
- The Bid-Offer Spread
- Regulatory Oversight?
- The Regulatory Investigation
- The Time Differential Value of Product Price
- Bulls and Bears
- The Contango Arbitrage
- Trading the Time Spread: Contango without Getting Physical
- The Value of Product Grade Differential
Day Four: The Risk Management
- Oil Products Price Risk Management
- Measuring Risk
- Strategic Hedging
- What is a Hedge
- What is a Hedge Loss
- Hedging and Speculation Compared
- The Role of Risk Manager
- Operational Hedging
- The Long and the Short of it
- Opening and Closing Hedges
- Basis Risk
- The Forward Market
- The Future Market
- The Swaps Market
- The Options
- The Size of the Premium
- The Option Style
- The Zero Cost Collar
- Crack Spreads
Day Five: Legal and Regulatory
- Legal and Regulatory Issues
- Contractual
- Regulatory
- International
- International Aspects of Oil Trading
- Special Trade Terms
- Standardization of Terms
- International Sales of Goods
- General Trade Laws
- World Trade Organization
- Financial Issues
- Banks’s Role
- Shipping Laws
- Marine Insurance
- Dispute Resolution
- Impact of National Laws
- US an UN Trade Sanctions
- Sovereign Immunity
- United States
- Oil Trading in the US
- General Commercial
- Anti-Trust Legislation
- Sovereign Immunity Act
- Foreign Corrupt Practices Act
- Commodity Trading Law
- Specific Contracts
- Futures & Options Contracts
- Exchange of Futures for Physical (EFP)
- Swaps
- United Kingdom
- Oil Trading in the UK
- General Commercial Law
- Competitive Law
- Finance and Banking Law
- Protection of Trading Interest Act
- Financial Services Law
- International Petroleum Exchange
- Singapore
- Oil Trading in Singapore
- Singapore Exchange
- Comparison with London and New York
- Controlling Financial Risk
- What is trading Risk?
- Other Potential Sources of Loss
- What are Characteristics of Energy Markets
- Determination of Risk
- Operations
- Conclusions
Tickets
Registrations are closed
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