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Oil And Gas Purchase And Sale Agreement

Oil And Gas Purchase And Sale Agreement Template for Australia

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Key Requirements PROMPT example:

Oil And Gas Purchase And Sale Agreement

"Need to draft an Oil and Gas Purchase and Sale Agreement for supplying natural gas from our Queensland facility to a major industrial buyer in New South Wales, with delivery starting January 2025 and including specific provisions for pipeline transportation and quality testing at multiple delivery points."

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Document background
The Oil And Gas Purchase And Sale Agreement is a crucial document used in the Australian energy sector to formalize the commercial relationship between sellers and buyers of oil and gas products. This agreement is essential when parties wish to establish a structured framework for regular supply arrangements or significant one-off transactions. It addresses key aspects including product specifications, pricing mechanisms, delivery terms, quality requirements, and risk allocation, while ensuring compliance with Australian federal and state regulations. The document is particularly relevant in context of Australia's growing energy market and the need for clear, comprehensive agreements that protect both parties' interests while facilitating smooth commercial operations.
Suggested Sections

1. Parties: Identification of buyer and seller with full legal entity details

2. Background: Context of the agreement including brief description of parties' businesses and purpose of the agreement

3. Definitions: Comprehensive definitions of technical and commercial terms used throughout the agreement

4. Product Specifications: Detailed technical specifications of the oil and/or gas products being sold

5. Quantity and Nomination: Agreement on volumes, nomination procedures, and take-or-pay obligations

6. Price and Payment: Pricing mechanism, payment terms, invoicing, and credit requirements

7. Delivery Point and Title: Specification of delivery points and transfer of title and risk

8. Quality and Measurement: Quality standards, testing procedures, and measurement methodologies

9. Transportation: Transportation arrangements and responsibilities

10. Term and Termination: Duration of agreement and circumstances for termination

11. Force Majeure: Definition and consequences of force majeure events

12. Warranties and Representations: Standard and specific warranties from both parties

13. Liabilities and Indemnities: Allocation of risks and responsibilities between parties

14. Dispute Resolution: Procedures for resolving disputes including jurisdiction and governing law

15. Confidentiality: Protection of confidential information and trade secrets

16. Compliance with Laws: Obligations to comply with applicable laws and regulations

17. Assignment: Rights and restrictions regarding assignment of the agreement

18. Notices: Communication protocols and contact details

19. General Provisions: Standard boilerplate clauses including severability and entire agreement

Optional Sections

1. Minimum/Maximum Volume Commitments: Used when parties agree to specific volume commitments with associated penalties

2. Price Review Mechanism: Include when parties want periodic price reviews or adjustments based on market conditions

3. Storage Provisions: Required when storage facilities are part of the arrangement

4. Carbon Credits and Environmental Attributes: Include when dealing with environmental credits or obligations

5. Indigenous Land Use Agreement Compliance: Required when operations affect indigenous lands

6. Export/Import Requirements: Include for international transactions

7. Hedging Arrangements: Used when parties agree to specific price hedging mechanisms

8. Joint Operating Procedures: Include when operational coordination between parties is required

Suggested Schedules

1. Product Specifications Schedule: Detailed technical specifications and quality parameters

2. Pricing Schedule: Detailed pricing formulae and adjustment mechanisms

3. Measurement Procedures: Detailed procedures for quantity and quality measurement

4. Delivery Point Specifications: Technical details of delivery points including maps and coordinates

5. Transportation Schedule: Detailed transportation arrangements and responsibilities

6. Testing Procedures: Specific procedures for product testing and quality verification

7. Operating Procedures: Detailed operational procedures and requirements

8. Health, Safety and Environment Requirements: Specific HSE requirements and procedures

9. Form of Nominations: Standard forms for volume nominations

10. Bank Guarantee Format: Standard format for any required bank guarantees

11. Insurance Requirements: Detailed insurance requirements and minimum coverage

12. Contact Details: Comprehensive contact information for all relevant personnel

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Acceptance Point
Actual Delivered Quantity
Affiliate
Agreement
Annual Contract Quantity
Applicable Law
Australian Consumer Law
Base Price
Business Day
Buyer
Commencement Date
Confidential Information
Contract Price
Contract Year
Custody Transfer Point
Daily Contract Quantity
Day
Default
Deficiency Payment
Delivery Point
Delivery Schedule
Effective Date
Expert
Force Majeure Event
Gas
Gas Specification
Governmental Authority
GST
Heating Value
Initial Term
Interest Rate
Invoice
Liabilities
Maximum Daily Quantity
Maximum Hourly Quantity
Measurement Equipment
Minimum Daily Quantity
Month
Monthly Contract Quantity
Nomination
Notice
Off-Specification Gas
Operating Procedures
Operator
Party/Parties
Payment Date
Pipeline
Price Adjustment
Product
Quality Specifications
Quarter
Reasonable and Prudent Operator
Related Body Corporate
Seller
Specifications
Storage Facility
System
Take
Tax
Term
Terminal
Transportation Agreement
Week
Year
Clauses
Definitions
Product Specifications
Quantity and Delivery
Price and Payment
Quality Requirements
Title and Risk
Measurement and Testing
Transportation
Force Majeure
Term and Termination
Representations and Warranties
Liabilities and Indemnities
Insurance
Compliance with Laws
Health and Safety
Environmental Protection
Confidentiality
Assignment
Dispute Resolution
Governing Law
Notices
Take or Pay
Operational Requirements
Credit Support
Tax
Force Majeure
Anti-Corruption
Indigenous Rights
Export Control
Emergency Response
Business Continuity
Intellectual Property
Data Protection
Record Keeping
Audit Rights
Relevant Industries

Oil & Gas

Energy

Utilities

Industrial Manufacturing

Transportation & Logistics

Mining

Power Generation

Petrochemicals

Maritime Transport

Environmental Services

Relevant Teams

Legal

Commercial

Operations

Trading

Risk Management

Supply Chain

Procurement

Compliance

Finance

Business Development

Technical Services

HSE

Logistics

Contract Administration

Relevant Roles

Commercial Manager

Energy Trading Manager

Legal Counsel

Contract Administrator

Operations Manager

Risk Manager

Supply Chain Manager

Business Development Manager

Compliance Officer

Technical Manager

Finance Director

Chief Commercial Officer

Procurement Manager

Logistics Manager

HSE Manager

Industries
Offshore Petroleum and Greenhouse Gas Storage Act 2006: Federal legislation governing offshore petroleum exploration and production, including licensing requirements and regulatory framework for offshore oil and gas operations
Competition and Consumer Act 2010: Ensures fair trading practices and consumer protection in commercial transactions, including specific provisions for the energy sector
Environmental Protection and Biodiversity Conservation Act 1999: Federal environmental legislation requiring assessment and approval for activities that may impact matters of national environmental significance
Australian Consumer Law: Schedule 2 of the Competition and Consumer Act, governing consumer protection and fair trading practices applicable to commercial contracts
Petroleum and Gas (Production and Safety) Act 2004: State-based legislation (varies by state) governing onshore petroleum and gas operations, including safety requirements
Contract Law Act 1999: Governs the formation and enforcement of contracts in Australia, including principles of offer, acceptance, and consideration
Goods and Services Tax Act 1999: Federal taxation legislation that applies to the sale and purchase of oil and gas products
Work Health and Safety Act 2011: Establishes health and safety requirements for workplace operations, including handling and transportation of dangerous goods
Native Title Act 1993: Protects indigenous land rights and requires consideration in resource extraction and transportation activities
Customs Act 1901: Regulates the import and export of goods, including oil and gas products, and associated duties
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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