CENTURY OIL AND GAS
Century Oil and Gas, a U.S.-based marketing company, provides BLCO via a Joint Venture that Century has formed with an experienced and easily verified NNPC Allocation Holder. Our NNPC Partner is and has been active in the sale of BLCO, and we will provide Buyers with proof of recent past performance once we are comfortable that an actual transaction is possible.
Century has responsibility for Global marketing of our Partner’s product, and has Power of Attorney to issue Sales and Purchase Agreements to client organizations that have been identified and vetted by Century, on behalf of the Joint Venture.
We are prepared to set up a TTM with our JV Partner, during which proof of capability will be provided. The Buyer will concurrently be expected to assure Century of his capacity to pay. We can provide the product FOB Nigerian port at an enhanced price to Buyers who are prepared to take the product in Nigeria. We do not offer TTO’s.
We typically provide a delivery of 2 MM bbls, and have the capacity to increase these numbers up on a schedule acceptable to the Parties.
BLCO Offer to Refineries and Majors:
1) Introduction of direct Refinery Buyer Employee / Executive, or verified Refinery Representative, for initial discussions and information exchange.
2) Century reviews the Buyer's information and product requirements provided, for Compliance and Transaction Structure purposes.
3) The Buyer engages Century for transaction discussions.
The initial discussion is for Century to verify and confirm the Buyer's readiness to proceed into a transaction. Century will discuss their approach to the market, and present an overview of Century's relationship to our Allocation Holder. Century will confirm the requirement for a TTM, and what we expect will take place during the TTM - including the provision of cargo documents and other related Proof of Product documentation. Parties will discuss the manner in which the Buyer's banking will be managed, and agreement obtained on that aspect of the upcoming transaction.
Buyer and Century will confirm alignment on how the proposed transaction is to proceed going forward. This discussion will include confirmation of pricing, procedures, buyer signatory, and all relevant contract details.
4) Century provides the Buyer initial Bona Fides on Century and JV-partner for their review.
5) After Buyer review of the provided information, and acceptance of the proposed transaction, Century will issue a confirming Formal Offer / FCO and previous successful transaction data to the Buyer, or will proceed on the basis agreed between the Parties. The FCO will include all relevant Allocation and Transaction numbers from NNPC for verification by the Buyer.
6) The Buyer signs and seals the FCO confirming their agreement, and the Trial Shipment Procedures
Trial SHIPMENT to Refineries and Majors:
a. Century will register, program, and assign the quantity of BLCO requested in the name of the Buyer
with NNPC onto the NNPC / Bonny Terminal Screen for loading.
b. Century will nominate and program the Vessel in the terminal Key-Board for lifting, and issue NOR - Notice of Readiness and ETA (LAYCAN DATE AND TIME) – based upon the Estimated Time of Arrival to Buyer.
Buyer Verifies the information provided by Century and the Vessel.
c. After Buyer confirmation of the information provided by Century, Buyer then issues Bank-confirmed PO to Century’s nominated Bank with a Cc: to Century’s email.
d. Century loads the Vessel at Bonny Port Terminal and consigns it to Buyer.
e. Century dispatches the loaded vessel to the anchorage / inspection point, allowing for the documentation to be issued in Buyer's Name and other formalities to be carried out. NNPC sends their own independent inspectors (SGS or Saybolt) to conduct Q and Q test for confirmation.
Century attends a scheduled TTM with the Buyer in Buyer's home country, bringing whatever documents are necessary to complete the transaction at the TTM.
Twelve (12) month Contract is engaged based on the delivery schedule confirmed by the Parties during the TTM. All relevant discussion points will be handled during this meeting, including provision of cargo documents and related due diligence documentation.
f. All the cargo documents copies in the Buyer’s name are delivered to the Buyer and the Buyer's Bank for payment processing.
g. The loaded vessel sails to Buyer’s Port of Discharge. Century allows Buyer’s super cargo and inspectors to conduct and issue Q & Q report for final payment invoice.
h. After SGS report, full payment by Swift MT103 wire transfer shall be released to Century’s nominated account. (Buyer’s payment refusal gives the Century the right to sell the loaded product to another buyer.)
i. After the successful Trial Shipment, the long-term contract agreed to in the TTM with the Century begins, and the Buyer's Bank will issue an acceptable IRDLC MT700 or BG/SBLC MT760 to Century's nominated Bank to secure the contract.
BLCO Offer to Trading Companies and Resellers – CIF WITH SBLC:
The Procedures are the same as above to the point the Buyer signs and seals the FCO confirming their agreement, and the formal Contract Procedures are initiated:
a) Seller issues a Draft Sales and Purchase contract for Buyer to review, amend if necessary, sign, seal and return to Buyer for countersignature.
b) The executed contract is exchanged by Electronic Data Transmission (EDT) e-mail within 3 banking days. The electronically transmitted copy, signed by both parties, shall be considered legally binding and enforceable until hard-copy instruments are executed and exchanged.
c) Buyer and Seller lodge contracts with their respective banks
d) Seller issues POP and/or Seller information to Buyer for his verification if necessary
e) Buyer’s bank issues MT799 Pre-advice to Seller’s nominated bank.
f) Seller shall have NNPC program and assign the quantity of crude to the Buyer within five international working days, and send Q88 and Laycan date to Buyer, which shall be verifiable by Buyer.
g) Seller will arrange for the vessel captain to issue NOR/ETA to the Buyer and Buyers harbor master and the vessel shall proceed to Seller’s Bonny Terminal loading port (ASWP).
h) Within Three (3) business days, Buyer issues Seller-verbiage SBLC (MT760), of sum value US
$120,000,000 (One Hundred and Twenty Million US Dollars) yearly Platt forecast, by SWIFT to Seller's Bank which is sufficient to cover the cost associated with the purchase of Two (2) million barrels +/-5% bonny light crude oil cargo
i) Seller loads the vessel and provides Shipping Documents to Buyer. These documents will include the following:
- Certificate of Ownership
- Bill of Lading
- Certificate of Authenticity
- Certificate of Quantity
- Certificate of Quality
- Master's Receipt for Documents
- Master's Receipt for Samples
- Cargo Manifest
- Tanker Ullage Report
- Tanker Time Sheet
- Allocation Proof
- Authorization Letter passing cargo Title to Buyer, and authorizing Buyer to sell
j) Vessel sets sail; when vessel approaches Buyer's discharge port, the vessel captain shall send NOR/ETA to Buyer's harbour master. Seller's vessel captain shall issue an authorization for Buyer's inspectors to board the vessel.
k) Buyer shall arrange for an independent inspection company such as SGS, Saybolt, or equivalent to conduct the Quality and Quantity Analysis / Q&Q. The report of which shall be used in the final computation of payment Invoice on outturned barrels.
Buyer to provide the full marine ATB format of their Inspection Company, and full details of their independent Inspection Agent - including contact numbers, seaman ID, and copies of the Agent's passport page, safety certificate, and discharge certificate. The MATB format must include the full name and address of Buyer's nominated Inspection Agent, and to whose attention the MATB is to be addressed. The Inspector must be a qualified professional, and must have his international passport and seaman ID before he can be cleared to board the vessel.
l) After the successful Q&Q report at the Buyer's delivery port, the Seller will issue the final Commercial Invoice, Letter of Authorization to sell, and the full set of shipping documents to Buyer.
m) Seller will cause vessel to discharge cargo into Buyer's nominated onshore storage tank at the port of destination. The Buyer will make full payment via MT 103 wire transfer to Seller's approved bank account.
Century Oil & Gas Companies (COGC) LLC
Spirit Bank Building
4815 S. Harvard Ave, Ste. 520
Tulsa OK 74135 USA
Home | About Us | Our Principals | Products | Procedures | Contact Us