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Course Level
Introduction
Delivery Method
Live Instructor-Led Virtual Course
Professional Development Credit Hours
12
Pre-requisites
There is no pre-requisite for this course.


Faculty

Mary Jackson has over twenty-five years' experience in the energy industry. After university she began her career at BP, working in the information management group, before joining the Manufacturing, Supply and Trading department. She subsequently worked at Saladin as a consultant, working closely with clients throughout the world and providing consultancy advice on energy market analysis, trading and risk management. In several senior roles at Saladin, she managed the energy consulting team, ran the energy market information service and directed strategy for new software and information product development.

Since 2000, Mary has worked as an independent energy market consultant and she formed Kingston Energy Consulting with Nigel Harris in 2002. Kingston Energy provides consultancy services to companies involved in energy markets and trading. A key area of work has been the European natural gas market - Kingston Energy has researched and authored a well-respected report on European natural gas trading which has been published annually since 2004.

Mary has lectured regularly for Mennta Energy Solutions on energy markets, trading and risk management and is also a regular speaker and panel member at public conferences. She has written articles for industry publications including Harts Energy Markets, Energy Risk, Global Energy Business and Petroleum Review.

Nigel Harris is a director and principal consultant at Kingston Energy Consulting, which he founded with Mary Jackson in 2002. He has been helping energy traders to analyse and understand the markets for over 25 years, initially as a developer of market analysis software systems, and more recently as a consultant. At Kingston Energy Consulting, his main focus is on providing education and information transfer to participants in the energy trading business, through instructor-led classroom training, web-based training development, research projects, workshops, briefings and research-based report writing. In his work with Mennta Energy Solutions, he has created a library of new instructor-led and web-based courses on European gas and power markets and trading. In 2005, he worked with Mary Jackson to develop the popular Oil Trading Orientation course, which has since been presented at venues all over the world. He has also extensively revised and updated many existing courses on derivatives, hedging and risk management.  He regularly presents this material both at public venues and as in-house, often customised, courses. He is co-author of a series of highly regarded reports on European natural gas trading and has also contributed to reports on power markets and oil trading. In previous roles, he was a key member of the team that initially designed and developed Saladin's innovative Petroleum Analysis Workstation, a system that became an industry standard for historical price analysis during the 1990s and remained in use in the industry for two decades. During this period, he worked closely and extensively with oil and gas traders around the world to understand their information and analytical requirements. He also spent some years as an independent consultant, working mainly with software and information providers to help them better understand the oil and gas trading sectors.


Accreditations

NASBA: Mennta Energy Solutions is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org

CPD Certification Services: The CPD Certification Service works with Mennta Energy Solutions to ensure valuable knowledge is structured to complement the universal guidelines of Continuing Professional Development. Mennta Energy Solutions courses are approved by CPD at one credit per training hour.

BAC: Mennta Energy Solutions is pleased to be endorsed by the BAC for Independent Further Education as a Short Course Provider. Endorsement covers courses delivered in the UK only.

GARP: Mennta Energy Solutions is registered with GARP as an Approved Provider of Continuing Professional Development (CPD) credits.

Overview of Physical Oil Operations (VIRTUAL) - OOO


Course Schedule

Date Time Location Price* Registration Deadline**
20-23 Feb 2023
Register
8:00-11:00 (London) / 3:00pm - 6:00pm (Singapore)
Zoom: Europe to Asia-Pacific
USD 1,515 (OOO-VILTAP23-02)
13 Jan 2023
24-27 Apr 2023
Register
10:00am-1:00pm (New York) / 15:00-18:00 (London)
Zoom: Americas to Europe
USD 1,515 (OOO-VILTN23-04)
24 Mar 2023

*Prices do not include VAT, GST, or any other local taxes. All applicable taxes will be added to the invoice.
**Please register by the deadline to help us ensure sufficient attendance and avoid postponing the course.


Course Summary

Overview of Physical Oil Operations is a VIRTUAL classroom course presented by the energy training experts at Mennta Energy Solutions.

This workshop provides an introduction to physical oil operations.  Learn how operations staff work alongside crude oil and refined products traders to manage the logistics of trading deals.

Topics explored during the course include understanding the role and responsibilities of an operator, the key quality considerations for crude oil and refined products, the main clauses in an oil trading contract, shipping logistics (including chartering, freight calculations and demurrage), and the management of pipeline and storage transactions.

A key element of the course is that you get the chance to put the knowledge learned into practice through a series of educational and enjoyable class exercises.  These exercises are designed to reinforce and extend your learning from the class.

This virtual solution is comprised of four live instructor-led sessions hosted on state-of-the-art training software with video, audio, chat, live polls, breakout sessions and much more!


Who Should Attend?

Class delegates include anyone supporting physical oil trading functions, for example mid or back office staff working in accounting, legal, settlements, compliance or audit, as well as new entrants to trading operations, logistics companies, such as terminal operators, chartering/shipping companies and inspection companies.


Course Content

Introduction to Trading Markets

  • Key oil trading markets:
    • Spot, term and forward physical markets
  • Reasons for trading & types of market participant
  • Structure of a trading organization
  • The roles of traders and operators

Crude Oil & Refined Products - A General Overview

  • A general overview of crude oil and refined products (LPG, gasoline, naphtha, jet/kerosene, gasoil, fuel oil), covering what they are, what they are used for, different types and grades
  • Measurement and units
  • Review of key quality specifications
  • Quality specification test methods
  • How quality affects value
  • Qualities of blendstocks and how they blend together
  • Blending considerations and issues, including linear and non-linear qualities and the use of additives and biofuels

Contracts

  • The legal requirements of a contract
  • Structuring the key terms of a contract
  • Using different Incoterms: risks and responsibilities of buyers and sellers
  • Pricing mechanisms:
    • Fixed and floating pricing mechanisms
    • Benchmark pricing in oil trading
  • Price reporting
    • Sources of price information
    • Price reporting methodologies

Contract Operations

  • Key documents, including the bill of lading, letter of indemnity
  • Reviewing documents used in cargo transactions

Shipping

  • Understanding the key terminology, including parts of the ship, different types of vessels
  • Freight costs and shipping economics
  • Calculation of freight and Worldscale
  • Chartering process:
    • Factors to consider when chartering a vessel
    • Key clauses in charter contracts
  • Demurrage "“ key considerations

Other Logistics

  • Key characteristics of oil pipelines:
    • Pipeline operations
    • Tariffs
    • Logistics and scheduling
  • Key characteristics of rail operations
  • Storage logistics
    • Types of storage
    • Standard contract terms
    • Costs
    • Implications of holding inventory (tax, reporting)

Physical Operations

  • Operating procedures: nominations, documentary instructions, substitutions
  • The loading and discharging process
  • The role of the inspector
  • Loss and reconciliation
  • Quality, sampling & analysis
  • Measurements of quantity
  • Relevance of product qualities, and significance of reproducibility and repeatability
  • Analyzing results and handling problems

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