Leadership for Energy Automated Processing

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Presentation transcript:

Leadership for Energy Automated Processing May 27th, 2008 CAPP Presentation Crude Oil Committee – Calgary www.energyleap.org

presentation is to provide mutual Objective The objective of this presentation is to provide mutual awareness between LEAP and CAPP.

What is LEAP? LEAP - Leadership in Energy Automation and Processing A non-profit organization Focus on Energy Trading Global scope Comprised of industry working groups to improve energy trading Executive committee and by-laws

Members Addax BV Curacao Arcadia Barclays Bank BP Camin Cargo Cargill International SA Chevron Citibank N.A. Deloitte Depository Trust & Clearing Corporation Deutsche Bank ESS Glencore Ltd. Hess Corporation Intercontinental Exchange Intertek USA Inc. Inspectorate J. Aron & Company JP Morgan Chase Koch Supply & Trading LP Mercuria Energy Holding BV Morgan Stanley Nexen Inc. PMI Comercio Internacional S.A. de C.V. Saracen Merchant Energy LP Sempra Energy Trading SGS Group Management SA Shell Trading US StatoilHydro ASA Sungard Consulting Totsa Total Oil Trading SA Transport4

Mission Statement Mission Statement: to promote efficient and reliable transaction processing within the energy trading industry by means of automation and standardization.

Energy Trading - Initiatives Promote data automation and standards Fill the gaps in automation and standardization which includes contracts Develop contract standards to allow for electronic confirmation and electronic settlement of trades Work with system vendors on a neutral basis to ensure they use the same data standards

Standard Contracts Release V2.0 of the LEAP Master Agreement for Crude Oil and Refined Products (U.S.) in Nov., 2007 International Swap and Derivatives Association (ISDA) is working with LEAP to publish an Oil Annex Canadian sub-committee will be releasing the Canadian Addendum to V2.0 of the LEAP Master Agreement in June, 2008

Benefits of Standard Contracts Independent and neutral contract Industry standard reference point (95%) standard terms and conditions Able to customize (5%) if required Significantly reduces time required to negotiate contracts Reduces legal costs associated Allows electronic confirmation of energy trades and operational excellence

Benefits of Electronic Confirmation Electronic matching of deals identifies trade capture error rates (10 – 20%*) Firm acceptance of deal terms under agreed terms and conditions Faster acceptance, facilitates audits Eliminates manual processes Reduces paper flow time and costs 4 companies using eConfirm in the U.S. for physical crude oil trades *Source: ISDA Benchmark Study 2007

Error Rates *Source: ISDA Benchmark Study 2007

Canadian Sub-Committee Canadian Sub-Committee Members include: Nexen, BP, Shell, Chevron, J Aron/GS, Morgan Stanley, Total, Barclays, Mercuria The Canadian Addendum appends to the LEAP Master Agreement to include Canadian terms, i.e. Alberta law, credit provisions (CCAA, BIA), tax, currency, exchange rates

How it works The Canadian Addendum appends to the LEAP Master Agreement if executed One set of Special Provisions allows companies to customize these terms The master contract terms then apply to applicable transactions with the parties Without eConfirm there are still benefits of shorter contracts that bind the parties under fully agreed terms Schedule J of ICE eConfirm allows parties to confirm electronically

More About LEAP Other Global LEAP Initiatives: Contract Committee - Rotterdam Barge Agreement (North West Europe) Electronic Bills of Lading (Marine) Certificates Quantity & Quality (Marine) Reference Data Scheduling Initiatives (Transport4) Settlement Committee

Membership Membership is not required to use the LEAP Master Agreement, but it is required to participate in committees Membership Types: Full Membership (board members) Regular Membership (committees) Service Membership (vendors) Associate Membership (UK - Energy Institute)

CONTACT INFORMATION Cdn. Addendum: Karen Mikkelborg 403.699.4206 Karen_Mikkelborg@nexeninc.com LEAP Master Kevin Jandora 914.225.4509 Kevin.Jandora@morganstanley.com Mary Dortenzio 203.328.3175 Mary.Dortenzio@glencore-us.com