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Leadership for Energy Automated Processing
2007 PIDX Fall Conference, Houston Oct. 8Presented by: Vlad Zeman, LEAP Chair
To pursue the automation of data processed between trading counterparties and companies that provide ancillary inspection, storage, pipeline movement, and related services.
To promote simplifying business standards and practices.
To develop and promote the use of non-proprietary electronic data standards, conventions and dictionaries, favoring industry standards over proprietary ones.
To retain control wherever possible over such intellectual property while making freely available to industry participants by means of licensing for use in accordance with the principles of this charter.
To encourage cooperation among the energy trading parties and other industry participants/associations towards achieving our mission. To encourage a broad based participation in the association.
To provide equal access to the standards for all members.
Our Mission:To promote efficient and reliabletransaction processing within the energy trading industry by means of automation and standardization.In connection therewith:
Addax BV Curacao
J Aron & Company
Mercuria Energy Holding BV
Contract Matching Group
Currently working towards sign-off of a standardized Master Agreement for Purchasing and Selling Refined Petroleum Products and Crude Oil
Expected in Q4 2007
Scope intended to include all purchases and sales transported via pipeline in the US market
Currently working on first draft of a master agreement to cover business for the Amsterdam/Rotterdam/Antwerp barge market
Next scope of focus is undetermined, but suggestions have included:
Asian Open Spec Naphtha
US Barge business
Canadian Crude delivered via pipeline
Certificates of Quantity and Quality (CQQ’s)
Focusing on the need to automate the exchange of structured oil inspection data, developing a standard XML format for nomination appointments (energy company to inspection company) and key inspection results (inspection company to energy company).
Results of automation benefit all stakeholders in the value chain:
Oil seller can receive generate invoice and receive cash more quickly
Oil buyer can immediately react to the volume and quality of oil received, and adjust future demand plans accordingly
Inspection company can receive cash for their services in a more timely basis, possibly without issuing an additional invoice
Facilitating the ability to electronically match energy trade invoices, focusing at first on swaps and options, and later on physical transactions and other exotics.
Discussions have begun with several possible service providers based on a conceptual model developed by the team.
Benefits include the obvious such as accurate and more timely settlements, but also ability to fully utilize credit lines, more transparency on payment disputes, reduction of tie to a physical location for settlement functions of a company.
To establish standards governing reference data to facilitate LEAP's automation efforts and to define the functionality required to manage & distribute reference data.
LEAP conducts at least two meetings per year of the membership and invited trading companies and service providers.
Our meeting in Geneva, Switzerland June 12-13, 2007 was attended by over 60 delegates and was a huge success. !
Future LEAP meetings:
Please visit our website at www.energyleap.orgfor more information about LEAP.
Need more information on:
Becoming a LEAP member?
Being added to our mailing list?
Contact Rebecca Lehrfeld