Document background
The Oil And Gas Purchase And Sale Agreement is a fundamental transaction document used in Nigeria's petroleum sector for establishing legally binding arrangements between buyers and sellers of oil and gas products. This agreement type is essential for companies operating under Nigerian jurisdiction, particularly following the implementation of the Petroleum Industry Act 2021. It is used when parties need to establish long-term or spot purchase arrangements for crude oil, natural gas, or refined products, incorporating specific requirements for Nigerian content development, environmental compliance, and regulatory approvals. The document typically includes detailed specifications for product quality, quantity measurements, delivery terms, pricing mechanisms, and risk allocation, while ensuring compliance with Nigerian petroleum sector regulations and international industry standards.
