CRUDE OIL SALE AGREEMENT (COSA) NOTES

DEFINITIONS (ARTICLE 1)

Purpose: Define terms used throughout the COSA to ensure common understanding between Seller (Oil India Limited, OIL) and Buyer (Indian Oil Corporation Limited, IOCL).
(a) Agreement: This COSA including all schedules, annexures, attachments, and appendices, as amended.
(b) ASTM: American Society for Testing Materials.
(c) Barrels: A volume of 42 U.S. gallons corrected to 60°F and 1 atm; conversion: 1 m³ / 1 KL = 6.29297314 Barrels.
(d) Billing Period: Periodic billing windows defined in the contract.
(e) First Billing Period, Second Billing Period, Third Billing Period, Fourth Billing Period: specific ranges within a month (defined in Article 12).
(f) BS&W: Basic Sediments & Water, excluding free water.
(g) Buyer's Refineries: Digboi, Guwahati, and Bongaigaon.
(h) Crude Oil: All hydrocarbons in liquid form in their natural state or obtained from Natural Gas by condensation or extraction, including associated condensate.
(i) Custody Transfer Measurement System (CTM): custody transfer meter/measurement system located at/near the Delivery Point (Article 5) as read with Schedule A.
(j) Custody Transfer Point: Point where custody, title, and risk pass to Buyer; treated as Delivery Point.
(k) Day: 0700 hrs to 0700 hrs next day IST.
(l) Delivery Mode: Mode of delivery/transportation as per Schedule A.
(m) Delivery Point: The point specified in Article 5.
(n) Despatch Point: Central Tank Farm (CTF) Naharkatiya, CTF Moran, Digboi Tank Farm.
(o) Due Date: Ascribed in Article 12.1.
(p) Effective Date: The effective date in Article 3.
(q) Government: Government of India, unless stated otherwise.
(r) Invoice: Document from Seller to Buyer detailing Dry Quantity at Standard Temperature, price, taxes, etc. (as per Article 12.2).
(s) Laws, Regulations and Orders: Indian Central, State, local laws and associated directives/decisions.
(t) Metric Ton: 1000 kilograms.
(u) Month: 0700 hrs on 1st to 0700 hrs on 1st of next month.
(v) Party/ Parties: Buyer or Seller; both together.
(w) Price: Price per barrel, as set forth on Schedule B.
(x) Producing Areas: Areas in Schedule A from which Seller will supply.
(y) Quantity: Measured in KL at 15°C and converted to barrels using a factor of 6.29297314 (to be invoiced).
(z) Scheduled Outage: Defined in Article 14.1.
(aa) Specifications: Crude Oil specifications per Article 7.1 and Schedule B.
(bb) Standard Temperature: 15.56°C (60°F).
(cc) Supplementary Invoice: Additional invoicing for prior period adjustments.
(dd) Term: As defined in Article 3.
(ee) Time: IST.
(ff) Year/Financial Year: 0700 hrs on Apr 1 to 0700 hrs on Apr 1 next year.
1.2: References to persons include corporates, unincorporated associations, and partnerships.
1.3: References to day/month/year are as defined above.
1.4: Miscellaneous drafting conventions (headings non-binding; singular includes plural; good faith implied; "including" means "including without limitation").
0: All definitions contribute to the interpretation and operation of the COSA.

OVERVIEW AND RECITALS (Preamble and Recitals)

Parties: Buyer IOCL and Seller OIL (Oil India Limited).
Recitals establish that Seller produces crude oil from Producing Areas and can offer crude oil allocated by MoP&NG/Government of India from time to time.
Agreement purpose: Set terms for sale and purchase of crude oil from nominated fields in North East, delivered to IOCL refineries.

ARTICLE 2: AGREEMENT AND SCHEDULES

COSA comprises the main agreement, Schedule A (Producing Areas, Delivery/Measurement, Point of custody transfer), Schedule B (Commercial Term Sheet), and Appendices/Annexures.
All attachments may be amended/supplemented over time.

ARTICLE 3: TERM

Effective Date and Term: 01.04.2020, for 5 years.
Extension: Can be extended by mutual written agreement for up to 3 years or part thereof.
Pre-extension meeting: Parties shall meet 3 months prior to expiry to discuss extension.

ARTICLE 4: SALE AND PURCHASE OF CRUDE OIL

During the Term, Seller sells and Buyer purchases at the Delivery Point, quantity as per the COSA.
Deliveries are subject to the terms of this Agreement and Schedule A/B.

ARTICLE 5: DELIVERY AND DELIVERY POINT

Deliveries by pipeline: Custody passes at the Delivery Point per the mechanism described below.
If custody transfer is based on dip measurement in Buyer's refinery tanks: Delivery Point is downstream valve of auto-sampling system in Seller’s terminal if auto sampler is in Buyer’s custody, or upstream valve if auto sampler is in Buyer’s custody.
If automated CTM is installed by mutual agreement: Delivery Point becomes the outlet valve of CTM.
For other modes of delivery: mutual agreement.
Delivery Point specifics: per Schedule A (Delivery Mode; CTM; frequency of measurement; BS&W sampling).
Delivery Point and mode details are defined per Schedule A for Moran, Naharkatiya, and Digboi.
Delivery procedures at each point follow prevailing standard practices or a mutual manual if Seller publishes a manual.

ARTICLE 6: QUANTITY ALLOCATION

Allocation is governed by annual MoP&NG allocations (Gol) of crude oil to IOCL.
Monthly allocation is decided in OCCM meetings led by the Seller.
If MoP&NG allocation is unavailable, Buyer and Seller will discuss a future course of action mutually.

ARTICLE 7: QUALITY

7.1 Quality shall be the quality usually made available by Seller at the Delivery Point; Seller will endeavor to meet Schedule B specifications.
7.2 If the crude tendered does not meet Specifications, Buyer may still accept it with the price adjusted as per Article 9.2.

ARTICLE 8: MEASUREMENT AND TESTING

8.1 Measurement of Dry Quantity: Dry Quantity = Wet Volume – BS&W, with BS&W determined by auto-sampler per API/ASTM; if auto-sampler outage, BS&W via TMB samples.
8.2 Joint measurement/testing: Both Parties present; testing in Buyer's lab; sub-sampling per Appendix A standards.
8.3 Post-delivery certification: Parties sign a delivery document certifying quality and quantity for billing.
8.4 Joint calibration of measurement devices at Delivery Point.
8.5 Calibration margin rules: If margin of error < ±1%, prior measurements stand; if overall margin > ±1%, adjust to zero margin for the period; if period unknown, adjust to zero margin from notice date.
8.6 Calibration challenges: If either Party challenges calibration, double the cost of retaining an expert; if recalibration confirms errors, costs borne accordingly; mutual agreement to reallocate costs if necessary.
8.7 Validation by accredited inspector; if a device is out of service or registering inaccurately, volume is estimated by check meters, or alternative methods (historical data, calibration, etc.).

ARTICLE 9: PRICE

9.1 Price: To be paid per Schedule B; payable in accordance with the Agreement.
9.2 If crude does not meet Specifications, price adjusted per Schedule B.
9.3 Pipeline transportation charges (PLC/T&D) form part of the price in the pipeline transfer case.
9.4 Buyer bears service charges for Seller-provided services, including applicable taxes.
9.5 Price methodology is subject to mutual agreement and MoP&NG consent; effective from 01.04.2020.
9.6 Pipeline charges are subject to mutual review; effective date to be decided mutually.

ARTICLE 10: TAXES AND DUTIES

Tax treatment: Taxes, duties, imposts, fees payable prior to transfer (title/risk transfer) to Buyer is Seller’s responsibility up to the point of delivery; Buyer pays taxes as per Schedule B price build-up.
New taxes introduced by Central/State Government: Responsibility to be discussed between Buyer and Seller.

ARTICLE 11: GOVERNMENT DIRECTIVES

Both Parties shall abide by current or future directives (including sharing of under-recoveries) from MoP&NG/PPAC or other Government bodies that affect price or terms; such directives become integral to the COSA.

ARTICLE 12: BILLING & PAYMENTS

12.1 Payment timing: Based on Billing Periods (First/Second/Third/Fourth). Due dates are: 25th of the same month for First period; 2nd of following month for Second; 11th of following month for Third; 18th of following month for Fourth.
Invoicing approach: Provisional invoices for first three periods based on prior month pricing inputs; Fourth period invoices based on actual inputs; adjustments for the first three weeks via the Fourth period invoice.
12.2 Seller must provide Invoice and Supplementary Invoice not later than 5 days before Due Date, via fax/email, with originals by post.
12.3 Buyer to remit via electronic transfer to Seller’s nominated bank accounts, with payment details provided to Seller.
12.4-12.7 Provisions for bank closures (weekends/holidays) and payment timing adjustments.
12.8 If the fourth period results in a negative amount payable by Buyer (i.e., Seller owes Buyer), payment is due on the due date for the fourth period.
12.9 Provisions for weekend adjustments: If Due Date is Saturday, pay Friday; if Sunday, pay Monday.
12.10-12.11 No unilateral deductions, except as agreed; interest on overdue payments accrues from the Due Date at SBI Base Rate + 4% for first 30 days, then SBI Base Rate + 5% (compounded quarterly).

ARTICLE 13: TITLE AND RISK

Title and risk pass to Buyer at the Delivery Point (per Article 5 and Schedule A).

ARTICLE 14: SCHEDULED OUTAGES

14.1 Each Party must provide written notice of Scheduled Outages; coordination to match outage periods where feasible; total outage period not to exceed 60 days in a year under normal circumstances.
14.2 Outages discussed in monthly Crude Coordination Meetings 2–3 months in advance with start date and total outage span.

ARTICLE 15: CHANGE IN LAWS, REGULATIONS, ORDERS ETC.

15.1 Parties rely on laws in effect on the date of signing.
15.2 If a change in law/regulation has a material adverse economic effect not covered by other provisions, the affected Party may request renegotiation of price/terms with 15-day negotiation window; if no agreement, the affected Party may terminate at the end of the 15-day period.
Any Crude Oil delivered during the 15-day renegotiation period remains under existing price/terms without adjustment for new laws.

ARTICLE 16: FORCE MAJEURE

16.1 Force Majeure excludes past due payment obligations; Force Majeure includes acts of God, sabotage, natural disasters, war, government orders, and other events beyond control.
16.2 Notice of Force Majeure within 48 hours of occurrence with full particulars, duration, obligations affected, and ability to recommence.
16.3 Burden of proof on the asserting party; reasonable diligence required to remedy.
16.4 Best efforts to remedy and mitigate effects.
16.5 Time extensions for affected obligations; extensions equal to Force Majeure period or as agreed.
16.6 If Force Majeure persists beyond 30 days, the Parties shall meet to discuss consequences and mitigation actions.

ARTICLE 17: TERMINATION

17.1 Termination upon expiry of Term or mutual extension.
17.2 Either Party may terminate for any reason with MoP&NG approval.
17.3 Termination if Force Majeure persists for more than 180 days.
17.4 Termination does not prejudice accrued rights/obligations as of termination.

ARTICLE 18: SUSPENSION

If Buyer fails to pay by the Due Date and remains in arrears after 30 days’ written notice, Seller may suspend supply until payment is cleared.
Pending dispute resolution per Article 20, Seller shall continue to perform obligations; suspension of delivery is not automatic during disputes.

ARTICLE 19: SOLE EXPERT

19.1 Technical matters (engineering/measurement) with no commercial impact referred to a Sole Expert; independent, internationally qualified; appointed by agreement; no conflict of interest.
If Parties disagree on a matter of existence or commercial implication, it may be referred to Article 20 (Dispute Resolution).
19.2 Sole Expert's decision is final and binding, not subject to arbitration.
19.3 Fees equally borne by Parties.
19.4 Venue: New Delhi, India; English language; functionality to continue per contract terms during proceedings.

ARTICLE 20: DISPUTE RESOLUTION

20.1 Parties should first attempt amicable settlement within 90 days (or longer if agreed).
20.2 For disputes relating to interpretation and application of commercial contracts, resolution shall be through AMRCD as per DPE OM No. 4(1)/2013-DPE(GM)/FTS-1835 dated 22-05-2018.

ARTICLE 21: INSURANCE ON CRUDE OIL

21.1 Buyer is responsible for insurance of Crude Oil from Delivery Point onwards.

ARTICLE 22: INDEMNITY

22.1 Each Party indemnifies the other against: (a) injuries/diseases/deaths of employees/contractors near the Delivery Point; (b) actual physical loss to a Party’s facilities caused by the other Party’s operations.
22.2 If a claim arises, the Indemnitee must notify the Indemnitor promptly and take reasonable actions to avoid/defend the claim while being indemnified for losses, costs, and expenses; if not requested or not indemnified within 28 days, the Indemnitee may settle in its discretion.

ARTICLE 23: ASSIGNMENT/SUB-CONTRACTING

Neither Party may assign rights or transfer or subcontract obligations without the other Party’s prior written consent; consent shall not be unreasonably withheld.
If assignment occurs, the assignor remains responsible for proper performance of the Agreement.

ARTICLE 24: LAW AND JURISDICTION

This Agreement is governed by Indian law; the Delhi Courts have jurisdiction.

ARTICLE 25: NOTICES

Notices must be in person or by registered/speed post or fax/email to the addresses in Schedule A; deemed delivered on hand delivery or transmission/receipt depending on method used.

ARTICLE 26: CONFIDENTIALITY

26.1 Each Party shall keep Confidential Information confidential, using the standards of care it uses for its own information.
26.2 Disclosures permitted under specific exceptions (legal requirements, regulatory disclosures, professional advisers, public domain, prior written consent, disclosures to potential assignees with protective undertakings).

ARTICLE 27: NO AGENCY

No agency relationship; neither Party may bind the other unless expressly authorized.

ARTICLE 28: ANNOUNCEMENTS

No public announcements about the COSA or related transactions without the other Party’s prior written approval, except as required by law/regulation or securities regulations.

ARTICLE 29: EFFECT OF ILLEGALITY, ETC.

Invalid terms do not affect the validity of others; Parties should replace invalid terms with valid ones that preserve purpose; inoperative terms to be treated accordingly.

ARTICLE 30: GOOD FAITH

Each Party shall act in good faith and use reasonable efforts to execute further deeds and to perfect the transaction.

ARTICLE 31: WAIVER

Delays or indulgences do not waive rights; waivers apply only to the specific non-compliance; not to other matters.

ARTICLE 32: CUMULATIVE REMEDIES

Rights and remedies are cumulative unless otherwise stated.

ARTICLE 33: ENTIRE AGREEMENT

This COSA, Schedule A, Schedule B, Appendix A, Appendix B, and related documents constitute the entire agreement; no reliance on other statements beyond those expressly included.

ARTICLE 34: AMENDMENTS

Any amendment must be in writing and signed by both Parties; waivers must be in writing.

ARTICLE 35: NO PARTNERSHIP

No principal-agent or partnership relationship; neither Party can bind the other except as explicitly allowed.

ARTICLE 36: PRIVITY

The Agreement is for the benefit of the Parties only; it does not confer rights to third parties.

ARTICLE 37: COUNTERPARTS

The Agreement may be executed in multiple counterparts, each an original.

ARTICLE 38: COMPLIANCE WITH LAWS

Parties shall comply with applicable Indian statutes, as amended.

ARTICLE 39: APPROVALS

Each Party is responsible for obtaining necessary consents/approvals to fulfill its obligations.

ARTICLE 40: CONSEQUENTIAL LOSS, LIMITATION OF LIABILITY

Except as expressly provided, neither Party is liable for indirect, consequential, or special damages, including loss of profit or product, in connection with performance or termination.

ARTICLE 41: REPRESENTATIONS

Neither Party relies on representations other than those expressly stated (fraudulent misrepresentation excluded); no remedy for misrepresentation except for fraud.

ARTICLE 42: USE OF CRUDE OIL

Quantity purchased shall be processed exclusively at Buyer’s Refineries; no resale or supply to third parties in India or abroad without Seller’s written consent.

SCHEDULE A: Producing Area(s), Mode of Delivery, Mode of Measurement & Sampling

Producing Areas: North East fields operated by OIL; Crude oil despatched to North East Refineries from Moran, Naharkatiya, and Digboi.
Delivery Point/Custody Transfer Point by Despatch Point:
- Moran/Naharkatiya: Pipeline delivery; CTM/dip-based custody transfer; daily measurement; batch-wise quality testing; auto-sampler or TMB options for sampling.
- Digboi: Despatch from Digboi Tank Farm; details refer to Article 5 and testing procedures; minimum 4-hour settling time for tank dips; steam heating to be cut off at least 4 hours before handing over empty tanks for filling.
Measurement/Testing: See Article 8 and Appendix A for procedures; CTM frequency and sampling frequency defined for each point.
See Schedule A for precise custody transfer frequency, sampling method, and transfer system at Moran/Naharkatia/Digboi.

SCHEDULE B: COMMERCIAL TERM SHEET (PRICE BUILD-UP)

Pricing directives: MoP&NG directives for pricing Assam crude for North-East refineries (P-20012/11/2006-PP; annexes 1-3).
Pricing basis: Prices expressed in Rs per Barrel; FOB pricing with components:
- Base Price: Weighted average of international crude basket quotations for the entire supply month, as published under Platts’ spot crude assessment heading.
- Despatch-point basket: Moran, Nahorkatiya, Digboi baskets used for base price calculation.
- GPW (Gross Product Worth) premium/discounts: Based on differential GPW between OIL crude and basket of marker crudes; GPW calculation uses four cuts (LPG, Naphtha, Middle Distillates, Residue) for each despatch point.
- Sulphur and Residual API adjustments: Formulas provided to adjust the GPW-derived prices based on Assam crude vs. basket crudes sulfur content and residue API.
- BS&W discount: Adjustment for BS&W content levels, with tiered discounts.
- Adjustments for Pipeline Transportation Charges (PLC) and T&D (Taxes & Duties) per Schedule B: PLC and T&D are added to price in pipeline transfers; Taxes and Duties are included in the final price.
- Final price composition:
- Composite FOB Price (in Rs/bbl) = [FOBbaseUSDperbbl × ER + PLC + T&D] – BS&W_discount
- Final price in Rs/bbl = Composite FOB Price + Taxes and Duties (per Schedule B) + any other applicable charges.
Invoices: Appendix B and Schedule B describe the price build-up and rounding conventions; all prices rounded according to specified rules.
References to external publications: Platts Asia-Pacific/Arab Gulf MARKETSCAN for pricing; Propane/Butane priced using LPGASWIRE; Propane/Butane ratios (50:50) for calculations.
Inputs: Monthly Platts mean prices, exchange rate (monthly RBI/FBIL reference rate), despatch-point GPW and its differentials, BS&W, sulfur, and residue API adjustments, pipeline charges, T&D, and related tax rules.
Inputs not available: Provisional values to be used in good faith with subsequent supplementary invoices; if inputs cease to be published, parties shall agree on alternate values or use the last available value; disputes to be resolved by an expert.
Appendix-B workflow: Lays out the step-by-step calculation flow and rounding rules for price computation.

APPENDIX A: TESTING & MEASUREMENT STANDARDS

Sampling, Density, Specific Gravity, API Gravity, Pour Point, RVP, Water Content, Sediments, Salinity, Sulphur Content, Organic Chloride.
Standards referenced: ASTM/IP/ISO methods (e.g., ASTM 4057/4177, IP-160/99, ASTM D 1298, ISO 3675:1998, IP-69/01, ASTM D-323/94, ISO 9029:1990, etc.).
Quantity measurement systems: As per MPMS (API) recommendations.

APPENDIX B: PRICING TEMPLATE

Monthly routine: Use monthly average Platts prices, RBI/FBIL rates; compute Despatch Point-wise base prices; calculate monthly uplifted crude quantity per despatch point; compute GPW and differentials; apply sulphur and residue API adjustments; apply BS&W discount; compute pipeline charges; compute taxes and duties; arrive at final Rs/bbl price.
Rounding rules: Three-decimal precision for many inputs; clear rules for truncation and rounding (as described in Appendix B’s rounding procedure).

SIGNIFICANT ADDITIONS AND CONTEXT (PAGES 34–37): GOVERNMENT MESSAGES AND PERTINENT DOCUMENTS

May 2009, May 2011 government communications (PPAC, MoP&NG) regarding benchmark pricing for Assam crude for North-East refineries and the treatment of sales tax and pipeline transportation charges.
Revisions to pipeline tariffs (Naharkatiya–Bongaigaon, Naharkatiya–Digboi, and related segments) were discussed and implemented starting 2011–2014 with annual escalation linked to WPI from 2012–13 onwards.
These government communications informed the pricing framework and bilateral COSA negotiations among IOCL, OIL, ONGC, NRL, and North-East refineries.
The documents reflect the regulatory backdrop for price formation, including the role of upstream and downstream entities and the sharing of under-recoveries, as applicable to North-East crude oil pricing under COSA.

SUMMARY OF KEY STRUCTURES AND RELATIONSHIPS

The COSA binds OIL (Seller) and IOCL (Buyer) to a long-term, government-influenced framework for selling/buying crude oil from nominated OIL fields in North East India.
It links physical delivery (Delivery Point, custody transfer, measurement) to financial settlement (price build-up, taxes, duties, pipeline charges) with detailed measurement/testing protocols.
It embeds governmental oversight (MoP&NG, PPAC) into the pricing framework (Schedule B) and provides renegotiation pathways for changes in law.
It includes standard contractual protections (force majeure, termination, suspension, dispute resolution, sole expert, confidentiality, and liability limits).
It relies on operational collaboration (OCCM, Crude Coordination Meetings) to allocate monthly quantity in the absence of MoP&NG allocations.
It outlines detailed methodologies for price calculation, including GPW premium/discounts, sulfur adjustments, residue API adjustments, BS&W-based discounts, and the integration of PLC and T&D within a single landed price.

KEY FORMULAS AND EQUATIONS (LaTeX)

Barrels per cubic meter:
$1 ext{ m}^3 = 6.29297314 ext{ barrels}$
Barrels per KT? (Quantity conversion as described):
$ext{Quantity (KL at 15°C)} imes 6.29297314 = ext{Barrels at 60°F}$
Standard Temperature: $ext{ST} = 15.56^ ext{°C} = 60^ ext{°F}$
Price Build-Up (Conceptual as per Schedule B):
ext{Composite FOB Price (Rs/bbl)} = ig( ext{FOB}_{ ext{base}} imes ER + PLC + T ext{&}D ig) - ext{BS ext{&}W discount}
Final price per barrel (Rs/bbl):
$ext{Final Price} = ext{Composite FOB Price} + ext{Taxes and Duties}$
GPW premium/discount calculation (conceptual):
ext{GPW}_{ ext{premium/discount}} = fig( ext{GPW of OIL crude}, ext{GPW of Basket crude}ig)
Sulphur adjustment (OIL crude vs basket):
$ext{Sulphur adjustment} = (-0.037371) imes ext{Forcados Price} + (-0.936203) imes ( ext{Sulphur}_ ext{Assam} - ext{Sulphur}_ ext{Basket})$
Residue API adjustment:
ext{Residue adjustment} = ig(0.004488 imes ext{Forcados Price} - 0.074991ig) imes rac{141.5}{ ext{Residue Gravity}_ ext{Basket} - ext{Residue Gravity}_ ext{Assam}}
BS&W discount schedule (per 0.2% to 1.0% and increments):
ext{BS ext{&}W Discount} = egin{cases}0.10,& 0.2\ 0.15,& 0.5\ 0.20,& 1.0\ +0.05 ext{ per additional }0.5 ext{% over 1.0%} \ ext{(pipeline monthly weighted average; BS&W% rounded to 3 decimals)}
\end{cases}

NOTES ON USAGE AND EXAM-FOCUS POINTS

This COSA illustrates a milestone in North-East crude pricing, blending government directives with commercial terms and measurement rigor.
Be ready to discuss how price is built from base (platt basket) to GPW adjustments, BS&W, sulfur, and residue API adjustments, and how taxes and pipeline charges are incorporated.
Understand how custody transfer, delivery points, and measurement protocols (APIs/ASTMs) drive the reliability of quantities used for invoicing.
Recognize renegotiation triggers under Change in Laws (Article 15) and Force Majeure procedures (Article 16).
Remember the governing law (India) and Delhi jurisdiction, alongside dispute resolution mechanisms (amicable first, then AMRCD reference or Sole Expert/arbitration as applicable).

IMPORTANT DATES AND REFERENCES

Effective Date: 01.04.2020; Expiry: 31.03.2025; Term: 5 years; Extension option up to 3 years with 3-month pre-expiry meeting.
MoP&NG/government communications referenced in Schedule B and Appendices through 2009–2014 regarding benchmark pricing for Assam crude and pipeline charges.
PPAC, IOCL, OIL, ONGC, NRL, and North-East Refineries are repeatedly cited in pricing discussions and tariff revisions.
Schedule A clarifies Despatch Points: Moran, Naharkatiya, and Digboi; Delivery at each point with CTM/dip-based custody transfer and sampling modalities; Digboi has specific tank-dip and heating-related procedures.

CROSS-REFERENCES TO SCHEDULES AND APPENDICES

Schedule A: Producing Areas, Delivery Point, Custody Transfer Point, CTM and sampling frequencies; delivery modes and procedures.
Schedule B: Commercial Term Sheet; detailed price build-up, GPW methodology, adjustments, and rounding rules.
Appendix A: Sampling, density, SG, API, pour point, RVP, water content, sediment testing standards (ASTM/IP/ISO methods).
Appendix B: Price calculation template, rounding rules, and data flow for monthly pricing (Platts prices, RBI/FBIL rates, despatch-point adjustments, and final Rs/bbl price).

Notes:
The content above captures the material from the transcript, including definitions, core Articles, and the pricing framework (Schedule B) with the appendices (A and B) and Schedule A details. Government communications (Pages 34–37) provide historical context for benchmark pricing and pipeline tariff revisions that influence the COSA in practice.
For exam preparation, focus on how price is constructed (Base Price, GPW, Sulphur, Residue API, BS&W, PLC/T&D, Taxes), how delivery and custody transfer are defined, and the dispute resolution machinery (Sole Expert and AMRCD path).