Application of split or gross scheme for gross proceeds in the cooperation contract (production sharing contract / PSC) of oil and gas will not harm the state. This scheme makes the country avoid potential cost overruns oil and gas projects, so that revenues derived from oil and gas sector more certain and secure.
On the other hand, to ensure economies of oil and gas projects to investors, the government is providing an additional incentive for a yield of 5%. These incentives are given when the economics of oil and gas projects is still below a certain limit after the contract gross PSC split runs. Conversely, when the project economics of excess, the state can cut 5% revenue share. Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said, no one can ensure the realization of oil and gas revenues will be as targeted despite having applied PSC gross split.
However, through this scheme, the costs incurred for work on oil and gas projects will no longer be borne by the state budget. The full cost borne by investors. Thus, Indonesia earn a share (split) in the beginning, without truncated when inflated costs.
So, no, there is no loss to the state, who says the state will lose? he said. Starting in January 2017, the government changed the scheme of the production sharing contract (PSC) on new oil and gas contracts. If used before its scheme fees are refundable (cost recovery), then the new rules are applied in a gross scheme split.
The provisions set forth in the Regulation of Minister No. 8 of 2017 concerning the Production Sharing Contract Gross Split. PT Pertamina Hulu Energi (PHE), a subsidiary of PT Pertamina, began a new round of the national oil and gas industry. PHE signed a gross scheme split with the government on Wednesday (18/1), to the Offshore North West Java (ONWJ).
Arcandra Tahar explained, regarding the results of the country that impressed split down the scheme compared to gross cost recovery, it should be remembered that the component cost is no longer a burden on the state. When using the PSC cost recovery, profit sharing for the state compared to investors of 85:15 to 70:30 for the oil and gas, including the cost components that must be replaced state. For the result will be calculated after the cost of oil and gas projects be split between the state and investors. "It's as if the lower (parts of the country) because we divide the gross (gross income), in which the cost was on the side of the contractor. If in the past, cost was replaced in net income (net), "he said.
Arcandra revealed, it has ensured split ratio of gross schemes and cost recovery through calibration data on 10 oil and gas blocks that are considered representative. Based on a comparison was clearly visible portion of the investment costs that should be replaced (cost recovery) by the government in these blocks. As a result, cost recovery in the block can range from 12-44%, 20-50%, even 32-52%. The greater cost recovery the state revenue will fall.
Apart from the revenue side, Arcandra states, there are other positive impact of the scheme gross split. One of them, this scheme allows the acceleration of the time needed to work on oil and gas blocks to the production stage. During this time in Indonesia takes 15 years to produce oil and gas block. We hope the time for production can be trimmed at least 2-3 years.
About the impact of the gross scheme split to increase oil and gas production, Arcandra Tahar admitting it could not be ascertained. Moreover, no one can ascertain the contents and condition of oil and gas reserves in the earth. However, the scheme is expected to improve national oil and gas business.
"Step into production is still far away. Neat our expectations, the business can be more efficient, transparent, and the process is much simpler. If worse, this scheme can be replaced, because this man, "said Arcandra.
Less attractive
Meanwhile, investors assessed the gross split scheme offered by the government is still less attractive. Investor wants, although the scheme changed to gross split contract, for the results received at least equal to when using the cost recovery scheme. Investors also requested an additional incentive for exploration. In addition, there is uncertainty related to the implementation of the ease of business process promised by the government.
Chief Executive Officer (CEO) and President of PT Ephindo Sammy Hamzah said non-conventional oil and gas investor proposes the implementation of the scheme gross split in oil and gas contracts in order to project more attractive. Therefore, Sammy said, it is very appreciated efforts of government then issued a ministerial regulation about gross split. Moreover, Regulation 38/2015 on Acceleration of Non-conventional Oil and Gas Concessions that allow non-conventional oil and gas contracts using a gross scheme split, never be applied.
However, according to him, there are several things that must be ensured in order to split the gross scheme attractive for investors. "We want to emphasize that for existing investors, its standard is that the government should offer better. Otherwise, they will not take. It's a matter of economics that must be discussed. This, indeed, be proven over time, "he said.
Another thing that should be ensured, is the role of the Working Unit of Upstream Oil and Gas (SKK Migas) to manage contracts with gross schemes split. Investors want to make sure whether the business process will be simple and the time required until the production phase will be shorter.
"We warned that the role of SKK Migas governmental spelled out in detail, how the approval of WP & B and POD. Therefore, this could be a bottleneck and polemics in the future development of the field, "he said.
Advisory Board Indonesian Geologists Association (IAGI) Rovicky Dwi Putrohari also criticized the gross scheme split. Some of the incentives offered by the government split always considered linear with the scale of the project. "In fact, it could be the reality is different, such as investment costs to a depth of five meters of blocks may be larger than that has a depth of 50 meters," he said.
He added, there are few incentives that would lead to a split count the economic uncertainty, the price of oil. "Split will change because national oil price (ICP) is reviewed every month. How can commercial that change each month? Whether to continue to operate or not, should be considered, "he said.
President Director of PT Pertamina Hulu Energi (PHE) Mount Sardjono Hadi said, as contractors who have signed the gross PSC split, this scheme is best for the nation. Although the split received 5% lower than the previous contract, it did not mind because it can be closed through efficiency.
However, according to the Mountain, it also has proposed an additional incentive on exploration and surface infrastructure (surface). If exploration spending a percentage of total expenditures, incentives can be split so, then the incentives matter the state of the surface facility. This is what we have proposed.
Arcandra confirms, investors who felt the split earned enough, you can submit it to the government. For results after inserting variable and progressive split split is still open to change. If from the commercial, there is room for negotiation about 5%. That, in accordance with Article 7 of the Regulations of the Minister of Energy and Mineral Resources No. 2017 8Tahun on Production Sharing Contracts Gross Split which became the basis for the gross split.
In this policy is mentioned, when calculating the commercialization of the field does not reach a certain economic value, the contractor received an additional split a maximum of 5%. By contrast, in the calculation of the commercialization of the field exceeds a certain economic value, the state may take an additional 5% split.
IN INDONESIAN
Gross Split Beri Kepastian untuk Negara
Penerapan skema gross split atau bagi hasil kotor dalam kontrak kerja sama (production sharing contract/ PSC) migas tidak akan merugikan negara. Skema ini justru membuat negara terhindar dari potensi membengkaknya biaya proyek migas, sehingga penerimaan negara yang diperoleh dari sektor migas lebih pasti dan terjamin.
Di sisi lain, untuk menjamin keekonomian proyek migas bagi investor, pemerintah menyediakan tambahan insentif bagi hasil sebesar 5%. Insentif ini diberikan ketika keekonomian proyek migas masih di bawah batas tertentu setelah kontrak PSC gross split berjalan. Sebaliknya, ketika keekonomian proyek berlebih, negara dapat memotong bagi hasil 5%. Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, tidak ada yang dapat memastikan realisasi penerimaan migas akan sesuai yang ditargetkan meski telah diterapkan PSC gross split.
Namun melalui skema ini, biaya yang dikeluarkan untuk menggarap proyek migas tidak lagi menjadi tanggungan APBN. Biaya sepenuhnya ditanggung investor. Dengan demikian, Indonesia memperoleh bagi hasil (split) di awal, tanpa terpangkas ketika biaya membengkak.
Jadi, tidak, tidak ada kerugian negara, siapa bilang negara akan rugi? ujar dia. Mulai Januari 2017, pemerintah mengubah skema kontrak bagi hasil (PSC) pada kontrak-kontrak baru migas. Jika yang digunakan sebelum-nya adalah skema biaya yang dapat dikembalikan (cost recovery), maka yang diterapkan dalam aturan baru yaitu skema gross split.
Ketentuan itu dituangkan dalam Peraturan Menteri ESDM No 8 Tahun 2017 tentang Kontrak Bagi Hasil Gross Split. PT Pertamina Hulu Energi (PHE), anak usaha PT Pertamina, mengawali babak baru industri migas nasional tersebut. PHE menanda tangani skema gross split dengan pemerintah, Rabu (18/1), untuk Blok Offshore North West Java (ONWJ).
Arcandra Tahar menjelaskan, perihal bagi hasil negara yang terkesan turun pada skema gross split dibandingkan cost recovery, harus di ingat bahwa komponen biaya tidak lagi menjadi beban negara. Ketika menggunakan PSC cost recovery, bagi hasil untuk negara dibanding investor sebesar 85:15 untuk minyak dan 70:30 untuk gas termasuk komponen biaya yang harus diganti negara.
Bagi hasil itu akan dihitung setelah biaya proyek migas dibagi dua antara negara dan investor. “Sekarang seolah-olah lebih rendah (bagian negara) karena kami membagi gross (pendapatan kotor), di mana cost itu pada sisi kontraktor. Kalau dulu, cost digantikan di pendapatan bersih (net),” kata dia.
Arcandra mengungkapkan, pihaknya telah memastikan perbandingan skema gross split dan cost recovery melalui kalibrasi data pada 10 blok migas yang dianggap representatif. Berdasarkan perbandingan itu terlihat jelas porsi biaya investasi yang harus diganti (cost recovery) oleh pemerintah pada blok-blok tersebut. Hasilnya, cost recovery di satu blok bisa berkisar 12-44%, 20-50%, bahkan 32-52%. Semakin besar cost recovery maka penerimaan negara akan turun.
Selain dari sisi penerimaan negara, Arcandra menyatakan, terdapat dampak positif lain dari skema gross split. Salah satunya, skema ini memungkinkan percepatan waktu yang diperlukan untuk menggarap blok migas sampai tahap produksi. Selama ini di Indonesia dibutuhkan 15 tahun sampai satu blok menghasilkan migas. Kami berharap waktu untuk berproduksi at least bisa dipangkas 2-3 tahun.
Ihwal dampak penerapan skema gross split terhadap peningkatan produksi migas, Arcandra Tahar mengakui hal itu belum dapat dipastikan. Apalagi tidak ada yang dapat memastikan isi dan kondisi cadangan migas di dalam bumi. Meski demikian, skema ini diharapkan mampu memperbaiki bisnis migas nasional.
“Step ke produksi masih jauh. Rapi harapan kami, bisnis dapat lebih efisien, transparan, dan prosesnya lebih simpel. Kalau lebih jelek, skema ini bisa diganti, karena ini buatan manusia,” tutur Arcandra.
Kurang Menarik
Sementara itu, investor menilai skema gross split yang ditawarkan pemerintah masih kurang menarik. Investor menginginkan, meski skema kontrak berganti menjadi gross split, bagi hasil yang diterima minimal sama dengan ketika memakai skema cost recovery. Investor juga meminta ada tambahan insentif untuk eksplorasi. Selain itu, terdapat ketidakpastian terkait pelaksanaan kemudahan proses bisnis yang dijanjikan pemerintah.
Chief Executive Officer (CEO) & President PT Ephindo Sammy Hamzah mengatakan, investor migas non-konvensional mengusulkan penerapan skema gross split dalam kontrak migas agar proyek lebih menarik. Karena itu, kata Sammy, pihaknya sangat mengapresiasi upaya pemerintah yang kemudian menerbitkan peraturan menteri soal gross split. Apalagi Peraturan Menteri 38/2015 tentang Percepatan Pengusahaan Migas Non-konvensional yang memungkinkan kontrak migas non-konvensional menggunakan skema gross split, tak kunjung dapat diterapkan.
Namun, menurut dia, ada beberapa hal yang harus dipastikan agar skema gross split menarik bagi investor. “Kami ingin tekankan bahwa bagi investor eksisting, standart-nya adalah pemerintah harus menawarkan yang lebih baik. Kalau tidak, mereka tidak akan ambil. Ini soal keekonomian saja yang harus dibicarakan. Ini memang baru akan terbukti seiring dengan berjalannya waktu,” papar dia.
Hal lain yang harus dipastikan, adalah peran Satuan Kerja Kerja Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) dalam mengelola kontrak dengan skema gross split. Investor ingin memastikan apakah benar proses bisnis akan lebih simpel dan waktu yang dibutuhkan sampai tahap produksi bakal lebih pendek.
“Kami mewanti-wanti pernerintah bahwa peran SKK Migas dijabarkan secara rinci, bagaimana persetujuan WP&B dan POD. Sebab, ini bisa menjadi hambatan dan polemik dalam pengembangan lapangan ke depan,” ucap dia.
Dewan Penasihat Ikatan Ahli Geologi Indonesia (IAGI) Rovicky Dwi Putrohari juga mengkritisi skema gross split. Beberapa insentif split yang ditawarkan pemerintah selalu dianggap linier dengan skala proyek. “Padahal, bisa jadi kenyataannya berbeda, seperti biaya investasi untuk blok kedalaman lima meter bisa jadi lebih besar dari yang memiliki kedalaman 50 meter,” tutur dia.
Dia menambahkan, ada beberapa insentif split yang justru menimbulkan ketidakpastian hitungan keekonomian, yakni harga minyak. “Split akan berubah karena harga minyak nasional (ICP) ditinjau setiap bulan. Bagaimana bisa komersial kalau berubah tiap bulan? Apakah akan terus beroperasi atau tidak, ini harus dipikirkan,” kata dia.
Presiden Direktur PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi menyatakan, sebagai kontraktor yang telah meneken PSC gross split, skema ini merupakan yang terbaik bagi bangsa dan negara. Meski split yang diterima lebih rendah 5% dibandingkan kontrak sebelumnya, pihaknya tidak keberatan karena hal itu dapat ditutup melalui efisiensi.
Namun, menurut Gunung, pihaknya juga memiliki usulan insentif tambahan mengenai eksplorasi dan infrastruktur permukaan (surface). Kalau pengeluaran eksplorasi sekian persen dari total pengeluaran, dapat insentif split sekian, kemudian insentif soal keadaan surface facility. Ini yang kami usulkan.
Arcandra menegaskan, investor yang merasa split yang diperolehnya masih kurang, dapat menyampaikan-nya kepada pemerintah. Bagi hasil setelah memasukkan variable split dan progressive split masih terbuka untuk diubah. Kalau dari komersial, ada ruang untuk negosiasi kurang lebih 5%. Hal itu, sesuai Pasal 7 Peraturan Menteri ESDM No 8 Tahun 2017 tentang Kontrak Bagi Hasil Gross Split yang menjadi dasar penerapan gross split.
Dalam beleid ini disebutkan, ketika perhitungan komersialisasi lapangan tidak mencapai keekonomian tertentu, kontraktor mendapat tambahan split maksimal 5%. Sebaliknya, dalam perhitungan komersialisasi lapangan melebihi keekonomian tertentu, negara boleh mengambil tambahan split 5%.
Investor Daily, Page-1, Friday, Jan, 20, 2017
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