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Monday, September 25, 2017

Pertamina Owns ExxonMobil's Ownership in Jambaran



PT Pertamina took ExxonMobil's share of ownership in Jambaran Field, Cepu Block by 41.4%. Thus, Pertamina becomes the majority owner of the Jambaran-Tiung Biru Project targeted on stream in the final quarter of 2020.

President Director of PT Pertamina EP Cepu Adriansyah said the company and ExxonMobil have agreed on a permanent sole risk scheme in developing the Jambaran-Tiung Biru Project. That is, Pertamina took over the ownership of ExxonMobil in Lapangan Jambaran. Instead, ExxonMobil no longer holds any rights to anything in the project.

"We with ExxonMobil have not finalized the final agreement yet, just less final wording in the agreement," he said

Previously, Pertamina and ExxonMobil each had 41.4% ownership, while BUMD 9.5% and PT Pertamina EP 8%. Once the transfer is complete, Pertamina will be holding the majority share of 82.5%. While the share of ownership of other partners has not changed.

However, Adriansyah emphasized, ExxonMobil retains the participating interest (PI) in Cepu Block. The change of ownership portion in Jambaran did not affect the amount of Pertamina and ExxonMobil's PI in Cepu Block. The Jambaran field also remains part of the Cepu Block.

"So this is not a transfer of PI, because the PI is for the whole block. Only ExxonMobil's right in Jambaran we take over, "he said.

Although not a takeover of the rights of participation, does not mean the company acquired ExxonMobil's share of ownership in Jambaran for free.

"There is compensation for the past cost and future value of the project," he said. Unfortunately, he was reluctant to disclose the cost of the company.

Earlier, Deputy Minister of Energy and Resources (ESDM) Arcandra tahar said, ExxonMobil has declared not continue to work on the Project Jambaran-Tiung Biru. Because the economy of this project does not match the calculation of oil and gas companies from the United States. Thus, EXxonMobil is willing to release its rights in Lapangan Jambaran,

"ExxonMobil saw this [Project Jambaran-Tiung Biru] national project and would like to help, so it would b to b (business to business) with Pertamina," he said.

The Jambaran-Tiung Biru project itself is the unitization of two fields of different blocks. The Jambaran field is included in the Cepu Block Working Area where Pertamina and ExxonMobil share the right of participation. While Tiung Biru field entered PT Pertamina EP area. Although the written agreement about permanent sole risk has not been completed yet, Adriansyah said, ground breaking of Jambaran-Tiung Biru Project will still be done today (25/9).

Moreover, his side has started the construction of wells and roads. Not only that, engineering work (engineering) has also been done.

"We are ready to drill two wells next year," he said.

IN INDONESIA

Pertamina Kuasai Porsi Kepemilikan ExxonMobil di Jambaran


PT Pertamina mengambil porsi kepemilikan ExxonMobil dl Lapangan Jambaran, Blok Cepu sebesar 41,4%. Sehingga, Pertamina menjadi pemegang hak mayoritas Proyek Jambaran-Tiung Biru yang ditargetkan on stream pada kuartal akhir 2020.

Presiden Direktur PT Pertamina EP Cepu Adriansyah mengatakan, perseroan dan ExxonMobil telah menyepakati skema permanent sole risk dalam pengembangan Proyek Jambaran-Tiung Biru. Artinya, Pertamina mengambil alih porsi kepemilikan ExxonMobil di Lapangan Jambaran. Sebaliknya, ExxonMobil tidak lagi memegang hak atas apapun di proyek.

“Kami dengan ExxonMobil belum selesai final agreement-nya, hanya kurang final wording di agreement-nya,” kata dia 

Sebelumnya, Pertamina dan ExxonMobil masing-masing memiliki porsi kepemilikan 41,4%, sementara BUMD 9,5% dan PT Pertamina EP 8%. Begitu pengalihan selesai, Pertamina disebutnya akan memegang porsi kepemilikan mayoritas, yakni 82,5%. Sementara porsi kepemilikan mitra lainnya tidak berubah.

Namun, Adriansyah menekankan, ExxonMobil tetap memegang hak partisipasi (participating interest/PI) di Blok Cepu. Perubahan porsi kepemilikan di Jambaran tidak mempengaruhi besaran PI Pertamina dan ExxonMobil di Blok Cepu. Lapangan Jambaran juga tetap masih menjadi bagian dari Blok Cepu.

“Jadi ini bukan pengalihan PI, karena PI itu untuk seluruh blok. Hanya hak ExxonMobil di Jambaran yang kami ambil alih,” tegasnya.

Meski bukan pengambilalihan hak partisipasi, bukan berarti perseroan memperoleh porsi kepemilikan ExxonMobil di Jambaran secara gratis.

“Ada kompensasi untuk past cost dan future value dari project,” ujarnya. Sayangnya, dia enggan mengungkapkan berapa biaya yang dikeluarkan perseroan.

Sebelumnya, Wakil Menteri Energi dan Sumber Daya   (ESDM) Arcandra tahar mengatakan, ExxonMobil telah menyatakan tidak melanjutkan ikut menggarap Proyek Jambaran-Tiung Biru. Pasalnya, keekonomian proyek ini tidak cocok dengan hitungan perusahaan migas asal Amerika Serikat itu. Sehingga, EXxonMobil bersedia melepas haknya di Lapangan Jambaran,

“ExxonMobil melihat ini [Proyek Jambaran-Tiung Biru] proyek nasional dan mau membantu, makanya mau b to b (business to business) dengan Pertamina,” kata dia.

Proyek Jambaran-Tiung Biru sendiri merupakan unitisasi dari dua lapangan dari blok yang berbeda. Lapangan Jambaran masuk dalam Wilayah kerja Blok Cepu di mana Pertamina dan ExxonMobil sama-sama memliki hak partisipasi. Sementara lapangan Tiung Biru masuk area PT Pertamina EP. Meski kesepakatan tertulis soal permanent sole risk belum selesai, Adriansyah menuturkan, ground breaking Proyek Jambaran-Tiung Biru tetap akan dilakukan hari ini (25/9). 

Apalagi, pihaknya sudah mulai pembangunan tapak sumur dan jalan. Tidak hanya itu, pekerjaan rekayasa (engineering) juga sudah dikerjakan.

“Kami siap melakukan pengeboran dua sumur tahun depan,” ujar dia.

Investor Daily, Page-11, Monday, Sept 25, 2017

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