The government will grant the request signaled lnpex Masela Limited as operator Abadi field, Masela block in Maluku about replacement contract period and an increase in the production capacity of liquefied natural gas.
Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said the government is still reviewing the two proposals submitted by lnpex. He emphasized that the government understands Masela project should be run in accordance with the economic scale. The economics of oil and gas projects, he said, can be added in several ways. First, the revised revenue sharing between the government and the contractor.
Second, additional production capacity. Third, the addition of operating life of oil and gas blocks. "They [operators] has been the exploration that we think is worthy of consideration [incentives," he said. He assessed the condition of current oil prices, the ratio of return on investment (internal rate of return / IRR) project could touch about 12%.
According to him, with an IRR of 12%, the project is still running as economies of scale by assuming a production capacity exceeding 7.5 million tonnes per annum [MTPA] and the operating life of more than 20 years. He admits, it is indeed below the proposed operator IRR of 15%. Meanwhile, President Director of Indonesian lnpex Shunichiro Sugaya sent a letter to the government related to the fiscal proposals required to start defining the project through the study of pre front end engineering design (FEED) in January 2017.
lnpex proposed that gas production capacity rose to 9.5 mtpa and increased operating life to 30 years. The operation period assuming the addition of 20-year contract period and the replacement of the contract lost because it is used to conduct a study refinery floating liquefied natural gas / FLNG for ten years. lnpex also not mention the gas refinery construction site.
Arcandra requested that operators sent a letter to the government. From the letter, the government will eventually respond in the form of points of agreement on fiscal proposals submitted. "Until they [operators] will send it later, send a letter. He called the decision made would not be contrary to the applicable rules, including the replacement of the lost contract period.
However, he declined to say how long the contract period which can be replaced. In fact, the Coordinating Minister for maritime Luhut Binsar Pandjaitan previously mention the possibility of replacing the contract period Masela can be granted for seven years. Associated with the contract period, the government has lost the contract term replacement of some oil and gas working areas.
For example, in 2012, the replacement of lost time awarded contracts for three years from 2021 into 2024 to block management Petronas (Petronas), East Java because it is constrained pipeline project undertaken Java Kalimantan Bakrie & Brothers. In 2013, the government provides reimbursement contract period of five years for exploration in Block Warim (ConocoPhillips), Papua as it gets refusal with respect to the location which is a conservation area Lorentz National Park.
"Allow. Incentives possible, but the calculation make sense or not?" Arcandra reluctant to say when it must have the signing of the revised development plan (plan of development / PoD) I do. He said Japanese Prime Minister Shinzo Abe will head to Indonesia after the visit with the Minister Coordinating maritime Luhut Binsar Pandjaitan to Japan recently.
Earlier, Luhut said Shinzo Abe will arrive in Indonesia on January 15, 2017. "Soon [Masela contract signed. I've been to Japan, Shinzo Abe later date so he'll be here." Senior Manager of Communications & Relations lnpex Indonesia Usman Slamet said, it was still coordinating with the Ministry of Energy and Mineral Resources and the Special Unit of Upstream Oil and Gas (SKK Migas) in order to keep running despite Masela project changes refinery construction scheme.
He said he is optimistic that the government will not extend the pre-FEED decision that could be done immediately. Other proposals such as the replacement of operating costs during the contract period being sunk cost (the cost already incurred) US $ 1.2 billion and accelerated licensing process is possible. Because the Masela cooperation contract was signed in 1998 and the project is expected to produce its first gas in 2026 or two years before the contract expires in 2028. Currently, the master lnpex participation shares of 65% and Shell 35%. We are optimistic that in the near future the government would welcome the proposed PSC [cooperation contractors] lnpex Masela Ltd., "he said
IN INDONESIAN
Permintaan lnpex Berpotensi Dikabulkan
Pemerintah memberikan isyarat bakal mengabulkan permintaan lnpex Masela Limited sebagai operator Lapangan Abadi, Blok Masela di Maluku tentang penggantian masa kontrak dan peningkatan kapasitas produksi gas alam cair.
Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, pemerintah masih mengkaji dua usulan yang diajukan oleh lnpex. Dia menegaskan, pemerintah memahami proyek Masela harus berjalan sesuai dengan skala ekonomi. Keekonomian proyek minyak dan gas bumi, katanya, dapat ditambah melalui beberapa cara. Pertama, revisi bagi hasil antara pemerintah dan kontraktor.
Kedua, penambahan kapasitas produksi. Ketiga, penambahan masa operasi blok migas. “Mereka [operator] kan sudah melakukan eksplorasi yang menurut kita patut dipertimbangkan [pemberian insentif,” ujarnya. Dia menilai, dengan kondisi harga minyak saat ini, rasio pengembalian investasi (internal rate of return/IRR) proyek bisa menyentuh sekitar 12%.
Menurutnya, dengan IRR 12%, proyek masih berjalan sesuai skala ekonomi dengan asumsi kapasitas produksi melebihi 7,5 juta ton per tahun [mtpa] dan masa operasi lebih dari 20 tahun. Dia mengakui, hal tersebut memang di bawah usulan IRR operator yakni 15%. Sementara itu, Presiden Direktur lnpex Indonesia Shunichiro Sugaya mengirimkan surat kepada pemerintah terkait dengan usulan fiskal yang dibutuhkan untuk memulai pendefinisian proyek melalui kajian pre front end engineering design (FEED) pada Januari 2017.
lnpex mengusulkan agar kapasitas produksi gas naik menjadi 9,5 mtpa dan masa operasi bertambah menjadi 30 tahun. Masa operasi itu dengan asumsi penambahan masa kontrak 20 tahun dan penggantian masa kontrak yang hilang karena digunakan untuk melakukan kajian kilang terapung gas alam cair/FLNG selama sepuluh tahun. lnpex juga belum menyebut lokasi pembangunan kilang gas.
Arcandra meminta agar operator mengirim surat kepada pemerintah. Dari surat tersebut, nantinya pemerintah akan merespon berupa poin kesepakatan terkait usulan fiskal yang diajukan. “Sampai akhirnya mereka [operator] akan mengirim nanti, mengirim surat. Dia menyebut keputusan yang dibuat tak akan bertentangan dengan aturan yang berlaku, termasuk penggantian masa kontrak yang hilang.
Namun, dia belum bersedia menyebut berapa lama masa kontrak yang bisa digantikan. Padahal, Menteri Koordinator Bidang Kemaritiman Luhut Binsar Pandjaitan sebelumnya menyebut kemungkinan penggantian masa kontrak Blok Masela bisa dikabulkan untuk tujuh tahun. Terkait dengan masa kontrak, pemerintah telah melakukan penggantian masa kontrak yang hilang terhadap beberapa wilayah kerja migas.
Sebagai contoh, pada 2012, penggantian masa kontrak yang hilang diberikan selama tiga tahun dari 2021 menjadi 2024 kepada pengelolaan Blok Kepodang (Petronas), Jawa Timur karena terkendala proyek pembangunan pipa Kalimantan Jawa yang dikerjakan Bakrie&Brothers. Pada 2013, pemerintah memberikan penggantian masa kontrak selama lima tahun untuk eksplorasi di Blok Warim (ConocoPhillips), Papua karena mendapat penolakan berkenaan dengan lokasinya yang merupakan daerah konservasi Taman Nasional Lorentz.
"Memungkinkan. Insentif memungkinkan, tetapi hitungannya make sense atau tidak?” Arcandra enggan menyebut kapan waktu pasti penandatanganan revisi rencana pengembangan (plan of development/PoD) I dilakukan. Dia menuturkan, Perdana Menteri Jepang Shinzo Abe akan bertolak ke Indonesia setelah kunjungan bersama Menteri Koordinator Bidang Kemaritiman Luhut Binsar Pandjaitan ke Jepang belum lama ini.
Sebelumnya, Luhut mengatakan Shinzo Abe akan tiba di Indonesia pada 15 Januari 2017. "Secepatnya [kontrak Masela ditanda tangani. Saya sudah ke Jepang. Shinzo Abe nanti tanggal sekian dia akan ke sini.” Senior Manager Communication & Relation lnpex Indonesia Usman Slamet mengatakan, pihaknya masih berkoordinasi dengan Kementerian ESDM dan Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) agar proyek Masela tetap berjalan kendati mengalami perubahan skema pembangunan kilang.
Pihaknya optimistis pemerintah tak akan mengulur keputusan agar pre-FEED bisa segera dilakukan. Usulan lain seperti penggantian biaya operasi selama masa kontrak yang menjadi sunk cost (biaya yang sudah dikeluarkan) US$1,2 miliar dan proses percepatan perizinan dimungkinkan. Pasalnya, kontrak kerja sama Blok Masela ditandatangani pada 1998 dan proyek diperkirakan memproduksi gas pertamanya pada 2026 atau dua tahun sebelum kontrak berakhir pada 2028. Saat ini, lnpex menguasai saham partisipasi sebesar 65% dan Shell 35%. Kami optimistis dalam waktu dekat pemerintah akan menyambut baik usulan KKKS [kontraktor kontrak kerja sama] lnpex Masela Ltd.,” ujarnya
Bisnis Indonesia, Page-30, Thursday, Dec, 29, 2016
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