Pertamina Domination of Mahakam Block

Minister of Energy and Mineral Resources Ignasius Jonan confirmed that PT Pertamina must control at least 51% or control the majority of shares in Mahakam block, East Kalimantan.

 "The bottom line is Pertamina must own 51% of the shares, while the remaining 10% is for regional ownership," he said in Jakarta yesterday.

In accordance with the rules, as much as 10% of the participating interest (PI) or shareholding share must be submitted to the region. If 10% is owned by the region and Pertamina is required to own 51%, the remaining 39% stake in Mahakam block. For the issue of 39%, the government fully surrendered to PT Pertamina, whether to share down with other companies or not. It will be agreed on a business to business basis (B to B).

The Mahakam Block

In addition, the government asked two things to Pertamina related to the Mahakam Block. The first cost recovery or production cost should not be greater than the current operator's cost, that is Total E & P.

The second result of oil and gas production produced by Pertamina will not be less than that produced by Total E & P at this time. Even if the production decreases, it should be discussed with the government first to provide logical certainty of the achievement of production.

PT Pertamina through Pertamina Hulu Mahakam has been appointed by the government to be the manager of the Mahakam Block working area effective January 1, 2018, after the end of the Mahakam Production Contract (PSC) in the management of Total E & P Indonesie by the end of 2017.

On that occasion, Jonan said in addition to trying to boost oil and gas production and renewable energy (EBT) the Ministry of Energy and Mineral Resources is focusing on the quality of oil and gas output to be absorbed by the market well. This year, ESDM gives an oil production target of 815 thousand barrels per day.

IN INDONESIA

Pertamina Dominasi Saham Blok Mahakam 

Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan menegaskan PT Pertamina harus menguasai minimal 51% atau menguasai mayoritas saham di Blok Mahakam, Kalimantan Timur.

 "Intinya Pertamina harus memiliki 51% saham, sisanya 10% untuk kepemilikan daerah. Nah, untuk saham sisanya, ini terserah pengaturannya oleh Pertamina,” katanya di Jakarta, kemarin.

Sesuai dengan aturan, sebanyak 10% dari participating interest (PI) atau bagian kepemilikan saham harus diserahkan kepada daerah. Jika 10% dimiliki daerah dan Pertamina wajib memiliki 51%, akan sisa 39% saham di Blok Mahakam. Untuk persoalan 39% tersebut, pemerintah menyerahkan sepenuhnya kepada PT Pertamina, apakah akan share down dengan perusahaan lain ataukah tidak. Hal itu akan disepakati secara business to business (B to B).

Selain itu, pemerintah meminta dua hal kepada Pertamina terkait dengan Blok Mahakam. Yang pertama cost recovery atau ongkos produksi tidak boleh lebih besar daripada biaya yang digunakan operator saat ini, yaitu Total E&P.

Hal kedua hasil produksi migas yang dihasilkan Pertamina nantinya tidak boleh kurang dari yang dihasilkan Total E&P saat ini. Kalaupun hasil produksi menurun, hal tersebut harus didiskusikan dengan pemerintah terlebih dulu untuk memberikan kepastian logis dari capaian produksi tersebut.

PT Pertamina melalui Pertamina Hulu Mahakam telah ditunjuk pemerintah menjadi pengelola wilayah kerja Blok Mahakam yang berlaku efektif 1 Januari 2018, setelah berakhirnya masa production sharing Contract (PSC) Mahakam dalam pengelolaan Total E&P Indonesie pada akhir 2017.

Dalam kesempatan itu, Jonan mengatakan di samping berusaha untuk menggenjot hasil produksi migas dan energi baru terbarukan (EBT) Kementerian ESDM sedang memfokuskan pada kualitas hasil migas agar dapat diserap pasar dengan baik. Tahun ini, ESDM memberikan target produksi minyak 815 ribu barel per hari.

Media Indonesia, Page-18, Friday, Sept 29, 2017

Hopes pinned on EOR to maintain oil lifting

As oil lifting is set to fall short of its target this year, the government plans to require all upstream contractors to include enhanced oil recovery (EOR) activities in their development plans for various fields across the country. Indonesia’s oil lifting, the colloquial term for ready-to-sell production, reached 792,000 barrels of oil per day (bopd) in August, far below the full-year target of 815,000 bopd.

At the same time, gas lifting stood at 1.13 million barrels of oil equivalent per day (boepd), just slightly below the total target of 1.15 million boepd this year.

“We won’t be able to meet the oil lifting target of 815,000 bopd before the end of the year,” Energy and Mineral Resources Minister Ignasius Jonan told reporters on Thursday “But for gas, I believe we can surpass the target by 10 percent to around 1.2 million boepd.”

The governments plan is in the wake of the country’s shrinking oil reserves of 2,959 million stock tank barrels (mmstb) at the end of last year, from around 5,000 mmstb in the early 2000s, due to lack of new discoveries.

To slow down the decline, the ministry’s oil and gas director general Ego Syahrial has discussed the plan with SKK Migas to require all upstream contractors to conduct EOR activities from the initial development phase of the fields.

The government has estimated that 2.5 billion barrels of oil in reserves can be recovered through EOR activities by 2050. Till this time, contractors have proposed to conduct EOR activities by the time the oil fields have already been depleted, which means that the risks and costs are larger,” Ego said. 

“So, we suggest all contractors implement EOR as early as possible by including it in their plan of development [POD].”

Ego explained that, in general, contractors could only exploit 20 percent of oil reserves in one field, which could be lifted to 40 percent by implementing the EOR in the initial phase of development. However, he also said that EOR could only be implemented in certain oil fields with remaining reserves of more than 50 million barrels and low-complexity geological conditions.

Furthermore, Ego said that his side would try to speed up the drafting of a new decree on open data systems, which will make oil and gas held data, including data on reserves, accessible online by registered viewers.

He expected such transparency could lure prospective investors to explore various oil and gas working areas, especially in the eastern part of the country. Indonesia currently has 128 oil and gas basins, 50 percent of which are located in the eastern regions. 

“Of all oil and gas basins, there are 40 located in eastern regions that have yet to be explored. So if we’re talking about a strategy to boost the country’s production and reserves, we should be focusing on the potential in the east,” Ego said.

Investment in the oil and gas sector 'only reached US$4.8 billion in the first half of 2017, representing 21.6 percent of the full year target. Of the figure, contractors spent a mere $30 million for exploration activities, making it more difficult for the country to find new discoveries against the backdrop of declining oil production in contrast to ever-growing domestic consumption.

State revenues from the oil and gas sector also fell significantly to Rp 83.8 trillion ($6.2 billion) in 2016, from Rp 320.25 trillion'in 2014. Fortunately Indonesia has been able to collect Rp 92.43 trillion in revenues from the sector in the first nine months of this year, already surpassing last year’s figure, following a recovery in global oil prices.

Jakarta Post, Page-14, Friday, Sept 29, 2017

ESDM Wait for Pertamina's Stance on Mahakam Block Composition

The Ministry of Energy and Mineral Resources (ESDM) is waiting for a letter from PT Pertamina regarding the composition of Mahakam Block participation shares in East Kalimantan. But the government-owned energy company was asked to maintain ownership of at least 51%. ESDM Minister Ignasius Jonan said the government 100% handed over Mahakam management to Pertamina.

Of that amount as much as 10% intended for local government. While the remaining 90% of shares are left entirely to Pertamina. Whether to share with Total E & P Indonesie or not become Pertamina's business decision.

"We are waiting if Pertamina needs to share 39% down, write to us, it is up to Pertamina share down how much Pertamina must be at least 51%," said Jonan in Jakarta, Thursday (28/9).

Total is the current operator of the Mahakam Block. Total contract period ends in about three months. The Government has decided not to extend the Total contract and submit it to Pertamina. With so on January 1, 2018 the management of the Mahakam Block is in the hands of Pertamina.

The Mahakam Block

Jonan confirmed there are two requests the government must run Pertamina. First, the amount of cost recovery should not exceed the existing one. Second, maintain or increase the production amount of the block. Do not let the transfer of managers actually make the production level decreased. If the decline in production occurs then there will be a discussion about it.

"The government only asks two and this is not negotiable," he said.

Total had previously sent a letter expressing interest in buying a 39% stake in the Mahakam Block. This 39% share is a joint for Total and Inpex Corporation which each have a 19.5% share, if the proposal is approved.

Upstream Director of Pertamina Syamsu Alam previously admitted to knowing the existence of a letter from Total to the government. Now it is working on asset valuation Mahakam block. It's just that Nature does not specify when this valuation is completed.

"Regarding how much will be shared down, we follow the government's decision," he said.

Pertamina has signed a new Mahakam Bloc contract starting from 1 January 2018 at the end of 2015. Under the contract, the company promised a signature bonus of US $ 41 million. In addition, state revenues from production bonuses include US $ 5 million from a cumulative production of 500 million barrels of oil equivalent, of US $ 4 million from a cumulative production of 750 million barrels of oil equivalent, and US $ 4 million from a cumulative production of 1,000 million barrels of oil equivalent.

IN INDONESIA

ESDM Tunggu Sikap Pertamina soal Komposisi Blok Mahakam

Kementerian Energi dan Sumber Daya Mineral (ESDM) menunggu surat dari PT Pertamina terkait komposisi saham partisipasi Blok Mahakam di Kalimantan Timur. Namun perusahaan energi milik pemerintah itu diminta tetap mempertahankan kepemilikan minimal 51%. Menteri ESDM Ignasius Jonan mengatakan pemerintah 100% menyerahkan pengelolaan Mahakam kepada Pertamina. 

Dari jumlah itu sebanyak 10% diperuntukan bagi pemerintah daerah. Sedangkan 90% saham sisanya diserahkan sepenuhnya kepada Pertamina. Apakah mau membagi dengan Total E&P Indonesie atau tidak menjadi keputusan bisnis Pertamina.

"Kami sedang menunggu kalau Pertamina butuh share down 39%, tulis surat kepada kami. Itu terserah Pertamina share down berapapun boleh hanya Pertamina minimal harus 51%," kata Jonan di Jakarta, Kamis (28/9).

Total merupakan operator Blok Mahakam saat ini. Masa kontrak Total berakhir sekitar tiga bulan lagi. Pemerintah telah memutuskan tidak memperpanjang kontrak Total dan menyerahkan kepada Pertamina. Dengan begitu terhitung 1 Januari 2018 pengelolaan Blok Mahakam berada di tangan Pertamina.

Jonan menegaskan ada dua permintaan pemerintah yang harus dijalankan Pertamina. Pertama, jumlah cost recovery tidak boleh melebihi yang eksisting. Kedua, mempertahankan atau meningkatkan jumlah produksi dari blok tersebut. Jangan sampai peralihan pengelola malah membuat tingkat produksi menurun. Bila penurunan produksi terjadi maka akan ada pembahasan mengenai hal tersebut. 

"Pemerintah cuma minta dua dan ini tidak bisa ditawar," tegasnya.

Total sebelumnya telah mengirimkan surat yang menyatakan minatnya membeli 39% saham partisipasi Blok Mahakam. Saham 39% ini merupakan gabungan untuk Total dan Inpex Corporation yang masing-masing memiliki jatah 19,5%, jika usulan itu disetujui.

Direktur Hulu Pertamina Syamsu Alam sebelumnya mengakui mengetahui adanya surat dari Total ke pemerintah itu. Kini pihaknya sedang mengerjakan valuasi aset Blok Mahakam. Hanya saja Alam tidak merinci kapan valuasi ini rampung. 

"Mengenai berapa besar yang akan di-share down, kami mengikuti keputusan pemerintah," ujarnya. 

Pertamina telah meneken kontrak baru Blok Mahakam yang berlaku mulai 1 Januari 2018 pada akhir 2015 lalu. Dalam kontrak itu, perseroan menjanjikan bonus tanda tangan US$ 41 juta. Selain itu juga penerimaan negara dari bonus produksi meliputi US$ 5 juta dari kumulatif produksi 500 juta barel setara minyak, sebesar US$ 4 juta dari kumulatif produksi 750 juta barel setara minyak, dan US$ 4 juta dari kumulatif produksi 1.000 juta barel setara minyak.

Investor Daily, Page-11, Friday, Sept 29, 2017

October, Jambaran-Tiung Biru Official So Pertamina

PT Pertamina will hold the majority ownership of 91%, at the Jambaran-Tiung Biru Project in the next two weeks. Now Pertamina and ExxonMobil are still completing the administration of the transfer of ownership rights.

As reported by letter No. 9/13 / MEM.M / 2017 dated January 3, 2017, the government through the Ministry of ESDM ordered Pertamina c.q. PT Pertamina EP Cepu (PEPC) to fully develop the JTB Field, and complete the process of transferring the field with a business scheme with ExxonMobil Cepu Limited. It is necessary that the Project Jambaran-Tiung Biru can be done immediately.

President Director of PT Pertamina EP Cepu (PEPC) Adriansyah said the company and ExxonMobil have reached agreement on the transfer of ownership. However, both still have to finalize the administrative problems of the agreement. Primarily, administrative affairs at ExxonMobil's internal headquarters-in the United States.

"This transfer of ownership is almost over, at most two weeks from now it's done. Hope it can be faster, "he said.

Prior to the transfer of rights, ownership, PEPC became operator and with ExxonMobil in Jambaran-Tiung Biru with 41.4% ownership portion. Regional-owned enterprises (BUMD) have 9.2% and the remaining 8% is controlled by Pertamina EP. When the transition is over, PEPC will control 82.8% ownership rights in the Jambaran-Tiung Biru Field. In addition to Pertamina EP, Pertamina holds 91% ownership interest.

He explained that the transfer of ownership rights is not the acquisition of participating interest (PI), but the application of a permanent sole risk scheme. That is, Pertamina took over the ownership of ExxonMobil in Lapangan Jambaran, as well as its obligations. Instead, ExxonMobil no longer holds any rights to anything in this project.

In fact, it must also bear the obligation to drill a well that had previously been ExxonMobil's quota. Originally, both Pertamina EP Cepu and ExxonMobil each financed the drilling of three wells. After the transfer of ownership rights is completed, these six wells must be funded by Pertamina EP Cepu.

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

The Jambaran-Tiung Biru project is planned for completion in 36 months. The investment required in the Jambaran-Tiung Biru Project is also the responsibility of Pertamina. The investment of this project has been cut from the beginning of US $ 2.1 billion in the plan of development (POD), to US $ 1.54 billion. Impact, PEPC must make adjustments to the price of procurement contracts such as the cost of information technology to the salary of the workforce.

After the transfer of ownership has been formally completed, after which the gas sale and purchase agreement (PJBG) with PT Perusahaan Lisirik Negara can be signed. Because the transfer of rights to the right to contain aspects of taxation. Thus, PJBG needs to wait for the transfer of rights process.

"If without tax ruling its forming factor (PJBG) is still variable," he said.

It hopes that the agreed gas price of US $ 7.6 per million british thermal unit / MMbtu flat during the contract period at PLN plant gate. It will also try to make the Project Jambaran-Tiung Biru can be completed on time. This is to say, if two things do not happen, the project economy will continue to fall. Although Pertamina has received 5% profit sharing, the contractor gets 45%.

The Jambaran-Tiung Biru project has a high complexity with 34% carbon dioxide and 330 million cubic feet per day / MMscfd gas processing facility. Meanwhile, the selling gas produced is 172 Mmscfd, of which 100 MMscfd will be sold to PLN and the rest is supplied to the surrounding industry.

The ground breaking of the Jambaran-Tiung Biru Project was carried out at the beginning of last week. Prior to that, Pertamina also has been working on the construction of wells and roads in the Field Jambaran-Tiung Biru. Not only that, engineering work (engineering) has also been done. With these advances, Pertamina is optimistic that the Jambaran-Tiung Biru Project will produce 2021.

Not just working on the upstream side, Pertamina is also building a transmission pipeline Gresik-Semarang through another subsidiary, PT Pertamina Gas (Pertagas). The pipeline with an investment value of US $ 515.7 million will extend along 267 kilometers (km) with a capacity of 500 MMscfd. 

    The pipeline, equipped with 19 future connections, has the potential to channel gas to industries in seven districts along Central Java and East Java that pass through the pipeline. The project will start operating by 2018.

IN INDONESIA

Oktober, Jambaran-Tiung Biru Resmi Jadi Milik Pertamina

PT Pertamina akan menjadi pemegang hak kepemilikan mayoritas, yakni 91%, di Proyek Jambaran-Tiung Biru dalam dua pekan mendatang. Kini Pertamina dan ExxonMobil masih merampungkan administrasi pengalihan hak kepemilikan ini.

Seperti diketahaui, melalui Surat No 9/ 13/MEM.M/2017 tertanggal 3 Januari 2017, pemerintah melalui Kementerian ESDM memerintahkan Pertamina c.q. PT Pertamina EP Cepu (PEPC) untuk mengembangkan secara penuh Lapangan JTB,dan menyelesaikan proses pengalihan lapangan dengan skema bisnis bersama ExxonMobil Cepu Limited. Hal ini diperlukan agar Proyek Jambaran-Tiung Biru dapat segera dikerjakan.

Presiden Direktur PT Pertamina EP Cepu (PEPC) Adriansyah mengatakan, perseroan dan ExxonMobil telah mencapai kesepakatan soal pengalihan kepemilikan tersebut. Namun, keduanya masih harus merampungkan masalah administratif dari kesepakatan tersebut. Utamanya, urusan administrasi di internal ExxonMobil yang berada di kantor pusat-di Amerika Serikat.

“Ini pengalihan hak kepemilikan sudah hampir selesai, paling lama dua minggu dari sekarang sudah beres. Semoga bisa lebih cepat,” kata dia.

Sebelum ada pengalihan hak, kepemilikan, PEPC menjadi operator dan bersama ExxonMobil di Jambaran-Tiung Biru dengan porsi kepemilikan masing-masing 41,4%. Badan usaha milik daerah (BUMD) memiliki 9,2% dan sisanya sebanyak 8% dikuasai Pertamina EP Bila peralihan usai, maka PEPC akan menguasai 82,8% hak kepemilikan atas Lapangan Jambaran-Tiung Biru. Ditambah jatah Pertamina EP, maka Pertamina memegang hak kepemilikan 91%.

Dijelaskannya, pengalihan hak kepemilikan ini bukan akuisisi hak partisipasi (participating interest/PI), melainkan penerapan skema permanent sole risk. Artinya, Pertamina mengambil alih porsi kepemilikan ExxonMobil di Lapangan Jambaran, sekaligus kewajiban-kewajibannya. Sebaliknya, ExxonMobil tidak lagi memegang hak atas apapun di proyek ini.

Secara nyata, pihaknya juga harus menanggung kewajiban pengeboran sumur yang sebelumnya menjadi jatah ExxonMobil. Sedianya, baik Pertamina EP Cepu maupun ExxonMobil masing-masing membiayai pengeboran tiga sumur. Setelah pengalihan hak kepemilikan selesai, ke-enam sumur ini harus didanai Pertamina EP Cepu.

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

Proyek Jambaran-Tiung Biru ini direncanakan selesai dalam 36 bulan. Investasi yang dibutuhkan dalam Proyek Jambaran-Tiung Biru juga menjadi tanggungan Pertamina. Investasi proyek ini sudah dipotong habis-habisan dari awalnya US$ 2,1 miliar dalam rencana pengembangan (plan of development/ POD) , menjadi US$ 1,54 miliar. Dampaknya, PEPC harus melakukan penyesuaian harga kontrak pengadaan seperti biaya teknologi informasi hingga gaji tenaga kerja.

Pasca pengalihan hak kepemilikan selesai secara formal, setelah itu perjanjian jual beli gas (PJBG) dengan PT Perusahaan Lisirik Negara bisa diteken. Pasalnya, pengalihan hak kelola tersebut mengandung aspek perpajakan. Dengan demikian, PJBG perlu menanti proses pengalihan hak kelola.

“Kalau tanpa tax ruling-nya faktor pembentuknya (PJBG) masih variabel,” katanya.

Pihaknya berharap harga gas yang telah disepakati US$ 7,6 per million british thermal unit/MMbtu flat sepanjang masa kontrak di plant gate PLN. Pihaknya juga akan berupaya agar Proyek Jambaran-Tiung Biru dapat selesai tepat waktu. Hal ini mengingat, jika dua hal itu tidak terjadi, keekonomian proyek akan terus turun. Walaupun Pertamina telah mendapat tambahan bagi hasil sebesar 5% sehingga kontraktor mendapat bagian 45%.

Proyek Jambaran-Tiung Biru memiliki kompleksitas tinggi dengan kandungan karbondioksida mencapai 34% dan fasilitas pemrosesan gas 330 juta kaki kubik per hari/ MMscfd. Sementara gas jual yang dihasilkan yakni sebesar 172 Mmscfd, di mana sebanyak 100 MMscfd akan dijual ke PLN dan sisanya dipasok ke industri sekitar.

Ground breaking Proyek Jambaran-Tiung Biru ini telah dilakukan pada awal pekan lalu. Sebelum itu, Pertamina juga sudah menggarap pembangunan tapak sumur dan jalan di Lapangan Jambaran-Tiung Biru. Tidak hanya itu, pekerjaan rekayasa (engineering) juga sudah dikerjakan. Dengan berbagai kemajuan ini, Pertamina optimistis Proyek Jambaran-Tiung Biru akan berproduksi 2021.

Tidak sekedar menggarap sisi hulu, Pertamina juga sedang membangun pipa transmisi Gresik-Semarang melalui anak usahanya yang lain, PT Pertamina Gas (Pertagas). Pipa dengan nilai investasi sebesar US$ 515,7 juta ini akan membentang sepanjang 267 kilometer (km) dengan kapasitas penyaluran 500 MMscfd. 

     Pipa yang dilengkapi dengan 19 future connection ini berpotensi menyalurkan gas bagi industri di tujuh kabupaten/kota sepanjang Jawa Tengah dan Jawa Timur yang terlewati pipa. Proyek ini akan mulai beroperasi pada 2018.

Investor Daily, Page-11, Friday, Sept 29, 2017

East Kalimantan Block and Attaka will be auctioned

The government will auction simultaneously East Kalimantan Block and Attaka Block after the second contract of the block is completed. PT Pertamina, which was assigned to manage post-contract completion, decided to release both blocks. It was considered economically heavy.

Director of Upstream Business Development Directorate General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM) Tunggal said it has not received a letter from Pertamina stating that the government-owned oil and gas company restores the management rights of East Kalimantan or Attaka Block. However, if Pertamina indeed removes it, these two blocks will be offered to other investors through an auction.

These two blocks, done in unitization. That is, the workmanship of these two blocks using the same production facilities. The two-block oil and gas production is also not separated.

"The Attaka block also, if returned Pertamina, yes auctioned," he said in Jakarta, Wednesday (27/9).

The auction called will be done once Pertamina sends an official letter. The government will hold special auctions for the East Kalimantan Block and the Attaka Block, so, the auction of this block will not have to wait for next year's auction next year.

"The special auction does not need to wait next year. If that [East Kalimantan and Attaka] is returned, prepare the data, announce the auction, direct the process, "explained Sole.

This is because the second contract of this block will be finished soon. Upstream Director of Pertamina Syamsu Alam explained the two blocks weight to be managed economically. Therefore, it decided to return the two blocks to the government. However, for Attaka Block, the company will manage temporarily until the East Kalimantan Block is completed in 2018. This is because the Attaka Block contract is completed this year.

"During the interval, Pertamina will remain in the Attaka Block. In the future after the East Kalimantan Block also expires his contract, Pertamina will not manage the block [Attaka and East Kalimantan Blocks], such as the mechanisms of other blocks that expire, "he said.

He explained that both blocks are currently managed by Chevron Indonesia in a unitization unit. This is indeed because the oil and gas production from the Attaka Block is too small if managed without unitization. Thus, in the future, the management of this block still needs to be diunitisasi with East Kalimantan Block. Pertamina itself feels heavy if it has to work on two blocks.

"We think the two blocks are economically heavy for us to manage. Nothing else, other than economic factors, " Alam said.

East Kalimantan and Attaka blocks are operated by Chevron Indonesia. Only in East Kalimantan, Chevron holds 100% participation right. While in Attaka, Chevron and Inpex Corporation each have 50% participation rights. The East Kalimantan Block contract was signed on January 11, 1991 and will be completed on October 24, 2018. The Attaka Block contract commences on March 31, 1997 and ends on March 31, 2017.

Map of Working Area Oil and Gas

Based on data from Pertamina, East Kalimantan Block has an area of ​​6,177 square kilometers. In 2015, oil and gas reserves were recorded at 213 million barrels of oil equivalent (MMboe). While the oil and gas production of this block is 36.5 thousand barrels of oil equivalent per day (kilo barrel oil equivalent per day / kboepd). Meanwhile, the 144.73 square kilometer Attaka Block is producing 4,900 boepd with 2.4 MMboe oil and gas reserves in 2015.

Immediately Signed

While for the other six blocks will be continued until the signing of production sharing contract (PSC). The signing of the sixth block contract had to wait for the Regulation of Minister of Energy and Mineral Resources No. 52 of 2017 which is a revision of Ministerial Regulation 8/2017 regarding the gross split contract. Because, if using the old beleid, the company needs additional incentives.

"Some oil and gas blocks, now existing Ministerial Regulation 52/2017, need to calculate again whether the incentive needs. Now assign SKK Migas to calculate again, "he said.

Admittedly, the sixth block of this contract needs to be signed immediately because almost the entire block finished his contract next year. It is now trying to sign a contract with Pertamina can be done as soon as possible. Pertamina also hopes the contract will be signed soon.

"If the problem of the target and other contracts, faster is certainly better," said Alam.

President Director of PT Pertamina Hulu Energi Gunung Sardjono Hadi added that his party is ready to sign the termination block contract assigned to him. It has submitted a proposal for the development of these blocks to the ESDM Ministry. Then, with the issuance of Ministerial Decree 52/2017, the five blocks handed over to PHE have already reached a sufficient economy..

"So there is an additional 6-7% split [with Ministerial Regulation 52 / 20171. This is if we see from contractor take and NPV better, "he said.

Map of Working Area Oil and Gas

It also will continue to make efficiency. As is known, the government commissioned Pertamina to manage eight working areas that will expire its contract, including East Kalimantan Block and Attaka. The other six blocks are BlokTuban, East Java (JOB Pertamina-PetroChina Eastjava); Ogan Komering Block, South Sumatera (JOB Pertamina-Talisman); Sanga-Sanga Block, East Kalimantan (Saka Energi); Southeast Sumatra Block (SES), Lampung (CNOOC SES Limited); Middle East Block (Total E & P Indonesie); and North Sumatra Offshore Block, Aceh (Pertamina).

IN INDONESIA

Blok East Kalimantan dan Attaka akan Dilelang

Pemerintah akan melelang secara bersamaan Blok East Kalimantan dan Blok Attaka pasca kontrak kedua blok tersebut selesai. PT Pertamina yang ditugaskan mengelola pasca kontrak selesai, memutuskan untuk melepas kedua blok ini Iantaran dinilai berat secara keekonomian. 

Direktur Pembinaan Usaha Hulu Direktorat jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) Tunggal mengatakan, pihaknya belum menerima surat dari Pertamina yang menyatakan bahwa perusahaan migas milik pemerintah itu mengembalikan hak pengelolaan Blok East Kalimantan ataupun Attaka. Namun, jika memang Pertamina melepasnya, dua blok ini akan ditawarkan ke investor lain melalui lelang.

Kedua blok ini, dikerjakan secara unitisasi. Artinya, pengerjaan dua blok ini menggunakan fasilitas produksi yang sama. Produksi migas dua blok ini juga tidak dipisahkan. 

“Blok Attaka juga, kalau dikembalikan Pertamina, ya dilelang,” kata dia di Jakarta, Rabu (27/9).

Lelang disebutnya akan dilakukan begitu Pertamina mengirim surat resmi. Pemerintah akan menggelar lelang khusus untuk Blok East Kalimantan dan Blok Attaka, sehingga, lelang blok ini tidak perlu menunggu lelang periode berikutnya di tahun depan.

“Lelang khusus itu tidak perlu menunggu tahun depan. Kalau memang itu [East Kalimantan dan Attaka] dikembalikan, siapkan datanya, umumkan lelang, langsung proses,” jelas Tunggal. 

Hal ini karena kontrak kedua blok ini akan segera selesai. Direktur Hulu Pertamina Syamsu Alam menjelaskan, kedua blok ini berat untuk dikelola secara keekonomian. Karenanya, pihaknya memutuskan mengembalikan kedua blok ini kepada pemerintah. Namun khusus untuk Blok Attaka, perseroan akan mengelola untuk sementara sampai kontrak Blok East Kalimantan selesai pada 2018. Hal ini mengingat kontrak Blok Attaka rampung tahun ini.

“Selama waktu jeda tersebut, Pertamina akan tetap di Blok Attaka. Ke depan setelah Blok East Kalimantan juga habis masa kontraknya, Pertamina tidak akan mengelola blok tersebut [Blok Attaka dan East Kalimantan], seperti mekanisme blok-blok lain yang habis masa kontraknya," tutur dia.

Dijelaskannya, kedua blok tersebut saat ini dikelola Chevron Indonesia secara unitisasi. Hal ini memang lantaran produksi migas dari Blok Attaka terlalu kecil jika dikelola tanpa unitisasi. Sehingga, ke depan, pengelolaan blok ini tetap perlu diunitisasi dengan Blok East Kalimatan. Pertamina sendiri merasa berat jika harus menggarap dua blok.

“Menurut kami, dua blok tersebut yang secara keekonomian berat untuk kami kelola. Tidak ada yang lain, selain faktor keekonomian,” kata Alam.

Blok East Kalimantan dan Attaka sama-sama dioperasikan oleh Chevron Indonesia. Hanya saja di East Kalimantan, Chevron memegang hak partisipasi 100%. Sementara di Attaka, Chevron dan Inpex Corporation masing-masing memiliki hak partisipasi 50%. Kontrak Blok East Kalimantan diteken pada 11 Januari 1991 dan akan selesai pada 24 Oktober 2018. Kontrak Blok Attaka dimulai pada 31 Maret 1997 dan berakhir pada 31 Maret 2017.

Berdasarkan data Pertamina, Blok East Kalimantan memiliki luas area 6.177 kilometer persegi. Pada 2015 lalu, cadangan migas ini tercatat sebesar 213 juta barel setara minyak (million barrel oil equivalent/ MMboe). Sementara produksi migas blok ini yakni sebesar 36,5 ribu barel setara minyak per hari (kilo barrel oil equivalent per day/kboepd). Sementara Blok Attaka seluas 144,73 kilometer persegi tercatat memproduksi 4.900 boepd dengan cadangan migas 2,4 MMboe pada 2015. 

Segera Diteken

Sementara untuk enam blok lainnya akan dilanjutkan sampai tanda tangan kontrak kerja sama (production sharing contract/ PSC). Penandatanganan kontrak keenam blok ini sempat harus menunggu Peraturan Menteri ESDM No 52 Tahun 2017 yang merupakan revisi Peraturan Menteri 8/2017 soal kontrak gross split. Pasalnya, jika menggunakan beleid lama, perseroan membutuhkan tambahan insentif.

“Beberapa blok migas, sekarang sudah ada Peraturan Menteri 52/ 2017, perlu hitung lagi apakah perlu insentif. Sekarang tugaskan SKK Migas untuk hitung lagi," ujarnya.

Diakuinya, kontrak keenam blok ini perlu segera diteken lantaran hampir seluruh blok selesai kontraknya pada tahun depan. Pihaknya kini berupaya agar penandatanganan kontrak dengan Pertamina bisa segera dilakukan secepatnya. Pertamina juga berharap kontrak segera diteken. 

“Kalau masalah target kontrak dan lainya, lebih cepat tentu lebih baik,” kata Alam.

Presiden Direktur PT Pertamina Hulu Energi Gunung Sardjono Hadi menambahkan, pihaknya siap meneken kontrak blok terminasi yang ditugaskan kepadanya. Pihaknya telah mengirimkan proposal rencana pengembangan blok-blok ini kepada Kementerian ESDM. Kemudian, dengan terbitnya Peraturan Menteri 52/2017, lima blok yang diserahkan pengelolaannya ke PHE sudah mencapai keekonomian yang mencukupi.

“Jadi ada tambahan split 6-7% [dengan Peraturan Menteri 52/ 20171. Ini kalau kami lihat dari contractor take maupun NPV

lebih bagus,” kata dia. 

Pihaknya juga akan terus melakukan efisiensi. Seperti diketahui, pemerintah menugaskan Pertamina untuk mengelola delapan wilayah kerja yang akan habis masa kontraknya, termasuk Blok East Kalimantan dan Attaka. Keenam blok lainnya adalah BlokTuban, Jawa Timur (JOB Pertamina-PetroChina Eastjava); Blok Ogan Komering, Sumatera Selatan (JOB Pertamina-Talisman); Blok Sanga-Sanga, Kalimantan Timur (Saka Energi); Blok Southeast Sumatera (SES), Lampung (CNOOC SES Limited); Blok Tengah Timur (Total E&P Indonesie); dan Blok North Sumatera Offshore, Aceh (Pertamina).

Investor Daily, Page-11, Friday, Sept 29, 2017

PNBP Migas and Mineral and Coal Achieved Rp 118.7 Trillion

The Ministry of Energy and Mineral Resources (ESDM) is optimistic that the target of non tax revenues (PNBP) in this year's ESDM sector is achieved, even exceeded. The realization of PNBP of oil and gas (oil and gas) as of September reached Rp 92.43 trillion or 96.7 percent of the target of Rp 95.6 trillion. While the realization of mineral and coal minerals (minerba) or mining reached Rp 25.73 trillion from the target of Rp 33 trillion (78%).

ESDM Minister Ignasius Jonan revealed that the realization of PNBP in the EMR sector shows a positive trend and in line with

target of APBN-P 2017.

"Realization of oil and gas PNBP as per September reached Rp 92 trillion more, by the end of the year may be Rp 120 trillion. Realization of PNBP Mineral and Coal even until the end of the year should be more than Rp 25 trillion or at least reach Rp 33 trillion, "said Jonan in Jakarta, Thursday (28/9).

Data from the Ministry of Energy and Mineral Resources show that the PNBP of the ESDM sector over the past three years tends to decline. In 2014, oil and gas PNBP reached Rp 320.25 trillion, in 2015 fell to Rp 122.52 trillion, and in 2016 fell again to Rp 83.83 trillion. While PNBP mining in 2014 reached Rp 34.40 trillion. That number in 2015 and 2016 fell to Rp 29.63 trillion and Rp 27.21 trillion respectively.

On the other hand, referring to the Ministry of Energy and Mineral Resources, New and Renewable Energy (EBT) revenues, although the numbers are still small. In 2014, PNBP EBT amounts to Rp 750 billion, rising to Rp 880 billion in 2015, and increasing again to Rp 930 billion in 2016. Until this September, the realization of PNBP EBT reached Rp 530 billion. Minister of EMR explained that the downward trend of realization of non-tax revenues is influenced by commodity prices.

"The government can not control the movement of commodity prices because it is entirely market dependent," he said.

Jonan added, in 2014 to 2016, world crude oil prices and coal weakened. But in 2017 improved and able to boost state revenues.

"The price of oil and gas commodities and minerals refer to international prices. So, global market price, so that we can not control, "he said.

Lifting Oil and Gas

Reforminer Institute Executive Director Komaidi Notonegoro estimates that the realization of the ESDM sector's non-tax revenues could exceed the target this year, with the target of oil and gas lifting achieved based on the APBN-P 2017 assumption. In APBN-P this year, oil and gas lifting is set at 815 thousand barrels per day (bpd) and 1.150 million barrels per day oil equivalent (bphsm). Achievement, PNBP of EMR sector, according to Komaidi, among others supported by the rising trend of oil and gas commodity prices and coal.

"So, if it refers to the figure as of September 2017, it is fair that the realization of the ESDM sector non-tax revenues at the end of the year reaches the revised budget target of APBN-P 2017 and exceeded last year's achievements. However, oil lifting should be pursued to achieve the target as well, "he said.

Although the price of oil and gas commodities and minerals shows an increasing trend, the government should strive for the realization of oil lifting is not below the target of 815 thousand bpd. You see, the price of oil and gas and minerba can not be controlled by the government, so that it can change at any time.

On the other hand, the government is rather pessimistic that the realization of oil lifting reaches the target. ESDM Minister Ignasius Jonan once said, oil lifting this year will not reach 815 thousand bpd as pegged in APBN-P 2017.

Based on data from the Ministry of Energy and Mineral Resources, until August 2017 the realization of oil lifting reached 792 thousand bpd. However, gas lifting until August 2017 reached 1.134 million bpdm. Almost ascertained, this year's gas lifting exceeded the target of APBN-P 2017 of 1.150 million bpdm.

"For oil lifting, the foundation of the government initially Cepu Block and recovery Mahakam block. The government has tried, including appointing Pertamina to enter the Mahakam Block with the aim of increasing oil production. However, it must be understood, oil and gas production can not be encouraged in a short time. The government also needs to take strategic steps to increase oil lifting, "he asserted

Importer of Oil

Separately, Yusri Usman, Executive Director of the Center for Energy and Resources Indonesia (CERI) also estimates that the realization of the ESDM sector's non-tax revenues could increase and reach the 2017 APBN-P target. However, he warned that the government should take anticipatory measures if oil prices soar. The problem is that Indonesia is a net oil importer, so that oil price hikes that are too high will put pressure on the state budget, as the cost of imported fuel oil (BBM) will increase.

"The condition has been complained of Pertamina to the minister of Energy and Mineral Resources.

The selling price of Premium 88 is not allowed to go up and diesel fuel is only given a fixed subsidy of Rp 500 per liter. It could reduce Pertamina's profit this year, "he said.

Yusri predicts the realization of oil and gas PNBP this year increased significantly if the price of crude oil above US $ 50 per barrel.

"Only the strange thing, the non-tax revenues of the ESDM sector has been falling steadily in the last three years. In fact, coal prices have gone up and there is export raw minerals of about 20 million metric tons by the end of the year, "he said.

According to Yusri, it is difficult to increase oil and gas PNBP if oil price continues below US $ 50 per barrel.

"All contracting contractors (KKKS) will not invest in drilling to increase production because it is not economical, while if the sector of Mineral and Coal is boosted, it would be funny if the exports are intense, the mineral downstream program will be destroyed," he said.

The good news is that gas lifting is estimated to reach 1.150 million bphsm target, as until August the realization has reached 1.134 million bpd. The achievement of gas lifting is supported by the field gas field of Jangkrik Field.

He explained that the government should more seriously encourage the development and use of EBT and diversify energy. The ESDM ministerial decree assigning Pertamina to 150 fuel stations for public (gas stations) in Java to prepare gas fuel dispenser (BBG) for vehicles also needs to be supported.

"The president should also pay the same attention to the primary energy infrastructure and the EBI as well as the attention to civil infrastructure," he said.

IN INDONESIA

PNBP Migas dan Mineral dan Batubara Mencapai Rp 118,7 Triliun

Kementerian Energi dan Sumber Daya Mineral (ESDM) optimistis target penerimaan negara bukan pajak (PNBP) di sektor ESDM tahun ini tercapai, bahkan bisa terlampaui. Realisasi PNBP minyak dan gas bumi (migas) per September mencapai Rp 92,43 triliun atau 96,7% dari target Rp 95,6 triliun. Sedangkan realisasi PNBP mineral dan batubara (minerba) atau pertambangan mencapai Rp 25,73 triliun dari target Rp 33 triliun (78%).

Menteri ESDM Ignasius Jonan mengungkapkan, realisasi PNBP di sektor ESDM menunjukkan tren positif dan sejalan dengan

target APBN-P 2017. 

“Realisasi PNBP migas yang per September mencapai Rp 92 triliun lebih, pada akhir tahun mungkin bisa Rp 120 triliun. Realisasi PNBP Mineral dan Batubara pun sampai akhir tahun mestinya lebih dari Rp 25 triliun atau setidaknya mencapai Rp 33 triliun,” kata Jonan di Jakarta, Kamis (28/9).

Data Kementerian ESDM menunjukkan, PNBP sektor ESDM selama tiga tahun terakhir cenderung menurun. Pada 2014, PNBP migas mencapai Rp 320,25 triliun, pada 2015 turun menjadi Rp 122,52 triliun, dan pada 2016 turun lagi menjadi Rp 83,83 triliun. Sedangkan PNBP pertambangan pada 2014 mencapai Rp 34,40 triliun. Angka itu pada 2015 dan 2016 masing-masing turun menjadi Rp 29,63 triliun dan Rp 27,21 triliun.

Di sisi lain, merujuk data Kementerian ESDM, PNBP Energi Baru dan Terbarukan (EBT) naik meski angkanya masih kecil. Pada 2014, PNBP EBT berjumlah Rp 750 miliar, naik menjadi Rp 880 miliar pada 2015, dan naik lagi menjadi Rp 930 miliar pada 2016. Hingga September ini, realisasi PNBP EBT mencapai Rp 530 miliar. Menteri ESDM menjelaskan, tren penurunan realisasi PNBP dipengaruhi harga komoditas. 

“Pemerintah tidak bisa mengendalikan pergerakan harga komoditas karena hal itu sepenuhnya tergantung pasar,” ujar dia.

Jonan menambahkan, pada 2014 hingga 2016, harga minyak mentah dunia dan batubara melemah. Namun pada 2017 membaik dan mampu mendongkrak penerimaan negara. 

“Harga komoditas migas dan minerba mengacu pada harga internasional. Jadi, global market price, sehingga ini tidak bisa kita kendalikan,” tandas dia.

Lifting Migas

Direktur Eksekutif Reforminer Institute Komaidi Notonegoro memperkirakan realisasi PNBP sektor ESDM tahun ini bisa melampaui target, dengan catatan target lifting migas tercapai sesuai asumsi APBN-P 2017. Dalam APBN-P tahun ini, lifting minyak bumi dan gas masing-masing dipatok 815 ribu barel per hari (bph) dan 1,150 juta barel per hari setara minyak (bphsm). Pencapaian, PNBP sektor ESDM, menurut Komaidi, antara lain ditopang tren kenaikan harga komoditas migas dan batubara. 

“Jadi, jika merujuk angka per September 2017, wajar bila realisasi PNBP sektor ESDM pada akhir tahun mencapai target APBN-P 2017 dan melebihi pencapaian tahun lalu. Namun, lifting minyak harus diupayakan mencapai target pula,” tutur dia.

Meski harga komoditas migas dan minerba menunjukkan tren meningkat, pemerintah perlu mengupayakan agar realisasi lifting minyak tidak di bawah target 815 ribu bph. Soalnya, harga migas dan minerba tidak bisa dikendalikan pemerintah, sehingga bisa berubah sewaktu-waktu. 

Di sisi lain, pemerintah agak pesimistis realisasi lifting minyak mencapai target. Menteri ESDM Ignasius Jonan pernah mengatakan, lifting minyak tahun ini tidak akan mencapai 815 ribu bph sebagaimana dipatok dalam APBN-P 2017.

Berdasarkan data Kementerian ESDM, hingga Agustus 2017 realisasi lifting minyak mencapai 792 ribu bph. Namun, lifting gas hingga Agustus 2017 mencapai 1,134 juta bphsm. Hampir dipastikan, lifting gas tahun ini melampaui target APBN-P 2017 sebanyak 1,150 juta bphsm.

“Untuk lifting minyak, tumpuan pemerintah awalnya Blok Cepu dan recovery Blok Mahakam. Pemerintah sudah berupaya, termasuk menunjuk Pertamina masuk Blok Mahakam dengan tujuan menaikkan produksi minyak. Namun, harus dipahami, produksi migas tidak bisa digenjot dalam waktu singkat. Pemerintah juga perlu menempuh langkah-langkah strategis untuk menaikkan lifting minyak,” tegas dia 

Importir Minyak

Secara terpisah, Direktur Eksekutif Center of Energy and Resources Indonesia (CERI) Yusri Usman juga memperkirakan realisasi PNBP sektor ESDM bisa meningkat dan mencapai target APBN-P 2017. Namun, ia mengingatkan, pemerintah harus menempuh langkah-langkah antisipasi jika harga minyak melonjak. 

       Soalnya, saat ini Indonesia merupakan negara importir sejati minyak (net oil importer), sehingga kenaikan harga minyak yang terlampau tinggi bakal memberikan tekanan terhadap APBN, karena biaya impor bahan bakar minyak (BBM) akan meningkat.

“Kondisi itu sudah dikeluhkan Pertamina kepada menteri ESDM. 

Harga jual Premium 88 kan tidak boleh naik dan solar hanya diberikan subsidi tetap Rp 500 per liter. Itu bisa mengurangi laba Pertamina tahun ini,” ucap dia.

Yusri memprediksi realisasi PNBP migas tahun ini meningkat signifikan jika harga minyak mentah di atas US$ 50 per barel. 

“Hanya yang aneh, PNBP sektor ESDM malah turun terus dalam tiga tahun terakhir. Padahal, harga batubara sudah naik dan ada ekspor mineral mentah sekitar 20 juta metrik ton sampai akhir tahun,” papar dia.

Menurut Yusri, sulit menaikkan PNBP migas jika harga minyak terus di bawah US$ 50 per barel. 

"Semua kontraktor kontrak kerja sama (KKKS) tidak akan melakukan investasi pengeboran untuk meningkatkan produksi karena tidak ekonomis. Di pihak lain, bila sektor Mineral dan Batubara digenjot, tentu lucu. Kalau ekspornya gencar, program hilirisasi mineral akan hancur,” tutur dia.

Berita baiknya, lifting gas diperkirakan mencapai target 1,150 juta bphsm karena hingga Agustus realisasinya sudah mencapai 1,134 juta bphsm. Pencapaian lifting gas antara lain ditopang mulai berproduksiya lapangan gas Lapangan Jangkrik. 

Dia menjelaskan, pemerintah harus lebih serius mendorong pengembangan dan penggunaan EBT dan melakukan diversifikasi energi. Keputusan menteri ESDM yang menugaskan Pertamina agar 150 stasiun pengisian bahan bakar untuk umum (SPBU) di Jawa menyiapkan dispenser bahan bakar gas (BBG) untuk kendaraan juga perlu didukung.

“Sudah seharusnya pula presiden memberikan perhatian yang sama terhadap infrastruktur energi primer dan EBI seperti halnya perhatian terhadap infrastruktur sipil,” tegas dia.

Investor Daily, Page-1, Friday, Sept 29, 2017