Barriers to Oil and Gas Investment

The imposition of taxes at the time of exploration of oil and gas and the policy of gross split sharing contracts is considered to be a barrier to investment in the oil and gas sector so far.

According to a survey conducted by the Fraser Institute, a Canadian-based research institute. Based on the report of Global Petroleum Survey 2017, Indonesia ranks at the bottom five and oil and gas investment attractiveness. From 97 countries, Indonesia is in 92th place with Ecuador in the 93rd row. The next rank followed by lrak, Libya, Bolivia and Venezuela as the most avoided countries oil and gas investors.

The survey was conducted from May to July 2017 involving 333 respondents from top executives (CEO), president director, director, manager, adviser, negotiator, consultant. geologists, and economists. From the survey, Indonesia got a score of 35.02 or down from 2016 position, which is 45.83 at number 79.

The policy perception index is formed from 16 issues such as fiscal requirements, taxation systems, environmental rules, law enforcement, and fees for regulatory compliance.

Next, protected areas, trade barriers, labor regulations, infrastructure quality and quality of geological databases, labor availability, and capabilities.

Factors of land acquisition, political stability, security, overlapping of land, and inconsistency of regulation and legal system also hinder oil and gas investment.

Some things are considered as medium barriers and big obstacles to investors, namely related to fiscal requirements, taxation, regulation, and quality of infrastructure.

Investors also consider that the overlapping issues of regulation and inconsistency, as well as the legal system as a medium barrier and a major obstacle to investing in Indonesia.

The report also cited several comments from investors, such as the excessive taxes during exploration and the profit-sharing contracts considered to be an investment bottleneck.

"A total of 10 jurisdictions that are least preferred for oil and gas investment, namely Yemen, France, Cambodia, California, Indonesia. Ecuador, lrak, Libya, Bolivia, and the last of Venezuela, "quoted from 2017 Global Petroleum Survey.

REGULATION REPAIR

Senior Director of Natural Resources Studies Fraser Institute Kenneth R Green said that with the loss of confidence from oil and gas investors around the world, it is important for policymakers to improve regulatory and taxation regimes, and perhaps a very important stable environment that is attractive rather than inhibiting petroleum investment.

On the other hand, when viewed from the size of reserves, Indonesia is included in the list of 15 countries with the largest oil and gas reserves. Indonesia has proven reserves of 22.67 billion barrels of oil equivalent (bboe).

However, this reserve is not much different from Texas, which is 27.83 bboe which ranks first most attractive country for oil and gas investment. Meanwhile, Venezuela with the world's largest oil and gas reserves, which is 337.03 bboe, but the most avoided country to invest.

Compared to other countries in the Oceania region, Indonesia lags behind other countries with smaller proven reserves such as New Zealand (0.31 bboe) with a score of 82.61 in rank 14 and Brunei Darussalam (3.16 bboe) with a score of 67, 21 in the order of 40. Malaysia (11.41 bboe) has a score of 60.41 is ranked 57 and Papua New Guinea [1.18 bboe] with score 47.61 is ranked 84th.

Related to the gross split scheme, the Commission VII Working Committee of the House of Representatives (DPR) previously still questioned the implementation of the scheme. House Commission VII member Hany Poernomo said that the gross profit-sharing contract still has uncertainty. 

     According to him, the space of uncertainty in the contract for the gross profit is too much, that is with the opening of additional portion of profit sharing through ministerial discretion.

"Gross split can not be implemented because there is no certainty," said Harry.

He considered that the government should not impose the application of gross split contracts on new blocks and block-out of contracts. The reuse of contracts for cost recovery results, he said, does not matter if the monitoring is more secure so that the operational and investment expenditure in the upstream oil and gas sector more efficient.

"If the gross split can not start, going back to cost recovery is no problem,"

An energy observer from Trisakti University, Pri Agung Rakhmanto, said that in order to increase investment, the government can actually use the current contract of cooperation by providing incentives.

According to him, to increase the attractiveness of investment, the government only needs to be a good facilitator by providing business certainty and facilitate the permit.

"Focus and concrete alone in solving existing problems. Clear the uncertainties of the rules of play, ease and shorten licensing at the operational level. "

IN INDONESIA

Hambatan Investasi Migas

Pengenaan pajak pada saat kegiafan eksplrasi minyak dan gas bumi serta kebijakan kontrak bagi hasil kotor atau gross split dinilai menjadi penghambat investasi sektor migas selama ini.

Hal itu berdasarkan hasil survei yang dilakukan oleh Fraser Institute, lembaga riset yang berbasis di Kanada. Berdasarkan laporan Global Petroleum Survey 2017, peringkat Indonesia berada di urutan lima terbawah dan sisi daya tarik investasi migas. Dari 97 negara, Indonesia berada di posisi 92 bersama Ekuador di deretan ke-93. Peringkat berikutnya diikuti oleh lrak, Libya, Bolivia dan Venezuela sebagai negara yang paling dihindari investor migas.

Survei dilakukan mulai Mei-Juli 2017 dengan melibatkan 333 responden yang berasal dari petinggi perusahaan setara pejabat eksekutif tertinggi (CEO), presiden direktur, direktur, manajer, penasihat, negosiator, konsultan. geolog, dan ekonom. Dari survei tersebut, Indonesia mendapat skor 35,02 atau turun dari posisi 2016, yakni 45,83 di urutan 79.

lndeks persepsi kebijakan dibentuk dari 16 hal seperti syarat-syarat fiskal, sistem perpajakan, aturan lingkungan hidup, penegakan hukum, dan biaya untuk kepatuhan regulasi.

Kemudian, area yang dilindungi, hambatan perdagangan, regulasi ketenagakerjaan, kualitas infrastruktur serta kualitas basis data geologi, ketersediaan tenaga kerja, dan kemampuan.

Faktor pembebasan lahan, kestabilan politik, keamanan, tumpang tindih lahan, dan inkonsistensi regulasi dan sistem hukum juga menjadi penghambat investasi migas.

Beberapa hal yang dianggap sebagai hambatan menengah dan hambatan yang besar bagi investor, yakni terkait syarat fiskal, perpajakan, regulasi, dan kualitas infrastruktur.

Investor juga menganggap bahwa masalah tumpang tindih regulasi dan inkonsistensi, juga sistem hukum sebagai hambatan menengah dan hambatan yang besar untuk menanamkan modal di Indonesia.

Laporan tersebut juga mengutip beberapa komentar dari investor, seperti tentang pajak berlebihan semasa eksplorasi dan kontrak bagi hasil kotor yang dianggap menjadi faktor penghambat investasi.

“Sebanyak 10 yurisdiksi yang paling tidak diminati untuk investasi migas, yakni Yaman, Prancis, Kamboja, California, Indonesia. Ekuador, lrak, Libya, Bolivia, dan terakhir Venezuela," dikutip dari 2017 Global Petroleum Survey.

PERBAIKAN REGULASl

Senior Director Natural Resources Studies Fraser lnstitute Kenneth R Green mengatakan bahwa dengan hilangnya kepercayaan dari investor migas di seluruh dunia, penting bagi pembuat kebijakan untuk memperbaiki regulasi dan rezim perpajakan, dan mungkin yang sangat penting lingkungan yang stabil, yang menarik, bukan menghambat investasi perminyakan.

Di sisi lain, bila dilihat dari ukuran cadangan, Indonesia masuk dalam daftar 15 besar negara dengan cadangan migas terbesar. Indonesia tercatat memiliki cadangan terbukti sebesar 22,67 billion barrel oil equivalent (bboe).

Namun, cadangan ini tidak jauh berbeda dengan Texas, yakni 27,83 bboe yang menempati urutan pertama negara paling menarik untuk investasi migas. Sementara itu, Venezuela dengan cadangan migas terbesar di dunia, yakni 337,03 bboe, tetapi menjadi negara yang paling dihindari untuk berinvestasi.

Bila dibandingkan dengan negara lainnya di kawasan Oseania, Indonesia tertinggal dari negara Iain yang memiliki cadangan terbukti Iebih kecil seperti Selandia Baru (0,31 bboe) dengan skor 82,61 di peringkat 14 dan Brunei Darussalam (3,16 bboe) dengan skor 67,21 di urutan 40. Malaysia (11,41 bboe) memiliki skor 60,41 berada di peringkat 57 serta Papua Nugini [1,18 bboe) dengan skor 47,61 berada di peringkat 84. 

Terkait dengan skema gross split, Panitia Kerja Komisi VII Dewan Perwakilan Rakyat (DPR) sebelumnya masih mempertanyakan tentang penerapan skema itu. Anggota Komisi VII DPR Hany Poernomo mengatakan bahwa kontrak bagi hasil kotor masih memiliki faktor ketidakpastian. Menurutnya, ruang ketidakpastian dalam kontrak bagi hasil kotor terlalu banyak, yakni dengan terbukanya tambahan porsi bagi hasil melalui diskresi menteri.

“Gross split belum bisa diIaksanakan karena tidak ada kepastian,” kata Harry.

Dia menilai bahwa pemerintah tidak perlu memaksakan penerapan kontrak gross split pada blok baru dan blok habis kontrak. Penggunaan kembali kontrak bagi hasil cost recovery, menurutnya, tidak bermasalah bila pengawasan Iebih aman sehingga belanja operasi dan investasi di sektor hulu migas semakin efisien. 

“Kalau gross split belum bisa dimulai, kembali ke cost recovery tidak masalah,” 

Pengamat energi dari Universitas Trisakti Pri Agung Rakhmanto mengatakan bahwa untuk meningkatkan investasi, pemerintah sebenarnya bisa menggunakan kontrak kerja sama yang berlaku saat ini dengan memberikan sejumlah insentif.

     Menurutnya, untuk menaikkan daya tarik investasi, pemerintah hanya perlu menjadi fasilitator yang baik dengan memberikan kepastian usaha dan mempermudah perizinan.

“Fokus dan konkret sajalah dalam penyelesaian masalah yang ada. Bereskan ketidakpastian aturan main, permudah dan persingkat perizinan di tingkat operasional." 

Bisnis Indonesia, Page-30, Tuesday, Dec 5, 2017