Total EP Finally Gets 39% Mahakam Block

Total EP must pay 39% of Mahakam block of Rp. 18.66 trillion to Pertamina

Minister of Energy and Mineral Resources Ignatius Jonan finally gave the blessing to PT Total EP Indonesie to get 39% of Mahakam block shares. This decision to revise the decision of Minister of Energy and Mineral Resources Sudirman Said who only give 30% share for Total EP in Mahakam. Deputy Minister of Energy and Mineral Resources Arcandra Tahar confirmed Minister Jonan has signed this letter of approval.

"There's a letter, maybe 39%," he said at the ESDM Ministry office. Previously, Total EP Indonesie and Inpex Corporation sent a letter of interest to manage the Mahakam Block after their contract expired December 31, 2017. They asked for a 39% share.

According to Arcandra, the entry of potential investors Mahakam block can be done after Pertamina, through its subsidiary PT Pertamina Hulu Mahakam full control of the Mahakam Block starting January 1, 2018.

That is, Total EP Indonesie does not have to enter at this time or when the contract is still operating. Total EP will discuss directly the value of valuations they must redeem to obtain 39% stake in Mahakam block with Pertamina.

Mahakam block

Since 39% of Mahakam block shares are granted to Total EP, Pertamina owns only 51% of Mahakam block shares. East Kalimantan Provincial Government shares remain 10%.

But again, the 10% participating interest (Pl) of the East Kalimantan provincial government has not been completed yet. Because Kutai Kartanegara Regency wants an additional share of ownership.

In accordance with Regulation of Minister of Energy and Mineral Resources No. 37/2016 regarding Terms of Participating Interest 10% Supply on Oil and Gas Working Area, East Kalimantan Provincial Government obtains share 66.65% and 33.35% shares for Kutai Kartanegara Regency from 10% allocation PI Block Mahakam.

"The regional government has not agreed yet, the 10% is still discussing the division of the District Government with the Provincial Government," he said.

Upstream Director of PT Pertamina Syamsu Alam said that until now he has not known about the letter to Pertamina related to the change of share down.

"Still in a noisy fuss," he said.

Mahakam Assets

Syamsu Alam stressed that it does not matter if Total EP enters after the contract expires or enters when Pertamina has invested in the Mahakam Block. However, Total EP must still pay the acquired shares plus the investments already issued by Pertamina.

"We already have the asset valuation value of the Mahakam block, but we can not open it," said Syamsu some time ago.

He said the asset valuation of Mahakam Block should indeed be calculated by Pertamina and also Total EP if they want to enter.

"If Pertamina calculates its assets by looking at the average oil price of 20-year contract period," he said.

Could be, next year's price will be expensive compared to calculated at the end of this year. Head of SKK Migas, Amien Sunaryadi once mentioned, the revaluation of assets Mahakam block done by IHS and Petropro. The calculation takes place against the asset on the surface of the Mahakam Block.

As a result, the asset value of the Mahakam Block position of December 31, 2015 reached US $ 4.79 billion.

"As for the asset value of Mahakam Block position of December 31, 2017 amounted to US $ 3.45 billion (Rp 47.86 trillion)," said Amien.

That is, if Total EP get 39% stake in Mahakam block, then Francis company must deposit funds to Pertamina Rp 18.66 trillion.

IN INDONESIA

Total EP Akhirnya Meraih Saham 39% Blok Mahakam

Total EP harus membayar 39% saham Blok Mahakam sebesar Rp. 18,66 triliun ke Pertamina

Menteri Energi dan Sumber Daya Mineral (ESDM) Ignatius Jonan akhirnya memberikan restu kepada PT Total EP Indonesie untuk mendapatkan 39% saham Blok Mahakam. Keputusan Jonan ini merevisi putusan Menteri ESDM Sudirman Said yang hanya memberi saham 30% bagi Total EP di Mahakam. Wakil Menteri ESDM Arcandra Tahar menegaskan menteri Jonan telah menandatangani surat persetujuan ini. 

"Sudah ada suratnya. Boleh 39%," katanya di Kantor Kementerian ESDM. Sebelumnya, Total EP Indonesie dan Inpex Corporation mengirimkan surat ketertarikan mengelola Blok Mahakam pasca kontrak mereka habis 31 Desember 2017. Mereka minta bagian 39% saham.

Menurut Arcandra, masuknya calon investor Blok Mahakam nanti bisa dilakukan setelah Pertamina, melalui anak usahanya PT Pertamina Hulu Mahakam menguasai secara penuh Blok Mahakam mulai 1 Januari 2018.

Artinya, Total EP Indonesie tidak harus masuk saat ini atau saat kontrak masih beroperasi. Total EP akan membahas secara langsung besaran nilai valuasi yang harus mereka tebus untuk mendapatkan 39% saham di Blok Mahakam dengan Pertamina.

Karena 39% saham Blok Mahakam diberikan ke Total EP, Pertamina hanya memiliki 51% saham Blok Mahakam. Sementara saham Pemerintah Provinsi Kalimantan Timur tetap 10%.

Namun lagi-lagi, 10% participating interest (Pl) Pemprov Kalimantan Timur sampai saat ini belum selesai. Sebab Kabupaten Kutai Kartanegara menginginkan tambahan bagian kepemilikan.

Sesuai dengan Peraturan Menteri ESDM No 37/2016 tentang Ketentuan Penawaran Participating Interest 10% pada Wilayah Kerja Minyak dan Gas Bumi, Pemerintah Provinsi Kaltim mendapatkan bagian 66,65% saham dan 33,35% saham untuk Kabupaten Kutai Kartanegara dari alokasi 10% PI Blok Mahakam. 

"Pemerintah Daerah belum sepakat. Yang 10% itu masih membahas pembagian Pemerintah Kabupaten dengan Pemerintah Provinsi," katanya. 

Direktur Hulu PT Pertamina Syamsu Alam mengatakan hingga saat ini dirinya belum mengetahui mengenai surat ke Pertamina terkait dengan perubahan share down. 

"Masih pada ribut persenan," katanya.

Aset Mahakam

Syamsu Alam menegaskan bahwa tidak masalah jika Total EP masuk setelah kontrak berakhir atau masuk ketika Pertamina sudah melakukan investasi di Blok Mahakam. Namun demikian, Total EP harus tetap membayar saham yang diperoleh plus investasi yang sudah dikeluarkan Pertamina. 

"Kami sudah punya angka valuasi aset Blok Mahakam. Namun kami tidak bisa buka," kata Syamsu beberapa waktu lalu.

Dia mengatakan, valuasi aset Blok Mahakam seharusnya memang akan dihitung oleh Pertamina dan juga Total EP jika mereka ingin masuk. 

"Kalau Pertamina menghitung asetnya dengan melihat rata-rata harga minyak 20 tahun masa kontrak," katanya.

Bisa saja, harga tahun depan akan mahal dibandingkan jika dihitung pada akhir tahun ini. Kepala SKK Migas, Amien Sunaryadi pernah menyebut, revaluasi aset Blok Mahakam dilakukan oleh IHS dan Petropro. Penghitungan berlangsung terhadap aset di permukaan (surface) Blok Mahakam. 

Hasilnya, nilai aset Blok Mahakam posisi 31 Desember 2015 mencapai US$ 4,79 miliar. 

"Sementara untuk nilai aset Blok Mahakam posisi 31 Desember 2017 sebesar US$ 3,45 miliar (Rp 47,86 triliun)," ujar Amien.

Artinya, jika Total EP mendapatkan 39% saham Blok Mahakam, maka perusahaan Francis itu harus menyetor dana ke Pertamina sebesar Rp 18,66 triliun.

Kontan, Page-14, Wednesday, Dec 27, 2017