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Saturday, May 19, 2018

Existing Contractors Interested Continue Management

The Ministry of Energy and Mineral Resources (ESDM) stated that most of the contractors from six oil and gas blocks that have finished their contracts in 2020 are still interested in continuing their management. Appropriate regulation applicable, the existing contractor gets priority as the manager of terminating oil and gas blocks.

Director-General of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto, said that five contractors from six oil and gas blocks whose contracts expired in 2020 have expressed interest in reorganizing the currently working block. The six oil and gas blocks terminated in 2020 are South Jambi Block B Block, Brantas, Salawati Bird's Head, Malacca Strait, Makassar Strait, and Onshore Salawati Basin.

"All existing (contractors) have filed, except ConocoPhillips. ConocoPhillips is going to file again with a (contract) gross split, "he said.

South Block Block J Block is currently managed by ConocoPhilips with Participating Interest / PI 45% ownership with PT Pertamina (Persero) 25% and Petrochina International Jambi 30%. Brantas Block is now in Lapindo Brantas with 50% PI, PT Prakasa Brantas 32%, and Minarak Labuan Co Llc 18%. 

    Blok Salawati Kepala Burung is operated by the Joint Operating Body (JOB) of PT Pertamina Hulu Energi (PHE)-Petrochina. The block's participating interest holders are PHE Salawati 50%, Petrochina International Bird Head 16,78%, RHP Salawati Island BV 14,51%, and Petrogas (Island) Ltd 18,7%.

Next, the Malacca Strait Block is managed by EMP Malacca Strait SA, while PI's holders are Petroleum Kondur 34.46%, Malacca Petroleum Ltd 6.93%, OOGC (Malacca Strait) Ltd 32.58%, and PT Imbang Tata Alam 26.03 %. 

    Makassar Strait Block is currently working on Chevron Makassar Strait 72%, PHE 10%, and Tiptop Makassar 18%. Finally, the Onshore Salawati Basin Block operated by Petrochina International Bermuda where the PI holders are Petrogas Basin 34.06%, RH Petrogas 25.94%, Petrochina 30%, and Pertamina 10%. The government will decide the fate of these six blocks next month.

"In early June, the first week (determination of the manager)," said Djoko.

Previously, Djoko explained, in accordance with Government Regulation no. 35 of 2004 Article 28, an existing contractor may apply for a contract extension not later than 10 years and no later than 2 years before the contract is completed. While the government must make new management decisions at least one year before the contract termination. However, the government will attempt to immediately establish new operators of this terminating oil and gas block.

"We are targeting for whose contract is completed by 2020 set in June, next to being 2021 in July 2022 in August 2023 in September 2024 in October 2025 in November, and 2026 in December. So this year is completed for the establishment of new managers, "he said.

In the last week, the government has set new contractors for oil and gas blocks that finish their contracts next year. The government has appointed PT Pertamina Hulu Energi Jambi Merang to be the operator of Jambi Merang Block, PT Pertamina Hulu Energi Tempirai for Raja-Pendopo Block, Kalrez Petroleum (Seram) Ltd for Bula Block, and CITIC Seram Energy Limited for Seram Non-Bula Block.

Referring to the data of the Ministry of Energy and Mineral Resources, there are 21 oil and gas blocks that will expire in 2019-2026. Other blocks to be completed by 2021 are Bentu Segat, Long Strait, and Rokan Block which produce the largest oil in Indonesia. In 2022, following the Tarakan East Block, Coastal Plains, and Pekanbaru, Bengkal, Serta Sengkang will be completed.

Furthermore in 2023, Rimau Block, Jabung, and Corridor. The Corridor Block is one of the blocks with a large gas production in Indonesia which is worked on by Conoco Philips. In 2025, the Bangko Block will follow the completion of the contract.

Investor Daily, Page-10, Tuesday, May 15, 2018


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