PHE is Ready to Boost YYA-1 Well

Pertamina Hulu Energi (PHE) plans to reuse the relief well of the North West Java (ONWJ) Offshore Block used to cover gas leaks in the Karawang Sea in the middle of last year. PHE's Managing Director, Meidawati said, the process of reuse is still ongoing if it goes well, then the impact on new products will be felt starting next year.

"The re-development of YYA-1 production is planned for 2021," Meidawati said.

Meidawati explained, her party was still continuing to study the estimated production at the well. Based on preliminary calculations, production is estimated to be in the range of 1,000 to 1,500 Barrels Per Day (BPD). 

     Previously Director of Operations at Pertamina Hulu Energi (PHE) Taufik Aditiyawarman said that the drilling was planned for three wells. So far they have conducted a number of studies such as studies of subsurface, drilling and platform cutting. The estimated investment for the plan to recover the well is around the US $ 30 million to the US $ 40 million.

"I don't know for sure, recovery, fixing, installing again, maybe the US $ 30 million-USS 40 million," said Taufik.

Director of Engineering and Environment of the Directorate General of Oil and Gas of the Ministry of Energy and Mineral Resources Adhi Wibowo revealed that the results of the gas leak investigation will be announced in the near future. Until now there is no clarity about the YYA-1 gas leak that caused oil spills and impacted on a number of areas.

"Soon it will be finished, not exceeding this month. It is being finalized," Adhi said.

The investigation effort is indeed in conjunction with the plan to re-use the YYA-1 Well. This is according to the development plan proposed by PHE. The investigation involved a number of experts, both from the Ministry of Energy and Mineral Resources and an independent team. Adhi said that after the investigation, the report would be directly conveyed to the Minister of Energy and Mineral Resources Arifin Tasrif.

For your information, this oil and gas well leak occurred on July 12, 2019, around 01:30 West Indonesia Time at the time of re-entry at the YYA-1 well in the re-perforation activity. Then a gas bubble emerged at the YYA Pavilion from the Ensco-67 rig located in the ONWJ offshore operational area. The YYA-1 well is a former YYA-4 exploration well that was drilled in 2011. This well is the leak.

Kontan, Page-14, Thursday, March 12, 2020

Pertamina Hulu Energi Booked US $ 590 Million in Profit

PT Pertamina Hulu Energi (PHE) managed to book a profit of US $ 590 million last year, up 23.68% from the realization of 2018 of US $ 477 million. The increase in profits was supported by the high realization of the company's oil and gas production.

PT Pertamina Hulu Energi (PHE)

PHE's President Director Meidawati said last year's profit realization of US $ 590 million was higher than the 2018 achievement of US $ 477 million. While revenue realization was US $ 2.67 billion, up by 5.81% from the realization in 2018 of US $ 2.53 billion. The increase in financial performance was when the price of oil dropped from US $ 68 per barrel in 2018 to US $ 62 per barrel in 2019.

The company's profit could be higher if last year's oil price reached US $ 68 per barrel. Last year, the company's oil production reached 78,002 barrels per day (BPD). This realization increased by 13.05% from 2018 production achievements of 68,996 bpd. The company's gas production realization also increased slightly from 794 million standard cubic feet per day / mmscfd in 2018 to 803 mmscfd in 2019.

According to him, the achievement of this production performance was due to an increase in oil and gas production from the Jambi Merang and Tomori Blocks. In addition, additional production oil and gas also comes from optimizing planned shutdowns on the Offshore North West Java Block (ONWJ), West Madura Offshore (WMO), and Offshore South East Sumatra (OSES).

"In addition, this production achievement is also due to the success of PHE in reducing production decline from an average of 35% to 20%," Meidawati said.

Blogger Agus Purnomo in PT. PHE West Madura Offshore (WMO)

Meidawati added that ONWJ Block oil and gas production was recorded to increase despite an oil spill from one of its fields, the YY Project. This is because the acquisition of oil and gas production from reworking wells in other fields is very good so that it can cover the lost production from Project YY.

 "Because we work a lot on the ONWJ Block too. So the incidence of oil spills is not very influential. We got a lot of oil and gas production coming in, gas sales also went up, "Meidawati said.

This year, Meidawati hopes that some of the subsidiaries that were the mainstay in the past year will still be able to contribute maximally. This is because his party has set a higher oil and gas production target this year, namely 84 thousand bpd of oil and 822 mmscfd of gas. To pursue the target, he plans to do more massive activities.

"We will carry out drilling for the development of 51 wells and exploration of 6 wells, as well as the reworking of 50 wells," he said.

One of them, he plans to drill two exploration wells in the Nunukan Block. Because, according to the approved plan of development / POD, this block must start producing oil and gas next year.

"If there is no oil and gas flowing, we must return it to the government. Even though we have the privilege to have management rights, "Meidawati said.

Investor Daily, Page-9, Friday, March 6, 2020

Acquisition of the Southeast Jambi Block US $ 135,000

PT Pertamina (Persero) intends to increase cooperation with the Cooperation Contract Contractors (KKKS) to pursue a production target of 923,000 barrels of oil equivalent per day (boepd) this year. Pertamina hopes that the increase in production is in line with profit growth.

The latest asset included in Pertamina's portfolio is the South East Jambi Work Area (WK). PT PHE Southeast Jambi took over 27% of its participatory rights from the hands of Repsol Exploration South East Jambi B.V. The signing of the collaboration took place last Sunday.

Repsol

PHE Southeast Jambi is a subsidiary of PT Pertamina Hulu Energi (PHE) or Pertamina's grandson.

"In the future, we hope to add reserve findings to develop and increase production," said Meidawati, Director of PT Pertamina Hulu Energi (PHE).

PT Pertamina Hulu Energi (PHE)

Looking at the 2018 annual report, PHE has proven oil reserves of 60.28 million barrels of oil (MBO), gas 341.25 billion standard cubic feet (BSCF) and oil and gas 119.16 million barrels of oil equivalent (mboe). Proven oil and oil and gas reserves are down compared to 2017. Only proven gas reserves are rising.

Block SK-305 Malaysia

PHE production relies on 51 Work Areas or blocks. A total of 49 blocks in the country. Then two other blocks abroad, namely Blocks 10 and 11.1 in Vietnam and Block SK-305 in Malaysia. 

     As a result, Southeast Jambi will add to the list of PHE working areas. So far the PHE management has not revealed detailed work plans for Southeast Jambi. But certainly, the acquisition of the block almost requires a special budget.

"Pertamina only replaced the signature bonus proportionally, that is, changing obligations and delivering a performance bond according to the size of the participation," Meidawati said.

The signature value of the Southeast Jambi Block bonus that is part of the PHE is the US $ 135,000. When referring to the Bank Indonesia middle rate (IDX) of Rp. 14,413, the value is around Rp. 1.95 billion. 

MOECO Southeast Jambi B.V.

    Just information, in 2018 the Consortium of Repsol Exploration South East Jambi B.V. and MOECO Southeast Jambi B.V. signed the Southeast Jambi Block Contract. 

The block's exact commitment consists of G and G, 2D seismic along 300 km with a total of US $ 4.65 million. While the signature bonus value is the US $ 500,000.

Kontan, Page-14, Tuesday, March 3, 2020

Pertamina Accelerates BPD 1 Million Oil Production Target by 2026

PT Pertamina (Persero) seeks to accelerate the increase in national oil production to 1 million Barrels Per Day (BPD) in 2026, from the initial plan of 2030.

This is to anticipate the increase in demand for crude oil after the completion of six refinery projects in 2026. 

Nicke Widyawati

    Pertamina's Director Nicke Widyawati said the Special Task Force for Upstream Oil and Gas Business Activities (SKK oil and gas) is targeting an increase in oil production to 1 million BPD. in 2030.

To achieve this target, his party will increase the number of drilling wells, conduct seismic activities to find new reserves, and applying enhanced oil recovery (EOR) technology. However, his party is now preparing an optimistic scenario of this plan, so that oil production of 1 million BPD can be realized in 2026.

"We are making an optimistic case with the EOR [1 million BPD production] in 2026. We hope," he said in a meeting with Commission VI Indonesian Parliament.

Nicke explained, the accelerated increase in oil production needs to be done because the company's oil needs will surge in 2026. This follows the targeted completion of six of the company's refinery projects that year which will boost refinery capacity from the current 1 million BPD to 2 million BPD.

"Why is it accelerated in 2026? Because the refineries we built are starting to produce, and that needs an additional supply of crude oil, " Nicke said.

Regarding EOR, according to her, Pertamina's Upstream Directorate is currently detailing technologies that can be used. It targets the EOR can be done quickly so that the results can be felt immediately. One of these EOR technologies will be used to increase oil production in the Rokan Block after the operatorship is switched to Pertamina.

"Mr. Dharmawan [Pertamina Upstream Director] and SKK oil and gas are refining the technology that we can use to accelerate additional production in upstream oil and gas," said Nicke.

Even now, Pertamina through Pertamina EP has also implemented EOR in Tanjung Field. The company has also signed a core understanding between Pertamina and Repsol for the management of the full scale, including the implementation of the Surfactant-polymer EOR.

In the Jirak and Rantau Fields, Pertamina is conducting a Surfactant chemical application study for EOR implementation in both fields. Furthermore, Pertamina is currently conducting studies in several fields, namely Jatibarang, Sukowati, and Ramba for EOR with CO2 flooding.

Pertamina also expanded the EOR activities to the oil and gas block managed by PT Pertamina Hulu Energi (PHE), namely in the Offshore North West Java Block, precisely in the Zulu Field and E-Main. In addition, in the Batang field which is operated by PHE Siak, an EOR Steam flooding pilot project will be conducted in the near future.

Acquisition of oil and gas blocks

In addition to EOR, Nicke said that the acquisition of oil and gas production blocks overseas is also the company's strategy to accelerate the achievement of 1 million BPD oil production in 2026.

"Because it is a faster and more effective way to increase production, the acquired blocks will produce," Nicke said.

Referring to Pertamina's data, the state-owned company will budget upstream oil and gas investment funds this year US $ 3.7 billion. The funds will be used to develop the upstream oil and gas business organically and inorganically. 

   For details, funds for developing the upstream oil and gas business organically or increasing oil and gas production from existing assets of US $ 3.57 billion. Meanwhile, for inorganic business development of US $ 150 million.

Pertamina Upstream Director Dharmawan H Samsu Sempat explained that the upstream oil and gas inorganic investment is the addition of oil and gas block assets. Unfortunately, he was reluctant to mention which oil and gas block the company was targeting.

Dharmawan only mentioned one of the regions that the company targeted to add assets, namely in Africa. Previously, Dharmawan H Samsu also briefly mentioned targeting oil and gas assets in the Middle East region.

The last time Pertamina took over oil and gas assets in another country was in 2017. At that time, the company acquired 64.46% shares of the French oil and gas company, Maurel and Promm. Through this acquisition, the company has oil and gas assets spread in Gabon, Nigeria, Tanzania, Namibia, Colombia, Canada, Myanmar, Italy, and other countries.

However, the main assets that have been producing are in Gabon, Nigeria, and Tanzania. In addition, in Algeria, the company has shares in the Menzel Lejmet North (MLN) Block, El Merk (EMK), and Ourhoud (OHD). Next, in Iraq, the company holds shares in West Qurna 1. Field. While in Malaysia, the company holds shares in Block K, Block Kikeh, SNR Block SK309, and Block SK311.

Investor Daily, Page-9, Thursday, Feb 27, 2020.

PHE Develops Southeast Jambi Block

PT Pertamina (Persero) continues to strive to develop oil and gas in Indonesia, one of which is by participating in the management of the Southeast Jambi Work Area.

Repsol Exploration South East Jambi

At this time Repsol Exploration South East Jambi BM is acting as the operator of the Southeast Jambi Region and in collaboration with the Repsol Exploration South East Jambi B.V, Pertamina is confident and ready to develop the Southeast Jambi Exploration Working Area.

Ifki Sukarya

VP Relations of PT Pertamina Hulu Energi (PHE) Ifki Sukarya explained, as stipulated in Government Regulation Number 35 of 2004 concerning Upstream Oil and Gas Business Activities, this Cooperation was carried out through the process of taking ownership of participating interests from South-east Jambi Work Area operators.

In this case, Pertamina assigned one of its subsidiaries, PT PHE Southeast Jambi, as one of the participating interest holders in the Jambi South-east Working Area.

Repsol

"In order to realize this program, Pertamina continues to hold intensive discussions with Repsol Exploration South East Jambi B.V. at once communicating with the Government. Including the investment that will be carried out in the development of this Work Area, "added Ifki.

the signing of Participating Interest

Officially the signing of the collaboration was carried out by both parties, Repsol Exploration South East Jambi B.V. and PHE Southeast Jambi in the Central Jakarta Region.

The signing was carried out by the Director of PHE Southeast Jambi, Abdul Mutalib, with the General Manager of Repsol Exploration South East Jambi B.V. Greg Holman. One of Pertamina's corporate achievements in the early 2020, namely in cooperation with Repsol and MOECO in developing the Southeast Jambi Exploration Working Area.

This collaboration is the beginning of the partnership activities that will be carried out by the Upstream Directorate of PT Pertamina (Persero). Going forward, Pertamina will continue to look for opportunities to work with other Cooperation Contract Contractors (KKKS) to achieve Pertamina's production target of 923 thousand BOEPD in 2020.

Investor Daily, Page-9, Thursday, Feb 27, 2020.

Luhut Asks for 1 Million BPD Oil Production to be Accelerated in 2025

The Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan asked for an increase in oil production to 1 million Barrels Per Day (BPD) to be accelerated by 2025.Luhut Binsar Pandjaitan

Luhut Binsar Pandjaitan

The application of Enhanced Oil Recovery (EOR) technology can be carried out to realize the target. Luhut said, the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) initially proposed achieving oil production of 1 million BPD by 2030. 

SKK Migas

    However, seeing the positive impact of increasing oil production in reducing energy imports, he requested that the achievement of the production target accelerated.

"We want the target of 1 million BPD to be accelerated. They say in 2030, I ask for 2025, "he said in Jakarta.

According to him, the increase in oil production can be obtained from the optimization of existing oil and gas wells using EOR technology. At present, there are 23 oil and gas wells that can be boosted by EOR oil production. On Monday (3/2), his party and SKK Migas will discuss the technical increase in oil production.

"While exploring new wells, some of the old wells can be EOR. "The potential is still large, around 1.7 billion barrels," Luhut said.

the Rokan Block 

One of the EOR activities is expected to be carried out in the Rokan Block whose contract will expire next year. When signing the new Rokan Block contract, one that was promised by PT Pertamina (Persero) was the implementation of EOR activities.

Some of these activities are an EOR study worth US $ 4 million, a stage-1 CEOR 7 pattern of US $ 247 million, and a stage-1 steam flood Kulin or Rantau Bais of US $ 88.6 million. Luhut asserted, there were no problems with the chemical formula that is still being tested in the Rokan Block by Chevron Indonesia as the current operator. He said he wanted Pertamina to conduct an EOR using the chemical formula. EOR activities he said must be carried out as quickly as possible.

PT. Chevron Pacific Indonesia (CPI)

"Let's just use the one that has Chevron, why do you keep changing it? I said earlier so that it was discussed so that it would not be long before we look for other ways, "he stressed.

Nicke Widyawati

In a meeting with the House of Representatives (DPR) last week, Pertamina President Director Nicke Widyawati revealed, EOR was one of the keys to the success of increasing oil production in the Rokan Block.

Chevron Indonesia, as the current operator, has reviewed the chemical formula that will be used in the EOR activities. However, She is concerned that she cannot use the formula that Chevron is making because there are components that are not included in the list of cost recovery investments.

"If this formula is not given to us, it will take four more years because this EOR is specific to each location. "One of the keys to the management is the EOR formula," said Nicke Widyawati.

Dwi Soetjipto

The Head of SKK Migas Dwi Soetjipto assured the results of the trial and study of the application of EOR in the Rokan Block by Chevron had been included in the state assets section because they had been funded by the state. Therefore Pertamina does not need to repeat the EOR experiment in the oil and gas block located in Riau. Not only EOR, Pertamina Upstream Director Dharmawan H Samsu said that he was asked to make innovations in order to achieve the oil production target of 1 million BPD.

"We have to be more aggressive in drilling, and the success rate is increased, if possible don't dry holes," he said.

Even now, Pertamina through Pertamina EP has also implemented EOR in Tanjung Field. The company has also signed the points of understanding between Pertamina and Repsol for full-scale management, including the implementation of surfactant-polymer EOR.

In the Jirak and Rantau Fields, Pertamina is conducting a study of the application of surfactant chemicals for the implementation of EOR in both fields. Furthermore, related to CO2 flooding, Pertamina is currently conducting studies in several fields, namely Jatibarang, Sukowati, and Ramba.

PT Pertamina Hulu Energi (PHE)

Pertamina also expanded this EOR activity to the oil and gas block managed by PT Pertamina Hulu Energi (PHE), namely in the North West Java Offshore Block, precisely in the Zulu Field and E-Main. In addition, in the near future the Batang field, which is operated by PHE Siak, will be an EOR steam flooding pilot project.

EOR activities were also promised by PT Medco E&P when signing the Rimau Block contract. Medco promises four full EOR chemical pre-injection fields, namely US $ 1.1 million in the second year, US $ 8.2 million in the third year, US $ 6.2 million in the fourth year, and the US $ 4.8 million in the fifth year.

In addition, Medco also plans for a full-field chemical EOR Phase I at the Kaji Harapan Field worth the US $ 1 million. Referring to the Ministry of Energy and Mineral Resources data, national oil lifting continues to fall.

Oil lifting reached 861 thousand BPD in 2012. However, the realization of oil lifting continued to fall to 779 thousand BPD in 2015. Lifting oil increased slightly in 2016 to 829 thousand BPD. After that, the realization of oil lifting continues to fall to 804 thousand BPD in 2017, 778 thousand BPD in 2018, and 746 thousand BPD last year.

IN INDONESIA

Luhut Minta Produksi Minyak 1 Juta BPH Dipercepat di 2025

Menteri Koordinator Bidang Kemaritiman dan Investasi Luhut Binsar Pandjaitan meminta peningkatan produksi minyak hingga menjadi 1 juta barel per hari (bph) dipercepat pada 2025. 

Penerapan teknologi pengurasan minyak tahap lanjut (enhanced oil recovery/EOR) bisa dilakukan untuk merealisasikan target tersebut. Luhut menuturkan, Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) awalnya mengusulkan pencapaian produksi minyak 1 juta bph pada 2030. Namun, melihat dampak positif dari peningkatan produksi minyak dalam memperkecil impor energi, dirinya meminta agar pencapaian target produksi itu dipercepat.

“Kami mau target 1 juta bph itu dipercepat. Mereka bilang pada 2030, saya minta 2025,” kata dia di Jakarta.

Menurutnya, peningkatan produksi minyak itu bisa diperoleh dari optimasi sumur-sumur migas eksisting dengan menggunakan teknologi EOR. Saat ini, terdapat 23 sumur migas yang dapat digenjot produksi minyaknya dengan EOR. Pada Senin (3/2) ini, pihaknya dan SKK Migas akan membahas teknis peningkatan produksi minyak ini. 

“Sambil eksplorasi sumur baru, sumur lama kan ada yang bisa EOR. Masih besar [potensinya] sekitar 1,7 miliar barel,” ujar Luhut.

Kegiatan EOR salah satunya diharapkan dapat dilakukan di Blok Rokan yang kontraknya akan berakhir pada tahun depan. Pada saat meneken kontrak baru Blok Rokan, salah satu yang dijanjikan PT Pertamina (Persero) adalah pelaksanaan kegiatan EOR. 

Beberapa kegiatan itu yakni studi EOR senilai US$ 4 juta, stage-1 CEOR 7 pattern US$ 247 juta, dan stage-1 steam flood Kulin atau Rantau Bais US$ 88,6 juta. Luhut menegaskan, sudah tidak ada masalah terkait formula zat kimia yang kini masih diuji coba di Blok Rokan oleh Chevron Indonesia selaku operator saat ini. Pihaknya menginginkan Pertamina melakukan EOR dengan menggunakan formula zat kimia tersebut. Kegiatan EOR disebutnya harus dilakukan secepat mungkin.

“Biarkan gunakan saja yang punya Chevron, buat apa diganti terus? Saya bilang tadi supaya itu dibicarakan agar tidak lama lagi cari cara lain,” tegasnya. 

Dalam rapat dengan Dewan Perwakilan Rakyat (DPR) pekan lalu, Direktur Utama Pertamina Nicke Widyawati mengungkapkan, EOR merupakan salah satu kunci keberhasilan peningkatan produksi minyak di Blok Rokan.

Chevron Indonesia, selaku operator saat ini, telah mengkaji formula zat kimia yang akan dipakai dalam kegiatan EOR tersebut. Namun, pihaknya khawatir tidak dapat menggunakan formula yang sedang dibuat Chevron lantaran terdapat komponen yang tidak masuk dalam daftar biaya investasi yang dapat dikembalikan (cost recovery). 

“Kalau formula ini tidak diberikan ke kami, maka perlu waktu empat tahun lagi karena EOR ini spesifik untuk setiap lokasi. Alih kelola ini salah satu yang menjadi kunci adalah formula EOR,” kata Nicke Widyawati.

Kepala SKK Migas Dwi Soetjipto meyakinkan, hasiil uji coba dan kajian penerapan EOR di Blok Rokan oleh Chevron sudah masuk dalam bagian aset negara karena sudah dibiayai negara. Oleh karena itu Pertamina tidak perlu mengulang percobaan EOR di blok migas yang berlokasi di Riau tersebut. Tidak hanya EOR, Direktur Hulu Pertamina Dharmawan H Samsu menuturkan bahwa pihaknya diminta membuat inovasi guna mencapai target produksi minyak 1 juta bph.

“Kami harus lebih agresif dalam melakukan pengeboran, dan tingkat kesuksesannya ditingkatkan, kalau bisa jangan dry hole,” ujarnya.

Saat ini pun, Pertamina melalui Pertamina EP juga telah melaksanakan EOR di Lapangan Tanjung. Perseroan juga telah meneken pokok-pokok kesepahaman antara Pertamina dan Repsol untuk pengelolaan full scale tersebut, termasuk implementasi EOR surfaktan-polimer. 

Di Lapangan Jirak dan Rantau, Pertamina sedang melakukan studi aplikasi zat kimia surfaktan untuk implementasi EOR di kedua lapangan ini. Selanjutnya, terkait dengan CO2 flooding, Pertamina saat ini sedang melakukan studi di beberapa lapangan yaitu Jatibarang, Sukowati dan Ramba. 

Pertamina juga memperluas kegiatan EOR ini ke blok migas yang dikelola PT Pertamina Hulu Energi (PHE), yakni di Blok Offshore North West Java, tepatnya di Lapangan Zulu dan E-Main. Selain itu, di lapangan Batang yang dioperasikan oleh PHE Siak dalam waktu dekat akan dilakukan pilot project EOR steam flooding.

Kegiatan EOR juga dijanjikan PT Medco E&P ketika menandatangani kontrak Blok Rimau. Medco menjanjikan empat pre injection full field chemical EOR, yakni senilai US$ 1,1 juta pada tahun kedua, US$ 8,2 juta pada tahun ketiga, US$ 6,2 juta pada tahun keempat, dan US$ 4,8 juta pada tahun kelima. 

Selain itu, Medco juga merencanakan Fase-I full field chemical EOR di Lapangan Kaji Semoga senilai US$ 1 juta. Mengacu data Kementerian ESDM, lifting minyak nasional terus turun. 

Lifting minyak sempat mencapai 861 ribu bph pada 2012. Namun, realisasi lifting minyak ini terus turun menjadi 779 ribu bph pada 2015. Lifting minyak kembali naik sedikit pada 2016 menjadi 829 ribu bph. Setelah itu, realisasi lifting minyak terus turun menjadi 804 ribu bph pada 2017, 778 ribu bph pada 2018, dan 746 ribu bph pada tahun lalu.

Investor Daily, Page-9, Monday, Feb 3, 2020

The Phase II IDD Project is Underway

PT Chevron Pacific Indonesia plans to work on an underwater oil and gas project or Indonesia Deepwater Development (IDD) phase II. However, the project has not yet been implemented because Chevron has not yet got a business partner.

Corporate Communication Manager of PT Chevron Pacific Indonesia Sonitha Poernomo said that his party through Chevron Rapak Ltd had already worked on the first phase of IDD in the form of developing the Bangka Field. The oil and gas field has been producing since August 2016. 

Indonesia Deepwater Development (IDD) phase II Chevron

    For the Phase II IDD project located in Gehem and Gendalo Field, the work was hampered because Chevron was still looking for strategic partners. Because there is a potential risk if the project is not economical. This means that the existence of these business partners to share risks.

The Phase II IDD project cannot compete for capital in the Chevron portfolio globally, "Sonitha said.

Unfortunately, Sonitha could not name the prospective partners who would collaborate with Chevron to work on the Phase II IDD project. But certainly, Chevron Rapak Ltd has obtained permission from the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) to open data in order to facilitate discussions regarding the identification of potential partners who are able to manage IDD projects.

"At the moment there is no final decision regarding the discussion," said Sonitha.

ENI Italy

SKK Migas Deputy for Operations Julius Wiratno said. Chevron has actually partnered with Eni, Tip Top, Pertamina Hulu Energi (PHE) and Mitra Muara Bakau in the Phase II IDD project. Since the Phase II IDD project schedule is always backward, there is a possibility that the economic value of this project will decrease.

So it's only natural that Chevron considers it. Not to mention the project is limited by termination in 2026/2027, "Maybe Chevron wants to share down to partners taking into account the economics of the project," said Julius.

Initially, SKK Migas projected that the Phase II IDD project could start production in 2024, before finally withdrawing to 2025. Chevron is still looking for strategic partners to share risks.

IN INDONESIA

Proyek IDD Tahap II Terancam Molor

PT Chevron Pacific Indonesia berencana menggarap proyek minyak dan gas bawah laut atau Indonesia Deepwater Development (IDD) tahap ll. Namun proyek tersebut belum juga terlaksana karena Chevron belum mendapatkan mitra bisnis. 

Manager Corporate Communication PT Chevron Pacific Indonesia Sonitha Poernomo mengatakan, pihaknya melalui Chevron Rapak Ltd sudah mengerjakan tahap pertama IDD berupa pengembangan Lapangan Bangka. Lapangan migas tersebut telah berproduksi sejak Agustus 2016 siIam. Untuk proyek IDD tahap II yang berada di Lapangan Gehem dan Gendalo, pengerjaannya terhambat karena Chevron masih mencari mitra kerja strategis. Pasalnya, ada potensi risiko jika proyek tersebut tidak ekonomis. Artinya keberadaan mitra bisnis ini untuk berbagi risiko.

Proyek IDD tahap II tidak dapat bersaing untuk mendapatkan modal dalam portofolio Chevron secara global,” kata Sonitha.

Sayangnya Sonitha belum bisa menyebutkan nama calon mitra yang akan bekerjasama dengan Chevron untuk mengerjakan proyek IDD tahap II. Namun yang pasti, Chevron Rapak Ltd sudah memperoleh izin dari Satuan Kerja Khusus Kegiatan Usaha Hulu Minyak dan Gas (SKK Migas) untuk membuka data dalam rangka memfasilitasi diskusi terkait identifikasi mitra potensial yang mampu mengelola proyek IDD.

”Pada saat ini tidak ada keputusan akhir mengenai diskusi tersebut,” kata Sonitha.

Deputi Operasional SKK Migas Julius Wiratno bilang. sebenarnya Chevron sudah bermitra dengan Eni, Tip Top, Pertamina Hulu Energi (PHE) dan Mitra Muara Bakau dalam proyek IDD tahap II. Berhubung jadwal proyek IDD tahap II selalu mundur, ada kemungkinan nilai keekonomian proyek ini semakin berkurang.

Jadi wajar apabila Chevron mempertimbangkannya. Belum lagi proyek tersebut dibatasi oleh terminasi pada tahun 2026/2027, ”Mungkin Chevron ingin share down ke mitra dengan memperhitungkan keekonomian proyek." ujar Julius. 

Awalnya, SKK Migas memproyeksikan proyek IDD tahap II bisa berproduksi pada 2024, sebelum akhirnya mundur menjadi tahun 2025. Chevron masih mencari mitra kerja strategis untuk berbagi risiko.

Kontan, Page-14, Thursday, Jan 23, 2020

PHE Targets Increasing Oil and Gas Lifting

PT Pertamina Hulu Energi (PHE), a subsidiary of PT Pertamina (Persero), targets production-ready to sell or lift oil and gas 2020 by 181,510 barrels of oil equivalent per day (boepd) or up 3.32% compared to the target in the Work Plan and Corporate Budget (RKAP) 2019 of 175,674 boepd.

Meanwhile, PHE 2020 oil and gas lifting targets include oil lifting of 83,100 barrels of oil per day (bopd) and gas sales of 570.11 million cubic feet per day (MMscfd). Meanwhile, in the 2019 RKAP, 76,971 bopd of oil lifting and 572 MMscfd of gas. Until the end of October 2019, PHE recorded 178,208 boepd of oil and gas lifting. Oil and gas lifting consists of lifting oil 77,179 bopd and gas sales of 585 MMscfd.

"Projections until the end of the year, oil and gas lifting reaches 178,052 boepd or 101% of the target in the 2019 RKAP. Lifting oil is 100% of the target and gas is 102% of the target," said PHE Managing Director Meidawati.

In the 2020 oil and gas lifting target, Meidawati said it still relies on the Offshore North West Java (ONWJ) PHE as the largest contributor to the lifting of oil PHE, which until October 2019 was recorded at 25,788 boepd. Besides ONWJ, there is also PHE Offshore Southeast Sumatra (OSES) which also contributed greatly to reach 25,331 bopd.

The ready-to-sell production from ONWJ and OSES is part of the PHE which has a 90% participation or participating interest (PI). He added, other contributors came from PHE CPP (BOB) 4,763 bopd, Sulawesi PHE Tomori of 3,729 bopd, PHE Jambi Merang of 3,599 bopd, and PHE West Madura Offshore (PHE WMO) with the acquisition of 3,116 bopd.

Blogger Agus Purnomo in PT. PHE West Madura Offshore (WMO)

In addition, the largest contributor to natural gas lifting was PHE Tomori Sulawesi, amounting to 146.8 MMscfd. Regarding the PI scale, PHE is recorded to control 50% of PHE in the Tomori Block. In addition to the Sulawesi Tomori PHE, WMO PHE recorded 94.5 MMscfd of gas lifting, PHE ONWJ 73 MMscfd, and Jambi Merang PHE 68.3 MMscfd. To succeed in the performance of 2019, PHE has also drilled two exploration wells, 35 development wells, and 39 workover wells per October. For 2D seismic, it reaches 4,291 km, and 3D seismic reaches 95 km2.

The total investment cost that has been spent reaches the US $ 216 million until October 2019. Until the end of 2019, the investment costs used are estimated at US $ 328 million.

"Until the end of 2019, we will try to do total drilling. 5 exploration wells and 43 development wells ", he added.

Although oil and gas lifting is estimated to be higher than the target, net profit is projected to decline. In the 2019 RKAP, PHE's net profit is targeted to reach the US $ 592 million. However, the prognosis until the end of the year is the only US $ 421 million with the realization up to October worth the US $ 370 million. Meidawati explained, oil prices were the main factor in not achieving the net profit target this year. According to him, the target is based on oil price assumptions in the range of US $ 70 per barrel. However, the average oil price this year is in the range of US $ 63 per barrel.

"The target might be achieved if suddenly the oil price becomes the US $ 100 per barrel until the end of the year. When viewed from the maximum production, but this price is indeed very influential and something we cannot control, "he said.

Meanwhile, for next year it targets a net profit of US $ 487.03 million.

TECHNICAL CONSTRAINTS

Meanwhile, Pertamina Upstream Director Dharmawan Samsu said that next year's production target was very heavy and challenging. This year, technical obstacles haunt the achievement of Pertamina's oil and gas production.

"We have to make sure the drilling is no longer late because yesterday we were late for the procurement of offshore rigs," he said.

Dharmawan explained the 2020 oil and gas production target of 923,000 boepd, would be obtained from the contribution of oil and gas production from Pertamina's upstream operations in the country of 765,000 boepd. Oil production is estimated to reach 323,000 BPD of oil production and 2,559 MMscfd of gas production. Meanwhile, contributions from Pertamina's upstream operations abroad (PIEP) of oil and gas production amounted to 158 Mboepd, consisting of oil production of 107 Mbopd and gas 298 MMscfd.

"The overall prognosis of Pertamina's oil and gas production in 2019 reaches 906,000 boepd consisting of 414,000 bopd of oil production and 2,850 MMscfd of gas," he added.

IN INDONESIA

PHE Menargetkan Kenaikan Lifting Migas

PT Pertamina Hulu Energi (PHE), anak usaha PT Pertamina (Persero), menargetkan produksi siap jual atau lifting minyak dan gas bumi 2020 sebanyak 181.510 barel setara minyak per hari (boepd) atau naik 3,32% dibandingkan dengan target dalam Rencana Kerja dan Anggaran Perusahaan (RKAP) 2019 sebanyak 175.674 boepd.

Adapun, target lifting migas PHE 2020 meliputi lifting minyak sebanyak 83.100 barel minyak per hari (bopd) dan penjualan gas sebanyak 570,11 juta kaki kubik per hari (MMscfd). Sementara itu, pada RKAP 2019, lifting minyak sebanyak 76.971 bopd dan gas 572 MMscfd. Hingga akhir Oktober 2019, PHE mencatat lifting migas sebanyak 178.208 boepd. Lifting migas terdiri atas lifting minyak 77.179 bopd dan penjualan gas sebanyak 585 MMscfd. 

“Proyeksi hingga akhir tahun, lifting migas mencapai 178.052 boepd atau 101% dari target pada RKAP 2019. Lifting minyak 100% dari target dan gas 102% dari target,” ujar Direktur Utama PHE Meidawati.

Pada target lifting migas tahun 2020, Meidawati menyatakan pihaknya masih mengandalkan PHE Offshore North West Java (ONWJ) sebagai kontributor terbesar lifting minyak PHE, yang hingga Oktober 2019 tercatat sebanyak 25.788 boepd. Selain ONWJ, ada pula PHE Offshore Southeast Sumatra (OSES) yang juga berkontribusi besar yakni mencapai 25.331 bopd.

Produksi siap jual dari ONWJ dan OSES tersebut merupakan bagian PHE yang memiliki hak partisipasi atau particpating interest (PI) sebesar 90%. Dia menambahkan, kontributor lainnya datang dari PHE CPP (BOB) 4.763 bopd, PHE Tomoli Sulawesi sebesar 3 .729 bopd, PHE Jambi Merang sebesar 3.599 bopd, dan PHE West Madura Offshore (PHE WMO) dengan perolehan lifting 3.116 bopd.

Selain itu, lifting gas bumi kontributor terbesar adalah PHE Tomori Sulawesi sebanyak 146,8 MMscfd. Terkait dengan besaran PI, PHE tercatat menguasai 50% PHE di Blok Tomori. Selain PHE Tomori Sulawesi, PHE WMO mencatat lifting gas sebesar 94,5 MMscfd, PHE ONWJ 73 MMscfd, dan PHE Jambi Merang 68,3 MMscfd. 

    Untuk menyukseskan kinerja 2019, PHE juga telah melakukan pengeboran dua sumur eksplorasi, 35 sumur pengembangan, dan 39 sumur work over per Oktober. Untuk seismik 2D mencapai 4.291 km dan seismik 3D mencapai 95 km2.

Total biaya investasi yang telah dikeluarkan mencapai US$216 juta hingga Oktober 2019. Hingga akhir 2019, biaya investasi yang digunakan diestimasi mencapai US$328 juta.

“Hingga akhir tahun 2019, kami berupaya melakukan pengeboran total. 5 sumur eksplorasi dan 43 sumur pengembangan”, tambahnya. 

Kendati lifting migas diperkirakan lebih tinggi dari target, laba bersih justru diproyeksi mengalami penurunan. Dalam RKAP 2019, laba bersih PHE ditargetkan mencapai US$ 592 juta. Namun, prognosis hingga akhir tahun hanya senilai US$421 juta dengan realisasi hingga Oktober senilai US$ 370 juta. 

     Meidawati menjelaskan, harga minyak menjadi faktor utama tidak tercapainya target laba bersih pada tahun ini. Menurutnya, target tersebut berdasarkan asumsi harga minyak pada kisaran US$70 per barel. Namun, rata-rata harga minyak sepanjang tahun ini berada pada kisaran US$ 63 per barel.

“Target mungkin tercapai kalau tiba-tiba harga minyak jadi US$100 per barel sampai akhir tahun. Kalau dilihatkan dari produksi sudah maksimal, tapi harga ini memang sangat berpengaruh dan sesuatu yang tidak bisa kami kendalikan,” tuturnya.

Adapun, untuk tahun depan pihaknya menargetkan laba bersih senilai US$487,03 juta.

KENDALA TEKNIS

Sementara itu, Direktur Hulu Pertamina Dharmawan Samsu mengatakan bahwa target produksi tahun depan sangat berat dan menantang. Tahun ini, kendala teknis menghantui pencapaian produksi migas Pertamina.

“Kami harus pastikan pengeboran tidak telat lagi, karena kemarin kami telat untuk pengadaan rig offshore,” katanya.

Dharmawan menjelaskan target produksi migas 2020 sebanyak 923.000 boepd, akan didapatkan dari kontribusi produksi migas dari operasi hulu Pertamina di dalam negeri sebanyak 765.000 boepd. Untuk produksi minyak diperkirakan mencapai 323.000 bph produksi minyak dan produksi gas 2.559 MMscfd.

      Sementara itu, kontribusi dari operasi hulu Pertamina di luar negeri (PIEP) produksi migas sebesar 158 Mboepd, terdiri atas produksi minyak sebesar 107 Mbopd dan gas 298 MMscfd.

“Prognosis produksi migas Pertamina 2019 secara keseluruhan mencapai 906.000 boepd terdiri dari produksi Minyak 414.000 bopd dan gas 2.850 MMscfd,” tambahnya.

Bisnis Indonesia, Page-9, Saturday, Dec 14, 2019