Bormindo Menggarap Bisnis Perawatan Sumur Minyak

    PT Ancora Indonesia Resources Tbk melalui anak perusahaannya, PT Bormindo Nusantara tengah fokus menggarap bisnis perawatan Sumur minyak. Ancora berharap, mendulang kenaikan pendapatan dari sumbangan bisnis perawatan sumur minyak. Pertumbuhan bisnis pengeboran dan industri perawatan, bisa jadi tidak berubah.

    Untuk perawatan sumur bisa naik 2%-3%, tapi pengeboran malah bisa minus," ujar Wiharto Hemowo, Direktur Independen PT Ancora Indonesia Resources Tbk. Dia menilai, bisnis perawatan sumur minyak membutuhkan biaya lebih kecil dibandingkan eksplorasi. Peluang ini terbuka, karena di Indonesia masih banyak sumur tua yang masih bisa dimanfaatkan.

    Dengan perawatan yang baik, diharapkan bisa mengambil kandungan minyak di sekitar sumur. "Selain konsumsi lokal, sedikit minyak itu untuk ekspor. Itu yang bisa menggerakkan perusahaan seperti Bormindo ini," ungkapnya. Dalam bisnis perawatan sumur minyak, perusahaan membidik wilayah Jawa dan Sumatera.

    Saat ini, paling banyak perawatan sumur berada di Riau. Dia menjelaskan, komposisi pendapatan (year to date) sampai September 2016, dari perawatan sumur minyak sebesar 56%, sisanya dari pengeboran. "Kami juga masih menunggu tender jasa pengeboran yang akan dikeluarkan oleh beberapa perusahaan," terangnya.

IN ENGLISH

Bormindo Working on Oil Well Care Business

    PT Ancora Indonesia Resources Tbk through its subsidiary, PT Nusantara Bormindo central focus work on oil well maintenance business. Ancora hope, gain a revenue increase of donations oil well maintenance business. Drilling business growth and industrial maintenance, it could be unchanged.

    For treatment of wells could be up 2% -3%, but drilling could even minus, "said Wiharto Hemowo, Independent Director of PT Ancora Indonesia Resources Tbk. He assessed the business of oil well maintenance costs are smaller than exploration. This opportunity is open, because in Indonesia still many old wells that can still be exploited.

    With good care, expected to take the oil content around the well. "In addition to local consumption, less oil was exported. That could stir Bormindo company like this," he said. In oil well maintenance business, companies aiming Java and Sumatra.

    Currently, most treatments wells located in Riau. He explained, the composition of income (year to date) until September 2016, on the treatment of oil wells by 56%, the remainder of the drilling. "We are also still waiting for drilling services tender to be issued by a few companies," he explained.

Kontan, Page-14, Wednesday, Dec,14,2016

Pertamina Ready to Buy 35% Stake in Repsol in Menzel

     PT Pertamina continues to conduct oil and gas field acquisitions overseas. After the acquisition of four oil and gas fields in Iran and the planned acquisition of two oil and gas fields in Russia, the latest news circulated. Pertamina plans to acquire Repsol shares at Menzel Lejmat North (MLN) field, Algeria.

     Vice President Director of Pertamina Ahmad Bambang revealed, there is a chance Pertamina increase share ownership or participating interest in oil and gas field in Algeria.

    This is because Repsol intends to sell its stake in the oil and gas field.

"Repsol is willing to sell, we are negotiating the field now." Repsol's finance is at a loss, so it's selling, it's negotiating, "he said.

    With the purchase of Repsol shares Pertamina has a whole or 100% stake in one of the MLN Field. Currently Pertamina's stake in MLN is 65% and Repsol 35%.

    For a flashback, Pertamina purchased 65% of the shares in MLN, 3.37% Ourhoud (OHD) and 16.9% EMK Field from ConocoPhillips Algeria Limited (COPAL) with a total acquisition value of US $ 1.75 billion or approximately Rp 17.5 trillion.

    The capacity of oil production facilities in this MLN field reaches 50 million barrels per day (mbopd) and an oil storage tank of 120 thousand barrels of oil. Another asset in Algeria is on the OHD field. Pertamina has a stake of about 3.37%. The rest are Sonatrach 36.15%, Cepsa 39.75%, Anadarko 9, 18% ENI 4.59%, Maersk 4.59%, and Talisman 2.10%.

    Then Pertamina also has a stake in EMK Field at 16.9%. The rest is held by Sonatrach 37.74%, Anadarko 18.3%, Talisman 9.10%, ENI 9.065%, and Maersk 9.05%. Capacity of production facilities 2x65 million barrels per day (mbbpd). Total of three oil fields capable of providing oil production to Pertamina of 41,000 barrels per day.

    Arief Budiman, Finance Director of Pertamina, added that Pertamina's investment in next year is between US $ 5 billion -1133; 6 Billion. The plan, the investment fund will be used for upstream investment of 60% -70%. The amount of such investment is outside the fund for the acquisition of oil and gas fields abroad. One of the oil and gas field acquisition budgets that has not been calculated in the investment budget next year is the acquisition of Repsol MLN's stake in Algeria.

    Energy observer Komaidi Notonegoro said Pertamina's acquisition pattern such as Petronas, which gets a lot of production from abroad, gets 65% to 70% from abroad.

"Pertamina seems to be headed there. Our production reserves are declining. If Pertamina glances out there is nothing wrong, "he said.

    He said, financially, Pertamina is certainly ready. The turnover of money in Pertamina is almost Rp 1,000 trillion. But with the acquisition plan abroad of course there are other costs that are efficient, so that can be allocated to it.

"The choice is that. The others walked as usual. There are funding out like bonds and other funding, "he said.

     Issuing an international bond is an effort to keep the downstream sector unencumbered. Another way is the arrangement of the portfolio, eg selling more 12 kg of LPG.

    

IN INDONESIA

Pertamina Siap Beli  35% Saham Repsol di Menzel

     PT Pertamina terus melakukan aksi akuisisi lapangan-lapangan migas di luar negeri. Setelah melakukan akuisisi empat lapangan migas di Iran dan rencana akuisisi dua lapangan migas di Rusia, kabar terbaru beredar. Pertamina berencana melakukan akuisisi saham Repsol di lapangan Menzel Lejmat North (MLN), Aljazair. 

     Wakil Direktur Utama Pertamina Ahmad Bambang mengungkapkan, ada peluang Pertamina menambah kepemilikan saham atau participating interest di lapangan migas di Aljazair.

    Hal ini karena Repsol berniat menjual kepemilikan sahamnya di lapangan migas tersebut. 

"Repsol mau jual, kami sedang negosiasi lapangan yang sekarang. Keuangan Repsol sedang rugi, jadi mau jual, sedang negosiasi," katanya. 

    Dengan pembelian saham Repsol tersebut menjadikan Pertamina memiliki keseluruhan atau 100% saham di salah satu Lapangan MLN tersebut. Saat ini saham Pertamina di MLN sebesar 65% dan Repsol 35%.

    Sekadar kilas balik, Pertamina membeli 65% saham di MLN, 3,37% Ourhoud (OHD) dan 16,9% Lapangan EMK dari ConocoPhillips Algeria Limited (COPAL) dengan nilai total akuisisi US$ 1,75 miliar atau sekitar Rp 17,5 triliun.

    Kapasitas fasilitas produksi minyak di lapangan MLN ini mencapai 50 juta barel per hari (mbopd) dan tangki penyimpanan minyak sebesar 120 thousand barrels of oil. Aset lain di Aljazair ada di lapangan OHD. Pertamina memiliki saham sekitar 3,37%. Sisanya Sonatrach 36,15%, Cepsa 39,75%, Anadarko 9, 18% ENI 4,59%, Maersk 4,59%, dan Talisman 2,10%.

    Lalu Pertamina juga memiliki saham di Lapangan EMK sebesar l6,9%. Sisanya dipegang Sonatrach 37,74%, Anadarko 18,3%, Talisman 9,10%, ENI 9,065%, dan Maersk 9,05%. Kapasitas fasilitas produksi 2x65 juta barel per hari (mbbpd). Total dari tiga lapangan minyak yang mampu memberikan produksi minyak ke Pertamina sebanyak 41.000 barel per hari. 

    Arief Budiman, Direktur Keuangan Pertamina, menambahkan, investasi Pertamina di tahun depan antara US$ 5 Miliar -1133; 6 Miliar. Rencananya, dana investasi itu akan digunakan untuk investasi hulu 60%-70%.  Jumlah investasi tersebut di luar dana untuk akuisisi lapangan-lapangan migas di luar negeri. Salah satu anggaran akuisisi lapangan migas yang belum dihitung dalam anggaran investasi tahun depan adalah akuisisi saham Repsol Lapangan MLN di Aljazair tersebut. 

    Pengamat Energi Komaidi Notonegoro mengatakan, pola akuisisi Pertamina seperti Petronas, yang banyak mendapat produksi dari luar negeri, yang mendapatkan bagian 65% sampai 70% dari luar negeri. 

“Pertamina sepertinya mengarah ke sana. Cadangan produksi kita menurun. Kalau Pertamina melirik ke luar tidak ada salahnya," kata dia.

    Dia mengatakan, secara keuangan, Pertamina tentu saja siap. Perputaran uang di Pertamina hampir Rp 1.000 triliun. Namun dengan rencana akuisisi keluar negeri tentu saja ada biaya-biaya lain yang diefisienkan, sehingga bisa dialokasikan ke sana. 

“Pilihannya itu. Yang lain berjalan seperti biasanya. Ada pendanaan keluar seperti bond dan pendanaan lain," ujar dia. 

     Mengeluarkan bond internasional adalah upaya agar sektor hilir tidak terbebani. Cara lain adalah penataan portofolio, misal menjual lebih banyak elpiji 12 kg.

Kontan, Page-14, Wednesday, Dec,14,2016

Irak Sepakat Pangkas Produksi Minyak

    Kesepakatan pemangkasan produksi minyak oleh negara-negara pengekspor minyak yang tergabung dalam OPEC kian solid. Terbaru, Menteri Perminyakan Irak Jabar al-Luaibi menegaskan akan mematuhi resolusi OPEC pada pertemuan di Wina, Austria lalu. Seperti diberitakan Routers, Senin (12/12), al-Luaibi menegaskan bahawa pihaknya kini sedang mengkaji sejumlah skenario dalam pemangkasan produksi di sejumlah ladang minyaknya.

    Salah satu yang sedang dipertimbangkan adalah penurunan produksi ladang minyak 'di Kirkuk "Pemangkasan yang pasti akan sejalan dengan kesepakatan kami di OPEC," terang al-Luaibi, kepada Reuters. Pemangkasan bisa saja dilakukan lrak dengan menginstruksikan international oil company (IOC) atawa perusahaan minyak asing yang beroperasi di wilayah lrak Selatan agar menurunkan produknya.

    Hal ini digagas karena di Wilayah tersebut juga akan dilakukan pemeliharaan terjadwal. "Beberapa IOC memiliki kewajiban perawatan Adi beberapa tempat. Ini merupakan waktu yang tepat untuk pengurangan produksi," tutur al-Luaibi. Irak menjanjikan akan ada perubahan mulai tahun depan. Irak ingin menjaga kepentingan jangka panjangnya, sekaligus tetap merangkul perusahaan minyak asing yang beroperasi di wilayahnya.

    Sesuai kesepakatan OPEC, Irak diminta mengurangi produksi minyak hariannya menjadi 4,56 juta barel per hari. Sementara produksi minyak Irak saat ini berada di kisaran 4,8 juta bare] per hari. Adapun secara total, OPEC akan memangkas produksinya sebanyak 1,2 juta barel per hari. Irak pun setuju atas kesepakatan OPEC tersebut demi terciptanya persatuan antar negara-negara anggota OPEC.

    Dari sini diharapkan tercapai keseimbangan harga minyak dan juga jumlah pasokan. "Kami berharap, pengurangan produksi bisa dikompensasi dengan kenaikan harga," imbuh al-Luaibi. Sebagai gambaran, kebijakan jangka panjang Irak hingga tahun 2020 menetapkan target produksi minyak 5,5 juta - 6 juta barel per hari. Selanjutnya pada tahun 2030, kemungkinan besar jumlah produksi meningkat menjadi 9 juta.

IN ENGLISH

Iraq Agrees to Cut Oil Production

    The deal cuts oil production by oil-exporting countries who are members of OPEC increasingly solid. The latest, Iraqi Oil Minister Jabar al-Luaibi said he would comply with the resolution at the OPEC meeting in Vienna, Austria last. As reported Routers, Monday (12/12), al-Luaibi THAT insists his side are now reviewing a number of scenarios in a cutback in production in a number of oil fields.

    One that is being considered is a decrease in the production of oil fields' in Kirkuk "Trimming certainly be in line with our agreement in OPEC," said al-Luaibi, told Reuters. Pruning can be done by instructing Iraqis international oil company (IOC) nor the foreign oil companies operating in the territory of South Iraqis in order to lower products.

    This is initiated as in the region will also be carried out scheduled maintenance. "Some IOC has a duty of care Adi some places. This is the right time to cut production," said al-Luaibi. Iraq promised there would be a change from next year. Iraq wants to maintain its long-term interests, while still embracing the foreign oil companies operating in its territory.

    According to the agreement of OPEC, Iraq asked to reduce his daily oil production 4.56 million barrels per day. While Iraq's oil production is in the range of 4.8 million bare] per day. As for the total, OPEC will cut production by 1.2 million barrels per day. Iraq agreed on the OPEC agreement for the creation of unity among member countries of OPEC.

    From here is expected to achieve a balance in oil prices and also the amount of supply. "We hope that the production cuts could be offset by price increases," added al-Luaibi. As an illustration, long-term policy of Iraq until 2020 set a production target of 5.5 million - 6 million barrels per day. Subsequently in 2030, most likely the amount of production increased to 9 million.

Kontan, Page-3, Wednesday, Dec,14,2016

Holding Migas Segera Terbentuk

    Pembentukan induk usaha BUMN sektor minyak dan gas bumi antara PT Pertamina dan PT Perusahaan Gas Negara masuk tahap final penyelesaian revisi Peraturan Pemerintah No. 44/2005 tentang Tata Cara Penyertaan dan Penata usahaan Modal Negara di BUMN dan Perseroan Terbatas. Menteri Badan Usaha Milik Negara (BUMN) Rini Soemarno berharap agar beleid tersebut bisa tuntas sebelum akhir tahun atau paling lambat pada awal 2017 agar sinergi antara emiten gas berkode saham PGAS dengan unit bisnis Pertamina yakni melalui PT Pertamina Gas bisa sejalan.

    Pertamina dan PGN terus melakukan sinkronisasi jelang pembentukan induk usaha atau holding di sektor minyak dan gas bumi. Proses sosialisasi internal di Pertamina dan PT Perusahaan Gas Negara (PGN) akan dilanjutkan ke seluruh pemangku kepentingan di sektor migas sehingga induk usaha BUMN migas bisa cepat terealisasi. “Setelah resmi diumumkan pemerintah, nanti holding BUMN migas bisa segera bergerak merealisasikan beberapa langkah yang telah disiapkan dalam mendukung perbaikan tata kelola sektor migas,” kata Wianda Pusponegoro, Ketua Tim Gugus Tugas Holding BUMN.

    Rencana pembentukan holding memang dinantikan dan diharapkan dapat meningkatkan gerak korporasi dari BUMN sehingga tidak terjebak dengan keterlambatan yang kerap ada dalam lingkup birokrasi suatu negara, Selain itu, holding juga diharapkan bisa “ menyinergikan semua operasi kedua BUMN tersebut dalam satu kendali perencanaan dan kegiatan operasional sehingga akan lebih efektif dan efisien Wakil Ketua Komite Tetap Kadin Bidang Industri Hulu dan Petrokimia Achmad Widjaja mengatakan, saat sudah resmi berjalan, holding migas diharapkan bisa segera merealisasikan konsolidasi antara Pertamina dan PGN yang kerap kali bersaing dalam konsesi dan pelanggan gas.

    Anggota Dewan Energi Nasional Syamsir Albduh mengatakan, secara prinsip tujuan pembentukan holding ada lima. Pertama, meningkatkan penciptaan nilai pasar perusahaan. Kedua, meningkatkan keunggulan kompetitif. Ketiga, meningkatkan posisi tawar. Keempat, menciptakan sinergi secara optimal. Kelima, melakukan rasionalisasi perusahaan yang mempunyai value creation yang rendah. Pembentukan holding bukan tujuan, tetapi alat untuk mencapai tujuan perusahaan yang berdaya saing dan berdaya cipta tinggi.

IN ENGLISH

Gas Holding Formed Soon
    The formation of the holding company of state-owned enterprises of oil and gas sector between PT Pertamina and PT Perusahaan Gas Negara enter the final stage of completion revision of Government Regulation No. 44/2005 on Procedures for Inclusion Playground State Capital in the state company and Company Limited. Minister for State Owned Enterprises (SOEs) Rini Soemarno hope that such a regulation could be completed before the end of the year or at the latest in early 2017 so that the synergy between gas issuers coded company with business units Pertamina PGAS namely through PT Pertamina Gas could be in line.

    Pertamina and PGN continued to synchronize ahead of the formation of the holding company or a holding in the oil and gas sector. Internal socialization process in Pertamina and PT Perusahaan Gas Negara (PGN) will proceed to all stakeholders in the oil and gas sector so that the parent company SOE oil and gas can be quickly realized. "After officially announced by the government, state-owned holding gas can later move soon realize some steps that have been prepared in support of improved governance of oil and gas sector," said Wianda Pusponegoro, Chairman of the Task Force Team Holding SOE.

    Plan for the establishment of a holding was anticipated and is expected to increase the movement of corporations from SOEs so as not to get stuck with the delays that often exist within the bureaucracy of a country, moreover, the holding also expected to "synergize all of the second operation of state enterprises in the control of the planning and operational activities that will more effective and efficient Vice Chairman of the Standing Committee of Kadin Upstream and Petrochemicals Achmad Widjaja said, when it is officially running, holding oil and gas is expected to soon realize a consolidated between Pertamina and PGN are often competing in the concession and gas customers.

    National Energy Board Member Albduh Siregar said that in principle the goal of establishing a holding five. First, increasing the company's market value creation. Second, increase competitive advantage. Third, improve the bargaining position. Fourth, create synergies optimally. Fifth, rationalizing the company that has a low value creation. Formation of a holding not a destination, but a means to achieve its goals of competitive and inventive high.

Bisnis Indonesia, Page-30, Wednesday, Dec,14,2016

Risau Skema Baru

    Pasalnya, melalui skema gross split, kontraktor kontrak kerja sama (KKKS) akan memiliki keleluasaan dalam menentukan teknologi yang dianggap paling efisien. Sementara itu, kemampuan industri dalam negeri dalam menyediakan kebutuhan hulu migas secara ekonomis masih diragukan. Alhasil, kurangnya daya saing tersebut bisa menekan industri dalam negeri.

    Wakil Ketua Umum Kamar Dagang dan Industri Indonesia Bidang Energi dan Migas Bobby Gafur Umar mengatakan saat ini belum ada sosialisasi yang menjelaskan rencana tersebut kepada para pelaku usaha, khususnya yang bergerak di industri penunjang hulu migas. Hal tersebut akhirnya menimbulkan kekhawatiran.

    Kadin, menurutnya, mendukung rencana pemerintah untuk menerapkan skema gross split dengan syarat ada pengawasan yang ketat dari regulator. Di Indonesia TKDN [tingkat kandungan dalam negeri] masih sulit karena keekonomiannya belum bisa dibandingkan dengan negara-negara, besar. Contohnya pipa dari dalam negeri bisa jauh lebih mahal dibandingkan China, belum lagi kena pajak sana-sini," jelasnya.

    Oleh karena itu, dia menekankan pentingnya keterlibatan pemerintah untuk memastikan industri penunjang hulu migas dalam negeri tidak terpukul. Fierlie Ganinduto, Ketua Komite Tetap Hubungan Kelembagaan dan Regulasi Sektor Energi Migas Kadin, menambahkan berdasarkan diskusi yang telah dilakukan pihaknya dengan Wakil Menteri ESDM Arcandra Tahar, ada beberapa ketentuan yang dianggap mampu mendorong peningkatan TKDN.

    Menurutnya, variabel penentu besaran split tersebut memang bertujuan untuk merangsang peningkatan TKDN. Namun, peran pemerintah dalam pengawasan tetap harus ada supaya implementasi di lapangan sesuai dengan kontrak. “Perlu benang merah bagaimana cara pengawasannya ini lebih penting dari sanksi yang sifatnya post audit,” katanya.

    Ketua Dewan Pimpinan Bidang Industri Gabungan Usaha Penunjang Energi dan Migas Willem Siahaya mengatakan skema gross split memungkinkan KKKS untuk mencari subkontraktor yang paling efisien. ,Sangat mungkin sub-kontraktor yang dipilih bukan berasal dari dalam negeri. “Kalau kita lepas saja pada KKKS, hancur kita.” Pemerintah menargetkan Peraturan Menteri ESDM mengenai gross split dapat terbit pada Januari 2017.

    Skema gross split dinilai dapat mempercepat proses kontrak kerja sama migas dengan kontraktor sehingga sektor hulu minyak dan gas akan lebih atraktif dan akhirnya akan menaikkan produksi minyak. Selain itu skema baru juga menjadi solusi untuk menekan dana yang dialokasikan setiap tahun dalam APBN untuk penggantian biaya operasi hulu migas (cost recovely). Arcandra mengatakan mekanisme gmss split sedang dibahas secara detail, khususnya terkait bagi hasil antara pemerintah dan KKKS.

    Yang jelas, dia menjamin mekanisme tersebut akan tetap mengutamakan kepentingan negara, termasuk TKDN. Setelah aturannya ada, setiap kontrak baru akan pakai gross split. Kepala Biro Komunikasi, Iayanan Informasi Publik, dan Kerja Sama Kementerian ESDM Sujatmiko mengatakan kementerian telah menyampaikan rencana perubahan mekanisme bagi hasil tersebut kepada Indonesian Petroleum Association (IPA).

    Direktur Riset Hulu Migas Asia Pasifik Wood Mackenzie Andrew Harwood mengatakan penerapan kontrak bagi hasil gross split belum tentu memacu investasi hulu. Pasalnya, dia memperkirakan pada 2017 belum ada peningkatan investasi yang cukup signifikan karena masih terdapat permasalahan seperti ketidakpastian usaha dan kebijakan yang membuat pelaku usaha memilih ulang plioritas investasi. Untuk itu Harwood masih menanti pola gross split seperti apa yang akan diterapkan.

    Bila penerapan tersebut tak membuat pelaku usaha bisa mendapat pengembalian investasi yang cukup, kemungkinan perubahan tersebut tak akan berpengaruh terhadap iklim investasi. Sebaliknya, bila penerapan gross split bisa mengurangi hambatan administrasi pengajuan anggaran dan persetujuan kontrak, kemungkinan hal itu bisa membantu pelaku usaha. “Kendala utama di lndonesia bukan hanya terkait aspek fiskal, melainkan panjangnya proses birokrasi,” ujarnya  Anggota Komisi VII DPR Satya Yudha meminta agar pemerintah mengkaji lebih lanjut sebelum skema baru diterapkan.

IN ENGLISH

Worried New Scheme
    Because, through a gross scheme split, cooperation contracts (PSC) will have the flexibility to determine the most efficient technology. Meanwhile, the ability of the domestic industry in providing the needs of upstream oil and gas economically questionable. As a result, the lack of competitiveness could suppress domestic industry.

    Vice Chairman of the Indonesian Chamber of Commerce and Industry of Energy and Oil and Gas Field Bobby Gafur Umar said that there is currently no employees to explain the plan to the entrepreneurs, especially those engaged in supporting upstream oil and gas industry. This ultimately raises concerns.

    Chamber of Commerce, he said, supports the government's plan to implement the scheme on condition that there is gross split strict supervision of the regulator. In Indonesia DCL [local content] is still difficult because of its economic value can not be compared with other countries, great. Examples of domestic pipe can be much more expensive than in China, not to mention taxable here and there, "he explained.

    Therefore, he stressed the importance of government involvement to ensure the supporting upstream oil and gas industry in the country is not hit. Fierlie Ganinduto, Chairman of the Standing Committee of Institutional Relations and Regulation of Oil and Gas Energy Sector Chamber of Commerce, added that based on discussions that have done it with the Deputy Minister of Energy and Mineral Resources Arcandra Tahar, there are some provisions that are considered able to encourage increased DCL.

    According to him, the determinant variable quantity split is intended to stimulate an increase in DCL. However, the government's role in supervision should still be there so that implementation on the ground in accordance with the contract. "It should be a common thread how this oversight is more important than the sanctions that are post audit," he said.

    Chairman of the Executive Board of the Joint Industry Sector Supporting Business of Energy and Oil and Gas Willem Siahaya said gross split scheme allows PSC to seek the most efficient subcontractors. , It may be sub-contractors who have not come from within the country. "If we take off alone on a PSC, ruined us." The government expects gross Regulation of Minister of the split can be issued in January 2017.

    Scheme gross split votes can accelerate the process of oil and gas cooperation contract with the contractor so that the upstream oil and gas sector will be more attractive and ultimately to increase oil production. Besides the new scheme is also a solution to suppress the funds allocated every year in the state budget for the replacement of upstream oil and gas operating costs (cost recovely). Arcandra said GMSS split mechanism was discussed in detail, particularly related to profit sharing between the government and PSC.

    Clearly, he guaranteed that the mechanism will keep the interests of the state, including the DCL. Once the rules are there, every new contract will be made gross split. Head of Communications, Public focal and Cooperation of the Ministry of Energy Sujatmiko said the ministry has submitted the plan to change the mechanism for the results to the Indonesian Petroleum Association (IPA).

    Gas Upstream Research Director Asia Pacific Wood Mackenzie Andrew Harwood said that the implementation of production sharing contracts gross split is not necessarily spur investment upstream. The reason, he estimates that in 2017 there has been no significant increase in investment because still there are problems such as uncertainty for businesses and policies that make businesses reselect plioritas investment. Harwood is still waiting for the gross pattern split as to what would be applied.

    If the application does not make businesses can get enough return on investment, it is likely these changes will not affect the investment climate. Conversely, if the application of the gross split could reduce administrative barriers budget submission and approval of the contract, the possibility it could help business. "The main obstacle in Indonesia is not only related to fiscal aspects, but the long bureaucratic process," said House Commission VII member Satya Yudha asked the government to examine further before new schemes are applied.

 Bisnis Indonesia, Page-1, Wednesday, Dec,14,2016

MENIMBANG SISTEM BAGI HASIL MIGAS YANG PAS

    Belakangan ini, Kementerian ESDM menggulirkan rencana mengubah sistem bagi hasil migas dari production sharing contract (kontrak Bagi Hasil/KBH) menjadi gross split (GS). Seperti diungkapkan Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar, yang dikutip beberapa media beberapa waktu lalu, alasan penggantian sistem bagi hasil adalah meningkatkan efisiensi kontraktor kontrak kerjasama (KKKS) dengan menghilangkan cost recovery dan meningkatkan keuntungan negara dengan tidak meninggalkan fungsi kontrol.

    Pada pelaksanaannya nanti, besarnya GS akan bersifat fleksibel, di antaranya tergantung kondisi cadangan migas, lokasi, hingga teknologi yang digunakan. Sekilas, sistem kontrak yang diusulkan terlihat jauh lebih baik dan sistem KBH yang saat ini berjalan dan bisa meningkatkan pendapatan negara dari sektor migas. Tetapi benarkah? Kalau kita melihat kembali teori mendesain sistem kontrak migas, ada beberapa faktor utama yang menjadi dasar pertimbangan, antara lain besarnya keterlibatan negara yang diinginkan dalam usaha hulu migas.

    Pertimbangan lainnya adalah besarnya potensi cadangan migas yang dimiliki serta kemajuan industri pendukung migas, dan tingkat ketergantungan keuangan negara terhadap pendapatan dari sektor migas. Semakin besar campur tangan negara, bagian pendapatannya akan semakin besar dan akan kurang menarik buat investor. KBH adalah contoh kontrak dengan keterlibatan negara yang besar dan sistem konsesi adalah contoh sebaliknya.

    Sistem GS seperti yang saat ini diusulkan pada dasarnya adalah sama dengan sistem konsesi/royalti, di mana negara mendapatkan bagian penerimaan dari royalti, pajak dan fee lainnya. KKKS bertanggung jawab penuh terhadap hal-hal teknis operasional dan biaya operasi yang ditimbulkan. Sampai saat ini belum ada contoh negara yang menerapkan sistem konsesi/royalti, di mana pemerintah ikut mengkontrol kegiatan operasional seperti dalam sistem KBH.

    Bisa saja pemerintah membuat, aturannya, tetapi apakah ada investor yang akan tertarik? Pemikiran bahwa cost recovery cenderung dibesar-besarkan adalah kesimpulan yang terlalu dini untuk dijadikan alasan pergantian sistem. Dalam konsep KBH, KKKS juga akan ikut menanggung beban cost recovery yang dibesar-besarkan. Contohnya, jika pendapatan kotor adalah 120 dan biaya operasi 20, maka pendapatan bersihnya adalah 100, yang kemudian dibagi menjadi 85 untuk bagian negara dan 15 bagian KKKS.

    Tetapi jika biaya operasi membengkak menjadi 40, maka pendapatan bersih berkurang menjadi 80 dan bagian KKKS akan berkurang menjadi 12. Pendapatan pemerintah akan berkurang dan demikian pula KKKS. Lalu jika cost recovery dianggap tidak efisien, apakah yang menjadi pembandingnya? Apakah Kementerian ESDM memiliki perbandingan lifting cost (biaya yang dibutuhkan untuk mengangkat 1 barel minyak ke permukaan) Indonesia dibandingkan negara lain? Atau perbandingan lifting cost di negara yang menerapkan sistem KBH vs GS? Kemudian jika KBH diganti menjadi GS, apakah cost recovery (yang berakibat langsung terhadap lifting cost) akan menjadi turun? Cost recovery yang tinggi tidak otomatis menunjukan ketidakefisienan kinerja KKKS mengingat mayoritas lapangan-lapangan migas di Indonesia sudah beroperasi lebih dan 20 tahun.

    Analoginya, mobil tua membutuhkan biaya perawatan lebih tinggi. Selain itu jangan lupa bahwa selama ini ada beberapa kebijakan pemerintah yang berlawanan dengan usaha KKKS menurunkan lifting oost, seperti pelarangan pengurangan pegawai di saat harga minyak dunia- terpuruk. Disinilah sebenamya keunggulan KBH dibandingkan dengan konsesi/royalti karena pemerintah memiliki keleluasan untuk mengejar dampak multiplier effect buat masyarakat. Contohnya, seperti yang sudah diterapkan terhadap proyek pengembangan Blok Masela dengan kewenangannya mengkontrol manajemen usaha hulu migas.

    Justifikasi lain yang dikemukakan untuk menerapkan GS adalah potensi bagian penerimaan negara yang lebih baik dari KBH. Dari tingkat risiko investor, hal ini justru berlawanan arah. GS memiliki resiko ketidakpastian (baik dalam masa ekplorasi atau setelah tahap pengembangan) yang lebih besar meskipun bisa diktukar dengan penambahan klausul kontrak seperti adanya penyesuaian pembagian pendapatan berdasarkan besarnya cadangan yang ditemukan, biaya untuk mengembangkannya atau jumlah produksi yang dihasilkan. Dalam perhitungan ke ekonomian, risiko ini akan menjadi komponen biaya yang akan dimasukkan investor dalam menawar lelang kontrak wilayah kerja pertambangan baru.

    Investor akan meminta bagi hasil yang lebih besar untuk kompensasi biaya tersebut yang tentu saja akan mengurangi bagi hasil negara. Dalam sistem KBH, risiko investor hanya terjadi saat proses eksplorasi. Oleh karena itu investor ‘bisa menerima' jika bagian penerimaannya lebih kecil jika dibandingkan sistem konsesi/ royalti. Beberapa publikasi dapat menjadi referensi perbandingan besarnya penerimaan negara di seluruh sistem kontrak migas dunia.

    Contohnya, yaitu laporan Government Accountability Office ke Komite Energy & Natural Resources USA pada Mei 2007, yang menunjukkan total persentase penerimaan AS dari Gulf of Mexico sebesar 42%, UK Shallow Water (40,77%), Joint Development Area Thailand-Malaysia ((»4.3%), Malaysia Deep Water (67,4%), China offshore (74,1 %), Indonesia Onshore (80,13%), dan Indonesia Offshore (71,01 %). Referensi lainnya, yaitu SPE Paper 77912 berjudul Fiscal Regimes Competitiveness Comparison of Oil and Gas Producing Countries in the Asra Pacific Region: Australia, China, Indra, Indonesia and Malaysia yang berkesimpulan bahwa dari sisi investor, model kontrak yang paling disukai adalah China, India, Malaysia dan Indonesia.

    Hal ini sangat wajar karena seperti yang dibahas sebelumnya, persentase bagian negara Indonesia jauh lebih besar dari negara lain sehingga kurang menarik buat investor. Laporan Indonesia Petroleum Association, Mei 2009 yang berjudul Gross Sharing with Additional Payments: An Altemative to PSC Non-Cost Recovery to Overcome Increasing Cost Recovery Issues juga menyatakan bahwa sistem GS akan memiliki kesulitan untuk menarik investor di wilayah kerja pertambangan baru karena memiliki risiko ketidakpastian yang lebih tinggi.
Akibatnya pemerintah harus menurunkan porsi bagi hasilnya untuk menarik investor.

    Lalu, apakah sistem GS layak diterapkan? Kalau memang tujuan Kementerian ESDM saat ini adalah untuk menarik investor dan meningkatkan iklim investasi, bisa jadi GS atau sistem royalti/kontrak seperti yang diterapkan negara lain, seperti AS, Norwegia, dan Eropa layak dipertimbangkan. Termasuk juga mempertimbangkan risiko rasio penerimaan negara dan fungsi kontrol yang berkurang.

    Tujuan yang akan dicapai, sistem yang akan diterapkan, dan alasan yang dikemukakan hendaklah harus saling mendukung dan konsisten untuk menghindari kebingungan publik. Karena bisa saja persentase bagian negara mungkin hanya 50% dari pendapatan 200. Namun porsi itu tentu lebih baik jika dibandingkan dengan sistem yang hanya memberikan perentase 80% dari pendapatan 100.

    Selain itu disarankan juga untuk fokus kepada hal-hal langsung yang lebih esensial seperti penyederhanaan birokrasi perizinan, memetakan lifting cost KKKS di seluruh Indonesia, dan bersinergi untuk menurunkannya serta mengurangi pelontaran isu-isu yang tidak perlu Selamat bekerja untuk Pak Menteri & Wakil Menteri!

IN ENGLISH

CONSIDERING GAS SYSTEM REVENUE SHARING THE PAS

    Recently, the Ministry of Energy and Mineral Resources rolling plan to change the system for oil and gas from the production sharing contract (Contract Sharing / KBH) to gross split (GS). As expressed by the Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar, who quoted some media some time ago, the reason for the replacement of profit-sharing system is to improve the efficiency of the contractor cooperation contract (PSC) by eliminating the cost recovery and increase state benefits by not leaving the control function ,

    In practice later, the magnitude of the GS will be flexible, depending on the condition of which oil and gas reserves, the location, to the technology used. At first glance, the proposed contract system looks much better and KBH system that is currently running and could increase state revenues from oil and gas sector. But is it true? If we look back oil and gas contract system design theory, there are several key factors which form the basis of consideration, among others, the desired amount of state involvement in upstream oil and gas.

    Another consideration is the amount of potential oil and gas reserves owned and progress in supporting oil and gas industry, and the level of the country's financial dependence on revenue from oil and gas sector. The greater the intervention of the state, the greater part of their income and would be less attractive for investors. KBH is an example of a contract with the involvement of a large country and the concession system is an example of the opposite.

    GS system as currently proposed in essence is the same as the concession system / royalties, where countries get a share of revenue from royalties, taxes and other fees. PSC is fully responsible for technical matters of operational and operating costs incurred. Until now there has been no examples of countries that apply the system of concession / royalties, where the government took control of operational activities in the system KBH.

    Only the government can make, the rules, but if there are investors who would be interested? Thought that cost recovery is likely to be exaggerated conclusions too early for any reason the turn of the system. In the concept of KBH, PSC will also bear the burden of cost recovery are exaggerated. For example, if the gross income is 120 and 20 operating costs, the net income is 100, which is then divided into 85 to parts of the country and 15 parts KKKS.

    But if the operating costs swelled to 40, net income was reduced to 80 and part of PSC's will be reduced to 12. The Government revenues will be reduced and so are the PSC. So if cost recovery is considered inefficient, what is the comparison? Does the Ministry of Energy has a ratio of lifting cost (cost required to lift the first barrel of oil to the surface) Indonesia compared to other countries? Or comparisons lifting cost in countries that implement KBH vs GS system? Then if KBH changed to GS, whether cost recovery (direct result of the lifting cost) will be down? High cost recovery does not automatically indicate inefficiencies in the performance of PSC since the majority of oil and gas fields in Indonesia and has been operating over 20 years.

    Analogues, old cars require higher maintenance costs. Also do not forget that during this time there are several government policies contrary to the PSC's efforts to lower lifting Oost, such as the prohibition of layoffs in the world- as oil prices slumped. KBH is where the actual advantages compared with concession / royalties because the government has the flexibility to pursue impact multiplier effect for society. For example, as has been applied to development projects Masela with the authority to control the management of upstream oil and gas.

    Another justification put forward to implement the GS is a potential part of the country a better acceptance of KBH. From the level of risk investors, this is precisely the opposite direction. GS has a risk of uncertainty (either during or after the exploration stage of development) is great although it could diktukar with the addition of a contractual clause as an adjustment of revenue sharing based on the size of the reserve is found, the cost to develop it or the amount of output produced. In the calculation to the economy, this risk will be a cost component will be put investors in a bid auction new contract mining work areas.

    Investors will ask for a bigger payoff for compensation of such costs which of course would reduce state revenue sharing. In the system KBH, investors risk only occurs when the exploration process. Therefore, investors 'accept' if acceptance section is smaller than the concession system / royalties. Some publications can be a reference comparison of the magnitude of the reception countries around the world system of oil and gas contracts.

    For example, the Government Accountability Office report to the Committee on Energy & Natural Resources USA in May 2007, which shows the total percentage of US acceptance of the Gulf of Mexico by 42%, UK Shallow Water (40.77%), Joint Development Area Thailand-Malaysia (( »4.3%), Malaysia Deep Water (67.4%), offshore China (74.1%), Indonesia Onshore (80.13%), and Indonesia Offshore (71.01%). other references, namely SPE Paper 77 912 Fiscal regimes titled Competitiveness Comparison of Oil and Gas Producing Countries in the Asra Pacific Region: Australia, China, Indra, Indonesia and Malaysia which concluded that on the side of investors, the most preferred contract model is China, India, Malaysia and Indonesia.

    It is very reasonable because as discussed earlier, the percentage parts of the Indonesian state is much larger than the other countries making it less attractive for investors. Report of Indonesia Petroleum Association, May 2009 entitled Gross Sharing with Additional Payments: An Altemative to PSC Non-Cost Recovery to Overcome Increasing Cost Recovery Issues also stated that the GS system will have difficulty attracting investors in the mining area recently because it has the risk of uncertainty higher. As a result, the government should lower portion of the proceeds to attract investors.

    Then, if the GS system is feasible? If indeed the Ministry of Energy goal now is to attract investors and improve the investment climate, it could be GS or the royalty system / contract as applied to other countries, like the US, Norway, and Europe is worth considering. Included also consider the risk ratio of revenues and control functions are reduced.

    Objectives to be achieved, the system will be applied, and the reasons stated must be of mutually supportive and consistent to avoid public confusion. Because it can be a percentage parts of the country may be only 50% of the revenue portion 200. However, it is certainly better than the system that only provides 80% of the revenue perentase 100.

    In addition it is also advisable to focus on things more immediately essential services such as simplification of bureaucratic licensing, map out lifting cost KKKS throughout Indonesia, and work together to bring it down and reduce hurling issues that do not need Congratulations to work for the Minister and Deputy Minister!

 Bisnis Indonesia, Page-1, Wednesday, Dec,14,2016

Establishment of Energy Holding Pending

    BUMN Minister Rini Soemarno estimates that the formation of two holding companies, namely energy BUMN and mining BUMN, is likely to be postponed to in the first quarter of 2017.

"We are still trying to establish an energy holding and a mining holding to be realized in 2016.

     However, even if it is not achieved in the end, it will be forced to resign to the first quarter of 2017, ”said Rini after the launch of the coastal community empowerment program and the beach cleaning of Kampung Nelayan on Teluk Penyu Beach, Cilacap, Central Java.

    On the sidelines of PT Pertamina's 59th Anniversary celebration, Rini explained that so far the formation of an energy and mining BUMN holding is still in the process of being finalized.

"Still being discussed. We hope that the Minister of Finance will communicate to provide information to the DPR. "

    Holding BUMN Oil and Gas will unite two large companies, namely PT Pertamina and PT PGN Tbk with Pertamina to be designated as the holding company.

Media Indonesia, Page-17, Tuesday, Dec 13,2016.

Penurunan Harga Gas Akan Berlanjut

    Pemerintah sedang membahas penetapan harga gas industri tahap kedua. Pada tahap lanjutan ini, fokusnya adalah gas sebagai energi, yang terjadi pada industri seperti oleochemical, keramik, kaca, dan sarung tangan karet. “Ini kami dorong bersama agar bisa diberlakukan pada 2017,” kata Direktur Industri Kimia Hulu Kementerian Perindustrian, Muhammad Khayam.

    Ia menjelaskan bahwa penetapan harga gas sebelumnya yang diberlakukan bagi pabrik petrokimia, pupuk, dan baja merupakan tahap pertama, yang berfokus pada gas sebagai bahan baku. Regulasi mengenai hal itu dituangkan dalam bentuk Peraturan Menteri Energi dan Sumber Daya Mineral Nomor 40 Tahun 2016 tentang Harga Gas Bumi untuk Industri Tertentu. Ketentuan itu memuat kebijakan penurunan harga gas bagi tiga industri pupuk, petrokimia, dan baja yang berlaku mulai 1 Januari 2017.

    Peraturan menteri itu terbit untuk menindaklanjuti Peraturan Presiden Nomor 40 Tahun 2016 tentang Penetapan Harga Gas Bumi. Presiden Joko Widodo merninta agar harga gas bagi industri tidak boleh lebih dari US$ 6 per MMBTU. Tujuannya adalah agar industri dalam negeri kompetitif dan tumbuh lebih kencang. Khayam menambahkan bahwa penurunan harga gas untuk tiga jenis industri tersebut memang tidak menurunkan penerimaan negara bukan pajak (PNBP). “Karena mungkin tahun depan bisa US$ 6, US$ 7, US$ 8, mengikuti harga komoditasnya, bisa amonia, metanol, dan sebagainya.

    Untuk ini, harga dengan basis formula memang lebih adil.” Namun penetapan harga bagi industri yang menggunakan gas sebagai energi, Khayam menilai, lebih relevan menggunakan konsep harga tetap. Apakah akan mengambil (PNBP)? Ini dalam pembahasan. Mungkin ada penurunan PNBP sedikit. Tapi kalau masuk akal, masih bisa ditoleransi,” kata dia. Khayam menambahkan, meski penetapan harga gas bagi empat jenis industri di tahap kedua dapat mengurangi PNBR kebijakan itu dapat merangsang investasi. “Industri tumbuh, investasi pun tumbuh. Makin kompetitif, harus berdampak ke pajak yang lebih tinggi.

    Menurut anggota Komisi Energi Dewan Perwakilan Rakyat, Kurtubi, penurunan harga gas pasti berdampak terhadap PNBP “Tapi kinerja industri diharapkan naik. Penerimaan dari pajak akan meningkat kalau kinerja industri membaik. Percuma kalau harga gas turun tapi kinerja tetap,” ujar dia. Ketua Koordinator Gas Industri Kamar Dagang dan Industri Indonesia, Ahmad Wijaya, optimistis kebijakan harga gas industri bakal mendongkrak pertumbuhan ekonomi lebih tinggi.

    Ia memperkirakan ekonomi tahun depan bakal tumbuh 7 persen dengan penurunan harga gas industri hingga maksimal US$ 6 per MMEBTU. Sebab, industri bisa tumbuh lebih kencang dengan harga gas yang murah. Bisa 7 persen, bukan lagi 5 persen. Yang menunjang pertumbuhan ekonomi kan cuma satu, industri harus tumbuh. Khayam yakin penurunan harga gas akan berdampak signifikan. Sebab, menurut dia, kontribusi harga gas terhadap biaya produksi tiga industri pupuk, petrokimia, dan baja Iebih dari 70 persen. Yang didahulukan memang adalah sektor yang berdampak sangat signifikan,” kata dia.

IN ENGLISH

Decrease Gas Prices Will Continue

    The government is discussing the pricing of the second phase of industrial gases. At this advanced stage, the focus is on gas as an energy, which occurs in industries such as oleochemical, ceramics, glass, and rubber gloves. "For this we push together to be enacted in 2017," said Director of Upstream Chemical Industry Ministry of Industry, Muhammad Khayam.

    He explained that the pricing of gas previously applied for petrochemical plants, fertilizer, and steel is the first phase, focusing on gas as feedstock. Regulation regarding it poured in the form of Regulation of the Minister of Energy and Mineral Resources No. 40 Year 2016 on Natural Gas Prices for Industry Specific. Provisions contained a policy to reduce gas prices for the three fertilizer industry, petrochemical and steel with effect from January 1, 2017.

    The ministerial regulation was published to follow the Presidential Decree Number 40 Year 2016 Pricing Gas. President Joko Widodo merninta that the price of gas for the industry should not be more than US $ 6 per MMBTU. The goal is for the domestic industry competitive and grow faster. Khayam added that the decline in gas prices for the three types of the industry does not lower non-tax revenues (non-tax). "Because maybe next year could be $ 6, $ 7, $ 8, following the price of commodities, can be ammonia, methanol, and so forth.

    For this, the base price is more equitable formula. "But pricing for industries that use gas as energy, Khayam rate, more relevant to use the concept of a fixed price. Whether to take (non-tax)? It is under discussion. Maybe there was a decrease in non-tax revenues a bit. But if it makes sense, it can still be tolerated, "he said. Khayam added, although pricing for the four types of industrial gas in the second stage can reduce PNBR the policy can stimulate investment. "The industry is growing, investment has grown. More competitive, it must have an impact to the higher tax.

    According to members of the Energy Commission of the House of Representatives, Kurtubi, the decline in gas prices certainly have an impact on non-tax revenues "But the performance of the industry is expected to rise. Receipts from taxes will increase if the industry's performance improves. Useless if gas prices go down but performance remains, "he said. Chief Coordinator Gas Industry Chamber of Commerce and Industry of Indonesia, Ahmad Wijaya, optimistic industrial gas pricing policy would boost economic growth higher.

    He estimates that next year the economy will grow 7 percent decline in industrial gas prices up to a maximum of US $ 6 per MMEBTU. Therefore, the industry could grow much faster with cheap gas prices. Can 7 percent and not another 5 percent. That support the economic growth of just one, the industry should grow. Khayam sure drop in gas prices will have a significant impact. Because, according to him, the contribution of gas prices to the cost of production of three industrial fertilizers, petrochemicals, and steel exceeding 70 percent. The precedence is indeed a very significant impact on the sector, "he said.

Koran Tempo, Page- 17, Tuesday, Dec,13,2016

Gross Split Sliding Scale Draws Mixed Opinions

    The government’s intention to replace notorious cost recovery with a gross split sliding scale has been met with mixed views from the oil and gas industry. Cost recovery a reimbursement scheme for oil and gas companies’ exploration and exploitation activities  was first established in 2010. Meanwhile, gross split sliding scales are only allowed for non-conventional oil and gas fields. Even so, they have yet to be implemented since a ministerial regulation was issued last year. Deputy Energy and Mineral Resources Minister Arcandra Tahar said- a ministerial regulation allowing gross split sliding scales for conventional fields would be issued next year.

    The new scheme will only be implemented for new contracts. The new scheme will be first implemented for the production sharing contract (PSC) of the Offshore Northwest Java (ONWJ) block. “The regulation will be issued early next year. Around January," Arcandra said. Cost recovery has been seen as ineficient with experts alleging that several companies marked up costs due to unattractive split ratios. The split ratio of government to contractor is 85:15 for oil and 70:30 for gas. According to a Supreme Audit Agency (BPK) reporte, contractors marked up cost recovery by Rp 3.9 trillion (US$ 293 million) last year by adding variables such as expatriation costs for foreign employees, thus reducing state revenue.

    The government paid out $13.9 billion for oil and gas cost recovery, exceeding the $12.86 billion in non-tax revenues obtained from the sector. A gross split sliding scale is expected to incorporate a no-cost recovery mechanism, and the split in government will be increase in line with the volume of production. The ministry’s oil and gas director general IGN Wiratmaja Puja argued that implementing a gross split sliding scale would be more attractive to investors as it was simpler and more efficient, making contract negotiations much quicker.

    This is not the first time the government has made tweaks to improve the investment climate in the sobering oil and gas industry. The Energy and Mineral Resources Ministry and the Finance Ministry are still working on revising Government Regulation No. 79/2010 on cost recovery and tax treatment for the upstream oil and gas industry. The impending regulation will include non-tax and tax incentives that are hoped to entice investors in the industry. However, some remain unconvinced that the changes would bring about significant results.

    ReforMiner Institute executive director Komaidi Notonegoro said implementing a gross split sliding scale was not a sure-fire way to improve the investment climate in the industry. Although the new scheme could bring in more investment, Komaidi explained, it could also have the reverse effect as the contractors would be the sole risk-takers in the PSC. “If the cost structure isn’t efficient then there would be more costs. The contractors would be at a disadvantage as the government would turn ablind eye to it,” he said.

    Meanwhile, Indonesian Petroleum Association (IPA) president Christina Verchere said discussing the gross split sliding scale with the government was one of the organization’s priorities for next year.” “We will continue the detailed analysis and discussion for the implementation of the gross split sliding contract scheme for conventional oil and gas, and ensure that the scheme will be acceptable for investors,” the BP regional Asia-Pacific president said. The local unit of United States- based ExxonMobil has also expressed its willingness to discuss the possibility of using a gross split sliding scale in the PSC for the gas rich East Natuna block in Riau lslands, as long as the regulation has already been issued, said its vice president for public and government affairs, Erwin Maryoto.

IN INDONESIA

Skala Gross Split Sliding digambarkan Menarik

    Niat pemerintah untuk mengganti cost recovery terkenal dengan skala geser kotor perpecahan telah bertemu dengan campuran dilihat dari industri minyak dan gas. Cost recovery skema penggantian untuk kegiatan eksplorasi dan eksploitasi perusahaan minyak dan gas bumi pertama kali didirikan pada tahun 2010. Skala Sementara itu, gross perpecahan geser hanya diperbolehkan untuk ladang minyak dan gas non-konvensional. Meski begitu, mereka belum dilaksanakan sejak peraturan menteri dikeluarkan tahun lalu. Wakil Menteri Energi dan Sumber Daya Mineral Arcandra Tahar bilang- peraturan menteri memungkinkan perpecahan gross skala geser untuk bidang konvensional akan dikeluarkan tahun depan.

    Skema baru hanya akan diterapkan untuk kontrak baru. Skema baru akan diterapkan pertama kali untuk kontrak bagi hasil (PSC) Offshore Northwest Java (ONWJ) blok. "Peraturan tersebut akan dikeluarkan awal tahun depan. Sekitar bulan Januari, "kata Arcandra. Cost recovery telah dilihat sebagai ineficient dengan para ahli menyatakan bahwa beberapa perusahaan mark up biaya karena rasio perpecahan tidak menarik. Rasio split pemerintah kepada kontraktor adalah 85:15 untuk minyak dan 70:30 untuk gas. Menurut ke Badan Pemeriksa Keuangan (BPK) Reporte, kontraktor ditandai cost recovery sebesar Rp 3,9 triliun (US $ 293.000.000) tahun lalu dengan menambahkan variabel seperti biaya pengusiran bagi karyawan asing, sehingga mengurangi penerimaan negara.

    Pemerintah dibayarkan $ 13,9 Miliar untuk biaya minyak dan gas recovery, melebihi $ 12,86 Miliar pendapatan non-pajak yang diperoleh dari sektor ini. Sebuah skala perpecahan geser kotor diharapkan untuk menggabungkan mekanisme pemulihan tanpa biaya, dan perpecahan dalam pemerintahan akan meningkat seiring dengan volume produksi. minyak dan direktur gas kementerian umum IGN Wiratmaja Puja berpendapat bahwa menerapkan split geser skala kotor akan menjadi lebih menarik bagi investor seperti itu lebih sederhana dan lebih efisien, membuat negosiasi kontrak lebih cepat.

    Ini bukan pertama kalinya pemerintah telah membuat tweak untuk meningkatkan iklim investasi di industri minyak dan gas serius. Energi dan Sumber Daya Mineral dan Kementerian Keuangan masih bekerja pada merevisi Peraturan Pemerintah Nomor 79/2010 tentang cost recovery dan perlakuan pajak untuk industri minyak dan gas hulu. Peraturan yang akan datang akan mencakup non-pajak dan insentif pajak yang diharapkan untuk menarik investor di industri. Namun, beberapa tetap tidak yakin bahwa perubahan akan membawa hasil yang signifikan.

    Direktur Eksekutif ReforMiner Institute Komaidi Notonegoro mengatakan menerapkan skala perpecahan geser kotor bukanlah cara yang pasti-api untuk memperbaiki iklim investasi di industri. Meskipun skema baru bisa membawa lebih banyak investasi, Komaidi menjelaskan, bisa juga memiliki efek sebaliknya sebagai kontraktor akan menjadi satu-satunya risiko-taker dalam PSC. "Jika struktur biaya tidak efisien maka akan ada lebih banyak biaya. Para kontraktor akan dirugikan karena pemerintah akan mengubah mata ablind untuk itu, "katanya.

    Sementara itu, Presiden Petroleum Association (IPA) Indonesia Christina Verchere mengatakan membahas perpecahan kotor skala geser dengan pemerintah adalah salah satu prioritas organisasi untuk tahun depan. "" Kami akan melanjutkan analisis rinci dan diskusi untuk pelaksanaan bruto kontrak perpecahan geser skema untuk minyak konvensional dan gas, dan memastikan bahwa skema tersebut akan diterima bagi investor, "kata Regional presiden BP di Asia-Pasifik. Unit lokal dari Inggris Negara bagian berdasarkan ExxonMobil juga telah menyatakan kesediaannya untuk mendiskusikan kemungkinan menggunakan split gross skala geser dalam PSC untuk gas yang kaya blok East Natuna di lslands Riau, selama peraturan tersebut sudah dikeluarkan, kata wakil presiden untuk urusan publik dan pemerintah, Erwin Maryoto.

Jakarta Post, Page- 13, Tuesday, Dec,13,2016

Daerah Berhak Peroleh Hak Partisipasi Blok Migas 10%

    Pemerintah daerah penghasil migas berhak memperoleh bak partisipasi (participating interest/PI) dalam blok migas di wilayahnya sebesar 10%. Tak hanya itu, pembiayaan atas kewajiban yang timbul dari kepemilikan hak partisipasi ini wajib ditanggung terlebih dahulu oleh perusahaan migas. Ketentuan tersebut berdasarkan Peraturan Menteri Energi dan Sumber Daya Mineral (ESDM) No 37 Tahun 2016 tentang Ketentuan Penawaran Participating Interest 10% Pada Wilayah Kerja Minyak dan Gas Bumi yang ditetapkan akhir November lalu.

    Peraturan Menteri ini menyatakan, sejak disetujuinya rencana pengembangan blok migas yang berlokasi di daratan dan atau perairan lepas pantai sampai dengan 12 mil laut, kontraktor kontrak kerja sama (KKKS) wajib menawarkan PI 10% kepada badan usaha milik daerah (BUMD). Tak hanya itu, sesuai Pasal 12 Peraturan Menteri 37/ 2016, penawaran hak partisipasi 10% dilaksanakan melalui skema kerja sama antara badan usaha milik daerah (BUMD) dengan KKKS. Skema kerja sama yang dimaksud adalah pembiayaan besaran kewajiban BUMD akan ditanggung oleh KKKS terlebih dahulu. Karenanya, kewajiban ini hanya dikenakan untuk kontrak migas baru.

    Hanya untuk kontrak baru dan perpanjangan. Jadi KKKS (kontraktor kontrak kerja sama) bisa menghitung dengan baik skema keekonomiannya,” kata Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM I Gusti Nyoman Wiratmaja. Sesuai Peraturan Menteri 37/2016, besaran kewajiban BUMD atau perusahaan perseroan daerah dihitung secara proporsional dari biaya operasi yang dikeluarkan selama masa eksplorasi dan eksploitasi berdasarkan rencana kerja dan anggaran.

    Selanjutnya, pengembalian terhadap pembiayaan tersebut diambil dari bagian BUMD atau perusahaan perseroan daerah dari hasil produksi migas sesuai kontrak kerja sama tanpa dikenakan bunga. Terkait hak partisipasi bagi daerah, Presiden Indonesia Petroleum Association (IPA) Christina Verchere menyatakan, perusahaan migas juga ingin agar keberadaan blok migas di satu wilayah memiliki manfaat bagi masyarakat setempat Namun perubahan kepemilikan hak partisipasi, misal mengalihkan 10% kepada daerah, berpotensi mempengaruhi hitungan keekonomian proyek. Sementara itu, Direktur Hulu PT Pertamina Syamsu Alam mendukung diterbitkannya Peraturan Menteri 37/ 2016.

    Beleid ini disebutnya akan mengoptimalkan keterlibatan daerah dalam bisnis migas, sekaligus memaksimalkan manfaat bisnis migas bagi daerah. Sehingga, diharapkan perusahaan migas lebih mudah berkoordinasi terkait kegiatan operasi di daerah tersebut. Soal biaya yang harus ditanggung perusahaan terlebih dahulu, diakuinya pasti akan mempengaruhi hitungan keekonomian proyek. Namun pengaruhnya tergantung pada skala pengembangan lapangan dan biaya investasinya. Tetapi prinsipnya kami siap untuk menjalankan (membiayai terlebih dahulu), ini bukan masalah berat atau ringan, karena tujuan Peraturan Menteri ini bagus," tutur Syamsu.

    Lebih lanjut, Peraturan Menteri ini juga mengatur apakah pemerintah provinsi atau pemerintah kabupaten yang berhak memperoleh PI. Untuk blok migas dalam satu provinsi atau tidak sampai melebihi 4 mil dari garis pantai, diberikan kepada BUMD yang dibentuk dengan dikoordinasikan oleh gubernur melibatkan bupati. Sementara untuk blok migas berjarak 4-12 mil dari garis pantai, diberikan kepada BUMD yang pelaksanaannya dikoordinasikan Gubernur. Sementara jika lokasi blok migas mencakup lebih dari satu provinsi, maka penentuan kepemilikan PI berdasarkan kesepakatan antara gubernur bersangkutan.

    Jika dalam tiga bulan tidak tercapai kesepakatan, maka Menteri ESDM yang akan menentukan PI setiap daerah. Peraturan Menteri 37/2016 juga merinci persyaratan BUMD yang berhak mendapat PI 10%. Rincinya, BUMD atau perusahaan daerah yang paling sedikit 99% sahamnya dimiliki pemerintah daerah dan sisa kepemilikan sahamnya terafiliasi seluruhnya dengan pemerintah daerah, statusnya disahkan melalui peraturan daerah, dan tidak melakukan kegiatan usaha selain pengelolaan hak partisipasi tersebut.

    Sementara penawarannya, dimulai dengan dikirimkannya surat untuk penyiapan BUMD kepada gubernur oleh Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) dalam waktu 10 hari sejak diterimanya rencana pengembangan lapangan. Selanjutnya dalam satu tahun, jika berminat, gubernur wajib menyampaikan surat penunjukkan BUMD yang menerima penawaran PI ini. jika gubernur tidak mengirimkan surat ini, maka daerah dinyatakan tidak berminat dan penawaran PI dinyatakan tertutup.

Selanjutnya, hak partisipasi wajib ditawarkan kepada BUMN. jika BUMN menyampaikan pernyataan minat dan kesanggupan, kontraktor dan BUMN menindaklanjuti proses pengalihan PI 10% sesuai dengan ketentuan peraturan perundang-undangan dan kontrak kerja sama. Jika BUMN tidak memberikan pernyataan minat dan kesanggupan dalam jangka waktu paling lama 60 hari sejak tanggal penawaran PI 10%, maka penawaran dinyatakan tertutup.

IN ENGLISH

Eligible areas Obtains Right to Participation Block Oil and Gas 10%

    Oil producing local governments the right to obtain the participation tub (participating interest / PI) in the block of oil and gas in the region of 10%. Not only that, the financing of the obligations arising out of the ownership rights of participation shall be borne first by the oil and gas company. The provision is based on the Minister of Energy and Mineral Resources (ESDM) No. 37 Year 2016 on Special Provisions 10% Participating Interest In Working Area Oil and Gas set late last November.

    Regulation of the Minister stated, since the approval of the development plan of the block located on land or offshore waters up to 12 nautical miles, cooperation contracts (PSC) shall offer to the PI 10% local owned enterprises (BUMD). Not only that, according to Article 12 Regulation 37/2016, offers a 10% participating interest held through a cooperation scheme between local owned enterprises (enterprises) with the PSC. Cooperation schemes in question is the amount of supply of financing enterprises will be borne by the PSC in advance. Therefore, this obligation only apply to new oil and gas contracts.

    Only for new contracts and renewals. So the Production Sharing Contractors (cooperation) could count well its economic scheme, "said Director General of Oil and Gas Ministry of Energy and Mineral Resources I Gusti Nyoman Wiratmaja. Appropriate regulation 37/2016, the amount of obligations of enterprises or regional liability company are calculated in proportion of the operating costs incurred during the period of exploration and exploitation based on the work plan and budget.

    Furthermore, the return to the financing taken from part-owned companies or limited companies from the oil and gas production regions corresponding cooperation contract without interest. Regarding the right of participation for the region, President of the Indonesian Petroleum Association (IPA) Christina Verchere states, oil companies also want the presence of oil and gas blocks in the region have benefits for local people but the change of ownership rights of participation, for example, to divert 10% to the region, potentially affecting a matter of economics project. Meanwhile, PT Pertamina Upstream Director Syamsu Alam support the issuance of Ministerial Decree 37/2016.

    This policy will be to optimize the involvement of local calls in the oil and gas business, while maximizing benefits for local oil and gas business. Thus, the oil company is expected to be easier to coordinate related activities operating in the area. Matter the cost to the company in advance, acknowledges it will definitely affect the economics of the project count. However, the effect depends on the scale field development and investment costs. But the principle we are ready to run (finance), and if this is not a problem of heavy or light, because the purpose of this regulation is good, "said Syamsu.

    Furthermore, this regulation also set whether the provincial government or local governments eligible for the PI. For oil and gas blocks in one province or not to exceed 4 miles of coastline, is given to enterprises that formed coordinated by the governor involving regent. As for the oil and gas blocks within 4-12 miles of shoreline, is given to enterprises that implementation is coordinated governor. Meanwhile, if the location of oil and gas blocks covering more than one province, the PI ownership determination based on agreement between the governor concerned.

    If within three months of no agreement is reached, then the Minister will determine PI each region. Ministerial Regulation 37/2016 also specifies the requirements of enterprises that are entitled to a 10% PI. Detailed, enterprises or local company that is at least 99% owned by the local government and the rest of its stake fully affiliated with the local government, the status of approved through local regulations, and does not conduct business activities other than the management of the participation rights.

    While its offer, starting with a letter he sent to the governor to set up enterprises by the Special Unit of Upstream Oil and Gas (SKK Migas) within 10 days of receipt of the field development plan. Furthermore, in one year, if interested, the governor is obliged to submit the letter of appointment enterprises that receive offers this PI. if the governor did not send this letter, then the region is declared not interested and deals PI declared closed.

    Furthermore, participation rights shall be offered to the SOE. if SOEs submit expressions of interest and ability, and state contractors follow the transfer of 10% PI in accordance with the provisions of the legislation and cooperation contracts. If SOE no letter of intent and ability within a maximum period of 60 days from the date the offer PI 10%, then the offer is declared closed.

Investor Daily, Page- 9, Tuesday, Dec,13,2016