Oil and Gas Production accelerated

Gross Split Scheme

The implementation of production sharing contracts (production sharing contract) with a gross scheme claimed split could make the field of oil and gas production two years ahead

Deputy Minister of Energy and Mineral Resources Arcandra Tahar said the equal sharing contractors (PSC) takes a long time from the start sourcing and production of oil and gas. Because the shorter the time that should have gone for their approval process activities and costs ditubuh Special Unit of Upstream Oil and Gas (SKK Migas) when using the PSC cost recovery regime.

His ambitious expectations, he said, the time it takes the field since reserves are found to produce its first oil and gas can be realized within a period of five years as it did in the era of the '70s. However, the reality of her, he called the new limited time savings of two years. "At least, we can save two years but if saving 10 year may he said.

Wood Mackenzie, called the average time it takes for a pitch to produce oil or gas that is more than 15 years. In general, in Southeast Asia requires 12 years - 13 years. Meanwhile, the global time is actually shorter again which ranges from seven to eight years.

Earlier, Director of the Indonesian Petroleum Association (IPA) Ronald Gunawan said that since the 1970s, the time spent to invest in upstream oil and gas tend to be longer. In that era, he explains, it takes only five years from exploration to produce oil and gas field. In addition, the length of time is not balanced with the cooperation contract.

The cooperation contract, he said, was only set 30 years. As a result, the time to monetize more limited. Moreover, the contract extension had to wait up to two years to get approval from the government. "Time to production is not decreasing actually increased."

STILL WEIGHING

In connection with the application of gross split, 'a number of the existing contractors working area which is out of contract still weighing whether to re-engage in the management of the working area for the shift from production contracts (PSC) gross cost recovery be split. President Director of PT Saka Energi Indonesia Tumbur Parlindungan says it still can not decide whether to get involved in the management of the working area with a gross PSC split. The difference, he said, is there. However, such differences do not necessarily improve the economies of scale of the project.

Meanwhile, Saka manage one in eight work areas assigned to Pertamina after the contract expires in 2018. In the Sanga-Sanga compositions participation shares 26.25% owned by BP East Kalimantan, Lasmo Sanga-Sanga 26,2S%, Virginia International Co amounted to 18.62%, Upicol Houston Inc. 20% and Universe Gas & Oil Company Inc 4.37%.

In 2016, Saka buy shares of BP's participation through the BP East Kalimantan 26.25% in Sanga-Sanga. "Not to take a look. Can not answer right now. The difference was significant but not necessarily add to the economical, "

he said.

Previously, he said, with a working area Sanga-Sanga, he said, the parent company PT Perusahaan Gas Negara (PGN) plans to build a transmission pipeline in Kalimantan. Because, in Kalimantan untapped gas infrastructure. "So the goal for building infrastructure. So we are not competing with others, PGN wake infra if there are sources of gas. "

Minister of Energy and Mineral Resources Ignatius Jonan said it commissioned the management of eight working area which is out of contract in 2018. The assignment is expected to maintain production. Noted, there are eight other work areas that will be using the scheme for gross split assigned to the 2018 block Pertamina Tuban, East Java (JOB Pertamina-PetroChina East Java), Block Ogan Ogan, South Sumatra (JOB Pertamina-Talisman), Sanga-Sanga, East Kalimantan (Indonesia Oil Company Virginia LIL / VICO); Block Southeast Sumatra, Lampung (CNOOC SES Ltd.); Blocks Offshore North Sumatra, Aceh (ExxonMobil Oil Indonesia Inc.); Central Block, East Kalimantan (Total E & P Indonesie); Fast block Kalimantan, East Kalimantan (Chevron Indonesia Company) and blocks Attaka, East Kalimantan (Chevron).

Meanwhile, President Director of PT Pertamina Soetjipto said it would offer to the existing contractor so that production can be maintained. When in the Offshore North West Java it set limits on the sale of participation shares or share down by 25%, on the other block it will adjust the composition of participation shares and the ability of the existing contractor. "For eight regions Keria, we see the position of shale before, "he said.

Pertamina's upstream director Syamsu Alam said that with an additional eight work areas will be out of contract, the company's production to domestic oil production could increase to around 30% to 40% from the current 24% of its production target ready for sale or lifting of around 220,000 barrels per day.

IN INDONESIAN

Skema Gross Split

Produksi Migas Terakselerasi

Penerapan kontrak bagi hasil (production sharing contract) dengan skema gross split diklaim bisa membuat lapangan minyak dan gas bumi berproduksi dua tahun lebih cepat

Wakil Menteri Energi dan Sumber Daya Mineral Arcandra Tahar mengatakan saat ini kontraktor kontrak kerja sarna (KKKS) membutuhkan waktu yang panjang dari mulai pencarian sumber migas hingga produksi. Pasalnya, waktu yang seharusnya lebih singkat telah habis karena adanya prosés persetujuan kegiatan dan biaya ditubuh Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) ketika menggunakan rezim PSC cost recovery. 

Harapan ambisius-nya, katanya, waktu yang dibutuhkan lapangan sejak ditemukan cadangan hingga menghasilkan migas pertamanya bisa terwujud dalam kurun waktu lima tahun seperti yang terjadi pada era 70-an. Namun, realitas-nya, dia menyebut penghematan waktu baru sebatas dua tahun. “Paling tidak, kita bisa hemat dua tahun tapi kalau hemat 10

tahun mungkin   ujarnya.

Wood Mackenzie, menyebut rata-rata waktu yang dibutuhkan untuk sebuah lapangan menghasilkan minyak atau gas yakni lebih dari 15 tahun. Secara umum, di Asia Tenggara membutuhkan 12 tahun - 13 tahun. Sementara itu, secara global waktunya justru lebih singkat lagi yakni berkisar tujuh sampai delapan tahun.

Sebelumnya, Direktur Indonesian Petroleum Association (IPA) Ronald Gunawan mengatakan sejak 1970-an, waktu yang dihabiskan untuk berinvestasi di hulu migas cenderung lebih panjang. Pada era itu, dia menjelaskan, hanya dibutuhkan waktu selama lima tahun dari waktu eksplorasi hingga lapangan menghasilkan minyak dan gas. Di samping itu, panjangnya waktu tidak di imbangi dengan masa kontrak kerja sama. 

Masa kontrak kerja sama, katanya, hanya ditetapkan 30 tahun. Alhasil, waktu untuk memonetisasi lebih terbatas. Terlebih, perpanjangan kontrak pun harus menanti hingga dua tahun untuk mendapat persetujuan dari pemerintah. “Time to production bukan menurun justru bertambah."

MASIH MENIMBANG

Berkaitan dengan penerapan gross split, sejumlah kontraktor eksisting dari wilayah kerja yang habis masa kontraknya masih menimbang apakah akan kembali terlibat dalam pengelolaan wilayah kerja yang beralih dari kontrak bagi produksi (PSC) cost recovery menjadi gross split. Presdir PT Saka Energi Indonesia Tumbur Parlindungan mengatakan pihaknya masih belum bisa memutuskan apakah akan terlibat dalam pengelolaan wilayah kerja dengan PSC gross split. Perbedaan, katanya, memang ada. Namun, perbedaan tersebut belum tentu bisa meningkatkan skala ekonomi proyek.

Adapun, Saka mengelola satu di antara delapan wilayah kerja yang ditugaskan kepada Pertamina setelah masa kontrak berakhir pada 2018. Pada Blok Sanga-Sanga komposisi saham partisipasi sebesar 26,25% dikuasai BP East Kalimantan, LASMO Sanga-Sanga 26,2S%, Virginia International Co sebesar 18,62%, Upicol Houston Inc 20% dan Universe Gas&Oil Company Inc 4,37%. 

Pada 2016, Saka membeli saham partisipasi BP melalui BP East Kalimantan sebesar 26,25% di Blok Sanga-Sanga. “Belum kita lihat. Belum bisa jawab sekarang. Perbedaannya signifikan tapi belum tentu bisa nambah keekonomian,” ujarnya. 

Sebelumnya, dia menyebut, dengan pengelolaan wilayah kerja Sanga-Sanga, katanya, induk usaha PT Perusahaan Gas Negara (PGN) berencana membangun jaringan pipa transmisi di Kalimantan. Pasalnya, di Kalimantan belum tersentuh infrastruktur gas. “Jadi tujuannya untuk bangun infrastruktur. Jadi kita bukan berkompetisi dengan yang lain, PGN bangun infra kalau ada sumber gasnya.”

Menteri Energi dan Sumber Daya Mineral Ignasius Jonan mengatakan pihaknya menugaskan pengelolaan delapan wilayah kerja yang habis masa kontraknya pada 2018. Penugasan tersebut diharapkan bisa mempertahankan produksi. Tercatat, terdapat delapan wilayah kerja lainnya yang akan menggunakan skema gross split karena ditugaskan kepada Pertamina yakni 2018 Blok Tuban, Jawa Timur (JOB Pertamina-PetroChina East Java), Blok Ogan Komering, Sumatera Selatan (JOB Pertamina-Talisman), Blok Sanga-Sanga, Kalimantan Timur (Virginia Indonesia Oil Company LIL/ VICO); Blok Southeast Sumatera, Lampung (CNOOC SES Limited); Blok North Sumatera Offshore, Aceh (ExxonMobil Oil Indonesia Inc); Blok Tengah, Kalimantan Timur (Total E&P Indonesie) ; Blok Fast Kalimantan, Kalimantan Timur (Chevron Indonesia Company) dan Blok Attaka, Kalimantan Timur (Chevron).

Sementara itu, Direktur Utama PT Pertamina Dwi Soetjipto mengatakan pihaknya akan menawarkan kepada kontraktor eksisting agar produksi bisa terjaga. Bila pada Blok Offshore North West Java pihaknya menetapkan batas penjualan saham partisipasi atau share down sebesar 25%, pada blok lainnya pihaknya akan menyesuaikan dengan komposisi saham partisipasi dan kemampuan kontraktor eksisting. “Untuk delapan wilayah keria, kita lihat posisi shale yang sebelumnya,” katanya. 

Direktur Hulu Pertamina, Syamsu Alam mengatakan dengan tambahan delapan wilayah kerja yang akan habis masa kontraknya, produksi perseroan terhadap produksi minyak domestik bisa bertambah menjadi sekitar 30% hingga 40% dari posisi saat ini 24% dari target produksi siap jual atau lifting yakni sekitar 220.000 barel per hari. 

Bisnis Indonesia, Page-10, Saturday, Jan, 21, 2017

Gross Split schemes not Satisfy Contractors

Director of the Indonesian Petroleum Association (IPA) Sammy Hamzah appreciated government measures to seriously implement the new scheme of oil and gas production sharing contracts (production sharing contract / PSC) with gross split although not yet satisfactory overall contractor.

The new scheme is set out in the Minister of Energy and Mineral Resources No. 8, 2016 on Production Sharing Contracts Gross Split were released on Wednesday (18/1). Our appreciation of this moment there is gross split, "he said. Sammy explained gross scheme is proposed split of the contractors so that they can still reach the economical, especially for operations in the area of ​​non-conventional.

      However, he thinks the government should be able to give a better offer to contractors. According to CEO Ephindo it, there are still things that need to be discussed again in the new scheme, especially regarding economies of scale. For some exploration and new block, gross "split in the offer is not attractive."

Deputy Minister Arcandra Tahar said the idea of big government changed the PSC scheme departing from efforts to reform the investment climate upstream oil and gas from the realm of bureaucracy to stimulate the investment climate. The government also wants businesses (cooperation contract / PSC) more efficiently run the upstream oil and gas business for oil and gas operating costs / (cost recovery) returned the country continues to swell, is inversely proportional to the level of state revenue.

"This is our best effort. Our ideals that business processes more transparent and following pressing gap efficiency can be achieved. Indeed, there is no guarantee (production will rise), but this was his way is better, "said Arcandra. In 2016, the component cost recovery in the APBN-P 2016 "jumped to US $ 11.4 billion.

       Through the PSC scheme, gross split the country no longer worry about the cost recovery due to the cost borne by the contractor.

IN INDONESIAN

Skema Gross Split belum Puaskan Kontraktor

Direktur Indonesian Petroleum Association (IPA) Sammy Hamzah mengapresiasi langkah pemerintah yang serius menerapkan skema baru kontrak bagi hasil migas (production sharing contract/ PSC) dengan gross split meski belum bisa memuaskan kontraktor secara keseluruhan.

Skema baru itu tertuang dalam Peraturan Menteri ESDM Nomor 8, Tahun 2016 tentang Kontrak Bagi Hasil Gross Split yang dirilis pada Rabu (18/1). Kami apresiasi saat ini ada gross split,” katanya. Sammy menjelaskan skema gross split memang usulan para kontraktor agar mereka bisa tetap mencapai keekonomian, terutama untuk operasional di wilayah kerja non-konvensional. 

Namun, ia menilai pemerintah seharusnya bisa memberikan tawaran yang lebih baik kepada kontraktor.  Menurut CEO Ephindo itu, masih ada hal yang perlu dibahas kembali dalam skema baru itu, terutama mengenai skala keekonomian. Bagi beberapa usaha eksplorasi dan blok baru, gross” split yang di tawarkan tidak menarik.”

Wakil Menteri ESDM Arcandra Tahar mengatakan ide besar pemerintah mengubah skema PSC berangkat dari upaya mereformasi iklim investasi hulu migas dari ranah birokrasi untuk menggairahkan iklim investasi. Pemerintah juga ingin pelaku usaha (kontraktor kontrak kerja sama/ KKKS) lebih efisien menjalankan bisnis hulu migas karena beban biaya operasi migas/ (cost recovery) yang dikembalikan negara terus membengkak, berbanding terbalik dengan tingkat penerimaan negara.  

“Ini usaha terbaik kita. Cita-cita kita bahwa proses bisnis lebih transparan dan berikut menekan gap efisiensi bisa tercapai. Memang tidak ada jaminan (produksi akan naik), tapi ini arah-nya lebih baik,” ujar Arcandra. Pada 2016, komponen cost recovery dalam APBN-P 2016" melonjak hingga US$ 11,4 miliar.

Melalui skema PSC ,gross split negara tak lagi memusingkan cost recovery lantaran biaya ditanggung sepenuhnya oleh kontraktor.

Media Indonesia, Page-19, Friday, Jan, 20, 2017

The acquisition of oil and gas field is getting crowded

The oil giant is eyeing assets in various countries.

Oil companies world abuzz for mergers and acquisitions, after the industry experienced a decline in the last year. This time, large companies choose to master wells for exploration and development of smaller oil reserves in order to hoist each.

Data from Reuters said, since November 2016, there were 11 mergers and acquisitions worth a total of US $ 31 billion average oil company disbursed US $ 500 million for each transaction and akuisisi.Yang sizeable merger is a transaction between British Petroleum (BP) and Kosmos Energy for US $ 1 billion in Mauritania and Senegal; BP and ENI worth US $ 375 million in oil field Zohr, Egypt; and the acquisition of Total on land owned by Statoil in Brazil.

As for the data research firm Energy Market Square mention, last December, the total value of the acquisition of oil and gas fields has tripled compared to the previous month. Transaction value equivalent to one quarter of last year. This condition coincides with the agreement of member countries of the Organization of the Petroleum Exporting (OPEC) to cut production in order to hoist the price.

That trend was continued in the first quarter of this year. In the midst of his flagging oil prices, large companies choose to control assets "half finished" than dealing with exploration contracts are costly and risky. One of them who had mastered Total assets of Tullow Oil in Uganda worth US $ 900 million. Exxon and Noble Energy also completed transactions valued at US $ 10 billion to the control wells in the Permian Basin, one of the largest oil and gas fields in the United States.

According to the Chief Executive of Premier Oil, Tony Durrant, the average oil and gas company is looking for loopholes to re-accumulate assets. Moreover, the average field experience penurnman oil reserves of up to 10 percent per year. Expectations came true when the players were met with mediocre oil and gas operators who are in debt. "After a long wait, now they like sharpening a pencil," he said.

Co-Manager of Guinness Global Oil and Gas Exploration Trust, Sachin Oza, said the opportunity to acquire bigger if the projected increase in oil prices is really happening and significant value this year. According to him, the oil companies had only one choice to be able to hoist the performance but still save on capital expenditure of up to three years. "Instead of spending five years of development, there is only one choice. Just buy a ready-made, "he said.

Now, the "seller" and "buyer" amid strong race. The vendor intentionally wasting time by prolonging the negotiations, hoping the transaction will be realized when oil prices are at high levels. Instead, the buyers bid over backwards and seeks a merger acquisition before oil prices began to skyrocket. 

        Analysts from Morgan Stanley, Martijn Rats, said the average transaction occurs when oil prices are at $ 60-65 per barrel. Still well below the long-term forecast

IN INDONESIAN

Akuisisi Ladang Migas Semakin Ramai

Raksasa minyak mengincar aset di berbagai negara.

Perusahaan minyak dunia beramai-ramai melakukan merger dan akuisisi, setelah industri ini mengalami kelesuan dalam setahun terakhir. Kali ini, perusahaan besar memilih menguasai sumur-sumur eksplorasi dan pengembangan yang lebih kecil guna mengerek cadangan minyak masing-masing.

Data dari Reuters menyebutkan, sejak November 2016, ada 11 merger dan akuisisi senilai total US$ 31 miliar Rata-rata perusahaan minyak mengucurkan dana US$ 500 juta untuk setiap transaksi merger dan akuisisi.Yang cukup besar adalah transaksi antara British Petroleum (BP) dan Kosmos Energy senilai US$ 1 miliar di Mauritania dan Senegal; BP dengan ENI senilai US$ 375 juta di ladang minyak Zohr, Mesir; serta akuisisi Total atas ladang milik Statoil di Brasil.

Adapun data firma riset Energy Market Square menyebutkan, Desember lalu, total nilai akuisisi ladang-ladang migas melonjak tiga kali lipat dibanding bulan sebelumnya. Nilainya setara dengan transaksi satu kuartal tahun lalu. Kondisi ini bertepatan dengan kesepakatan negara-negara anggota Organisasi Eksportir Minyak (OPEC) untuk memangkas produksi demi mengerek harga.

Tren itu pun berlanjut pada kuartal I tahun ini. Di tengah lesu-nya harga minyak, perusahaan-perusahaan besar memilih untuk menguasai aset “separuh jadi”  daripada menangani kontrak eksplorasi yang membutuhkan biaya besar dan berisiko tinggi. Salah satunya Total yang berhasil menguasai aset Tullow Oil di Uganda senilai US$ 900 juta. ExxonMobile dan Noble Energy juga menyelesaikan transaksi senilai US$ 10 miliar untuk penguasaan sumur di Permian Basin, salah satu ladang migas terbesar di Amerika Serikat.

Menurut Kepala Eksekutif Premier Oil, Tony Durrant, rata-rata perusahaan migas tengah mencari celah untuk kembali menumpuk aset. Apalagi rata-rata ladang mengalami penurnman cadangan minyak hingga 10 persen per tahun. Harapan terwujud saat para pemain besar bertemu dengan operator-operator migas medioker yang tengah terlilit utang. “Setelah lama menunggu, kini mereka seperti mengasah pensil,” kata dia.

Co-Manager Guinness Global Oil and Gas Exploration Trust, Sachin Oza, mengatakan peluang untuk mengakuisisi bertambah besar jika proyeksi kenaikan harga minyak benar-benar terjadi dan nilainya signifikan tahun ini. Menurut dia, perusahaan minyak hanya punya satu pilihan agar bisa mengerek kinerja tapi tetap menghemat belanja modal hingga tiga tahun ke depan. “Daripada menghabiskan lima tahun pengembangan, hanya ada satu pilihan. Beli saja yang sudah jadi,” ujarnya.

Kini, para “penjual’ dan “pembeli” tengah adu kuat. Para penjual sengaja membuang-buang waktu dengan memperpanjang negosiasi, berharap transaksi akan terwujud saat harga minyak berada di level tinggi. Sebaliknya, para pembeli menawar sekuat tenaga dan berupaya mewujudkan merger akuisisi sebelum harga minyak mulai meroket. 

       Analis dari Morgan Stanley, Martijn Rats, menyatakan rata-rata transaksi terjadi saat harga minyak berada di level US$ 60-65 per barel. Masih jauh di bawah harga perkiraan jangka panjang

Koran Tempo, Page-18, Friday, Jan, 20, 2017

West Java Stocks Ready to Take ONWJ

Aher promised to facilitate all licensing

West Java Provincial Government will take a 10 percent share of participation (participating interest) Offshore North West Java (ONWJ). West Java Governor Ahmad Heryawan will process immediately offer the Ministry of Energy to the local governments. "That took West Java and district / city concerned. Leader of West Java since its greatest percentage of his, "he said.

According to Aher, greeting Ahmad Heryawan provincial government has formed a government-owned enterprise PT Oil and Gas Upstream Jabar, to take participation shares ONWJ. The company is 100 percent owned by the provincial government. "The terms are met, one of which all the shares controlled by the regional government. We have met ".

Aher said that the value of 10 percent of the participation of more than Rp 1 trillion. But, he assured, PT Pertamina as a contractor ONWJ will provide loan funds. Later, the payment will be repaid by cutting a part for acceptable results area.

"Most of the reception to pay the loan, some go to the provincial government until the loan is paid off," he said. Currently, the government of West Java waited offer officially. He explained that the Oil and Gas Upstream is prepared to take participation shares ONWJ. Government of West Java has fulfilled its obligations capital basis, in accordance with Regulation (Perda) Formation of Oil and Gas Upstream enterprises PT Jawa Barat. Several areas in West Java who has the right to entrust the management stock participation stake to West Java.

"Some of them are entrusted to West Java because it has not got enterprises. But in the future you want to take, no problem, we open all the options, "said Aher. Aher promised to simplify the licensing of oil and gas projects in West Java, such as the request of the Ministry of Energy. "West Java is no licensing issues. Precisely when there is a problem, report it to us who make trouble, "he asserted.

President Director of PT Oil and Gas Upstream Begin Troys Jabar said it received confirmation from the Ministry of Energy and the Special Unit of Upstream Oil and Gas (SKK Migas). The company will continue the processes that have been taken to obtain the participation shares, and does not need to start from scratch. "We are just completing a document that does not exist. Average in-review process involvement, "he said.

Begin adding, PT Oil & Gas Upstream loans Jabar also received assurance from Pertamina. Its value, US $ 30 million for a 10 percent stake ONWJ participation. "Would you lend contractor in Pertamina, without interest." Oil and Gas Upstream Jabar wait for certainty about his need not bear the signature bonus upon signing the agreement later working area. Of the bonus to be paid to the government amounting to US $ 5 million, enterprises must prepare about US $ 500 thousand. We are waiting for direction Pertamina. "

According to Begin, there are four areas that are interested in obtaining shares ONWJ participation, namely Bekasi, Karawang, Subang and Indramayu. PT Oil and Gas Upstream Jabar West Java Governor awaiting instructions to set up a subsidiary with four of the region. "The portion of shares adjusted for PI-sharing agreements," he said.

Begin said that Jakarta has also offered to join since last year. But until now there has been no answer. If someday Jakarta ready, we will engage in the subsidiary.

IN INDONESIAN

Jawa Barat Siap Ambil Saham Blok ONWJ

Aher berjanji mempermudah semua perizinan

Pemerintah Provinsi Jawa Barat akan mengambil 10 persen saham partisipasi (participating interest) Blok Offshore North West Java (ONWJ). Gubernur Jawa Barat Ahmad Heryawan akan memproses secepatnya tawaran Kementerian Energi kepada pemerintah daerah itu. “Yang mengambil Jawa Barat dan kabupaten/kota terkait. Leader-nya Jawa Barat karena paling besar persentase-nya,” kata dia.

Menurut Aher, sapaan Ahmad Heryawan pemerintah provinsi telah membentuk BUMD, yakni PT Migas Hulu Jabar, untuk mengambil Saham partisipasi Blok ONWJ. Perusahaan itu 100 persen sahamnya dimiliki pemerintah provinsi. “Syarat-syarat sudah terpenuhi, salah satunya seluruh saham dikuasai Pemerintah Daerah. Kami sudah sesuai".

Aher mengatakan nilai 10 persen saham partisipasi itu lebih dari Rp 1 triliun. Tapi, ia meyakinkan, PT Pertamina sebagai kontraktor Blok ONWJ akan memberikan dana pinjaman. Nanti, pembayaran akan dicicil dengan memotong sebagian bagi hasil yang diterima daerah.

“Sebagian penerimaan untuk bayar pinjaman, sebagian masuk ke pemprov sampai pinjaman lunas," ia menambahkan. Saat ini, pemerintah Jawa Barat menunggu penawaran secara resmi. Ia menjelaskan, Migas Hulu memang disiapkan untuk mengambil saham partisipasi ONWJ. Pemerintah Jawa Barat telah memenuhi kewajiban modal dasar, sesuai dengan Peraturan Daerah (Perda) Pembentukan BUMD PT Migas Hulu Jawa Barat. Beberapa daerah di Jawa Barat yang punya hak mendapatkan saham partisipasi menitipkan pengelolaan sahamnya kepada Jawa Barat.

“Sebagian ada yang menitipkan ke Jawa Barat karena belum punya BUMD. Tapi ke depan mau diambil, tidak masalah, kami membuka semua opsi,” kata Aher.  Aher berjanji mempermudah perizinan proyek migas di Jawa Barat itu, seperti permintaan Kementerian Energi. “Jawa Barat tidak ada persoalan perizinan. Justru kalau ada masalah, laporkan kepada kami siapa yang bikin masalah," dia menegaskan.

Direktur Utama PT Migas Hulu Jabar Begin Troys mengatakan sudah mendapat kepastian dari Kementerian Energi dan Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas (SKK Migas). Perusahaan akan meneruskan proses yang sudah ditempuh untuk memperoleh saham partisipasi, dan tidak perlu memulai dari awal. “Kami hanya melengkapi dokumen yang belum ada. Sedang di-review Iagi prosesnya," kata dia.

Begin menambahkan, PT Migas Hulu Jabar juga mendapat kepastian pinjaman dari Pertamina. Nilainya, US$ 30 juta untuk 10 persen saham partisipasi Blok ONWJ. "Akan di pinjami kontraktor Pertamina, tanpa bunga." Migas Hulu Jabar menunggu kepastian soal perlu tidak-nya ikut menanggung signature bonus saat penandatanganan perjanjian pengelolaan wilayah kerja nanti. Dari bonus yang harus disetorkan kepada pemerintah sebesar US$ 5 juta, BUMD harus menyiapkan sekitar US$ 500 ribu. Kami menunggu arahan Pertamina.” 

Menurut Begin, ada empat daerah yang berminat mendapatkan saham partisipasi ONWJ, yakni Kabupaten Bekasi, Karawang, Subang, dan Indramayu. PT Migas Hulu Jabar menunggu instruksi Gubernur Jawa Barat untuk membentuk anak perusahaan bersama empat daerah itu.“Porsi sahamnya disesuaikan dengan kesepakatan pembagian PI,” kata dia.

Begin mengatakan DKI Jakarta juga ditawari bergabung sejak setahun lalu. Namun hingga kini belum ada jawaban. Kalau suatu saat Jakarta ready, kami akan libatkan dalam anak perusahaan itu.

Koran Tempo, Page-16, Friday, Jan, 20, 2017

Pertamina Asked Buy Exxon Mobil in Jambaran

The government assigned PT Pertamina for the project unitization Jambaran Field and Blue Tiung Iantaran Assignment granted for this project that worked together with Exxon Mobil to be unending road. Pertamina Upstream Director Syamsu Alam said unitization Project Blue Jambaran-Tiung not being started because the standards used by Pertamina and Exxon Mobil to assess the economics of different projects. Thus, if this is not a solution found, then the project on the border of Central Java and East Java was never the way.

"The government sees what if the option is assigned by the government to Pertamina. Pertamina to develop and later Pertamina told to talk with Exxon Mobil to take PI (participating interest / PI) him in Jambaran-Tiung Blue, "he said.

However, this does not mean that Pertamina will purchase participation interest in Exxon Mobil Cepu Jambaran Courses are given in the block. Alam explained, participation rights to be taken from Exxon Mobil only in Jambaran Golf course. But the realization of this participation right purchase still has to be discussed with Exxon Mobil. "Actually what baseball can (take over the rights of participation), Exxon Mobil would stay what baseball, baseball what the price is right," he said.

Thus, if the purchase of participation rights to be realized, Pertamina was given permission by the government to work on solo projects Jambaran Field unitization-Tiung this Blue. This step may be done if the company is able to work on the project without a partner. "We are prepared to do yourself," added Alam.

However, he is not sure when the takeover occurred participation rights and the project starts. He said he would discuss the issue this divestiture by Exxon Mobil, parallel it completed the Gas Sales Agreement (GSA) for this project. Allocation of gas yesterday in part to fertilizer. We've sent a letter to Pertamina if we can just all so that we could be signing GSA.

Previously, although not receive any incentives from the government, Pertamina states continue to be working on Project Field unitization Jambaran-Tiung Blue. Although, President Director of PT Pertamina EP Cepu Adriansyah said ExxonMobil as partners, objected because the incentives to cover the lack of return on investment (internal rate of return / IRR) is needed.

He explained that, if given incentives by the government, then the IRR of the project could reach 16%. However, if no incentive then Jambaran project IRR-Tiung Blue only reach 12-13%. If Exxon does not participate in gas block this possibility exists, because Exxon somewhat mind if not given incentives so that the IRR is still below 16%.

PT Pertamina EP Cepu has set aside about US $ 100 million to continue construction projects Jambaran Field unitization and Tiung Blue. He admits, the budget for Jambaran-Tiung Blue are not too big. Because the activities carried out this year has not been a lot of construction activities. Activities conducted namely construction engineering (engineering), the preparation, and the release of a small portion of land required. "We still plan can kick off the project at the beginning of this year," said Ardiandyah.

He identifies, Project Blue Jambaran-Tiung must be a way for the economic value is not further eroded. Each delay the production schedule (on stream) one year IRR dropped calls resulted in a value of more than 2%. This is because the cooperation contract expires in 2035.

Vice President of Public and Government Affairs Erwin Maryoto Exxon Mobil said it had been told about the project assignment Jambaran Field unitization-Tiung Blue to Pertamina, including the matter of divestment participation rights. However, it has not started to talk about this with Pertamina. "We will discuss this important to find the best solution and beneficial for all parties," he said.

Previously, although not receive any incentives from the government, Pertamina states continue to be working on Project unitization Iapangan Jambaran-Tiung Blue. Although, President Director of PT Pertamina EP Cepu Adriansyah said ExxonMobil as partners, objected because the incentives to cover the lack of return on investment (internal rate of return / IRR) is needed.

He explained that, if given incentives by the government, then the IRR of the project could reach 16%. However, if no incentive then Jambaran project IRR-Tiung Blue only reach 12-13%. "If Exxon does not participate in gas block this possibility exists, because Exxon somewhat mind if not given incentives so that the IRR is still below 16%," he said.

Earlier, after the revision of the POD, the development of Project Blue Jambaran-Tiung uncertainty inhibited the absorption of gas. This is due to the absence of an agreement about the gas price with the buyer at the time, namely PT Pupuk Kujang Cikampek. Finally, PT Pertamina decided to take the entire gas produced from the project Tiung Golf Blue-Jambaran could produce up to 320 MMSCFD gas.

However, the carbon dioxide content of 30%, the clean gas which can be used just about 180-185 MMSCFD. Initially, the gas production of 100 MMSCFD allocated to PT Pertamina, while the remaining 85 MMSCFD to PT Pupuk Kujang.

IN INDONESIAN

Pertamina Diminta Beli Saham Exxon Mobil di Jambaran

Pemerintah menugaskan PT Pertamina untuk mengerjakan proyek unitisasi Lapangan Jambaran dan Tiung Biru Penugasan diberikan Iantaran selama ini proyek yang digarap bersama Exxon Mobil itu tak kunjung jalan. Direktur Hulu Pertamina Syamsu Alam menuturkan, Proyek Unitisasi Jambaran-Tiung Biru tidak kunjung dimulai lantaran standar yang dipakai Pertamina dan Exxon Mobil untuk menilai keekonomian proyek berbeda. Sehingga, jika hal ini tidak dicarikan solusi, maka proyek di perbatasan Jawa Tengah dan Jawa Timur itu tidak akan pernah jalan.

“Pemerintah melihat opsi bagaimana kalau ini ditugaskan oleh pemerintah ke Pertamina. Pertamina mengembangkan dan nanti Pertamina disuruh bicara dengan Exxon Mobil untuk mengambil PI (participating interest/ PI) dia di Jambaran-Tiung Biru,” kata dia.

Namun, hal ini bukan berarti Pertamina bakal membeli hak partisipasi Exxon Mobil di Blok Cepu mengingat Lapangan Jambaran berada di blok tersebut. Alam menjelaskan, hak partisipasi yang akan diambil dari Exxon Mobil hanya yang ada di Lapangan Jambaran saja. Tetapi realisasi pembelian hak partisipasi ini masih harus dibicarakan dengan Exxon Mobil. “Sebetulnya apa yang enggak bisa (ambil alih hak partisipasi), tinggal Exxon Mobil mau apa enggak, harganya cocok apa enggak,” papar dia.

Sehingga, jika pembelian hak partisipasi terealisasi, Pertamina diberi izin oleh pemerintah untuk menggarap sendirian Proyek Unitisasi Lapangan Jambaran-Tiung Biru ini. Langkah ini boleh dilakukan jika memang perseroan sanggup mengerjakan proyek tersebut tanpa mitra. “Kami sanggup kerjakan sendiri ,” tambah Alam.

Meski demikian, pihaknya tidak bisa memastikan kapan pengambilalihan hak partisipasi terjadi dan proyek mulai di jalankan. Pihaknya akan membahas masalah divestasi ini dengan Exxon Mobil, paralel pihaknya merampungkan Perjanjian Jual Beli Gas (PJBG) untuk proyek ini. Alokasi gas-nya kemarin sebagian ke pupuk. Kami sudah kirim surat kalau bisa ke Pertamina saja semua sehingga kami bisa signing PJBG.

Sebelumnya, meski tidak memperoleh insentif dari pemerintah, Pertamina menyatakan tetap akan menggarap Proyek Unitisasi Lapangan Jambaran-Tiung Biru. Meskipun, Presiden Direktur PT Pertamina EP Cepu Adriansyah mengatakan, ExxonMobil selaku mitranya, keberatan lantaran insentif untuk menutupi kekurangan tingkat pengembalian modal (internal rate of return/ IRR) yang dibutuhkan.

Dia menjelaskan, jika diberi insentif oleh pemerintah, maka IRR dari proyek ini bisa mencapai 16%. Namun jika tanpa insentif maka IRR proyek Jambaran-Tiung Biru hanya mencapai 12-13%. Kalau Exxon tidak berpartisipasi di blok gas ini kemungkinan ada, karena Exxon agak keberatan apabila tidak diberikan insentif sehingga IRR-nya masih dibawah 16%.

PT Pertamina EP Cepu telah menyiapkan dana sekitar US$ 100 juta untuk melanjutkan pengerjaan Proyek Unitisasi Lapangan Jambaran dan Tiung Biru. Dia mengakui, anggaran untuk Jambaran-Tiung Biru memang belum terlalu besar. Pasalnya, kegiatan yang dilakukan pada tahun ini belum banyak kegiatan konstruksi. Aktifitas yang dilakukan yakni pengerjaan rekayasa (engineering), persiapan, dan pembebasan sebagian kecil lahan yang dibutuhkan. “Kami masih merencanakan dapat melakukan kick off project pada awal tahun ini,” tutur Ardiandyah.

Dia menjelaskan, Proyek Jambaran-Tiung Biru harus segera jalan agar nilai keekonomian-nya tidak semakin tergerus. Setiap penundaan jadwal produksi (on stream) satu tahun disebutnya mengakibatkan IRR turun nilai lebih dari 2%. Hal ini lantaran kontrak kerja samanya berakhir pada 2035.

Vice President Public and Government Affair Exxon Mobil Erwin Maryoto menuturkan, pihaknya telah diberi tahu soal penugasan Proyek Unitisasi Lapangan Jambaran-Tiung Biru kepada Pertamina, termasuk soal divestasi hak partisipasi. Meski demikian, pihaknya belum mulai membicarakan soal hal ini dengan Pertamina. “Kami yang penting akan membicarakan ini untuk mencari solusi yang terbaik dan menguntungkan bagi semua pihak,” kata dia.

Sebelumnya, meski tidak memperoleh insentif dari pemerintah, Pertamina menyatakan tetap akan menggarap Proyek Unitisasi Iapangan Jambaran-Tiung Biru. Meskipun, Presiden Direktur PT Pertamina EP Cepu Adriansyah mengatakan, ExxonMobil selaku mitranya, keberatan lantaran insentif untuk menutupi kekurangan tingkat pengembalian modal (internal rate of return/IRR) yang dibutuhkan.

Dia menjelaskan, jika diberi insentif oleh pemerintah, maka IRR dari proyek ini bisa mencapai 16%. Namun jika tanpa insentif maka IRR proyek Jambaran-Tiung Biru hanya mencapai 12-13%. “Kalau Exxon tidak berpartisipasi di blok gas ini kemungkinan ada, karena Exxon agak keberatan apabila tidak diberikan insentif sehingga IRR-nya masih dibawah 16%,” ujarnya.

Sebelumnya, pasca revisi POD, pengembangan Proyek Jambaran-Tiung Biru terhambat ketidakpastian penyerapan gas. Hal ini lantaran tidak adanya kata sepakat soal harga gas dengan calon pembeli saat itu, yakni PT Pupuk Kujang Cikampek. Akhirnya, PT Pertamina memutuskan untuk mengambil seluruh gas yang dihasilkan dari proyek   Lapangan Tiung Biru-Jambaran sebenarnya bisa menghasilkan gas hingga 320 mmscfd.

Namun dengan kandungan karbon dioksida sebesar 30%, gas bersih yang bisa digunakan hanya sekitar 180-185 mmscfd. Awalnya, produksi gas sebanyak 100 mmscfd dialokasikan untuk PT Pertamina, sementara sisanya 85 mmscfd untuk PT Pupuk Kujang.

Investor Daily, Page-9, Friday, Jan, 20, 2017

Gross Split Rate Certainty for State

Application of split or gross scheme for gross proceeds in the cooperation contract (production sharing contract / PSC) of oil and gas will not harm the state. This scheme makes the country avoid potential cost overruns oil and gas projects, so that revenues derived from oil and gas sector more certain and secure.

On the other hand, to ensure economies of oil and gas projects to investors, the government is providing an additional incentive for a yield of 5%. These incentives are given when the economics of oil and gas projects is still below a certain limit after the contract gross PSC split runs. Conversely, when the project economics of excess, the state can cut 5% revenue share. Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said, no one can ensure the realization of oil and gas revenues will be as targeted despite having applied PSC gross split.

However, through this scheme, the costs incurred for work on oil and gas projects will no longer be borne by the state budget. The full cost borne by investors. Thus, Indonesia earn a share (split) in the beginning, without truncated when inflated costs.

So, no, there is no loss to the state, who says the state will lose? he said. Starting in January 2017, the government changed the scheme of the production sharing contract (PSC) on new oil and gas contracts. If used before its scheme fees are refundable (cost recovery), then the new rules are applied in a gross scheme split.

The provisions set forth in the Regulation of Minister No. 8 of 2017 concerning the Production Sharing Contract Gross Split. PT Pertamina Hulu Energi (PHE), a subsidiary of PT Pertamina, began a new round of the national oil and gas industry. PHE signed a gross scheme split with the government on Wednesday (18/1), to the Offshore North West Java (ONWJ).

Arcandra Tahar explained, regarding the results of the country that impressed split down the scheme compared to gross cost recovery, it should be remembered that the component cost is no longer a burden on the state. When using the PSC cost recovery, profit sharing for the state compared to investors of 85:15 to 70:30 for the oil and gas, including the cost components that must be replaced state. For the result will be calculated after the cost of oil and gas projects be split between the state and investors. "It's as if the lower (parts of the country) because we divide the gross (gross income), in which the cost was on the side of the contractor. If in the past, cost was replaced in net income (net), "he said.

Arcandra revealed, it has ensured split ratio of gross schemes and cost recovery through calibration data on 10 oil and gas blocks that are considered representative. Based on a comparison was clearly visible portion of the investment costs that should be replaced (cost recovery) by the government in these blocks. As a result, cost recovery in the block can range from 12-44%, 20-50%, even 32-52%. The greater cost recovery the state revenue will fall.

Apart from the revenue side, Arcandra states, there are other positive impact of the scheme gross split. One of them, this scheme allows the acceleration of the time needed to work on oil and gas blocks to the production stage. During this time in Indonesia takes 15 years to produce oil and gas block. We hope the time for production can be trimmed at least 2-3 years.

About the impact of the gross scheme split to increase oil and gas production, Arcandra Tahar admitting it could not be ascertained. Moreover, no one can ascertain the contents and condition of oil and gas reserves in the earth. However, the scheme is expected to improve national oil and gas business.

"Step into production is still far away. Neat our expectations, the business can be more efficient, transparent, and the process is much simpler. If worse, this scheme can be replaced, because this man, "said Arcandra.

Less attractive

Meanwhile, investors assessed the gross split scheme offered by the government is still less attractive. Investor wants, although the scheme changed to gross split contract, for the results received at least equal to when using the cost recovery scheme. Investors also requested an additional incentive for exploration. In addition, there is uncertainty related to the implementation of the ease of business process promised by the government.

Chief Executive Officer (CEO) and President of PT Ephindo Sammy Hamzah said non-conventional oil and gas investor proposes the implementation of the scheme gross split in oil and gas contracts in order to project more attractive. Therefore, Sammy said, it is very appreciated efforts of government then issued a ministerial regulation about gross split. Moreover, Regulation 38/2015 on Acceleration of Non-conventional Oil and Gas Concessions that allow non-conventional oil and gas contracts using a gross scheme split, never be applied.

However, according to him, there are several things that must be ensured in order to split the gross scheme attractive for investors. "We want to emphasize that for existing investors, its standard is that the government should offer better. Otherwise, they will not take. It's a matter of economics that must be discussed. This, indeed, be proven over time, "he said.

Another thing that should be ensured, is the role of the Working Unit of Upstream Oil and Gas (SKK Migas) to manage contracts with gross schemes split. Investors want to make sure whether the business process will be simple and the time required until the production phase will be shorter.

"We warned that the role of SKK Migas governmental spelled out in detail, how the approval of WP & B and POD. Therefore, this could be a bottleneck and polemics in the future development of the field, "he said.

Advisory Board Indonesian Geologists Association (IAGI) Rovicky Dwi Putrohari also criticized the gross scheme split. Some of the incentives offered by the government split always considered linear with the scale of the project. "In fact, it could be the reality is different, such as investment costs to a depth of five meters of blocks may be larger than that has a depth of 50 meters," he said.

He added, there are few incentives that would lead to a split count the economic uncertainty, the price of oil. "Split will change because national oil price (ICP) is reviewed every month. How can commercial that change each month? Whether to continue to operate or not, should be considered, "he said.

President Director of PT Pertamina Hulu Energi (PHE) Mount Sardjono Hadi said, as contractors who have signed the gross PSC split, this scheme is best for the nation. Although the split received 5% lower than the previous contract, it did not mind because it can be closed through efficiency.

However, according to the Mountain, it also has proposed an additional incentive on exploration and surface infrastructure (surface). If exploration spending a percentage of total expenditures, incentives can be split so, then the incentives matter the state of the surface facility. This is what we have proposed.

Arcandra confirms, investors who felt the split earned enough, you can submit it to the government. For results after inserting variable and progressive split split is still open to change. If from the commercial, there is room for negotiation about 5%. That, in accordance with Article 7 of the Regulations of the Minister of Energy and Mineral Resources No. 2017 8Tahun on Production Sharing Contracts Gross Split which became the basis for the gross split.

In this policy is mentioned, when calculating the commercialization of the field does not reach a certain economic value, the contractor received an additional split a maximum of 5%. By contrast, in the calculation of the commercialization of the field exceeds a certain economic value, the state may take an additional 5% split.

IN INDONESIAN

Gross Split Beri Kepastian untuk Negara

Penerapan skema gross split atau bagi hasil kotor dalam kontrak kerja sama (production sharing contract/ PSC) migas tidak akan merugikan negara. Skema ini justru membuat negara terhindar dari potensi membengkaknya biaya proyek migas, sehingga penerimaan negara yang diperoleh dari sektor migas lebih pasti dan terjamin.

Di sisi lain, untuk menjamin keekonomian proyek migas bagi investor, pemerintah menyediakan tambahan insentif bagi hasil sebesar 5%. Insentif ini diberikan ketika keekonomian proyek migas masih di bawah batas tertentu setelah kontrak PSC gross split berjalan. Sebaliknya, ketika keekonomian proyek berlebih, negara dapat memotong bagi hasil 5%. Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, tidak ada yang dapat memastikan realisasi penerimaan migas akan sesuai yang ditargetkan meski telah diterapkan PSC gross split.

Namun melalui skema ini, biaya yang dikeluarkan untuk menggarap proyek migas tidak lagi menjadi tanggungan APBN. Biaya sepenuhnya ditanggung investor. Dengan demikian, Indonesia memperoleh bagi hasil (split) di awal, tanpa terpangkas ketika biaya membengkak.

Jadi, tidak, tidak ada kerugian negara,  siapa bilang negara akan rugi? ujar dia. Mulai Januari 2017, pemerintah mengubah skema kontrak bagi hasil (PSC) pada kontrak-kontrak baru migas. Jika yang digunakan sebelum-nya adalah skema biaya yang dapat dikembalikan (cost recovery), maka yang diterapkan dalam aturan baru yaitu skema gross split. 

Ketentuan itu dituangkan dalam Peraturan Menteri ESDM No 8 Tahun 2017 tentang Kontrak Bagi Hasil Gross Split. PT Pertamina Hulu Energi (PHE), anak usaha PT Pertamina, mengawali babak baru industri migas nasional tersebut. PHE menanda tangani skema gross split dengan pemerintah, Rabu (18/1), untuk Blok Offshore North West Java (ONWJ).

Arcandra Tahar menjelaskan, perihal bagi hasil negara yang terkesan turun pada skema gross split dibandingkan cost recovery, harus di ingat bahwa komponen biaya tidak lagi menjadi beban negara. Ketika menggunakan PSC cost recovery, bagi hasil untuk negara dibanding investor sebesar 85:15 untuk minyak dan 70:30 untuk gas termasuk komponen biaya yang harus diganti negara. 

Bagi hasil itu akan dihitung setelah biaya proyek migas dibagi dua antara negara dan investor. “Sekarang seolah-olah lebih rendah (bagian negara) karena kami membagi gross (pendapatan kotor), di mana cost itu pada sisi kontraktor. Kalau dulu, cost digantikan di pendapatan bersih (net),” kata dia.

Arcandra mengungkapkan, pihaknya telah memastikan perbandingan skema gross split dan cost recovery melalui kalibrasi data pada 10 blok migas yang dianggap representatif. Berdasarkan perbandingan itu terlihat jelas porsi biaya investasi yang harus diganti (cost recovery) oleh pemerintah pada blok-blok tersebut. Hasilnya, cost recovery di satu blok bisa berkisar 12-44%, 20-50%, bahkan 32-52%. Semakin besar cost recovery maka penerimaan negara akan turun.

Selain dari sisi penerimaan negara, Arcandra menyatakan, terdapat dampak positif lain dari skema gross split. Salah satunya, skema ini memungkinkan percepatan waktu yang diperlukan untuk menggarap blok migas sampai tahap produksi. Selama ini di Indonesia dibutuhkan 15 tahun sampai satu blok menghasilkan migas. Kami berharap waktu untuk berproduksi at least bisa dipangkas 2-3 tahun.

Ihwal dampak penerapan skema gross split terhadap peningkatan produksi migas, Arcandra Tahar mengakui hal itu belum dapat dipastikan. Apalagi tidak ada yang dapat memastikan isi dan kondisi cadangan migas di dalam bumi. Meski demikian, skema ini diharapkan mampu memperbaiki bisnis migas nasional.

“Step ke produksi masih jauh. Rapi harapan kami, bisnis dapat lebih efisien, transparan, dan prosesnya lebih simpel. Kalau lebih jelek, skema ini bisa diganti, karena ini buatan manusia,” tutur Arcandra.

Kurang Menarik 

Sementara itu, investor menilai skema gross split yang ditawarkan pemerintah masih kurang menarik. Investor menginginkan, meski skema kontrak berganti menjadi gross split, bagi hasil yang diterima minimal sama dengan ketika memakai skema cost recovery. Investor juga meminta ada tambahan insentif untuk eksplorasi. Selain itu, terdapat ketidakpastian terkait pelaksanaan kemudahan proses bisnis yang dijanjikan pemerintah.

Chief Executive Officer (CEO) & President PT Ephindo Sammy Hamzah mengatakan, investor migas non-konvensional mengusulkan penerapan skema gross split dalam kontrak migas agar proyek lebih menarik. Karena itu, kata Sammy, pihaknya sangat mengapresiasi upaya pemerintah yang kemudian menerbitkan peraturan menteri soal gross split. Apalagi Peraturan Menteri 38/2015 tentang Percepatan Pengusahaan Migas Non-konvensional yang memungkinkan kontrak migas non-konvensional menggunakan skema gross split, tak kunjung dapat diterapkan.

Namun, menurut dia, ada beberapa hal yang harus dipastikan agar skema gross split menarik bagi investor. “Kami ingin tekankan bahwa bagi investor eksisting, standart-nya adalah pemerintah harus menawarkan yang lebih baik. Kalau tidak, mereka tidak akan ambil. Ini soal keekonomian saja yang harus dibicarakan. Ini memang baru akan terbukti seiring dengan berjalannya waktu,” papar dia.

Hal lain yang harus dipastikan, adalah peran Satuan Kerja Kerja Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) dalam mengelola kontrak dengan skema gross split. Investor ingin memastikan apakah benar proses bisnis akan lebih simpel dan waktu yang dibutuhkan sampai tahap produksi bakal lebih pendek.

“Kami mewanti-wanti pernerintah bahwa peran SKK Migas dijabarkan secara rinci, bagaimana persetujuan WP&B dan POD. Sebab, ini bisa menjadi hambatan dan polemik dalam pengembangan lapangan ke depan,” ucap dia.

Dewan Penasihat Ikatan Ahli Geologi Indonesia (IAGI) Rovicky Dwi Putrohari juga mengkritisi skema gross split. Beberapa insentif split yang ditawarkan pemerintah selalu dianggap linier dengan skala proyek. “Padahal, bisa jadi kenyataannya berbeda, seperti biaya investasi untuk blok kedalaman lima meter bisa jadi lebih besar dari yang memiliki kedalaman 50 meter,” tutur dia. 

Dia menambahkan, ada beberapa insentif split yang justru menimbulkan ketidakpastian hitungan keekonomian, yakni harga minyak. “Split akan berubah karena harga minyak nasional (ICP) ditinjau setiap bulan. Bagaimana bisa komersial kalau berubah tiap bulan? Apakah akan terus beroperasi atau tidak, ini harus dipikirkan,” kata dia.

Presiden Direktur PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi menyatakan, sebagai kontraktor yang telah meneken PSC gross split, skema ini merupakan yang terbaik bagi bangsa dan negara. Meski split yang diterima lebih rendah 5% dibandingkan kontrak sebelumnya, pihaknya tidak keberatan karena hal itu dapat ditutup melalui efisiensi.

Namun, menurut Gunung, pihaknya juga memiliki usulan insentif tambahan mengenai eksplorasi dan infrastruktur permukaan (surface). Kalau pengeluaran eksplorasi sekian persen dari total pengeluaran, dapat insentif split sekian, kemudian insentif soal keadaan surface facility. Ini yang kami usulkan.

Arcandra menegaskan, investor yang merasa split yang diperolehnya masih kurang, dapat menyampaikan-nya kepada pemerintah. Bagi hasil setelah memasukkan variable split dan progressive split masih terbuka untuk diubah. Kalau dari komersial, ada ruang untuk negosiasi kurang lebih 5%. Hal itu, sesuai Pasal 7 Peraturan Menteri ESDM No 8 Tahun 2017 tentang Kontrak Bagi Hasil Gross Split yang menjadi dasar penerapan gross split. 

Dalam beleid ini disebutkan, ketika perhitungan komersialisasi lapangan tidak mencapai keekonomian tertentu, kontraktor mendapat tambahan split maksimal 5%. Sebaliknya, dalam perhitungan komersialisasi lapangan melebihi keekonomian tertentu, negara boleh mengambil tambahan split 5%.

Investor Daily, Page-1, Friday, Jan, 20, 2017

Pertamina to Slide Exxon on Cepu

Tiung-Biru-Jambaran Field

The government requested that PT Pertamina bought shares belonging to ExxonMobil Cepu Limited participation of 45% in field-Tiung Jambaran Blue, Cepu Block in Bojonegoro so that the project could soon be developed. Blue Tiung gas production is constrained by the lack of buyers of gas from the oil and gas fields. In the field of oil and gas, Pertamina, through its subsidiary PT Pertamina EP Cepu acts as the operator and controls the shares 45% participation. Meanwhile, 10% of the shares controlled by four regionally owned enterprises (BUMD)

Under an agreement or a Head of Agreement (HoA) signed in 2015, Pertamina become major buyers of gas with a volume of 100 million cubic feet per day (MMSCFD) and PT Pupuk Kujang Cikampek as an alternative purchaser which absorbs 85 MMSCFD.

In the agreement, a clause which calls Pertamina will become an alternative buyer when PT Pupuk Kujang Cikampek not agree about the price specified. However, PT Pupuk Kujang Cikampek not buying gas because the price offered is considered too expensive. Fertilizer plant wants gas price of US $ 7 per MMBtu.

PT Pertamina Upstream Director Syamsu Alam said standard, economies of scale field development can not be agreed upon between the contractor. Pertamina regard to the ratio of return on investment (internal rate of return / IRR) of 12% -13%, the project can proceed. However, Exxon assess new project can progress if it has a 16% IRR. Do not agree to these early, difficult to reach a common ground. Therefore, the government took the initiative to give the assignment to Pertamina so that the field could be developed. To add to the IRR, contractors can reduce costs, increase production also add part of contractors.

However, increased production and additional parts of the contractor requires a government permit. Earlier, the government does not want to provide incentives and desires that the investment costs can be reduced despite requires special technology to separate carbon dioxide gas (CO2) and hydrogen sulfide (H2S) is a challenge-Tiung Blue Jambaran development. The government sees what if this option is assigned by the government to Pertamina. Pertamina to develop and later Pertamina told to talk with Exxon to take PI [participating interest / stake] he [Exxon] Field Jambaran-Tiung Blue.

       Although Fields Jambaran-Tiung Blue becomes a part of the Cepu block, the purchase of shares of participation is only done on the project. However, he said, it depends on whether the contractor is pleased to sell its participation shares and the price offered is suitable. So Divest in the grounds of his course. Actually, what you can not, Exxon wants to sell his stock participation or not, the price is right or not?

Vice President of Public and Government Affairs ExxonMobil Oil Indonesia Erwin Maryoto said it has not received official notification from the government.

IN INDONESIAN

Lapangan Jambaran-Tiung Biru

Pertamina Akan Geser Exxon dari Cepu

Pemerintah meminta agar PT Pertamina membeli saham partisipasi milik ExxonMobil Cepu Limited 45% di Lapangan Jambaran-Tiung Biru, Blok Cepu di Bojonegoro agar proyek bisa segera dikembangkan. Produksi gas Tiung Biru terkendala oleh belum adanya pembeli gas dari lapangan migas tersebut. Pada lapangan minyak dan gas bumi tersebut, Pertamina melalui anak usahanya PT Pertamina EP Cepu berperan sebagai operator dan menguasai saham partisipasi 45%. Sementara itu, 10% saham dikuasai empat badan usaha milik daerah (BUMD)

Berdasarkan kesepakatan atau Head of Agreement (HoA) yang di teken pada 2015, Pertamina menjadi pembeli utama gas dengan volume 100 juta kaki kubik per hari (MMscfd) dan PT Pupuk Kujang Cikampek sebagai pembeli alternatif yang menyerap 85 MMscfd. 

Pada perjanjian tersebut, terdapat klausul yang menyebut Pertamina akan menjadi pembeli alternatif bila PT Pupuk Kujang Cikampek tak setuju soal harga yang ditetapkan. Namun, PT Pupuk Kujang Cikampek tidak jadi membeli gas karena harga yang ditawarkan di anggap terlalu mahal. Pabrik pupuk menginginkan agar harga jual gas US$ 7 per MMBtu. 

Direktur Hulu PT Pertamina Syamsu Alam mengatakan standar, skala ekonomi pengembangan lapangan antara kontraktor belum bisa disepakati. Pertamina menganggap dengan rasio pengembalian investasi (internal rate of return/ IRR) 12%-13%, proyek bisa dilanjutkan. Namun, Exxon menilai proyek baru bisa berlanjut jika memiliki IRR 16%. Ke tidak sepakat-an tersebut, sulit mencapai titik temu. Oleh karena itu, pemerintah berinisiatif untuk memberi penugasan kepada Pertamina agar lapangan bisa dikembangkan. Untuk menambah IRR, kontraktor bisa mengurangi biaya, menambah produksi juga menambah bagian kontraktor. 

Namun, penambahan produksi dan penambahan bagian kontraktor memerlukan izin pemerintah. Sebelumnya, pemerintah tidak ingin memberikan insentif dan menginginkan agar biaya investasi bisa ditekan kendati membutuhkan teknologi khusus untuk memisahkan gas Karbon Dioksida (CO2) dan Hidrogen Sulfida (H2S) yang menjadi tantangan pengembangan Jambaran-Tiung Biru. Pemerintah melihat opsi bagaimana kalau ini ditugaskan oleh pemerintah ke Pertamina. Pertamina mengembangkan dan nanti Pertamina suruh bicara dengan Exxon untuk mengambil PI [participating interest/kepemilikan saham] dia [Exxon] di Lapangan Jambaran-Tiung Biru.

Kendati Lapangan Jambaran-Tiung Biru menjadi bagian dari Blok Cepu, pembelian saham partisipasi hanya dilakukan pada proyek tersebut. Namun, menurutnya, hal itu tergantung apakah kontraktor berkenan menjual saham partisipasinya dan harga yang ditawarkan cocok. Jadi di divest di lapangan-nya saja. Sebetulnya apa yang tidak bisa, Exxon-nya mau jual saham partisipasinya apa tidak, harganya cocok apa tidak?

Vice President Public and Government Affair ExxonMobil Oil Indonesia Erwin Maryoto mengatakan, pihaknya belum mendapat pemberitahuan secara resmi dari pemerintah. 

Bisnis Indonesia, Page-30, Friday, Jan, 20, 2017