Pertamina Focus Asset Acquisition in Iran and Russia

PT Pertamina began intensively to finalize the proposed acquisition of assets, both inside and outside the country. SOE has also been set aside about US $ 20 billion for the next 20 years plans. 

     PT Pertamina Upstream Director Syamsu Alam said his company is currently negotiating to acquire assets focused in two states, namely Iran and Russia. "We also are evaluating for other countries geopolitically possible for us to get in, "he said, during a visit to Pertamina Hulu Field Jatibarang, Monday (10/4).

Expansion related to Iran, Syamsu optimistic will win the tender to acquire two blocks in the country, namely the Ab-Teymour and Mansouri. At present, these two places are also being contested by Lukoil of Russia and Maersk of Denmark.

Syamsu admitted to Pertamina is the first company to submit a proposal to Iran. Technically, the proposal is describe in detail about the plan of development, investment plans and production plans.

Moreover, Joko Widodo President's visit to Iran some time ago that also explicitly said that the desire to have activities and assets to the President of Iran. This can strengthen the potential of Pertamina get the auction. As for assets in Russia, Pertamina is eyeing the block there with a production capacity of approximately 170,000 barrels per day (bpd).

IN INDONESIAN

Pertamina Fokus Akuisisi Aset di Iran dan Rusia

PT Pertamina mulai gencar mematangkan rencana akuisisi aset, baik di dalam dan di luar negeri. BUMN tersebut juga sudah menyiapkan dana sekitar US$ 20 miliar untuk rencana 20 tahun ke depan. 

     Direktur Hulu PT Pertamina Syamsu Alam mengatakan, saat ini pihaknya sedang fokus bernegosiasi untuk mengakuisisi aset di dua negara, yaitu Iran dan Rusia. "Kami juga sedang melakukan evaluasi untuk negara-negara lain yang secara geopolitik memungkinkan untuk kita masuk,” katanya, dalam kunjungan ke Pertamina Hulu Field Jatibarang, Senin (10/4). 

Terkait ekspansi ke Iran, Syamsu mengaku optimistis akan memenangkan tender dalam mendapatkan dua blok di negeri itu, yaitu Ab-Teymour dan Mansouri. Saat ini,  dua tempat tersebut juga sedang diperebutkan oleh Lukoil dari Rusia dan Maersk dari Denmark. 

    Syamsu mengaku, Pertamina merupakan perusahaan pertama yang mengajukan proposal kepada Iran. Secara teknikal, proposal tersebut sudah menjabarkan secara detail mengenai plan of development, rencana investasi, dan rencana produksi.

Selain itu, kunjungan Presiden Joko Widodo beberapa waktu lalu ke Iran yang juga secara eksplisit mengatakan keinginan memiliki aktivitas maupun aset kepada Presiden Iran. Hal ini dapat menguatkan potensi Pertamina mendapatkan lelang tersebut. Sedangkan untuk aset di Rusia, Pertamina mengincar blok di sana dengan kapasitas produksi sekitar 170.000 barel per hari (bph).

Kontan, Page-14, Tuesday, April, 11, 2017

The US attack inciting Oil Prices

Crude oil prices even stronger among the concerns of geopolitical conflict that swept the Middle East. Black gold price rising trend of increasingly uncontrollable as OPEC efforts to limit the production of citing Bloomberg. Monday (10/4) at 16:40 pm. WTI oil price delivery contract in May 2016 in New York Mercantile Exchange rose 0.78% to US $ 52.65 per barrel compared to the previous day.

Within a week, oil prices rose 4.8%. PT SoeGee Futures analyst, Nizar Hilmy said the oil price increase is supported by market concerns about geopolitical conditions in the Middle East. This followed a missile attack the United States (US) against the Syrian military base.

US military bases storm after allegations Syria Bashar al-Assad's government to attack civilians with poisonous gas. "Market participants are surprised by the action of the US intervention in Syria, given President Donald Trump had said it would not interfere in the Middle East conflict," said Nizar. Market participants worry escalated after the US attack, both the scope and the levels of violence, which could lead to a world war. "The conflict in the Middle East will disrupt oil distribution so as to support higher prices," said Nizar.

However, this price hike of oil can be retained following the addition of US drilling activity. Baker Hughes Inc. data show Uncle Sam drilling rigs increased in the 12 last week to its highest level since August 2015 to 672 rigs. Goldmand Sachs estimates that US oil production this year will increase to 9 million barrels per day.

The increase in US production could disrupt the plan to limit production of oil producing countries who are members of OPEC. Some OPEC members favor the extension of restrictions on production until the second half of 2017. The official verdict will be announced in late May.

US exports

Deddy Yusuf Siregar, PT Asia Tradepoint Futures analyst, said OPEC plans that helped lift oil prices. Another driving force: the prediction of the consulting firm Wood Mackenzie on US oil exports this year will reach 1 million barrels per day, or higher than before only 798 000 barrels per day. "If the US production offset by export growth, then the price will be maintained at above US $ 50," said Deddy.

According to Deddy, the US has an interest to be a stable oil price. Therefore, the economical price for US oil production in the range of US $ 40 per barrel. He also predicted that oil prices will move in the range of US $ 50 - US $ 55 until the end of the year. And, Deddy stated US weekly oil reserve release of the Energy Information Administration (EIA) will be one of the drivers of this week's price.

Nizar added, market participants will listen to release its April monthly production data. On the other hand, the signal oil demand from China will be visible from the country's economic data releases of the Great Wall. "The condition of geopolitics in the Middle East also still support the strengthening of the price if it does not show signs of let up," said Nizar.

Tuesday (11/4), Deddy projected that oil prices will rise in the range of US $ 51.6 to US $ 53.15 per barrel and US $ 51.2-US35 53,3 week. Average projection Nizar, oil on Tuesday (11/4) will move US $ 52-US $ 54 and US $ 51-US $ 55 a week.

IN INDONESIAN

Serangan AS Menyulut  Harga Minyak

Harga minyak mentah semakin kokoh di antara kekhawatiran konflik geopolitik yang melanda Timur Tengah. Tren kenaikan harga emas hitam semakin terkendali seiring upaya OPEC membatasi produksi mengutip Bloomberg. Senin (10/4) pukul 16.40 WIB. Harga minyak WTI kontrak pengiriman Mei 2016 di New York Mercantile Exchange menguat 0.78% ke level US$ 52,65 per barel dibanding sehari sebelumnya. 

Dalam sepekan, harga minyak naik 4,8%. Analis PT SoeGee Futures, Nizar Hilmy mengatakan, kenaikan harga minyak didukung oleh kekhawatiran pasar terhadap kondisi geopolitik di Timur Tengah. Hal ini menyusul serangan rudal Amerika Serikat (AS) terhadap pangkalan militer Suriah. 

AS menggempur pangkalan militer Suriah setelah ada dugaan Pemerintahan Bashar al-Assad menyerang warga sipil dengan gas beracun. "Pelaku pasar kaget dengan aksi intervensi AS di Suriah, mengingat Presiden Donald Trump sempat menyatakan tidak akan ikut campur pada konflik Timur Tengah," kata Nizar. 

     Pelaku pasar cemas terjadi eskalasi pasca serangan AS,  baik lingkup maupun kadar kekerasan, yang bisa berujung ke perang dunia.  "Konflik di Timur Tengah akan mengganggu distribusi minyak sehingga mendukung kenaikan harga," kata Nizar.

Tapi, penguatan harga ini minyak bisa tertahan menyusul penambahan aktivitas pengeboran AS. Data Baker Hughes inc menunjukkan rig pengeboran negeri Paman Sam bertambah dalam 12 pekan terakhir ke level tertinggi sejak Agustus 2015 menjadi 672 rig. Goldmand Sachs memperkirakan, produksi minyak AS tahun ini akan meningkat jadi 9 juta barel per hari. 

Kenaikan produksi AS bisa mengganggu rencana pembatasan produksi dari negara produsen minyak yang tergabung dalam OPEC. Beberapa anggota OPEC mendukung perpanjangan pembatasan produksi hingga semester II 2017. Putusan resminya akan diumumkan akhir Mei. 

Ekspor AS 

Deddy Yusuf Siregar, Analis PT Asia Tradepoint Futures, bilang, rencana OPEC itu turut mengangkat harga minyak. Pendorong lain: prediksi biro konsultan Wood Mackenzie terhadap ekspor minyak AS tahun ini akan mencapai 1 juta barel per hari, atau lebih tinggi dari sebelumnya hanya 798.000 barel per hari. "Bila produksi AS diimbangi dengan pertumbuhan ekspor, maka harga masih akan bertahan di atas US$ 50" kata Deddy.

Menurut Deddy, AS memiliki kepentingan untuk menjadi harga minyak stabil. Sebab, harga ekonomis bagi produksi minyak AS di kisaran US$ 40 per barel. Ia pun memprediksikan harga minyak akan bergerak di kisaran US$50 - US$55 hingga akhir tahun. Dan, Deddy menyatakan rilis cadangan minyak mingguan AS dari Energy Information Administration (EIA) akan menjadi salah satu penggerak harga pekan ini. 

Nizar menambahkan, pelaku pasar akan menyimak rilis data produksi bulanan OPEC. Di sisi lain, sinyal permintaan minyak terutama dari China akan terlihat dari rilis data ekonomi negeri tembok rakSasa. "Kondisi geopolitik di Timur Tengah juga masih mendukung penguatan harga jika belum menunjukkan tanda-tanda reda," ujar Nizar.

Hari selasa (11/4), Deddy memproyeksikan, harga minyak akan menguat di kisaran US$ 51,6-US$ 53,15 per barel dan di US$ 51,2-US35 53,3 dalam sepekan. Sedang proyeksi Nizar, minyak hari selasa (11/4) akan bergerak US$ 52-US$ 54 serta US$ 51-US$ 55 sepekan.

Kontan, Page-4, Tuesday, April, 11, 2017

Pertamina Aims Blocks Terminations

Pertamina seeks to boost oil and gas production to support national growth, Pertamina is targeting oil production reached 1.9 million barrels of oil equivalent per day (boepd) in 2025. Efforts were made Upstream Director of PT Pertamina (Persero) Syamsu Alam with the acquisition of oil and gas assets in domestic and foreign. Pertamina has oil and gas fields in 12 countries.

The acquisition of overseas oil and gas fields accounted for 33 percent of oil production targets. Three blocks that have long production overseas are in Algeria, Iraq, and Malaysia. While the three new blocks which began production are in Nigeria, Tanzania, and Gabon. In the country, Pertamina seeks to increase production by targeting additional concession blocks out of contract (termination).

Next year, eight blocks of termination has been given by the government to Pertamina, including Sanga-Sanga and Block OSes. Pertamina also seeks to increase the productivity of all its assets. Among these, the WMO integration project, Parang drilling project Nunukan, Randugunting drilling projects, and optimization of oil content in old wells.

IN INDONESIAN

Pertamina Incar Blok-Blok Terminasi

Pertamina berupaya memacu produksi minyak dan gas untuk mendukung pertumbuhan nasional, Pertamina menargetkan produksi minyak mencapai 1,9 juta barel setara minyak per hari (boepd) pada 2025. Upaya itu dilakukan Direktur Hulu PT Pertamina (Persero) Syamsu Alam dengan melakukan akuisisi aset migas di dalam dan luar negeri. Pertamina telah memiliki ladang migas di 12 negara. 

Akuisisi ladang migas overseas tersebut menyumbang 33 persen target produksi minyak Pertamina. Tiga blok overseas yang telah lama berproduksi berada di Aljazair,  Iraq, dan Malaysia. Sedangkan tiga blok baru yang mulai berproduksi berada di Nigeria, Tanzania, dan Gabon. Di dalam negeri, Pertamina berupaya meningkatkan tambahan produksi dengan mengincar konsesi di blok-blok yang habis kontrak (terminasi). 

Tahun depan, delapan blok terminasi yang telah diserahkan pemerintah kepada Pertamina, termasuk Blok Sanga-Sanga dan Blok OSES. Pertamina juga berupaya meningkatkan produktivitas seluruh aset yang dimiliki. Di antaranya, PHE WMO integration project, proyek pengeboran Parang Nunukan, proyek pengeboran Randugunting, dan optimalisasi kandungan minyak di sumur-sumur tua.

Jawa Pos, Page-3, Tuesday, April, 11, 2017

The acquisition 2 Blocks of the Russian Oil and Gas, Completed This Year

PT Pertamina is targeting the acquisition of blocks of oil and gas in Russia was completed this year. Senior Vice President Business Development Pertamina Upstream Denie S Tampubolon said the acquisition process towards the final stage of the discussion of commercial issues.

As part of the deal with Rosneft, the Russian company in Tuban refinery construction project, Pertamina is entitled to evaluate the two oil and gas fields belonging to the company in Russia. 

     According to official information, in a memorandum of understanding both oil and gas company, Pertamina could acquire a controlling stake of 20% participation (field The Northern Tip of Chayvo and 37.5% in the Russkoye field. Of these activities, Pertamina expects to receive 35,000 barrels of oil per day (bpd ) and oil and gas reserves of 200 million barrels of oil equivalent from Russia.

Therefore, Pertamina will enter in two blocks of oil and gas production in Russia with a stake in each block approximately 10% -15%. "Financial transactions should this year, whether agreed or not because it was signed [under discussion] commercial," he said yesterday (10/4). Denie explained, and the technical aspects, there are factors supporting the acquisition of oil and gas block.

Rosneft will build a gas pipeline East Siberia-Pacific Ocean (ESPO) so that the production of these blocks can be connected with East Asian countries. "So the oil will be in Asia." He said that the search for new oil and gas working areas in the drill company located in Africa, the Middle East, and Asia such as Thailand and Vietnam.

The reason is, there is still potential for development. However, he said, the company did not close the acquisition in another region which allows additional volumes of oil that can be processed to meet the needs of fuel oil (BBM) in the country.

In the search for new oil and gas blocks, some factors such as geopolitics, oil and gas reserves, and fiscal requirements into consideration. Iran, for example, have the appeal of the oil and gas reserves, but from the geopolitical aspects has its own challenges. Therefore, the process to follow the field, including two deals Ab Teymour and Mansouri Iran resumed.

Proposals are committed development of the project was submitted in February 2017. "We have already submitted proposals to the development plan of the National Iranian Oil Company [NIOC]. We are in a waiting position of Iran for discussions on the proposal, "he said.

IN INDONESIAN

Akuisisi 2 Blok Migas Rusia, Rampung Tahun Ini  

PT Pertamina menargetkan akuisisi blok minyak dan gas bumi di Rusia selesai tahun ini. Senior Vice President Upstream Business Development Pertamina Denie S Tampubolon mengatakan, proses akuisisi menjelang tahap akhir yakni pembahasan masalah komersial. 

Sebagai bagian dari kesepakatan dengan Rosneft, perusahaan asal Rusia dalam proyek pembangunan Kilang Tuban, Pertamina berhak melakukan evaluasi terhadap dua lapangan migas milik perusahaan itu di Rusia. 

      Berdasarkan keterangan resmi, dalam nota kesepahaman kedua perusahaan migas ini, Pertamina bisa menguasai saham partisipasi 20% (lapangan The Northern Tip of Chayvo dan 37,5% di Lapangan Russkoye. Dari kegiatan tersebut, Pertamina menargetkan bisa mendapat minyak 35.000 barel per hari (bph) dan cadangan migas 200 juta barel setara minyak dari Rusia. 

Untuk itu, Pertamina akan masuk di dua blok migas produksi di Rusia dengan kepemilikan saham di masing-masing blok sekitar 10%-15%. “Transaksi finansial harus tahun ini, apakah sepakat atau tidak karena sudah masuk [tahap pembahasan] komersial," ujarnya, Senin (10/4). Denie menjelaskan, dan aspek teknik, terdapat faktor pendukung akusisi blok migas tersebut. 

Rosneft akan membangun pipa gas East Siberia-Pacific Ocean (ESPO) sehingga produksi di lapangan tersebut bisa terhubung dengan negara di Asia Timur. “Jadi minyaknya akan ada di kawasan Asia.” Dia menyebutkan bahwa pencarian wilayah kerja migas baru yang di incar perseroan berlokasi di Afrika, Timur Tengah, dan Asia seperti Thailand dan Vietnam. 

Alasannya, masih terdapat potensi pengembangan. Namun, katanya, perseroan tidak menutup akuisisi di wilayah lain yang memungkinkan tambahan volume minyak yang bisa diolah untuk memenuhi kebutuhan bahan bakar minyak (BBM) di dalam negeri. 

Dalam mencari blok migas baru, beberapa faktor seperti geopolitik, cadangan migas, dan syarat-syarat fiskal menjadi pertimbangan. Iran misalnya, memiliki daya tarik dari sisi cadangan migas, tetapi dari aspek geopolitik memiliki tantangan tersendiri. Oleh karena itu, proses untuk mengikuti penawaran dua lapangan yakni Ab Teymour dan Mansouri di Iran dilanjutkan. 

Proposal yang menyatakan komitmen pengembangan lapangan tersebut telah disampaikan pada Februari 2017. “Kami juga sudah menyerahkan proposal rencana pengembangan ke National Iranian Oil Company [NIOC]. Kami dalam posisi menunggu dari Iran untuk pembahasan tentang proposal itu,” katanya.

Bisnis Indonesia, Page-30, Tuesday, April, 11, 2017

Pertamina Soon ahold Tiung Blue

PT Perfomina EP Cepu, a subsidiary of PT Pertamina (Persero), targets to control 90% stake in Gas Field Jambaran - Tiung Blue, Cepu in May 2017 with the completion of negotiations with ExxonMobil Cepu Limited.

Based on the Letter of Meriteri Energy and Mineral Resources (ESDM) No. 9/13 / MEM / 2017 on January 3, 2017, the government commissioned the company to develop the full field-Tiung Jambaran Blue is part of Cepu and Pertamina EP working area.

In the project, PT Pertamina EP Cepu (PEPC) acts as the operator and controls the shares of participation (participating interest / Pl) by 45%. Meanwhile, in Cepu, ExxonMobil Cepu Limited is the operator shareholding with the participation of PEPC 45%, ExxonMobil Cepu Limited 45% and local-owned enterprises (BUMN) 10%.

Director of PEPC Adriansyah said some parameters for Economic into the gas field development has been consistent, but the discussion of taxation issues and the participation share transfer value of 45% of the shares expected to be completed in May 2017. Through these activities are expected to soon finalizing the gas sales agreement (GSA ) in the second quarter / 2017.

Acceleration GSA settlement, expected to encourage the accelerated auction process design, procurement, and construction (EPC). As a result, the first gas production could begin in 2020. "There are a few more questions of interpretation of taxation. The talks will go ahead. May finished as JTB [Jambran-Tiung Blue should begin this year so on stream / in operation by 2020, "he said in a Media Gathering Directorate of Pertamina Hulu, Monday (10/4).

"Based on the Head of Agreement (HOA) signed in 2015, Pertamina is the main buyer of gas with a volume of 100 million cubic feet per day (MMSCFD) and PT Pupuk Kujang Cikampek as buyers alternative absorb the gas as much as 85 MMSCFD. 

In the agreement, a clause who called Pertamina will become buyers when Pupuk Kujang alternative can not agree about the price of the set. However, Pupuk Kujang canceled to absorb the gas from Jambaran because the price offered was considered too expensive. the fertilizer plant wants gas price of US $ 7 per MMBtu.

LOWER

Senior Vice President Business Development Pertamina Upstream Denie Tampubolon said the budget for the acquisition of management rights in Jambaran Field-Tiung Blue has been prepared. According to him, the cost of which issued it will not be as big as to buy shares of participation other work areas. Because the field that previously targeted start producing gas in 2019 was only part of the Cepu Block.

In 2016, Pertamina capital expenditures in the upstream sector amounted to US $ 1.8 billion, ie US $ 0.3 billion for overseas assets and US $ 1.5 billion for domestic assets. The company allocates capital for the acquisition of oil and gas field in this year's US $ 1 billion to $ 2 billion. "Ready. There would be great because the only part of the Cepu Block. "

Upstream Director Penamina Syamsu Alam said the cost for the master franchise-Tiung Jambaran Fields Blue has been prepared for such activities has been anticipated since the beginning of 2016. He said that the difference in the economic standards of the project is difficult to be equated.

IN INDONESIAN

Pertamina Segera Kuasai Tiung Biru

PT Perfomina EP Cepu, anak usaha PT Pertamina (Persero), menargetkan dapat menguasai 90% saham Lapangan Gas Jambaran-Tiung Biru, Blok Cepu pada Mei 2017 dengan selesainya negosiasi dengan ExxonMobil Cepu Limited.

Berdasarkan Surat dari Meriteri Energi dan Sumber Daya Mineral (ESDM) No. 9/13/MEM/ 2017 pada 3 Januari 2017, pemerintah menugaskan perseroan untuk mengembangkan secara penuh lapangan Jambaran-Tiung Biru yang merupakan bagian antara Blok Cepu dan wilayah kerja milik Pertamina EP. 

Pada proyek tersebut, PT Pertamina EP Cepu (PEPC) berperan sebagai operator dan menguasai saham partisipasi (participating interest/Pl) sebesar 45%. Sementara itu, di Blok Cepu, ExxonMobil Cepu Limited menjadi operator dengan komposisi  kepemilikan saham partisipasi yakni PEPC 45%, ExxonMobil Cepu Limited 45 % dan badan usaha milik daerah (BUMD) 10%. 

Direktur Utama PEPC Adriansyah mengatakan beberapa parameter ke ekonomian dalam pengembangan lapangan gas itu telah sejalan, tetapi pembahasan tentang masalah perpajakan pengalihan saham partisipasi dan nilai 45 % saham diharapkan bisa tuntas pada Mei 2017. Melalui kegiatan tersebut diharapkan bisa segera memfinalkan perjanjian jual beli gas (PJBG) pada kuartal II/2017.

Percepatan penyelesaian PJBG, diharapkan bisa mendorong proses percepatan lelang desain, pengadaan, dan konstruksi (EPC). Sebagai hasil, produksi gas pertama bisa dimulai pada 2020. “Ada beberapa lagi soal interpretasi perpajakan. Perundingan jalan terus. Mei selesai karena JTB [Jambran-Tiung Biru harus dimulai tahun ini supaya on stream/beroperasi 2020,” ujarnya dalam acara Media Gathering Direktorat Hulu Pertamina, Senin (10/4).  

"Berdasarkan Head of Agreement (HOA) yang diteken 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 gas sebanyak 85 MMscfd. 

Pada perjanjian tersebut, terdapat klausul yang menyebut Pertamina akan menjadi pembeli altenatif bila Pupuk Kujang tidak bersepakat soal harga yang ditetapkan. Namun, Pupuk Kujang telah membatalkan untuk menyerap gas dari Jambaran karena harga yang ditawarkan dianggap terlalu mahal. Pabrik pupuk tersebut menginginkan harga jual gas US$ 7 per MMBtu.

LEBIH RENDAH

Senior Vice President Upstream Business Development Pertamina Denie Tampubolon mengatakan, anggaran untuk akuisisi hak kelola di Lapangan Jambaran-Tiung Biru telah disiapkan. Menurutnya, biaya yang dikeluarkan itu tidak akan sebesar untuk membeli saham partisipasi wilayah kerja lain. Pasalnya, lapangan yang sebelumnya ditarget mulai menghasilkan gas pada 2019 itu hanya bagian dari Blok Cepu.

Pada 2016, realisasi belanja modal Pertamina di sektor hulu sebesar US$1,8 miliar yakni US$0,3 miliar untuk aset luar negeri dan US$1,5 miliar untuk aset domestik. Perseroan mengalokasikan modal untuk akuisisi lapangan migas pada tahun ini US$1 miliar-US$2 miliar. “Sudah siap. Tidak akan besar karena hanya

bagian dari Blok Cepu.”

Direktur Hulu Penamina Syamsu Alam mengatakan, biaya untuk menguasai hak kelola Lapangan Jambaran-Tiung Biru telah disiapkan karena kegiatan tersebut telah diantisipasi sejak awal 2016. Dia menyebut bahwa perbedaan standar keekonomian dari proyek sulit untuk disamakan. 

Bisnis Indonesia, Page-30, Tuesday, April, 11, 2017

Speculators action Paint Rally

World crude oil prices were on trend rally, as the rampant speculative attack US mission to Syria. The price increase was also boosted by the cessation of production of the largest oil fields in Libya, as well as OPEC oil contract extension.

In trading on Monday (10/4) at 3:23 pm, the price of WTI oil contract in May 2017 is at US $ 52.66 per barrel rose 0.8% or 0.42 points. This is an increase since trading successive said on Tuesday (21/3). In the past month, prices have grown by 7.6%. Pipeline carrying crude oil ari Sharara, Libya, Zawiya refinery to halt operations on Sunday (9/4). This creates an immediate disruption to the export destination.

As is known, Libya has the largest crude oil reserves in Africa. Sharara, precisely in western Libya, every day to pump 200,000 barrels of oil per day, before the advent of disruption in Libyan oil pipeline. The National Oil Corp (NOC) North African production has just returned to the normal level of about 700,000 barrels per day. Oil producers stopped operating. Meanwhile, the US missile strikes into Syrian air base last week has pushed oil prices rose to above $ 52 per barrel.

Andy Wibowo Gunawan analyst at Mirae Asset Securities Indonesia, said that if given the track record of the history, the US attack on Syria is quite alarming and potentially develop into a war as happened in Iraq in 2003. According to him, the geopolitical conditions that sentiment booster crude oil prices. "The US attack soaring world oil prices," he said, Monday (10/4).

According to traders, as quoted by Reuters, oil prices were supported by strong demand and global political uncertainty following the attack by the US against the Syrian capital last weekend. Strong demand for oil and backgrounds filled with anxiety global conditions provide the balance of the Syrian air base, where suspected launch deadly chemical weapons last week. "The US cruise missile attack has led to a surge in crude oil prices," said Jeffrey Halley, senior market analyst at Oanda.

Syria is not a major crude oil production of the world. The country also has limited oil production. However, its location in the Middle East and its alliances with a number of top oil producers raised fears of widespread conflict could disrupt crude shipments. However, the continued increase in increase for 12 consecutive weeks into 672 rig, which was the highest level since August 2015. According to Goldman Sachs, the rig release of data showing that US oil production (year on year / yoy) to increase by 215,000 barrels per day in 2017.

Firmness GEOPOLITICS

Ibrahim, Director of PT Garuda Futures, said Syria's own influence on the oil market was not too big. Because even in the Middle East, the country was not included in the OPEC member. However, the factor of geopolitical tensions involving oil producers. Actually, geopolitical factors can not be a major foothold as rising commodity prices, as the US dollar continues to strengthen.

Therefore, future commodity prices will go back to the fundamentals of each. "If the speculation continues hoist factor in oil prices, then the US dollar also increased. So when oil prices plummeted major producing countries could experience a crisis. Because the US dollar has been strong due to positive fundamentals, while the oil does not have a solid foundation, "he said. He added that the US attack on the Syrian issue will not take place Iama. The reason, every country involved either directly or indirectly wants global political conditions are more stable.

IN INDONESIAN

Aksi Spekulan Warnai Reli

    Harga minyak mentah dunia sedang dalam tren reli, seiring maraknya aksi spekulatif dari serangan misi Amerika Serikat ke Suriah. Kenaikan harga juga didongkrak oleh terhentinya produksi ladang minyak terbesar di Libya, serta perpanjangan kontrak minyak OPEC.

Pada perdagangan Senin (10/4) pukul 3:23 WIB, harga minyak WTI kontrak Mei 2017 berada di posisi US$52,66 per barel naik 0,8% atau 0,42 poin. Ini merupakan kenaikan berturut-tutur sejak perdagangan selasa (21 /3). Dalam sebulan terakhir, harga telah tumbuh hingga 7,6%. Pipa yang membawa minyak mentah ari Sharara, Libya, ke kilang Zawiya berhenti beroperasi pada Minggu (9/4). Kondisi ini menciptakan gangguan kepada segara tujuan ekspor.

  Seperti diketahui, libya memiliki cadangan minyak mentah terbesar di Afrika. Sharara, tepatnya di Libya barat, setiap hari memompa 200.000 barel minyak per hari, sebelum munculnya gangguan pada pipa minyak Libya. The National oil Corp (NOC) produksi Afrika Utara baru saja kembali ke tingkat normal sekitar 700.000 barel per hari. Produsen minyak berhenti beroperasi. Adapun, serangan rudal AS ke pangkalan udara Suriah pada pekan lalu telah mendorong harga minyak naik ke atas US$52 per barel. 

Andy Wibowo Gunawan analis Mirae Asset Sekuritas Indonesia, mengatakan bila mengingat rekam jejak sejarah, serangan AS kepada Suriah cukup memprihatinkan dan berpotensi berkembang menjadi perang seperti yang terjadi di Irak pada 2003. Menurut dia, kondisi geopolitik itu menjadi sentimen pendongkrak harga minyak mentah. “Serangan AS membuat harga minyak dunia melonjak,” ungkapnya, Senin (10/4). 

Menurut para trader, seperti dikutip Reuters, harga minyak didukung oleh permintaan yang kuat serta ketidakpastian politik global menyusul serangan modal oleh AS terhadap Suriah pada akhir pekan lalu. Kuatnya permintaan atas minyak serta latar belakang kondisi global yang dipenuhi kegelisahan memberikan keseimbangan pangkalan udara Suriah, tempat yang diduga diluncurkannya senjata kimia mematikan pada pekan lalu. “Serangan rudal jelajah AS telah menyebabkan lonjakan pada harga minyak mentah,” ujar Jeffrey Halley, senior market analyst OANDA. 

Suriah memang bukan produksi utama minyak mentah dunia. Negara ini pun telah membatasi produksi minyaknya. Namun, lokasinya yang terletak di Timur Tengah beserta aliansinya dengan sejumlah produsen teratas minyak menimbulkan kekhawatiran tentang meluasnya konflik yang dapat mengganggu pengiriman minyak mentah. 

    Meski demikian, lanjutan peningkatan bertambah selama 12 pekan berturut-turut menjadi 672 rig, yang merupakan level tertinggi sejak Agustus 2015. Menurut Goldman Sachs, rilis data rig menunjukkan bahwa produksi minyak AS (year on year/yoy) dapat bertambah sebesar 215.000 barel per hari pada 2017.

KETEGASAN GEOPOLITIK

Ibrahim, Direktur Utama PT Garuda Berjangka, mengungkapkan pengaruh Suriah sendiri terhadap pasar minyak sebenarnya tidak terlalu besar. Pasalnya meskipun berada di Timur Tengah, negara itu tidak masuk dalam anggota OPEC. Namun, faktor ketegangan geopolitik melibatkan  produsen minyak. Sebetulnya faktor geopolitik tidak bisa dijadikan pijakan utama sebagai kenaikan harga komoditas, karena dolar AS juga terus menguat. 

Oleh karena itu, nantinya harga komoditas akan kembali kepada fundamental masing-masing. “Jika faktor spekulasi terus mengerek harga minyak, kemudian dolar AS juga meningkat. Maka ketika harga minyak anjlok negara produsen utama bisa mengalami krisis. 

     Karena dolar AS sudah kuat karena fundamental positif, sedangkan minyak tidak punya dasar yang kuat,” paparnya. Dia menambahkan, masalah serangan AS terhadap Suriah tidak akan berlangsung Iama. Pasalnya, setiap negara yang terlibat baik secara langsung maupun tidak langsung menginginkan kondisi politik global yang lebih stabil. 

Bisnis Indonesia, Page-16, Tuesday, April, 11, 2017

Pertamina Rely on Foreign Oil and Gas Blocks

PT Pertamina is committed to achieve the target production of 1.9 million barrels of oil equivalent per day (BOEPD) in 2025. The target will be supported by intensifying the acquisition of oil and gas assets in and outside the country.

PT Pertamina Upstream Director Syamsu Alam said the acquisition of assets from abroad (overseas) reliable-able to contribute 33% of the production target. He said Pertamina will undertake a strategy to manage blocks termination at next year which has been transferred from the government to Pertamina including oil and gas Sanga-Sanga block and Block OSes (Offshore South East Sumatra).

"In domestic, Pertamina also optimize the assets owned by the various projects, such as PHE WMO Integration Project, drilling projects Parang Nunukan, Randugunting drilling projects, optimization of EOR in old wells and others, "said Syamsu Alam in Cirebon, West Java.

He added that the asset optimization intended to increase oil and gas production for the target company's upstream sector reached. According Syamsu, overseas there are three blocks that have already been produced, namely Algeria, Iraq and Malaysia. In addition, Pertamina also has an additional two blocks that are already in production in Nigeria and Gabon.

While seven blocks in the exploratory stage, namely Namibia, Tanzania, Myanmar, France, Italy, Colombia, and Canada. 'So now we are grateful to Pertamina in 12 countries.

Steps taken by Pertamina can not be separated from efforts SOEs to contribute significantly in supporting the national economy. Indonesia, which is currently in the order of the 16 countries with the largest economies are expected to grow nearly continued economic giants of the world, such as China, America and India.

"With that kind of economic growth, of Indonesia needs the support of energy to the maximum. Nationally, the real national energy needs far more than enough," he said.

However, when the high consumption of oil and gas production in Indonesia it has continued to decline, in line with the increasing depletion of reserves at the disposal. Although Indonesia has 60 basins, Indonesia's oil reserves in the order of 26 world, about 4 billion barrels. The same thing with gas reserves of Indonesia at number 14 with reserves of 100 tcf.

"Step Pertamina manage overseas oil and gas blocks in the real to strengthen reserves and national production. Because of overseas oil and gas production in the results will be taken home to be processed in existing refineries in Indonesia to meet domestic fuel consumption.

IN INDONESIAN

Pertamina Andalkan Blok Migas Luar Negeri

PT Pertamina berkomitmen merealisasikan target produksi 1,9 juta barel oil equivalen per day (BOEPD) pada 2025. Target tersebut akan ditopang dengan menggencarkan akuisisi aset migas di dalam dan diluar negeri.

Direktur Hulu PT Pertamina Syamsu Alam mengatakan, akuisisi aset dari luar negeri (overseas) diandalkan-mampu menyumbang 33% target produksi tersebut. Menurut dia, Pertamina akan melakukan strategi untuk mengelola blok-blok terminasi pada tahun depan yang telah diserahkan dari pemerintah kepada Pertamina, termasuk Blok Migas Sanga-Sanga dan Blok OSES (Offshore South East Sumatera).

"Di domestik, Pertamina juga mengoptimalisasikan aset-aset yang dimiliki dengan berbagai proyek, seperti PHE WMO Integration Project, proyek pengeboran Parang Nunukan, proyek pengeboran Randugunting, optimalisasi EOR di sumur-sumur tua dan lainnya," ujar Syamsu Alam di Cirebon, Jawa Barat.

Dia menambahkan, optimalisasi aset tersebut dimaksudkan untuk meningkatkan produksi migas agar target perusahaan disektor hulu tercapai. Menurut Syamsu, di luar negeri terdapat tiga blok yang telah berproduksi, yaitu Aljazair, Irak, dan Malaysia. Selain itu Pertamina juga memiliki tambahan dua blok yang sudah berproduksi di Nigeria dan Gabon.

Sementara tujuh blok yang dalam tahap eksplorasi, yakni Namibia, Tanzania, Myanmar, Prancis, Italia, Kolombia, dan Kanada. Jadi, sekarang kita bersyukur Pertamina ada di 12 negara.

Langkah yang dilakukan Pertamina tidak lepas dari upaya perusahaan pelat merah ini untuk memberikan kontribusi nyata dalam mendukung perekonomian nasional. Indonesia yang saat ini berada di urutan ke-16 negara dengan kekuatan ekonomi terbesar pun terus diperkirakan tumbuh mendekati raksasa-raksasa ekonomi dunia, seperti China, Amerika, dan India.

"Dengan pertumbuhan ekonomi semacam itu, tentu Indonesia membutuhkan dukungan energi secara maksimal. Secara nasional, sesungguhnya kebutuhan energi nasional jauh lebih dari cukup,” kata dia.

Namun, di saat tingginya konsumsi justru produksi migas di Indonesia terus merosot, seiring makin menipisnya cadangan yang di miliki. Sekalipun Indonesia memiliki 60 cekungan, cadangan minyak Indonesia itu di urutan 26 dunia, sekitar 4 miliar barel. Hal yang sama dengan cadangan gas Indonesia di urutan ke 14 dengan cadangan 100 TCF.

”Langkah Pertamina mengelola blok migas di luar negeri sesungguhnya untuk memperkuat cadangan dan produksi nasional. Karena produksi migas di overseas itu hasilnya akan dibawa pulang untuk diolah di kilang-kilang yang ada di lndonesia untuk memenuhi konsumsi BBM domestik.

 Koran Sindo, Page-5, Monday, April, 10, 2017

SKK Migas Organize Data Vendor for DCL

Unit Special Oil and Gas (SKK Migas) will establish a database of local vendors and tender. Database which can be accessed via online has become one of the ways to improve the rate of domestic content (DCL) for the upstream oil and gas company.

Secretary Ariyanto SKK Migas Budi said, the role of local vendors is essential to increase local content and increase state revenues. He said there needs to be an accurate database in order to maximize the role of local vendors.

"We again woke integrated central database vendor. So, later the tender in there. We do not know the vendor who, disposable e-mail service all electronics. All electronic communication wear it shows transparency, "said Budi, last weekend.

Budi said the PTK 007, SKK Migas is mandated DCL high enough on upstream oil and gas business. He said the government had set a target of at least 35 per cent local content in the upstream oil and gas business. On the other hand, a lot of support upstream oil and gas industry or a local vendor that is already growing rapidly, even too many orders from foreign parties, but was not seen by the upstream oil and gas businesses.

Through online tenders and accurate database, Budi assess the cooperation between industry and businessmen supporting upstream oil and gas could be developed well. This can improve efficiency. upstream oil and gas business because it could put the brakes on import dependence.

Budi hope, with their wide-open spigot of government to these local vendors, the local vendors can also increase quality and improve standards to not lose competitiveness with foreign products. Budi said the realization of DCL until February 2017 has been noted that 46.17 percent or equivalent to 1,620 million US dollars. Meanwhile, in 2016 the realization of DCL recorded 55 percent.

"The realization of DCL did we notice since 2006. Since 2010 to 2016 was relatively rises. So this year we are targeting DCL could rise up to 55 percent, "said Budi.

Commercial and Production Director of PT Guna Nusa Fabrication Sirnatupang Ramli said that during the government simply enforce and issue regulations on DCL. However, safeguards and government socialization of the upstream oil and gas activities in order to support local vendors still need to be improved.

He said that during the import by PSC's dependence on goods support upstream oil and gas activity is still high. In fact, not a few local vendors who can produce intermediate goods, and can compete with foreigners.

Ramli said the government needs to improve socialization and affirmation of the PSC in order to use local vendors in meeting the needs of a means of supporting their oil and gas upstream activities. To date, there have been several PSC which are already asking DCL more than 35 percent. Some PSC even reach up to 55 percent local content.

IN INDONESIAN

SKK Migas Susun Data Vendor untuk TKDN

Satuan Kerja Khusus Minyak dan Gas (SKK Migas) akan membentuk database vendor lokal dan tender. Database yang dapat diakses melalui daring tersebut menjadi salah satu cara untuk bisa meningkatkan tingkat kandungan dalam negeri (TKDN) bagi para perusahaan hulu migas.

Sekretaris SKK Migas Budi Ariyanto mengatakan, peran vendor lokal sangat penting untuk meningkatkan TKDN dan meningkatkan pendapatan negara. Ia mengatakan, perlu ada database yang akurat agar bisa memaksimalkan peran Vendor lokal.

“Kita lagi bangun central integrated database vendor. Jadi, nanti tender masuk ke situ. Kita tidak tahu vendor itu siapa, pelayanan pakai e-mail elektronik semua. Komunikasi semua pakai elektronik itu menunjukkan transparansi,” ujar Budi, akhir pekan lalu.

Budi mengatakan, dalam PTK 007, SKK Migas memang mengamanatkan TKDN yang cukup tinggi pada kerja hulu migas. Ia mengatakan, pemerintah memasang target TKDN minimal 35 persen pada kerja hulu migas. Di sisi lain, banyak industri penunjang hulu migas atau vendor lokal yang sebenarnya sudah berkembang pesat, bahkan terlalu banyak order dari pihak luar negeri, tetapi tidak terlihat oleh pengusaha hulu migas.

Melalui tender online dan database yang akurat, Budi menilai kerja sama antara industri penunjang dan pengusaha hulu migas bisa lebih terbangun dengan baik. Hal ini bisa meningkatkan efisiensi. kerja hulu migas karena bisa mengerem ketergantungan impor.

Budi berharap, dengan adanya keran yang terbuka lebar dari pemerintah untuk Vendor lokal ini, para vendor lokal juga bisa meningkatkan kualitas dan meningkatkan standar hingga tidak kalah saing dengan produk asing. Budi mengatakan, realisasi TKDN hingga Februari 2017 tercatat sudah 46,17 persen atau senilai 1,620 juta dolar AS. Sedangkan, pada 2016 realisasi TKDN tercatat 55 persen.

“Realisasi TKDN memang kita perhatikan sejak 2006. Sejak 2010 hingga 2016 memang relatif naik. Makanya tahun ini kita targetkan TKDN bisa naik hingga 55 persen,” ujar Budi.

Direktur Komersil dan Produksi PT Guna Nusa Fabrication Ramli Sirnatupang mengatakan, selama ini pemerintah hanya memberlakukan dan mengeluarkan peraturan tentang TKDN. Namun, pengawalan dan sosialisasi pemerintah terhadap kegiatan hulu migas untuk bisa mendukung vendor lokal masih perlu ditingkatkan. 

Ia mengatakan, selama ini ketergantungan impor oleh KKKS terhadap barang-barang penunjang kegiatan hulu migas masih tinggi. Padahal, tidak sedikit vendor lokal yang sudah bisa memproduksi barang penunjang dan bisa bersaing dengan asing.

Ramli mengatakan, pemerintah perlu meningkatkan sosialisasi dan penegasan terhadap para KKKS untuk bisa menggunakan vendor lokal dalam memenuhi kebutuhan alat penunjang kegiatan hulu migas mereka. Untuk saat ini, sudah ada beberapa KKKS yang memang sudah meminta TKDN lebih dari 35 persen. Beberapa KKKS bahkan mencapai TKDN hingga 55 persen.

 Republika, Page-13, Monday, April, 10, 2017

Sharing Schemes Boost Local Components

The implementation of the scheme for the results of the gross production (gross split) of crude oil and natural gas will certainly increase the amount of domestic component level (DCL). This was due to the more DCL is used, the greater the revenue share received by the contractor.

"In addition to potentially get an extra split (for results) through a component variable split, investors will want to save on operating costs for cost recovery is no longer valid, especially for the working area (WK) new and termination," said Secretary of the Unit Special Upstream Oil and Gas (SKK Migas) Budi Agustyono

According to records SKK Migas, all commitments of procurement of goods and services conducted SKK Migas or upstream oil and gas investor or contractor cooperation contract (PSC) reached US $ 2,628 million as of March 2017. When the percentage, DCL absorption of 39.93%. The achievement was above the minimum threshold DCL uptake general obligation, namely 30%.

Added, although the gross-based PSC regime split approved work program and budget (WP & B) is no longer in the hands of SKK Migas, the agency was still doing the monitoring of goods and services. Procurement in the upstream oil and gas sector includes pipes, pumping unit, drilling mud, cement, chemical, lubricants, to fuel oil (BBM). Procurement of services includes, surveying, seismic and geology, drilling, FEED, EPC I, shipping, aircraft, until the building maintenance.

He added that gross regime increasingly split wide open space for contractors and state justice. That caused a split calculation is influenced by many factors, from the price of oil, the type of field, the cumulative production, until the uptake DCL.

Likewise, Commercial and Businesses Development Director of PT Gunanusa Utama Fabricators Ramli added Simatupang scheme based on gross PSC split could also extend upstream oil and gas projects for local contractors. By doing so, the national fabrication industry increasingly powerless.

"In the future there will be more (projects for local contractors). We greatly boosted gross split. Uptake DCL above 50%.

IN INDONESIAN

Skema Bagi Hasil Dongkrak Komponen Lokal

Penerapan skema bagi hasil dari produksi kotor (gross split) minyak mentah dan gas bumi dipastikan akan menaikkan besaran tingkat komponen dalam negeri (TKDN). Hal itu disebabkan semakin banyak TKDN yang digunakan, akan semakin besar bagi hasil yang diterima kontraktor.

“Selain berpotensi mendapatkan tambahan split (bagi hasil) melalui komponen variable split, investor tentunya ingin menghemat biaya operasional karena cost recovery tidak lagi berlaku, terutama bagi wilayah kerja (WK) baru dan terminasi,” kata Sekretaris Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Budi Agustyono 

Menurut catatan SKK Migas, seluruh komitmen pengadaan barang dan jasa yang dilakukan SKK Migas ataupun investor hulu migas atau kontraktor kontrak kerja sama (KKKS) mencapai US$2,628 juta per Maret 2017. Bila di persentase, penyerapan TKDN sebesar 39,93%. Pencapaian itu di atas ambang minimum kewajiban serapan TKDN secara umum, yakni 30%.

Ditambahkan, meski dalam rezim PSC berbasis gross split persetujuan work program and budget (WP&B) tidak lagi berada di tangan SKK Migas, lembaga itu tetap melakukan pengawasan terhadap barang dan jasa. Pengadaan barang di sektor hulu migas meliputi pipa, pumping unit, lumpur pengeboran, semen, kimia, pelumas, hingga bahan bakar minyak (BBM). Pengadaan jasa mencakup, jasa survei, seismik dan geologi, pengeboran, FEED, EPC I, perkapalan, pesawat udara, hingga perawatan gedung.

Dia menambahkan rezim gross split semakin membuka lebar ruang keadilan bagi kontraktor ataupun negara. Itu disebabkan penghitungan split dipengaruhi berbagai faktor, mulai harga minyak, jenis lapangan, kumulatif produksi, hingga serapan TKDN. 

Senada, Commercial and Businesses Development Director PT Gunanusa Utama Fabricators Ramli Simatupang menambahkan skema PSC berbasis gross split juga bisa memperluas proyek hulu migas bagi kontraktor lokal. Dengan begitu, industri fabrikasi nasional semakin berdaya. 

“Ke depannya akan lebih banyak (proyek bagi kontraktor lokal). Kita sangat dukung gross split. Serapan TKDN di atas 50%.

Media Indonesia, Page-18, Monday, April, 10, 2017

Balance between production and cost recovery a struggle

Meeting the government’s target of oil and gas production, which is essential to fulfill the country’s growing thirst for energy and minimize imports, is no easy feat given the limited budget and aging wells. The Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) has approved 59,013 exploitation and exploration activities proposed by contractors for this year’s work plan and budget, which is intended to increase reserves and maintain production levels.

While only 7.7 percent of the approved exploitation and exploration activities have been conducted by the end of February, the government has shelled out US$2.4 billion - or 22.9 percent of the annual cost recovery budget in the first quarter ofthe year.

It is unlikely that the contractors will be able to check off all the activities, as the budget for cost recovery the government’s reimbursement scheme for exploration and exploitation activities has been cut in the 2017 state budget to $10.5 billion from the initially proposed $11.5 billion.

“If the cost recovery has been cut, then we will also have to cut down on our activities. With the current state of oil prices, we will have to prioritize activities that can boost production, such as well maintenance and workovers,” SKKMigas secretary Budi Agustyono said recently.

To offset the cost recovery burden, the government recently announced a gross-split sliding scale, in which the profit split is determined from the get-go and the Will no longer reimburse any exploration or exploitation expenses, on new contracts.

Even as the government pins its hopes on the gross-split scheme, the cost recovery scheme is not going anywhere anytime soon, as there are still dozens of contracts operating under cost recovery that will not expire within the next decade.

This year’s state budget targets ready-to-sell production, also known as lifting, of 1.9 million barrels of oil equivalent per day (boepd), comprising of 815,000 barrels of oil per day (bopd) and 6,440 million metric standard cubic feet of gas per day (mmscfd). While the gas lifting target has largely been met in the first quarter, oil lifting has fallen short of its target with only 787,800 bopd.

The Energy and Mineral Resources Ministry is working on a new regulation that may compel new contracts for existing fields to include proposals of enhanced oil recovery (EOR) activities to squeeze out every last drop of oil. Oil and gas director general IGN Wiratmaja Puja said the ministry was still evaluating the possible incentives it could offer contractors to increase their enthusiasm for EOR activities. He cited an increase in the profit split for the contractors as a possible incentive.

“We want [the contractors] to already have plans for future EOR activities in the field when they submit their proposals,” he said recently adding that EOR at 34 priority fields could help boost lifting to around 600,000 bopd by 2030. 

     Based on current conditions, many believe lndonesia’s oil reserves will be depleted in little over a decade if the country keeps its lifting rate above 800,000 bopd without any new discoveries. Furthermore, lifting could drop to below' 400,000 bopd within the next decade.

Jakarta Post, Page-13, Monday, April, 10, 2017