Pertamina's revenues were US $ 10.15 billion

PT Pertamina posted revenues in the first quarter of 2017 of US $ 10.15 billion, an increase over the same period last year of US $ 8.55 billion. This is mainly due to rising oil prices from US $ 30.2 per barrel to US $ 51.03 per barrel. However, the selling price of Premium and Solar fuel oil (BBM) which is below the economic price causes the company's EBITDA to drop from US $ 2.18 billion to US $ 1.89 billion.

"With rising crude oil prices, Pertamina's net profit (net profit) also fell from US $ 1.01 billion to US $ 760 million and EBITDA fell 13% from US $ 2.18 billion to US $ 1.89 billion," said President Director of Pertamina Elia Massa Manik.

Pertamina Finance Director Arief Budiman added that Pertamina's revenue increase is mainly supported by the considerable income from non-subsidized fuel business. However, as oil prices have risen by 69%, operating revenues have declined. This is caused by Pertamina can not divert the burden of rising crude oil prices by raising the price of fuel

"We can not" pass through "to the consumer so must be cross subsidy. So operating income fell 25% and nett income 24%. "Revenue from operations was down from US $ 1.77 billion to US $ 1.32 billion.

He explained, according to the formula set by the Ministry of Energy and Mineral Resources, the price of fuel for Premium and Subsidized Solar based on the average price of crude oil in the previous three months. Currently there is a difference between the price of fuel based on formula and real in the field, ie Rp 450 per liter for Premium and Rp 1,150 per liter for subsidized Solar.

Based on Pertamina charts, real prices in the community have been below the price according to formula since July 2016 for Solar and January 2017 for Premium. "We understand that this (fixed fuel prices) is required for now, we are temporarily cross crossidy. But indeed the implications in the downstream are not as good as in previous years, "said Arief.

Meanwhile, Marketing Director Muchammad Iskandar added that current fuel prices are set at oil prices at around US $ 40 per barrel. At this number, Pertamina does not bear the burden. However, once the price of oil is above US $ 40 per barrel, the price of fuel in the community is already under the economy. In fact, the current price of oil has reached US $ 50 per barrel.

In accordance with the agreement with the government, fuel prices will indeed be evaluated again in June. However, EBITDA in the first quarter of this year only decreased by 13%. This is because Pertamina's business fundamentals are still relatively good. From the amount of EBITDA of US $ 1.89 billion, the contribution of upstream and downstream businesses is equal to 50% each. Although for revenue, downstream business contribution still dominate by 87%.

From the performance of oil and gas production, there was an increase of 5.7% from 647 thousand barrels of oil equivalent per day / boepd in the first quarter of last year to 684 thousand boepd in the first quarter of this year. In detail, oil production rose from 305 thousand barrels per day (bpd) to 37 thousand bpd and gas from 1,975 million standard cubic feet per day / mmscfd to 2,010 mmscfd.

Then the fuel sales rose from 15.08 million kiloliters (KL) to 15.84 million KL or 4% increase. Sales of non-fuel products increased from 3.46 million KL to 3.68 million KL and lubricants from 110 thousand KL to 130 thousand KL. Furthermore, for processing performance, the amount of processed oil fell from 80.52 million barrels to 74.45 million barrels and the volume of products produced also decreased from 75.54 million barrels to 70.32 million barrels. Of the products produced, the volume of valuable products fell from 61.58 million barrels to 57.14 million barrels.

However, Pertamina's gas business performance in the first quarter was down slightly. The volume of gas transported is reduced from 130.09 billion standard cubic feet / bsct to 125.96 bscf. While LNG sales fell slightly from 130.18 trillion british thermal unit (tbtu) to 128.74 tbtu.

Evaluation of Acquisition and Megaproject

Contrary to financial relation, the company's investment in the first quarter increased significantly. Elia Massa Manik revealed, until last March, the investment issued has reached US $ 1.11 billion. This figure rose 208.3% from the realization of the same period last year which only US $ 360 million. "This is because a lot of investment in previous years is paid in the first quarter of 2017," he said.

Massa Manik added that his side is now evaluating the plan to acquire oil and gas blocks and megaproyek refinery. For megaproyek refinery, it will take a more cautious position, ie run every stage of development well. It wants to emphasize three things in project work, namely project quality, timely completion, and competitive.

While in partnership with other companies, Massa Manik wants to avoid unnecessary burdens. "For example Bontang Refinery, we will see how the affairs of the product, whether asked off take guaranty. We prefer joint marketing to avoid unnecessary liability. At the Bontang Refinery Project, Pertamina will also only take a minority stake of 5-10%.

Then about the acquisition of oil and gas blocks, he wanted to study the shortcomings of the actions so far, both from the legal side and the prerequisite of his contract. It also wants to expand its partnership with oil and gas companies that have blocks in various countries so that the company holds shares in many oil and gas blocks. This strategy will be run with the concept of risk sharing and does not pursue a majority share.

"So in a position with partner, we do not take the majority (share of participation) but take the product (crude oil)," said Massa Manik. This is to ensure the availability of domestic crude oil. For the refinery project, Pertamina's Pertamina Processing and Petrochemical Director Rachmad Hardadi said the Cilacap Blue Continuing Program (PLBC) project will be completed by 2018.

At that time, 91 thousand Premium production from Cilacap Refinery can be converted into Pertamax. Furthermore, RDMP (refinery development master plant) first phase of Balikpapan refineries is completed in April-May 2020, followed by phase two which raises the product capacity to Euro 5 in 2021.

At the same time, it will process Balongan Refinery RDMP targeted for completion in 2021 with an increase in capacity to 200 thousand bpd. The next project that is completed is RDMP Refinery Cilacap and Tuban Refinery in 2023, followed by Bontang Refinery in 2025. At that time the refinery capacity will reach 2.2 million bpd from the current 1.05 million bpd. "Bontang refinery has been done project expose on February 28 and still evaluated from nine candidates who entered. The serious ones are Sinopec and Kuwait Petroleum International. June-July will convey its progress, "explained Hardadi.

For upstream investment, Pertamina is evaluating each of the two oil and gas blocks in Iran and Russia. Upstream Director of Pertamina Syamsu Alam revealed, for Iran, it has submitted a development proposal and is evaluating the new oil and gas block contract form published by the Iranian Government. While in Russia, the company is still negotiating with Rosneft Oil Company as the owner of the block.

IN INDONESIAN

Pendapatan Pertamina US$ 10,15 Miliar

PT Pertamina mencatat pendapatan pada kuartal I 2017 sebesar US$ 10,15 miliar atau naik dibanding periode yang sama tahun lalu sebesar US$ 8,55 miliar. Hal ini terutama disebabkan naiknya harga minyak dari US$ 30,2 per barel menjadi US$ 51,03 per barel. Namun, adanya beban penjualan bahan bakar minyak (BBM) Premium dan Solar yang di bawah harga keekonomian, menyebabkan EBITDA perusahaan turun dari US$ 2,18 miliar menjadi US$ 1,89 miliar.

“Dengan naiknya harga minyak mentah, nett income (laba bersih) Pertamina juga turun dari US$ 1,01 miliar menjadi US$ 760 juta dan EBITDA turun 13% dari US$ 2,18 miliar menjadi US$ 1,89 miliar," kata Direktur Utama Pertamina Elia Massa Manik.

Direktur Keuangan Pertamina Arief Budiman menambahkan, kenaikan pendapatan Pertamina utamanya di dukung karena penghasilan yang cukup banyak dari bisnis BBM nonsubsidi. Namun, karena harga minyak sudah meningkat hingga 69%, maka pendapatan operasi justru turun. Hal ini disebabkan oleh Pertamina tidak bisa mengalihkan beban kenaikan harga minyak mentah dengan menaikkan harga BBM

“Kami tidak bisa "pass through" ke konsumen jadi harus cross subsidy. Sehingga income operasi turun 25% dan nett income 24%," jelasnya. Pendapatan dari operasi tercatat turun dari US$ 1,77 miliar menjadi US$ 1,32 miliar.

Dijelaskannya, sesuai formula yang ditetapkan Kementerian Energi dan Sumber Daya Mineral, harga BBM untuk Premium dan Solar Bersubsidi berdasarkan rata-rata harga minyak mentah pada tiga bulan sebelumnya. Saat ini terdapat selisih antara harga BBM berdasarkan formula dan riil di lapangan, yakni Rp 450 per liter untuk Premium dan Rp 1.150 per liter untuk Solar bersubsidi.

Berdasarkan grafik Pertamina, harga riil di masyarakat sudah di bawah harga sesuai formula sejak juli 2016 untuk Solar dan Januari 2017 untuk Premium. “Kami paham bahwa ini (harga BBM tetap) dibutuhan untuk saat ini, kami untuk sementara masih bisa lakukan cross subsidy. Tetapi memang implikasinya di hilir tidak sebaik tahun-tahun sebelumnya.” kata Arief.

Sementara itu, Direktur Pemasaran Muchammad Iskandar menambahkan, harga BBM yang berlaku saat ini ditetapkan pada harga minyak di level sekitar US$ 40 per barel. Pada angka ini, Pertamina memang belum menanggung beban. Namun, begitu harga minyak di atas US$ 40 per barel, harga BBM di masyarakat sudah di bawah keekonomian. Padahal, saat ini harga minyak sudah mencapai US$ 50 per barel.

Sesuai kesepakatan dengan pemerintah, harga BBM memang akan dievaluasi lagi pada Juni nanti. Meski demikian, EBITDA kuartal pertama tahun ini hanya berkurang 13%. Hal ini karena fundamental bisnis Pertamina memang relatif masih baik. Dari besaran EBITDA US$ 1,89 miliar ini, kontribusi bisnis hulu dan hilir sudah sepadan masing-masing 50%. Walaupun untuk pendapatan, kontribusi bisnis hilir masih mendominasi sebesar 87%.

Dari kinerja produksi migas, terdapat peningkatan sebesar 5,7% dari 647 ribu barrel oil equivalent per day/boepd pada kuartal pertama tahun lalu menjadi 684 ribu boepd pada kuartal pertama tahun ini. Rincinya, produksi minyak naik dari 305 ribu barel per hari (bph) menjadi 37 ribu bph dan gas dari 1.975 million standard cubic feet per day/mmscfd menjadi 2.010 mmscfd.

Kemudian penjualan BBM naik dari 15,08 juta kiloliter (KL) menjadi 15,84 juta KL atau meningkat 4%. Penjualan produk non-BBM meningkat dari 3,46 juta KL menjadi 3,68 juta KL dan pelumas dari 110 ribu KL menjadi 130 ribu KL. Selanjutnya untuk kinerja pengolahan, jumlah minyak yang diolah turun dari 80,52 juta barel menjadi 74,45 juta barel dan volume produk yang dihasilkan juga berkurang dari 75,54 juta barel menjadi 70,32 juta barel. Dari produk yang dihasilkan, volume produk bernilai (valuable product) turun dari 61,58 juta barel menjadi 57,14 juta barel.

Namun, kinerja bisnis gas Pertamina pada kuartal pertama ini justru turun sedikit. Volume gas yang diangkut berkurang dari 130,09 billion standard cubic feet/bsct menjadi 125,96 bscf. Sementara penjualan LNG turun tipis dari 130,18 triliun british thermal unit (tbtu) menjadi 128,74 tbtu. 

Evaluasi Akuisisi dan Megaproyek

Berkebalikan dengan reliasasi keuangan, investasi perseroan di kuartal pertama ini justru meningkat signifikan. Elia Massa Manik mengungkapkan, sampai Maret lalu, investasi yang dikeluarkan telah mencapai US$ 1,11 miliar. Angka ini naik 208,3% dari realisasi periode yang sama tahun lalu yang hanya US$ 360 juta. “lni karena banyak investasi di tahun-tahun sebelumnya yang dibayarkan pada kuartal pertama 2017 ini,” kata dia.

Massa Manik menambahkan, pihaknya kini sedang mengevaluasi rencana akuisisi blok migas dan megaproyek kilang. Untuk megaproyek kilang, pihaknya akan mengambil posisi lebih hati-hati, yakni menjalankan setiap tahap pembangunan dengan baik. Pihaknya ingin menekankan tiga hal dalam pengerjaan proyek, yakni kualitas proyek, penyelesaian tepat waktu, dan kompetitif. 

Sementara dalam kemitraan dengan perusahaan lain, Massa Manik ingin menghindari beban yang tidak pelu. “Misalnya Kilang Bontang, kita akan lihat bagaimana urusan produknya, apakah diminta off take guaranty. Kami lebih prefer joint marketing supaya terhindar dari liability yang tidak perlu. Di Proyek Kilang Bontang, Pertamina juga hanya akan mengambil saham minoritas, yakni 5-10% saja. 

Kemudian soal akuisisi blok migas, dirinya ingin mempelajari kekurangan-kekurangan dari aksi selama ini, baik dari sisi legal maupun prasyarat kontraknya. Pihaknya juga ingin memperbanyak kemitraan dengan perusahaan migas yang memiliki blok di berbagai negara sehingga perseroan memegang saham di banyak blok migas. Strategi ini akan dijalankan dengan konsep sharing risk dan tidak mengejar bagian saham mayoritas.

“Jadi dalam posisi dengan partner, kami tidak ambil mayoritas (saham partisipasi) tetapi ambil produk (minyak mentah) ,” tegas Massa Manik. Hal ini untuk memastikan ketersediaan minyak mentah dalam negeri. Untuk proyek kilang, Direktur Megaproyek Pengolahan dan Petrokimia Pertamina Rachmad Hardadi menuturkan, proyek Program Lanjut Biru Cilacap (PLBC) akan selesai pada 2018 nanti. 

Pada saat itu, 91 ribu produksi Premium dari Kilang Cilacap bisa diubah menjadi Pertamax. Selanjutnya RDMP (refinery development master plant) tahap pertama Kilang Balikpapan selesai pada April-Mei 2020, dilanjutkan tahap dua yang menaikkan kapasitas produk ke Euro 5 pada 2021.

Pada saat yang sama, pihaknya akan memproses RDMP Kilang Balongan yang ditargetkan selesai pada 2021 dengan peningkatan kapasitas menjadi 200 ribu bph. Proyek berikutnya yang selesai yakni RDMP Kilang Cilacap dan Kilang Tuban pada 2023, disusul Kilang Bontang pada 2025. Pada saat itu kapasitas kilang akan mencapai 2,2 juta bph dari saat ini 1,05 juta bph. “Kilang Bontang sudah dilakukan project expose pada 28 Februari dan masih dievaluasi dari sembilan calon yang masuk.  Yang seriusnya tinggi adalah Sinopec dan Kuwait Petroleum International. Juni-Juli akan sampaikan progresnya,” jelas Hardadi. 

Untuk investasi hulu, Pertamina sedang mengevaluasi masing-masing dua blok migas di Iran dan Rusia. Direktur Hulu Pertamina Syamsu Alam mengungkapkan, untuk Iran, pihaknya sudah mengajukan proposal pengembangan dan sedang mengevaluasi bentuk kontrak blok migas baru yang baru diterbitkan Pemerintah Iran. Sementara di Rusia, perseroan masih negosiasi dengan Rosneft Oil Company sebagai pemilik blok.

Investor Daily, Page-9, Friday, May 26, 2017

Upstream Oil and Gas Production Pertamina Grows 6%

During turbulent oil prices, PT Pertamina during the first quarter of 2017 maintained a positive performance of the company's operations, supported by upstream oil and gas production growth of 6%.

"The current condition of crude oil prices is still volatile, but Pertamina is relatively able to maintain the level of operating performance growth in various business lines of the company. Crude oil price volatility greatly affects the company's financial performance as reflected by the rise in crude oil price compared to the increase in revenue and other financial performance, "said Pertamina President Director Elia Massa Manik

He outlined that oil production in this period reached 337,000 barrels per day (bpd), up 10 percent compared to 316,000 bpd in the first quarter of 2016. Similarly, gas production reached 2,010 MMSCFD, up 2% compared to the first quarter of 2016 of 1,975 MMSCFD.

Thus, overall, Pertamina's oil and gas production in the first quarter of 2017 rose 6%. As for the sale of fuel oil (BBM), Pertamina in the same period recorded an increase of 5% to 15.85 million kiloliters (kl).

Pertamina noted that there is a positive trend in non-subsidized fuel consumption in the form of consumer preference from premium to pertalite and pertamax which has taken part of the sales of about 55.7% of total Pertamina gasoline series sales. Growth also occurred in non-fuel sales (domestic gas and petrochemicals) which rose 6% to 3.68 million KL.

On the other hand, the upward trend in world oil prices during the first quarter of 2017 marked by the rise of Indonesian Crude Price (ICP) to US $ 51.03 (up 69%) compared to the same period last year only increased the company's revenue by 19% to USD10.15 billion, from quote ll 2016 of US $ 8.55 billion.

Meanwhile, the company's net profit fell 24% to USD 0.76 billion compared to the same period of 2016 amounted to US $ 1.01 Pertamina Finance Director Arief Budiman explained that the rise in oil price on one side raises the company's performance in the upstream sector, but on the other hand becomes the burden In the downstream sector. Therefore, Pertamina which is tasked to distribute premium fuel and diesel fuel which no longer get subsidy from the government must bear the difference between the fixed price of Rp 6,450 / liter (premium) since May 2016

In fact, the price of premium economy according to him has exceeded the selling price in line with rising world oil prices. Conditions are not much different in diesel oil. "If we see the price difference with the current economy, for the premium is Rp 450 / liter and diesel oil reaches Rp 1,100 / liter.

IN INDONESIAN

Produksi Hulu Migas Pertamina Tumbuh 6%

Di saat kondisi harga minyak yang bergejolak, PT Pertamina selama kuartal I/2017 mempertahankan pertumIouhan positif kinerja operasi perusahaan, yang didukung oleh peningkatan produksi hulu migas sebesar 6%.

”Kondisi harga minyak mentah saat ini masih volatile, namun Pertamina relatif dapat menjaga tingkat pertumbuhan kinerja operasi diberbagai lini bisnis perusahaan. Volatilitas harga minyak mentah sangat berpengaruh pada kinerja finansial perusahaan yang terlihat dari timpangnya kenaikan harga minyak mentah dibandingkan dengan kenaikan revenue dan kinerja finansial lainnya," ujar Direktur Utama Pertamina Elia Massa Manik 

Dia menjabarkan, produksi minyak pada periode ini mencapai 337.000 barel per hari (bph) atau naik 10% dibandingkan kuartal I/ 2016 se-besar 312.000 bph. Begitu pula produksi gas yang mencapai 2.010 MMSCFD atau naik 2% dibandingkan kuartal I/ 2016 sebesar 1.975 MMSCFD. 

Dengan begitu, secara keseluruhan, produksi migas Pertamina pada kuartal I/ 2017 naik 6%. Sementara untuk penjualan bahan bakar minyak (BBM), Pertamina pada periode yang sama mencatatkan kenaikan sebesar 5% menjadi 15,85 juta kiloliter (kl). 

Pertamina mencatat, adanya tren positif pada konsumsi BBM nonsubsidi berupa perpindahan preferensi konsumen dari premium ke pertalite dan pertamax yang telah mengambil bagian penjualan sekitar 55,7% terhadap total penjualan gasoline series Pertamina. Pertumbuhan juga terjadi pada penjualan non-BBM (gas domestik dan petrokimia) yang naik 6% menjadi 3,68 juta KL. 

Di bagian lain, kecenderungan naiknya harga minyak dunia selama kuartal I/ 2017 yang ditandai dengan naiknya Indonesian Crude Price (ICP) menjadi US$ 51,03 (naik sekitar 69%) dibandingkan periode yang sama tahun lalu hanya meningkatkan revenue perseroan sekitar 19% menjadi USD10,15 miliar, dari kuarta ll 2016 sebesar US$ 8,55 miliar.

Sementara, laba bersih perseroan turun 24% menjadi USD 0,76 miliar dibandingkan periode yang sama 2016 sebesar US$ 1,01   Direktur Keuangan Pertamina Arief Budiman menjelaskan, kenaikan harga minyak di satu sisi mengangkat kinerja perseroan di sektor hulu, namun disisi lain menjadi beban di sektor hilir. Sebab, Pertamina yang mendapat tugas mendistribusikan BBM jenis premium dan solar yang tidak lagi mendapatkan subsidi dari pemerintah harus menanggung selisih antara harga yang tetap dipertahankan sebesar Rp 6.450/liter (premium) sejak Mei 2016

Padahal, harga keekonomian premium menurutnya sudah melampaui harga jual tersebut seiring naiknya harga minyak dunia. Kondisi tidak jauh berbeda terjadi pada minyak diesel. ”Kalau dilihat selisih harganya dengan keekonomian saat ini, untuk premium itu sebesar Rp 450/liter dan minyak diesel mencapai Rp 1.100/liter.

Koran Sindo, Page-8, Friday, May 26, 2017

Major Upstream Oil and Gas Project Stop, Jonan Jobs Not Satisfactory

The work of EMR Minister Ignatius Jonan has not yet brought improvement to the climate of "oil and gas investment. Investors do not like the various rules published. Seven months already Ignasius Jonan served as Minister of Energy and Mineral Resources (ESDM). Exactly on October 14, the former Minister of Transportation was mandated to complete a number of Homework (PR) heritage left by his predecessor, Sudirman Said.

One of the jobs in the oil and gas sector is to improve the upbeat climate of oil and gas investment in the low world crude oil prices and increase production and falling oil and gas reserves. In addition, Jonan is expected to provide an outlet for a number of major oil and gas projects including the Masela project. But for seven months in office, the Masela block still does not start soon. Revised plan of development (POD) is not working. Even the pre feed to sort the POD revisions has not started yet.

Looking at the investment climate and oil and gas production of Indonesia is also not much change. At the beginning of office, Jonan pressed SKK Migas to produce oil up to 825,000 barrels per day (bpd). In fact, the average Indonesian oil production is still around 815,000 bpd. The issue of additional oil and gas reserves is still far from expectations. Understandably, the exploration activities in Indonesia increasingly minimal.

Jonan often justified the price of oil so the cause of sluggish investais upstream oil and gas impact on exploration activities are minimal. Even so, Jonan is still trying to change the condition of upstream oil and gas Indonesia, among them change the scheme of cooperation contract from production sharing contract (PSC) to gross split which the rule was published last January 2017.

But the usual gross split scheme welcome. Through the Indonesia Petroleum Association (IPA), oil and gas companies hope there is room for the government to improve the gross split scheme. EMR Deputy Minister of Energy and Mineral Resources, Arcandra Tahar, said the government is ready to change the rules if needed.

"Gross splits are human products, and if things do not work we are open to discussions and make changes, but first prove where we are not working," said Arcandra.

Until now the gross split scheme has not proven to be more economical than the PSC scheme. Therefore, the government listens to the inputs of the Contractor Contract of Work (KKKS), by issuing a number of new rules after the gross split scheme. Such as Regulation of Minister of Energy and Mineral Resources number 26 year 2017 concerning Investment Cost Reversal Mechanism on Upstream Oil and Gas Business Activities.

The government even plans to issue a Ministerial Regulation on ultra deep water to provide incentives for oil and gas companies working on ultra deep water projects. Outside the regulation, Jonan said, the government has sought to speed up licensing.

In addition to the ultra deep water incentives, the Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, IGN Wiratmaja Puja said, there will be rules on the use of oil recovery technology or enhancing oil recovery (EOR). This technology to increase production.

Komaidi Notonegoro, Executive Director of ReforMiner Institute, said that in terms of substance, there are still some regulations that are less in line with the KKKS.

"As with the allocation and the price of gas, the gross split regulation is also a lot of complaints," he said, adding that the interests of KKKS and the government are not entirely the same, as the policy of reducing gas prices actually weighed on the KKKS business.

IN INDONESIAN

Proyek Besar Hulu Migas Mangkrak, Pekerjaan Jonan Belum Memuaskan

Pekerjaan Menteri ESDM Ignasius Jonan masih belum membawa perbaikan bagi iklim” investasi migas. Investor tidak menyukai berbagai aturan yang terbit.  Tujuh bulan sudah Ignasius Jonan menjabat sebagai Menteri Energi dan Sumber Daya Mineral (ESDM). Tepat tanggal 14 Oktober lalu, mantan Menteri Perhubungan ini mendapatkan mandat menyelesaikan sejumlah warisan Pekerjaan Rumah (PR) yang ditinggalkan pendahulunya, yaitu Sudirman Said.

Salah satu pekerjaan rumah di sektor migas adalah memperbaiki iklim investasi hulu migas yang lesu di saat rendahnya harga minyak mentah dunia dan meningkatkan produksi dan cadangan migas yang turun. Selain itu, Jonan diharapkan memberikan jalan keluar bagi sejumlah proyek-proyek besar migas di antaranya proyek Masela. Namun selama tujuh bulan menjabat, Blok Masela masih juga tidak segera dimulai. Revisi plan of development (POD) tidak berjalan. Bahkan pre feed untuk menyusun revisi POD belum juga dimulai.

Melihat tentang iklim investasi dan produksi migas Indonesia juga tidak banyak perubahan. Di awal menjabat, Jonan menekan SKK Migas agar mampu memproduksi minyak hingga 825.000 barel per hari (bph). Nyatanya, rata-rata produksi minyak Indonesia masih sekitar 815.000 bph. Soal penambahan cadangan migas masih jauh dari harapan. Maklum saja, kegiatan eksplorasi di Indonesia makin minim. 

Jonan sering beralasan harga minyak jadi penyebab lesunya investais hulu migas yang berdampak pada kegiatan eksplorasi yang minim. Biarpun begitu, Jonan tetap berusaha mengubah kondisi hulu migas Indonesia, di antaranya mengubah skema kontrak kerja sama dari production sharing contract (PSC) menjadi gross split yang aturannya terbit Januari 2017 lalu.

Namun sambutan skema gross split biasa saja. Melalui Indonesia Petroleum Association (IPA), perusahaan migas berharap ada ruang bagi pemerintah memperbaiki skema gross split. Wakil Menteri ESDM Arcandra Tahar menyebut pemerintah siap mengubah peraturan jika dibutuhkan.

"Gross split adalah produk manusia. Kalau ada hal yang tidak bekerja, kami terbuka diskusi dan melakukan perubahan. Tapi buktikan dulu dimana kami yang tidak bekerja," kata Arcandra.

Sampai saat ini skema gross split belum terbukti lebih ekonomis daripada skema PSC. Oleh karena itu, pemerintah mendengarkan berbagai masukan Kontraktor Kontrak Kerjasama (KKKS), dengan menerbitkan sejumlah aturan baru setelah adanya skema gross split. Seperti Peraturan Menteri ESDM nomor 26 tahun 2017 tentang Mekanisme Pengembalian Biaya Investasi pada Kegiatan Usaha Hulu Migas. 

Pemerintah bahkan merencanakan akan menerbitkan Peraturan Menteri soal ultra deep water untuk memberikan insentif bagi perusahaan migas yang mengerjakan proyek ultra deep water. Di luar peraturan itu Jonan bilang, pemerintah telah mengupayakan mempercepat perizinan. 

Selain insentif ultra deep water, Dirjen Migas Kementerian ESDM IGN Wiratmaja Puja bilang, akan ada aturan mengenai penggunaan teknologi pemulihan minyak atau enhance oil recovery (EOR). Teknologi ini untuk meningkatkan produksi. 

Komaidi Notonegoro, Direktur Eksekutif ReforMiner Institute, mengatakan, dari sisi substansi, masih ada beberapa regulasi yang kurang sejalan dengan KKKS. 

"Seperti soal alokasi dan harga gas. Regulasi gross split juga banyak keluhan. Menurutnya, kepentingan KKKS dan pemerintah tidak sepenuhnya sama. Seperti kebijakan penurunan harga gas, justru memberatkan bisnis KKKS.

Kontan, Page-14, Friday, May 26, 2017

Upstream Enterprises Push Pertamina's Revenue

PT Pertamina posted a performance growth in the first quarter of 2017. The growth was driven by upstream oil and gas business. Pertamina President Director Elia Massa Manik said Pertamina's first quarter I-2017 is US $

10.15 billion. This figure is up 19% over the same period last year, amounting to US $ 8.55 billion.

The increase was largely supported by the high Indonesia crude price (ICP) during the first quarter of 2017. Pertamina noted, during the first quarter-2017, the average price of ICP reached US $ 51.03 per barrel. Meanwhile, the same period last year was only US $ 30.2 per barrel.

This shows an increase in ICP prices to reach about 69% in the first quarter-2017 compared to the first quarter-2016. Even so, net income (net income) obtained by Pertamina until March 31, 2017 actually dropped. "Pertamina's net income until the first quarter of 2017 is only US $ 760 million or down 25% year on year (yoy)," he said.

The decline in revenue caused Pertamina's profit to decline. "From US $ 1 billion to US $ 760 million billion, down 25%," said Elia. Earnings before interest, tax, depreciation and amortization (EBITDA) were 13% from US $ 2.18 billion to US $ 1.89 billion.

Pertamina Finance Director Arief Budiman said that although EBITDA fell, Pertamina's fundamentals were still relatively good. With good fundamentals and rising oil prices, Pertamina's upstream oil and gas sector could contribute 50% to EBITDA.

IN INDONESIAN

Usaha Hulu Mendorong Pendapatan Pertamina

PT Pertamina membukukan pertumbuhan kinerja pada kuartal I 2017. Pertumbuhan itu didorong oleh usaha hulu migas perusahaan. Direktur Utama Pertamina Elia Massa Manik mengatakan, pendapanan Pertamina kuartal I-2017 sebesar US$ 10,15 miliar. Angka ini naik 19% dibandingkan periode yang sama tahun lalu, sejumlah US$ 8,55 miliar.

Kenaikan itu banyak ditopang dari tingginya Indonesia crude price (ICP) sepanjang kuartal I-2017. Pertamina mencatat, sepanjang kuartal I-2017, harga ICP rata-rata mencapai US$ 51,03 per barel. Sedangkan, periode yang sama tahun Ialu hanya US$ 30,2 per barel.

Ini menunjukan adanya kenaikan harga ICP hingga mencapai sekitar 69% pada-kuartal I-2017 dibandingkan kuartal I-2016. Meski begitu, penghasilan bersih (net income) yang diperoleh Pertamina hingga 31 Maret 2017 justru turun. "Net income Pertamina hingga kuartal I-2017 hanya US$ 760 juta atau turun 25% year on year (yoy)," kata dia

Penurunan pendapatan tersebut menyebabkan keuntungan Pertamina menurun. "Dari US$ 1 miliar menjadi US$ 760 juta miliar, turun 25%," kata Elia. Earnings before interest, tax, depreciation and amortization (EBITDA) tuiun 13% dari US$ 2,18 miliar ke US$ 1,89 miliar.

Direktur Keuangan Pertamina Arief Budiman mengatakan, meski EBITDA turun, fundamental Pertamina masih relatif baik. Dengan fundamental baik dan kenaikan harga minyak, sektor hulu migas Pertamina justru bisa menyumbangkan kontribusi ke EBITDA sebesar 50%.

Kontan, Page-14, Friday, May 26, 2017

Oil Prices Up, Downstream Effort Corrected

The increase in crude oil price caused Pertamina's downstream business performance in the first quarter of 2017 to be corrected. Unlike what happened in the same period last year when oil prices touched the lowest figure in the range of US $ 30 per barrel.

On the performance of the company in the first quarter of 2017, the price of oil has climbed to the level of US $ 51.03 per barrel. Meanwhile, in the same period of 2016, oil prices were still at US $ 30.20 per barrel. Rising oil prices have made the downstream sector's performance decline. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 13.3% from US $ 2.18 billion to US $ 1.89 billion.

Meanwhile, 50% of EBITDA comes from upstream. Net income in the first quarter of 2017 was also 24 percent lower compared to the same period of 2016 of US $ 1.01 billion to US $ 0.76 billion. Nevertheless, in terms of sales, revenue rose 19% compared to the same period last year, ie US $ 10.15 billion from the original US $ 8.55 billion.

Finance Director of PT Pertamina Arief Budiman said that rising oil prices have a positive impact on upstream oil and gas business sector which contributes 50% to EBITDA; In terms of revenue, he assessed the company's performance relies on non-subsidized products. Because the distribution of fuel oil (fuel) type of diesel and premium is below the price economy.

In fact, fuel sales rose 5% compared to the first quarter of 2016. In total, fuel sales touched 15.85 million kilo liters (kl) or 5% higher than 15.05 million kl in the same period last year. In terms of production, for oil in this period reached 337,000 barrels per day (bpd), up 10% compared to 1/2016 quarter of 312,000 bpd. Meanwhile, gas production is 2.010 million standard cubic feet per day / MMscfd, up 2% compared to the 1/2016 quarter of 1,975 MMscfd. "A lot of revenue is actually from non-subsidized," he said.

From the formula set by the Ministry of Energy and Mineral Resources (ESDM), the difference between the current selling price is lower than the economy. For premium, the current selling price is lower around Rp 450 to Rp500 per liter. Meanwhile, the larger difference in the distribution of diesel fuel subsidy is Rp 1.150 lower than the price should be.

Meanwhile, until now the premium is still sold Rp 6.450 per liter and diesel Rp 5.150 per liter. For diesel, since June 2016 has shown a higher price than the government set. As for the type of premium, in September to December 2016 had experienced a decline and back up in the period January to May 2017.

"The difference is the premium of Rp 450 to Rp500 under the formula and diesel Rp 1.150 per liter under the formula." From the realization of capital expenditure of US $ 1.1 billion, greater than the same period last year of US $ 0 , 36 billion, which was triggered by the realization of 2016 project financing financing disbursed in the first 3 months of 2017, which is dominated by upstream investment.

The reason, with capital expenditure of about US $ 1 billion, it should be able to achieve the target profit of US $ 3 billion. Therefore, the company is tightening and focusing on refinery development projects. He mentioned that the credit rating of S & P positive does not necessarily make the company issue bonds because project funding can be obtained with several schemes such as in collaboration with vendor originated banks involved in refinery projects.

Opportunity Increase

Marketing Director of PT Pertamina Muchamad Iskandar said when the price of crude oil is sold more than US $ 40 per barrel, fuel oil (BBM) is sold below the market price. Meanwhile, in early 2017 crude oil prices are in the range of USSS47 to US $ 50 per barrel. In addition, Iskandar said there is still an opportunity for oil price increases from the Organization of the Petroleum Exporting Countries (OPEC) meeting to reduce production.

Therefore, it will propose a fuel price adjustment for the period from July to September. Because the price of diesel and premium is currently not adjusted since April 2016.

"Our expectation is in June, after Lebaran there is evaluation again.According to data from Pertamina, the realization of solar distribution in January 2017 provides income deficit of Rp 1.09 trillion, while estimated in February there are additional deficit Rp 1.1 trillion and March Rp 1 , 2 trillion.

When it is totaled and paid using the balance of 2016, the income deficit decreased to Rp 601 billion for the distribution of diesel in the first 3 months of 2017. It is estimated that the income deficit due to the 3-month premium distribution amounted to Rp 1.6 trillion and diesel Rp5.8 trillion. The estimate is based on an oil price of US $ 45 per barrel. Meanwhile, if the premium selling price remains until the end of this year, the income deficit is estimated at Rp6.5 trillion and a bigger deficit in the diesel supply of Rp18.3 trillion.

Separately, Director General of Oil and Gas at the Ministry of ESDM IGN Wiratmaja Puja admitted that diesel and premium prices show higher price trends compared to the period of September-December 2016 referring to mean of platts Singapore (MOPS). As is known, currently the government still provides a fixed subsidy of Rp 500 per liter for diesel fuel.

"In January-May there was an increase compared to September-December last year," he said.But, for the period from July to September, the government has not been able to decide whether to re-adjust the price of diesel and premium.

IN INDONESIAN

Harga Minyak Naik, Usaha Hilir Terkoreksi

Kenaikan harga minyak mentah menyebabkan kinerja usaha hilir Pertamina pada kuartal I/2017 terkoreksi. Berbeda dengan yang terjadi pada periode yang sama tahun lalu saat harga minyak menyentuh angka terendah yakni di kisaran US$30 per barel.

Pada kinerja perseroan di kuartal I/2017, harga minyak telah naik ke level US$51,03 per barel. Sementara itu, pada periode yang sama 2016, harga minyak masih di angka US$ 30,20 per barel. Naiknya harga minyak ini membuat kinerja sektor hilir terkoreksi. Pendapatan sebelum bunga, pajak, depresiasi dan amortisasi (EBITDA) turun 13,3% dari US$ 2,18 miliar menjadi US$1,89 miliar.  

Adapun, 50% EBITDA berasal dari hulu. laba bersih pada kuartal I/2017 juga lebih rendah 24% dibandingkan dengan periode yang sama 2016 sebesar US$1,01 miliar menjadi US$0,76 miliar. Kendati demikian, dari sisi penjualan, revenue perseroan naik 19% dibandingkan dengan periode yang sama pada tahun lalu, yakni US$10,15 miliar dari semula US$8,55 miliar.

Direktur Keuangan PT Pertamina Arief Budiman mengatakan kondisi naiknya harga minyak membawa dampak positif terhadap sektor usaha hulu minyak dan gas bumi yang berkontribusi sebesar 50% terhadap EBITDA; Dari sisi revenue, dia menilai kinerja perseroan mengandalkan produk non-subsidi. Pasalnya, penyaluran bahan bakar minyak (BBM) jenis solar dan premium berada di bawah harga keekonomian. 

Padahal, penjualan BBM naik 5% dibandingkan dengan kuartal I/2016. Secara total, penjualan BBM menyentuh angka 15,85 juta kilo liter (kl) atau lebih tinggi 5% dari 15,05 juta kl pada periode yang sama tahun lalu. Dari sisi produksi, untuk minyak pada periode ini mencapai 337.000 barel per hari (bph) atau naik 10% dibandingkan kuartal 1/2016 sebesar 312.000 bph. Sementara itu, produksi gas 2.010 million standard cubic feet per day/MMscfd atau naik 2% dibandingkan dengan kuartal 1/2016 sebesar 1.975 MMscfd. "Banyak revenue sebenarnya dari yang nonsubsidi," ujarnya.

Dari formula yang ditetapkan Kementerian Energi dan Sumber Daya Mineral (ESDM), selisih harga jual saat ini lebih rendah dari keekonomian. Untuk premium, harga jual saat ini lebih rendah sekitar Rp 450 hingga Rp500 per liter. Sementara itu, selisih lebih besar pada penyaluran solar subsidi yakni Rpl.150 lebih rendah dari harga seharusnya.

Adapun, hingga kini premium masih dijual Rp6.450 per liter dan solar Rp5.150 per liter. Untuk solar, sejak Juni 2016 telah menunjukkan harga yang lebih tinggi dari yang ditetapkan pemerintah. Adapun jenis premium, pada September hingga Desember 2016 sempat mengalami penurunan dan kembali naik pada periode Januari hingga Mei 2017.

"Selisihnya, premium Rp 450 sampai Rp 500 di bawah formula dan solar Rp1.150 per liter di bawah formula,“ katanya. Dari sisi realisasi belanja modal sebesar US$1,1 miliar, lebih besar dibandingkan dengan periode yang sama tahun lalu sebesar US$ 0,36 miliar. Peningkatan dipicu oleh realisasi pembiayaan investasi proyek 2016 yang dicairkan pada 3 bulan pertama 2017, yang didominasi investasi hulu.

Pasalnya, dengan belanja modal sekitar US$1 miliar, pihaknya harus bisa mencapai target laba US$ 3 miliar. Oleh karena itu, perseroan melakukan pengetatan dan fokus pada proyek pembangunan kilang. Dia menyebut credit, rating dari S&P positif, tidak lantas membuat perseroan menerbitkan bond karena pendanaan proyek bisa diperoleh dengan beberapa skema di antaranya bekerja sama dengan bank asal vendor yang terlibat dalam proyek kilang.

PELUANG KENAIKAN

Direktur Pemasaran PT Pertamina Muchamad Iskandar mengatakan ketika harga minyak mentah dijual lebih dari US$40 per barel, bahan bakar minyak (BBM) dijual di bawah harga pasar. Sementara itu, di awal 2017 ini harga minyak mentah berada di kisaran USSS47 hingga US$50 per barel. Ditambah, Iskandar menyebut masih terdapat peluang kenaikan harga minyak dari pertemuan organisasi negara pengekspor minyak (Organization of the Petroleum Exporting Countries/OPEC) untuk mengurangi produksi.

Oleh karena itu, pihaknya akan mengajukan penyesuaian harga BBM untuk periode Juli-September. Pasalnya, harga solar dan premium saat ini tidak mengalami penyesuaian sejak April 2016.

"Harapan kami pada bulan Juni, setelah lebaran ada evaluasi lagi. Berdasarkan data dari Pertamina, realisasi penyaluran solar pada Januari 2017 memberikan defisit pendapatan sebesar Rp 1,09 triliun, sedangkan diestimasikan pada Februari terdapat tambahan defisit Rp 1,1 triliun dan Maret Rp 1,2 triliun.

Bila ditotal dan dibayarkan menggunakan saldo 2016, defisit pendapatan memurun jadi Rp 601 miliar untuk penyaluran solar pada 3 bulan pertama 2017. Diperkirakan, defisit pendapatan akibat penyaluran premium 3 bulan ke depan sebesar Rp 1,6 triliun dan solar Rp5,8 triliun. Perkiraan itu berdasarkan harga minyak US$45 per barel. Adapun, bila harga jual premium tetap hingga akhir tahun ini, defisit pendapatan diperkirakan Rp6,5 triliiun dan defisit lebih besar pada penyaluran solar yakni Rp18,3 triliun.

Terpisah, Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM IGN Wiratmaja Puja mengakui harga solar dan premium menunjukkan tren harga yang lebih tinggi dibandingkan periode September-Desember 2016 mengacu pada mean of platts Singapore (MOPS). Seperti diketahui, saat ini pemerintah masih memberikan subsidi tetap sebesar Rp500 per liter untuk BBM jenis solar.

"Januari-Mei memang ada kenaikan dibandingkan dengan September-Desember tahun lalu,“ katanya. Kendati demikian, untuk periode Juli-September, pemerintah belum bisa memutuskan apakah akan kembali melakukan penyesuaian harga solar dan premium.

Bisnis Indonesia, Page-30, Friday, May 26, 2017

Medco awarded $24m in int’l arbitration

DISPUTE

Singapore-based Medco Strait Services, a subsidiary of Indonesian energy giant PT Medco Energi Internasional, has secured a victory in an international arbitration against two global oil and gas firms related .to their dispute in the management of an East Java oil field.

In a statement released on Tuesday Medco Energi announced that a United Nations Commission on International Trade Law (UNCITRAL) Arbitration Tribunal had awarded Medco Strait Services US$24 million pursuant to its claims against Singapore Petroleum Ltd. and Australia’s Cue Energy Resources Ltd. The companies have been involved in years of disputes related to their investment in East Java’s Jeruk oil field.

“We are pleased with the arbitration tribunal award that confirms our position as having acted in good faith and in full adherence to our contractual obligations,” Medco Energi CEO Roberto Lorato said.

A copy of the referred arbitral tribunal decision, however, was not available on the UNCITRAL website on Tuesday. In January 2006, Medco Energi bought a 25 percent interest in the Jeruk field, a part of the Sampang energy block located in the Madura Strait, offshore East Java.

From the proportion, 18.2 percent came from Singapore Petroleum and the remaining 6.8 percent from Cue Energy. Under a follow-up agreement, Medco Energi agreed to assume a proportional share of investment costs at the Jeruk field. Its investment portion was originally estimated to be at around $35 million.

Therefore, Medco Energi was entitled to disburse in advance the investment to Singapore Petroleum and Cue Energy as the direct holders of participating interest in the Sampang block.

The same agreement also stipulates that Singapore Petroleum and Cue Energy are obliged to refund Medco Energi’s disbursements once the Oyong field, another oil iield in the Sampang, block owned by both companies, starts production. However, Medco Energi’s investment plan was impaired in 2008 when the exploration activities in the Jeruk field were stopped. 

The stoppage was triggered by the decision of Australia-based oil and gas contractor Santos, which serves as Sampang block operator, to review the development scenarios of Jeruk field.

“In 2011, the Oyong Held had already started production, where by Cue Energy and Singapore Petroleum have fully recovered all of their costs related to the Jeruk field,” Medco Energi states in its 2011 annual report.

“In view of this development, the company [Medco Energi] reversed the allowance for impairment of the investment in the Jeruk Project of approximately $14.4 million to reflect the estimated recoverable amount of the Jeruk investment.”

Because there was no settlement found between all parties, Medco Energi decided in August 2012 to send a notice of arbitration to Singapore Petroleum and Cue Energy in an effort to recover its claims from these two companies totaling $35.06 million for the J eruk project. 

     The figure was later revised to $33.16 million. In March 2014, the arbitration court issued an interim award, instructing Singapore Petroleum and Cue Energy to refund the excess investment at the J eruk field to Medco Energi. As of January 2015, the two companies had refunded suchja cash call worth $1.6 million to Medco Energi. 

Moreover, Singapore Petroleum and Cue Energy were also instructed to recover all of Medco Energi’s investment for the Jeruk field once they had received all their shares of investment cost at the Jeruk field. 

     As there was still no firm settlement between all parties, Medco Energi took the case once again to international arbitration in July 2015, before the UNCITRAL eventually decided to award the company with a total refund of $24 million.

Throughout 2016, Medco Energi recorded a significant jump in its net profit to $184.7 million compared to a net loss of $188.1 million in the previous year. Nonetheless, Medco Energi has been struggling to service  debts from various acquisitions it has made recently.

Jakarta Post, Page-18, Wednesday, May 24, 2017

SKK Migas and BPH Migas Will Be Eliminated

PLANNING OF OIL AND GAS

The draft Oil and Gas Law will eliminate the existence of two institutions at once, namely Special Unit for Upstream Oil and Gas Executives (Migas) and Oil and Gas Regulatory Body (BPH Migas). The functions of these two bodies will be run simultaneously by the Oil and Gas Business Entity.

In Article 1 of the draft of the bill, the Oil and Gas Business Entity or BUK Migas is a body established specifically to conduct upstream and downstream oil and gas business activities which are all of the capital and wealth of the country. This body is directly responsible to the President of Indonesia and is headquartered in the Capital City but may establish a representative office in the region.

BUK Migas, pursuant to Article 43, has the right to exploit economic benefits or business prospects against all proven reserves of oil and gas, as well as upstream and downstream exploitation of oil and gas. Later, BUK Migas will have units consisting of Upstream Operational Mandiri Unit, Upstream Cooperation, Downstream Cooperation, Downstream Oil Business and Natural Gas Downstream Enterprise.

"BUK Migas serves to organize and control Upstream Business Activities and Downstream Oil and Gas Business Activities," as stated in Article 45 of the Draft Law on Oil and Gas. The establishment of BUK Migas no later than one year since the new Oil and Gas Law is enacted as written in Article 95.

Still in Article 45, BUK Migas has five functions. First. BUK Migas shall review and submit the first field development plan to be produced in a working area to the Minister of Energy and Mineral Resources for approval. Furthermore, it represents the state as the holder of mining business authority in signing the Cooperation Contract and conducting the selection of the Cooperation Contract Contractor (KKKS) for the oil and gas block concession.

Then, BUK Migas also functions to plan and prepare oil and gas reserves, to plan and improve proven reserve findings, and to coordinate, synergize and control the downstream activities of Oil and Gas undertaken by state-owned enterprises, local enterprises, private national enterprises, And cooperatives.

Later on, this BUK Migas will consist of supervisory board, board of directors, and board of directors in each unit. The process of selecting candidates for supervisory board and board of directors, as set forth in Article 45, is conducted by a team formed by the President. After obtaining the election result, the President will submit it to the Parliament for approval. As for the board of directors each unit was appointed and dismissed by the President Director of BUK Migas.

Furthermore, in carrying out its duties, as quoted in Article 52, the capital of BUK Migas is sourced from the State Revenues and Expenditures Budget which is the separated and undivided state assets of stocks. Further provisions on capital are regulated in a Presidential Regulation.

Article 92 states, until the formation of BUK Migas, SKK Migas still carry out its functions and duties. Furthermore, all forms of Cooperation Contracts existing before this Law shall be declared remain valid until the expiry of the contract period and may be extended in accordance with the provisions of this Act.

Then Article 93 states BPH Migas broke up and its functions and duties were carried out by the Minister of EMR once the new Oil and Gas Law was enacted. However, the draft Law on Oil and Gas obtained this new version of Parliament. This beleid design still needs to be discussed with the government. In addition to the formation of BUK Migas, this beleid also contains significant changes in oil and gas business in both the upstream and downstream sectors.

Minister of Energy and Mineral Resources lgnasius Jonan said, it has been discussed informally about the revision of Oil and Gas Law for three months. The government is still awaiting the formal process of the House of Representatives "Both parties have agreed that the revision should be completed by the end of this year," he said.

The real issue, not when this beleid is completed is revised, but what changes are to be achieved through new regulations. If the replacement law is deemed not to have a positive impact on the oil and gas industry, it may extend the discussion on the revision of the Oil and Gas Law.

Meanwhile, Vice Chairman of Commission VII of the House of Representatives, Satya W Yudha, said that the draft Law on Oil and Gas has entered the Legislation Body. It is still waiting for the results of the Legislation Body to be submitted to the Council. "After that the formation of Panja (committee work) or Special Committee (special committee) to be ratified in plenary. Only after that is the first level talks with the Ministry of Energy and Mineral Resources, "he said.

IN INDONESIAN

SKK Migas dan BPH Migas Akan Dihapuskan

Rancangan Undang-Undang Migas akan menghapus keberadaan dua lembaga sekaligus, yakni Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Migas (SKK Migas) dan Badan Pengatur Hilir Migas (BPH Migas). Fungsi dua Iembaga ini akan dijalankan sekaligus oleh Badan Usaha Khusus Migas.

Dalam Pasal 1 draf RUU ini dijelaskan, Badan Usaha Khusus Migas atau BUK Migas adalah badan yang dibentuk secara khusus untuk melakukan kegiatan usaha hulu dan hilir migas yang seluruh modal dan kekayaannya negara. Badan ini bertanggung jawab langsung kepada Presiden Indonesia dan berkantor pusat di Ibu Kota Negara namun dapat membentuk kantor perwakilan di daerah.

BUK Migas, sesuai Pasal 43, memiliki hak untuk pengusahaan atas manfaat ekonomi atau prospek usaha terhadap semua cadangan terbukti migas, serta pengusahaan hulu dan hilir migas. Nantinya BUK Migas akan memiliki unit-unit yang terdiri dari Unit Hulu Operasional Mandiri, Hulu Kerja Sama, Hilir Kerja Sama, Usaha Hilir Minyak Bumi, dan Usaha Hilir Gas Bumi.

“BUK Migas berfungsi untuk menyelenggarakan dan mengendalikan Kegiatan Usaha Hulu dan Kegiatan Usaha Hilir Minyak dan Gas Bumi,” demikian tertulis dalam Pasal 45 Rancangan Undang-Undang Migas tersebut. Pembentukan BUK Migas paling lambat satu tahun sejak Undang-Undang Migas baru diundangkan sebagaimana ditulis dalam Pasal- 95.

Masih dalam Pasal 45, BUK Migas ini memiliki lima fungsi. Pertama. BUK Migas harus mengkaji dan menyampaikan rencana pengembangan lapangan yang pertama kali akan diproduksikan dalam suatu wilayah kerja kepada Menteri Energi dan Sumber Daya Mineral untuk mendapatkan persetujuan. Selanjutnya, badan ini mewakili negara sebagai pemegang kuasa usaha pertambangan dalam menandatangani Kontrak Kerja Sama serta melakukan seleksi terhadap Kontraktor Kontrak Kerja Sama (KKKS) untuk pengusahaan blok migas.

Kemudian, BUK Migas juga berfungsi merencanakan dan menyiapkan cadangan migas, merencanakan dan meningkatkan temuan cadangan terbukti, serta mengkoordinasikan, mensinergikan, dan mengendalikan kegiatan usaha hilir Minyak dan Gas Bumi yang dilakukan oleh BUMN, BUMD, badan usaha swasta nasional, badan usaha swasta asing, dan koperasi.

Nantinya, BUK Migas ini akan terdiri atas dewan pengawas, dewan direksi, dan dewan direksi pada masing-masing unit, Proses pemilihan calon anggota dewan pengawas dan direksi, sebagaimana diatur dalam Pasal 45, dilakukan oleh tim yang dibentuk oleh Presiden. Setelah memperoleh hasil pemilihan, Presiden akan menyampaikannya kepada DPR untuk memperoleh persetujuan. Sementara untuk dewan direksi setiap unit diangkat dan diberhentikan oleh Direktur Utama BUK Migas.

Selanjutnya dalam melaksanakan tugasnya, seperli dikutip dalam Pasal 52, modal BUK Migas ini bersumber dari Anggaran Pendapatan dan Belanja Negara yang merupakan kekayaan negara yang dipisahkan dan tidak terbagi atas saham-saham. Ketentuan lebih lanjut mengenai permodalan diatur dalam Peraturan Presiden.

Pasal 92 menyebutkan, sampai terbentuknya BUK Migas, SKK Migas tetap melaksanakan fungsi dan tugasnya. Kemudian, semua bentuk Kontrak Kerja Sama yang ada sebelum Undang-Undang ini berlaku dinyatakan masih tetap berlaku sampai dengan berakhirnya masa kontrak dan dapat diperpanjang sesuai dengan ketentuan dalam Undang-Undang ini. 

Kemudian Pasal 93 menyatakan BPH Migas bubar serta fungsi dan tugasnya dilaksanakan oleh Menteri ESDM begitu Undang-Undang Migas yang baru berlaku. Namun, draf Undang-Undang Migas yang diperoleh ini baru versi DPR Rancangan beleid ini masih perlu dibahas dengan pemerintah. Selain pembentukan BUK Migas, beleid ini juga memuat perubahan signifikan soal bisnis migas baik di sektor hulu maupun hilir.

Menteri ESDM lgnasius Jonan menuturkan, pihaknya sudah membahas secara informal soal revisi Undang-Undang Migas selama tiga bulan ini. Pemerintah masih menunggu proses formal dari DPR “Kedua belah pihak sudah setuju bahwa revisi harus sudah selesai pada akhir tahun ini,” kata dia.

Isu sebenarnya, bukan kapan beleid ini rampung direvisi, tetapi perubahan apa yang ingin dicapai melalui peraturan baru. Jika undang-undang penggantinya dinilai tidak memberikan dampak positif terhadap industri migas, pihaknya mungkin akan memperpanjang diskusi soal revisi Undang-Undang Migas ini. 

Sementara itu, Wakil Ketua Komisi VII DPR RI Satya W Yudha menuturkan, draf Undang-Undang migas sudah masuk ke Badan Legislasi. Pihaknya kini masih menunggu hasil dari Badan Legislasi untuk selanjutnya disampaikan ke Badan Musyawarah. “Setelah itu pembentukan Panja (panitia kerja) atau Pansus (panitia khusus) untuk disahkan di paripurna. Baru setelah itu pembicaraan tingkat satu dengan Kementerian ESDM,” tutur dia.

Investor Daily, Page-9, Wednesday, May 24, 2017

Medco Clash, Then Win in Block Sampang

PT Medco Energi International Tbk stated that the United Nations Arbitration Court of the United Nations Comission of International Trade Law has granted US $ 24 million claim filed by its Singapore-based subsidiary, Medco Strait Services Pte Ltd. The lawsuit against Singapore Petroleum Ltd. And Cue Energy Pty Ltd. (Cue).

"We are pleased with the decision of the arbitration tribunal that affirms our position for having acted in good faith and fully complying with our contractual obligations," said Medco Energi CEO Roberto Lorato, in a press release on Tuesday (23/5).

As is known, this case started when Medco Energi, through Medco Strait Services, participated in the project development of orange field in Block Sampang in 2006 then. Medeo Strait Services owns 25% stake in Sampang Block, Singapore Petroleum at 21.8%, Cue Energy at 8.2% and Santos 45%. But on the way, the project managed through the Joined Project Agreement (JPA) is not going well.

As a result, Medco Strait Services withdrew from the joint venture and wanted to withdraw the funds already invested. Initially Singapore Petroleum and Cue did not want to refund the fund for various reasons. This is what drives Medco Strait Services through arbitration.

IN INDONESIAN

Medco Berseteru, Lalu Menang di Blok Sampang

PT Medco Energi Internasional Tbk menyatakan, Pengadilan Arbitrase United Nation Comission of International Trade Law telah mengabulkan klaim senilai US$ 24 juta yang diajukan anak perusahaannya yang berbasis di Singapura, Medco Strait Services Pte Ltd. Gugatan itu melawan Singapore Petroleum Ltd. dan Cue Energy Pty Ltd. (Cue). 

"Kami senang dengan keputusan pengadilan arbitrase yang menegaskan posisi kami karena telah bertindak dengan itikad baik dan sepenuhnya mematuhi kewajiban kontraktual kami," ujar CEO Medco Energi Roberto Lorato, dalam siaran pers, Selasa (23/5).

Seperti diketahui, kasus ini bermula ketika Medco Energi, melalui Medco Strait Services, ikut proyek pengembangan lapangan Jeruk di Blok Sampang pada tahun 2006 lalu. Medeo Strait Services memiliki 25% saham di Blok Sampang, Singapore Petroleum sebesar 21,8%, Cue Energy sebesar 8,2% dan Santos 45%. Namun dalam perjalanannya, proyek yang dikelola melalui Joined Project Agreement (JPA) tersebut tidak berjalan dengan baik.

Akibatnya, Medco Strait Services mundur dari join venture itu dan ingin menarik juga dana yang sudah ditanamkan. Awalnya Singapore Petroleum dan Cue tidak mau mengembalikan dana tersebut dengan berbagai alasan. Inilah yang mendorong Medco Strait Services menuntut melalui arbitrase.

Kontan, Page-14, Wednesday, May 24, 2017

ESDM Ready to Provide Incentives for Profit Sharing in Extra Deep-Sea

Ministry of Energy and Mineral Resources (ESDM) continues to rack my brain in order to increase investment in the upstream sector of oil and gas that is sluggish. One of the regulations currently being drafted by the government is the incentives of extra-deepwater projects in alias idem deep water.

Director General of Oil and Gas at the Ministry of ESDM IGN Wiratmaja Puja said the government is considering plans for incentives for ultra deep water projects. Until now there has not been one ultra deep water project that successfully produced. "Of course all the study is very necessary," explained Wiratmaja

To that end, Wiratmaja said, the government is discussing with stakeholders related to the incentive plan. Haviez Gautama, General Manager of Shell Indonesia External Relations, said Shell strongly supports the government's plan. Shell Indonesia together with ENI Indonesia became one of the stakeholders who were invited to discuss with the government related to the ultra deep water project.

"We are very supportive, therefore some time ago we come to advise, We come because our expertise is there, we also give a lot of feedback," said Haviez.

IN INDONESIAN

ESDM Siap Beri lnsentif Bagi Hasil di Ekstra Laut Dalam

Kementerian Energi dan Sumber Daya Mineral (ESDM) terus memutar otak agar bisa meningkatkan investasi di sektor hulu migas yang sedang lesu. Salah satu peraturan yang tengah disusun oleh pemerintah saat ini adalah insentif proyek ekstra laut dalam alias idem deep water. 

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM IGN Wiratmaja Puja bilang, pemerintah sedang mempertimbangkan rencana pemberian insentif proyek ultra deep water. Sampai saat ini belum ada satu proyek ultra deep water yang berhasil produksi. "Tentu saja semua kajian sangat diperlukan," jelas Wiratmaja 

Untuk itu, Wiratmaja bilang, pemerintah sedang membahas dengan pemangku kepentingan terkait rencana insentif tersebut. Haviez Gautama, General Manager External Relations Shell Indonesia mengatakan, Shell sangat mendukung rencana pemerintah tersebut. Shell Indonesia bersama ENI Indonesia menjadi salah satu pemangku kepentingan yang diajak berdiskusi dengan pemerintah terkait proyek ultra deep water. 

"Kami sangat mendukung, oleh karena itu beberapa waktu lalu kami ikut memberi saran, Kami datang karena keahlian kami ada disitu, kami banyak juga memberikan masukan," ujar Haviez.

Kontan, Page-14, Wednesday, May 24, 2017