Build Refinery, Pertamina Continue to Seek Funding

PT Pertamina is trying to find funding so that the refinery project can proceed as planned. Therefore, Pertamina is currently financially tight because it has to finance projects from upstream to downstream. Pertamina's Finance Director Arief Budiman stated that one of the funding that Pertamina is taking is to do project financing with ratio between 40:60 or 30:70.

Pertamina also has held a market sonding for modernization project of Balikpapan refinery and new plant in Tuban. "Because our Balikpapan refinery project is done by ourselves, we are quite fast," said Arief, Tuesday (13/6).

Arief claims, from the sounding market there are already interested and will bid. However beIum can be decided because the technical process has not been completed. "Usually after engineering is clear all, so, after that can be closed," he said.

While waiting for the project financing process to finish, Pertamina also use internal funds or other loans in advance for the initial cost for the refinery project. 

    Outside of internal funding, Pertamina can actually get funding for refinery projects by issuing bonds, requesting State Investment / PMN or government loans. "We try not to ask for PMN. That's for sure. If warranty, maybe. If you ask for PMN, we have many loads, "he said.

IN INDONESIA

Bangun Kilang, Pertamina Terus Mencari Pendanaan

PT Pertamina sedang berusaha mencari pendanaan agar proyek kilang bisa terus berjalan sesuai rencana. Sebab, saat ini keuangan Pertamina cukup ketat karena harus membiayai proyek mulai dari hulu hingga hilir.  Direktur Keuangan Pertamina, Arief Budiman menyatakan, salah satu pendanaan yang ditempuh Pertamina adalah dengan melakukan project financing dengan rasio untuk antara 40:60 atau 30:70. 

Pertamina pun sudah menggelar market sonding untuk proyek modernisasi kilang Balikpapan dan kilang baru di Tuban. "Sebab proyek kilang Balikpapan kami lakukan sendiri. Kami sudah agak cepat. Terus yang proyek Kilang Tuban kami market sounding juga bersama mitra kami," kata Arief pada Selasa (13/6).

Arief mengklaim, dari market sounding tersebut sudah ada tertarik dan akan mengajukan penawaran. Namun beIum bisa diputuskan karena proses teknis belum selesai. "Biasanya setelah engineering sudah jelas semua, sudah jadi, setelah itu bisa closed," ujarnya.

Sambil menunggu proses project financing selesai, Pertamina pun menggunakan dana internal atau pinjaman lainnya terlebih dahulu untuk biaya di awal untuk proyek kilang. 

     Di luar pendanaan internal, Pertamina sebenarnya bisa mendapatkan pendanaan untuk proyek kilang dengan cara menerbitkan obligasi, meminta Penanaman Modal Negara/PMN atau pinjaman pemerintah. “Kami upayakan tidak minta PMN. Itu yang pasti. Kalau garansi, mungkin saja. Kalau minta PMN, beban kami sudah banyak," kata dia.

Kontan, Page-14, Thursday, June 15, 2017.

Pertamina's portion is reduced

Oil Refinery Project

PT Pertamina could reduce its share ownership in revitalization and refinery development by cooperating with more partners willing to cooperate. The government does not want the construction of refinery projects not to retreat from the initial target set.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM) IGN Wiratmaja Puja said the government wanted the refinery project to run according to the initial plan of domestic refinery capacity to touch 2 million barrels per day (bpd) by 2023.

PT Pertamina recently revamped its refinery project target to 2025 to reach capacity of 2 million bpd due to its financial capacity. He said the increase in the capacity of oil refineries in the country will suppress the import of fuel oil (BBM) such as Premium and Pertamax.

The reason, the current fuel consumption of 1.6 million barrels per day, while the refinery capacity is only 900,000 bpd. The government will help the company to find partners. The Company can reduce the share ownership portion of the project to keep the refinery construction accelerated.

The refinery project requires a large amount of funding. The addition of Balongan Refinery capacity requires US $ 1.27 billion, Balikpapan Refinery US $ 5.3 billion, Cilacap Refinery US $ 4.5 billion, Tuban Refinery of US $ 13 billion and Bontang Refinery about US $ 8 billion. On the other hand, during the refinery project, the company must maintain other activities such as fuel imports, crude oil imports, liquefied petroleum gas (LPG) subsidy as well as diesel and Premium.

Thus, share ownership can be reduced as in the Cilacap refinery project, the company owns 55% and Saudi Aramco 45%. At the Tuban refinery, Pertamina owns 55% and Rosneft 45%. In Bontang refinery, Pertamina in the early stages will only control about 15%

IN INDONESIA

Porsi Pertamina Dikurangi

PT Pertamina bisa mengurangi porsi kepemilikan saham dalam revitalisasi dan pembangunan kilang minyak dengan menggandeng lebih banyak mitra yang bersedia bekerja sama. Pemerintah tidak menginginkan pengerjaan proyek-proyek kilang tidak mundur dari target awal yang ditetapkan.

Direktur Jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) IGN Wiratmaja Puja mengatakan, pemerintah menginginkan agar proyek kilang berjalan sesuai rencana awal yakni kapasitas kilang dalam negeri menyentuh 2 juta barel per hari (bph) pada 2023.

Belum lama ini PT Pertamina memundurkan target proyek kilang menjadi 2025 untuk mencapai kapasitas 2 juta bph karena faktor kemampuan finansial perseroan. Dia menyebut, peningkatan kapasitas kilang minyak di dalam negeri akan menekan impor bahan bakar minyak (BBM) seperti Premium dan Pertamax.

Pasalnya, konsumsi BBM saat ini 1,6 juta barel per hari, sedangkan kapasitas kilang hanya 900.000 bph. Pemerintah akan membantu perseroan untuk mencari mitra. Perseroan bisa mengurangi porsi kepemilikan saham pada proyek agar pembangunan kilang tetap bisa diakselerasi.

Proyek kilang membutuhkan dana besar, Penambahan kapasitas Kilang Balongan membutuhkan dana US$1,27 miliar, Kilang Balikpapan US$5,3 miliar, Kilang Cilacap US$4,5 miliar, Kilang Tuban sekitar US$13 miliar, dan Kilang Bontang sekitar US$ 8 miliar. Di sisi lain, selama menjalankan proyek kilang, perseroan harus tetap menjaga kegiatan lainnya seperti impor BBM, impor minyak mentah, penyaluran subsidi liquefied petroleum gas (LPG) juga harga jual solar serta Premium.

Dengan demikian, kepemilikan saham bisa dikurangi seperti pada proyek Kilang Cilacap, perseroan menguasai 55% dan Saudi Aramco 45%. Pada Kilang Tuban, Pertamina menguasai 55% dan Rosneft 45%. Di Kilang Bontang, Pertamina pada tahap awal hanya akan menguasai sekitar 15 % 

Bisnis Indonesia, Page-30, Thursday, June 15, 2017.

Energy Sector Assumptions Still Conservative

Commission VII of the House of Representatives approved the government's proposal on macro energy sector assumptions in the 2018 Budget Plan.

Minister of Energy and Mineral Resources (ESDM) lgnasius Jonan said the macro assumptions of the energy sector next year are not much changed or conservative compared to this year.

Some macro energy assumptions consist of ready-to-sell production or lifting of oil and gas, subsidized fuel oil quota, 3 kilogram (subsidized) liquefied petroleum gas (LPG) quota and electricity subsidy.

The energy sector component has not changed significantly. First, the assumption of Indonesian crude price (ICP) in RAPBN 2018 is proposed US $ 45-US $ 50 per barrel.

Secondly, the oil lifting target is 771,000-815,000 barrels per day (bpd) and gas 1.19 million barrels of oil equivalent per day per day (boepd) up to 1.23 million boepd. The realization of average oil production from January to May 2017 has reached

809,415 bpd from the target of 815,000 bpd.

The average gas production touched 7,517 million cubic feet per day (MMscfd) from the target of 7,859 MMsdd. Average realization Daily production of oil and gas from January to May 2017 of 2.15 million boepd. Jonan rate, oil lifting target next year is the same as this year.

He is optimistic that this year's gas lifting target will be achieved because there is an additional supply from the Jangkrik field production, Muara Bakau Block (Eni Muara Bakau BV) of 450 MMscfd.

"For our production, we are optimistic that oil and gas can increase due to Eni's production target of 450 MMsdd. We are optimistic Increase oil and gas lifting, "he said in a working meeting at the House of Representatives, Tuesday (13/6).

Third, the volume of diesel oil as much as 14.85 million-15.62 million kl with a subsidy range of Rp 500-Rp 1,000 per liter. The volume of subsidized diesel is lower than this year's 16 million Kilo Liter. Meanwhile, kerosene rations are approved in the range of 590,000-640,000 KL. According to Jonan, diesel and kerosene subsidies will not exceed their quota due to the continued use of both oil fuels.

The distribution of subsidized diesel this year is estimated to touch 14 million KL. Realization of subsidized diesel fuel during January-May 2017 as much as 5.86 million KL. The same is true of kerosene with the realization of 200,000 KL.

"In our calculations, the 2017 assumption will not be missed, diesel oil will not be missed by the allocation of 16 million KL subsidies in 2017," he said.

Fourth, the quota of 3 kg subsidized LPG quota is proposed in the range of 6.95 million-7 million tons. Special LPG subsidy, he assessed, in 2018 consumption increases with the widespread kerosene conversion program to LPG.

As an illustration, until the fifth month of 2017, LPG consumption realization reached 2.55 million tons. Fifth, the electricity subsidy is proposed to increase by Rp52.66 trillion to Rp 56.77 trillion, higher than this year's target of Rp 44.98 trillion. The reason, there are additional 450 VA electric customers.

On the other hand, PT Perusahaan Listrik Negara will attempt to reduce the selling price of electricity every 3 months. "Every 3 months PLN is trying to reduce its electricity selling price," he said.

Commission VII member Harry Poernomo said it was necessary to show the correlation between the replacement ceilings Operating cost or cost recoil with target of oil and gas lifting. In addition, his side questioned the addition of electricity subsidy assumptions.

The addition of electricity subsidies indicates an increase in the number of subsidy recipients. Therefore, Harry questioned the validity of the database used to establish electricity subsidies by 2018.

"Electricity subsidies should not go up. If subsidies go up, the people get poorer, I worry about the number of poor people

This increases whether it is the condition? "

EXPERIENCE

Chairman of the House Commission VII Gus Irawan Pasaribu said that for the time being his party approved the proposal of the Ministry of Energy and Mineral Resources related to the macro assumption of RAPBN 2018 energy sector will be conducted in depth meeting to determine the exact figure in RAPBN 2018. "The proposed figure is still appropriate.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, IGN Wiratmaja Puja, said that the contributor to achieve the oil lifting target still relies on existing work areas such as Cepu Block (ExxonMobil Cepu Limited) which will produce 200,000 bpd. Similarly, for gas which is mostly still derived from the Mahakam Block (Total E & P Indonesie) with production of about 1,200 MMscfd.

Special gas, lifting can be increased because there is an additional supply from Jangkrik Field, Muara Bakau Block (Eni Muara Bakau BV) of 450 MMscfd.

"Still the same contributor. The big one is still the same, except gas. Gas will come from the Cricket Field which adds quite big, "he said.

Meanwhile, related to the addition of electricity subsidies, the Director General of Electricity Ministry of Energy Andi Noorsaman Sommeng said from the 900 VA customer base with 23 million and 450 VA subscribers totaling 23 million, there is data adjustment that makes the number of 900 VA subscribers only 4.1 million Who deserve subsidies.

In addition, there are 450 VA customers who switched to 900 VA. But are still subsidized by the number of subscribers of 2 million belonging to the category of subsidy recipients. Therefore, in total there are 6 million subscribers 900 VA are still subsidized. Aside from the rising number of subsidy recipients, Andi called the rise in the allocation of electricity subsidies referring to the rise in ICP and the exchange rate.

IN INDONESIA

Asumsi Sektor Energi Masih Konservatif

Komisi VII DPR menyepakati usulan pemerintah terhadap asumsi makro sektor energi dalam Rancangan APBN 2018.

Menteri Energi dan Sumber Daya Mineral (ESDM) lgnasius Jonan mengatakan, asumsi makro sektor energi pada tahun depan tidak banyak berubah atau konservatif dibandingkan dengan tahun ini.

Beberapa asumsi makro energi terdiri dari produksi siap jual atau lifting minyak dan gas bumi, kuota bahan bakar minyak (BBM) subsidi, kuota liquefied petroleum gas (LPG) ukuran 3 kilogram (bersubsidi) dan subsidi listrik.

Komponen sektor energi itu tidak mengalami perubahan signifikan. Pertama, asumsi harga minyak Indonesia (Indonesian crude price/ICP) pada RAPBN 2018 diusulkan US$45-US$50 per barel.

Kedua, target lifting minyak 771.000-815.000 barel per hari (bph) dan gas 1,19 juta barel setara minyak per hari (barrel oil equivalent per day/boepd) sampai 1,23 juta boepd. Realisasi rerata produksi minyak Januari-Mei 2017 sudah mencapai

809.415 bph dari target 815.000 bph. 

Produksi rata-rata gas menyentuh 7.517 juta kaki kubik per hari (MMscfd) dari target 7.859 MMsdd. Realisasi rerata

produksi harian minyak dan gas bumi Januari-Mei 2017 sebanyak 2,15 juta boepd. Jonan menilai, target lifting minyak pada tahun depan sama dengan tahun ini.

Dia optimistis, target lifting gas pada tahun ini akan tercapai karena ada tambahan pasokan dari produksi lapangan Jangkrik, Blok Muara Bakau (Eni Muara Bakau BV) sebanyak 450 MMscfd.

“Unruk produksi kami optimistis migas bisa naik karena ada lapangan Eni produksi ditarget 450 MMsdd. Kami optimistis bisa

naikkan lifting migas," ujarnya dalam rapat kerja di DPR, Selasa (13/6).

Ketiga, volume BBM yakni solar sebanyak 14,85 juta-15,62 juta kl dengan kisaran subsidi Rp 500-Rp 1.000 per liter. Volume solar bersubsidi tersebut lebih rendah dibandingkan dengan alokasi tahun ini 16 juta Kilo Liter. Sementara itu, jatah minyak tanah disetujui di kisaran 590.000-640.000 KL. Menurut Jonan, subsidi solar dan minyak tanah tidak akan terlampaui kuotanya karena tren penggunaan kedua bahan bakar minyak ini yang terus turun.

Distribusi solar bersubsidi pada tahun ini diperkirakan menyentuh 14 juta KL. Realisasi penyaluran solar bersubsidi selama Januari-Mei 2017 sebanyak 5,86 juta KL. Hal yang sama juga terjadi pada minyak tanah dengan realisasi 200.000 KL.

“Dalam hitungan kami, asumsi 2017 tidak akan terlewati, minyak solar juga tidak akan terlewati alokasi subsidi 16 juta KL di 2017," katanya.

Keempat, kuota jatah LPG ukuran 3 kg yang bersubsidi diusulkan di kisaran 6,95 juta-7 juta ton. Khusus LPG subsidi, dia menilai, pada 2018 konsumsi bertambah dengan meluasnya cakupan program konversi minyak tanah ke LPG.

Sebagai gambaran, sampai bulan kelima 2017, realisasi konsumsi LPG mencapai 2,55 juta ton. Kelima, subsidi listrik diusulkan naik dengan kisaran Rp52,66 triliun hingga Rp 56,77 triliun atau lebih tinggi dari target tahun ini Rp 44,98 triliun. Alasannya, terdapat tambahan pelanggan listrik golongan 450 VA. 

Di sisi lain, PT Perusahaan Listrik Negara akan berupaya untuk menekan harga jual listrik setiap 3 bulan. “Setiap 3 bulan PLN berupaya menurunkan harga jual listriknya,” katanya.

Anggota Komisi VII Harry Poernomo mengatakan perlu ditampilkan mengenai korelasi antara pagu penggantian biaya operasi atau cost recouery dengan target lifting migas. Selain itu, pihaknya mempertanyakan penambahan asumsi subsidi listrik. 

Penambahan subsidi listrik mengindikasikan bertambahnya jumlah penerima subsidi. Oleh karena itu, Harry mempertanyakan kesahihan basis data yang digunakan untuk menetapkan subsidi listrik pada 2018.

“Subsidi listrik tidak sepantasnya naik. Kalau subsidi naik, rakyat bertambah miskin, saya khawatir jumlah warga miskin ini meningkat apakah memang demikian kondisinya?"

PENDALAMAN

Ketua Komisi Vll DPR Gus Irawan Pasaribu mengatakan, untuk sementara pihaknya menyetujui usulan Kementerian ESDM terkait dengan asumsi makro RAPBN 2018 sektor energi nantinya akan dilakukan rapat pendalaman untuk menetapkan angka pasti dalam RAPBN 2018. “Angka yang diusulkan masih sesuai.”

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM IGN Wiratmaja Puja mengatakan, kontributor untuk mencapai target lifting minyak masih mengandalkan wilayah kerja yang sudah ada seperti Blok Cepu (ExxonMobil Cepu Limited) yang akan memproduksi minyak 200.000 bph. Begitu pula untuk gas yang sebagian besar masih berasal dari Blok Mahakam (Total E&P Indonesie) dengan produksi sekitar 1.200 MMscfd. 

Khusus gas, lifting bisa dinaikkan karena terdapat tambahan pasokan dari Lapangan Jangkrik, Blok Muara Bakau (Eni Muara Bakau BV) sebesar 450 MMscfd.

“Masih sama kontributornya. Yang besar-besarnya masih sama, kecuali gas. Gas nanti ada yang dari Lapangan Jangkrik yang menambah cukup besar," katanya.

Sementara itu, terkait dengan penambahan subsidi listrik, Direktur Jenderal Ketenagalistrikan Kementerian ESDM Andi Noorsaman Sommeng mengatakan, dari basis pelanggan 900 VA dengan jumlah 23 juta dan pelanggan 450 VA sebanyak 23 juta, terdapat penyesuaian data yang membuat jumlah pelanggan 900 VA hanya 4,1 juta yang layak mendapat subsidi.

Selain itu, terdapat pelanggan 450 VA yang beralih ke 900 VA. tetapi masih mendapat subsidi dengan jumlah pelanggan 2 juta yang masuk dalam kategori penerima subsidi. Oleh karena itu, secara total terdapat 6 juta pelanggan 900 VA yang masih disubsidi. Selain dari naiknya jumlah penerima subsidi, Andi menyebut naiknya alokasi subsidi listrik mengacu pada naiknya ICP dan kurs.

Bisnis Indonesia, Page-30, Thursday, June 15, 2017

RI eyes to make most of mature oil fields

     The government must Wait a little longer' before issuing its regulation on enhanced oil recovery (EOR) activities, as it has yet to obtain approval from relevant stakeholders.

     The regulation, planned to be issued in the form of a ministerial decree later this year, is expected to boost oil production in mature fields and reduce the country’s dependence on imports.

     According to the latest General Plan for National Energy (RUEN), Indonesia’s oil demand is projected to reach 4,6 million barrels per day (bpd) by 2050 from around 1.6 million bpd today

     Meanwhile, Indonesia’s oil production can be maintained at around 699,000 bpd by 2050, compared to around 800,000 at present, only if the government can boost EOR and exploration activities in the upstream sector. Without such activities, the country might only produce fewer than 100,000 bpd of oil by 2050 as a result of declining production in mature fields and will be forced to rely more on oil and gas imports.

     Therefore, the Energy and Mineral Resources Ministry is formulating a decree to regulate EOR activities so that production from EOR can begin by 2021 or 2022. Successful EOR activities are then expected to produce an additional 228,000 bpd of oil. The government has estimated there will be 2.5 billion barrels of oil in reserves that can be restored through EOR activities by 2050.

“Previously, the government had aspired to sign the EOR decree in June,” Andang Bachtiar, a member ofthe government Sanctioned National Energy, Board (DEN), said on Monday in a public discussion. 

“HoWever, when the government presented the decree draft to us, it seemed like the draft had yet to represent the spirit of ‘ramping up’ the EOR to meet the target stated in the RUEN. [...] So, we asked them to hold the issuance, while calling on the government to invite business associations to discuss the decree.”

     The Energy and Mineral Resources Ministry’s oil and gas director general IGN Wiratmaja Puja said one of the contentious points in the draft was the risk sharing mechanism between the government and investors.

“If a contractor fails to yield satisfactory results after conducting EOR activities, who Will bear the risk? This matter has gone through long discussions because EOR schemes are quite expensive,” Wiratmaja said. 

     At present, there are 32 oil fields that have been selected as pilot projects for the EOR scheme with a target to boost Indonesia’s reserve-replacement ratio (RRR) to 100 percent in 2025 from only 60 percent last year. The EOR is the measurement of the operating performance of oil and gas exploration and production firms.

     PT Chevron Pacific Indonesia, the local unit of American oil and gas giant Chevron, commenced a trial run in 2012 to implement an EOR technique called surfactant flooding at its Minas field in Riau. In September last year, the company claimed that the method, which cost the company US$222 million in investment, had helped it increase the field’s recovery factor by between 17 percent and 22 percent.

    Komaidi Notonegoro, the executive director of Jakarta-based energy think-tank ReforMiner Institute, said Indonesia had no choice but to boost EOR and exploration activities in the up-stream oil and gas sector as it would be too costly for the country to rely on imports in the long run, he added. 

“If the allocation of the country’s foreign exchange reserves for imports gets bigger, the rupiah could see further depreciation that will hamper economic growth,” he said.

     Last year, Indonesia spent $15.9 billion on oil-based fuel imports, as well as $1.74 billion on liquefied petroleum gas (LPG) imports. 

     Fitch Group’s BMI Research has estimated that Indonesia will continue to remain the largest net importer of refined fuels in Asia in years to come, as it will require an estimated 812,000 bpd of fuel imports in 2017; which will increase to surpass 1.2 million bpd by 2026.

    Pertamina has pledged to spend up to $54 billion by 2025 on upstream projects, while planning to take on expiring oil and gas permits from international operators to slow down Indonesia’s declining oil production.

“While Pertamina has .put on a brave front, we note that failure to secure joint-venture partners to share the cost burden will exert a significantdrag on the firm’s finances for years to come, and dramatically curtail its ability to divert capital' to its ambitious downstream expansion efforts,” BMI Research stated in its recent report.

Jakarta Post, Page-13, Wednesday, June 14, 2017

Share Pertamina in Refineries Can Be Lowered

The government wants the construction of refinery projects not done gradually so as not to resign the settlement. Therefore, PT Pertamina's stock reduction option in the refinery project is considered as one of its options.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM), I Gusti Nyoman Wiratmaja, said that the refinery project is expected to be completed soon as the current volume of imported fuel oil is large. The government continues to examine the right solutions to make the refinery construction complete on time, not done in stages like Pertamina's wishes.

"One of the options that has been submitted, if Pertamina finances heavy, the portion is lowered, the share is lowered," he said in Jakarta, Tuesday (13/6).

He explained, the study conducted one of them about how many shares of Pertamina's most optimum. This is so that the refinery project can keep running as planned and minimize the potential for slow completion. He emphasized that the government did not want the completion of the refinery project to continue to withdraw.

Because the import of fuel will remain high if the refinery project is not over. "Then, if the refinery is built, it means that the investment goes, the economy moves, and the import of BBM is reduced," said Wiratmaja.

Currently, Pertamina is working on six refinery projects at once. Three refinery projects, worked with Pertamina with other companies. In detail, Pertamina with Rosneft Oil Company is working on Tuban refinery, then with Saudi Aramco working on Cilacap Refinery, the next partner for Bontang refinery is still selected. In Tuban and Cilacap, Pertamina holds a majority stake. While in Bontang, the company will only have a 5-10% stake.

For Balikpapan Refinery, Pertamina does not cooperate with partners. If the company intends to seek partners, the government is ready to help. "If we need to facilitate, because the needs are very real," he said.

Previously, Director of Processing and Petrochemical Megaproject Rachmad Hardadi admitted, there is a shift in the completion of the refinery project schedule because the burden of funding does not accumulate in certain years. The amendment of this plan has been submitted to the government.

"Almost everything shifted, Balikpapan Refinery Step 1 originally in June 2019 will shift to July-August 2020, Step 2 end of 2021. While Balongan Refinery must coincide with Balikpapan in order to avoid excess naphta," he explained.

For the Cilacap refinery, he acknowledged the completion target back to the original plan in 2023 because it is more realistically both technically and financially. It is now just waiting for Saudi Aramco's response to this change. The oil and gas company owned by the Saudi Arabian Government wants to consolidate with the directors first.

IN INDONESIA

Share Pertamina di Kilang Dapat Diturunkan

Pemerintah menginginkan pengerjaan proyek-proyek kilang tidak dilakukan bertahap sehingga tidak mundur penyelesaiannya. Untuk itu, opsi pengurangan saham PT Pertamina dalam proyek kilang dipertimbangkan sebagai salah satu opsinya. 

Direktur Jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) I Gusti Nyoman Wiratmaja mengatakan, proyek kilang diharapkan cepat selesai mengingat volume bahan bakar minyak (BBM) yang diimpor saat ini cukup besar. Pemerintah terus mengkaji solusi yang tepat agar kontruksi kilang dapat selesai tepat waktu, tidak dikerjakan bertahap seperti keinginan Pertamina.

“Salah satu opsinya yang sudah disampaikan, kalau Pertamina keuangannya berat, porsinya diturunkan, share-nya diturunkan,” kata dia di Jakarta, Selasa (13/ 6).

Dijelaskannya, kajian yang dilakukan salah satunya soal berapa bagian saham Pertamina yang paling optimum. Hal ini agar proyek kilang bisa tetap berjalan sesuai rencana dan meminimalkan potensi lambat penyelesaiannya. Ditegaskannya, pemerintah tidak ingin penyelesaian proyek kilang ini terus mundur.

Pasalnya, impor BBM akan tetap tinggi jika proyek kilang tidak kunjung usai. “Kemudian kalau kilang dibangun artinya investasi masuk, perekonomian bergerak, dan impor BBM berkurang,” tutur Wiratmaja.

Saat ini, Pertamina menggarap enam proyek kilang sekaligus. Tiga proyek kilang, dikerjakan Pertamina bersama perusahaan lain. Rincinya, Pertamina bersama Rosneft Oil Company mengerjakan Kilang Tuban, kemudian dengan Saudi Aramco menggarap Kilang Cilacap, selanjutnya mitra untuk Kilang Bontang masih diseleksi. Di Tuban dan Cilacap, Pertamina memegang saham mayoritas.  Sementara di Bontang, perseroan hanya akan memiliki saham 5-10%.

Untuk Kilang Balikpapan, Pertamina tidak menggandeng mitra. Jika perseroan berniat mencari mitra, pemerintah siap membantu. “Kalau perlu kami fasilitasi, karena kebutuhannya sangat nyata,” ujar dia.

Sebelumnya, Direktur Megaproyek Pengolahan dan Petrokimia Rachmad Hardadi mengakui, adanya pergeseran jadwal penyelesaian proyek kilang lantaran agar beban pendanaan tidak menumpuk pada tahun-tahun tertentu. Perubahan rencana ini telah disampaikan kepada pemerintah.

“Hampir semuanya bergeser, Kilang Balikpapan Step 1 semula di Juni 2019 akan bergeser menjadi Juli-Agustus 2020, Step 2 akhir 2021. Sementara Kilang Balongan harus bersamaan dengan Balikpapan agar tidak ada ekses naphta,” jelasnya.

Untuk Kilang Cilacap, diakuinya target penyelesaian kembali ke rencana awal pada 2023 karena lebih realistis baik secara teknis maupun pendanaan. Pihaknya kini hanya menunggu respon Saudi Aramco atas perubahan ini. Perusahaan migas milik Pemerintah Arab Saudi itu ingin konsolidasi dengan direksi terlebih dahulu.

Investor Daily, Page-9, Wednesday, June 14, 2017

Pertamina shares in Refinery Can Decrease

A number of oil refinery projects undertaken by PT Pertamina are slow. The reason this state-owned company must divide funding to various projects, from upstream to downstream.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM), IGN Wiratmaja Puja, said that Pertamina is reviewing the options to be able to work more quickly in refinery projects.

One option is to reduce the share of Pertamina's shares in a number of refinery projects undertaken with foreign investors. "The finances are heavy, the portion is lowered, maybe the share is lowered," he said.

The option to decrease Pertamina's shares in the refinery project can be applied in all the Refinery Development Master Plan (RDMP) and New Grass Root Refinery (NGRR) projects.

"Wanted how much Pertamina is optimum, so the pullback is not too far away, if need not be backward, the government wants to not back down, find the best way," said Wiratmaja on Tuesday (13/6).

On the other hand, the government is ready to facilitate if Pertamina wants to reduce its shares, such as in RDMP Cilacap and NGRR Tuban project. Pertamina can also find partners in refinery projects such as the Balikpapan RDMP project, East Kalimantan. "The government encourages, if necessary, to be facilitated. We facilitate because the needs are very real, "he explained.

With that option he hopes, the refinery work can be faster. On the other hand the construction of the refinery project so it can attract more investment into Indonesia. "This means that if the refinery is built, investment goes, the economy moves, and the import of fuel is reduced," said Wiratmaja.

Refineries are badly needed in order to suppress the import of fuel oil.

"We want to be faster, better, we import a lot of fuel, so it is being discussed continuously so that the refinery is on schedule," said Wiratmaja.

As is known, Pertamina targets RDMP Balikpapan Stage 1 completed in June 2020. Previously Pertamina targets RDMP Balikpapan Stage 1 can be completed in 2019. While RDMP Balikpapan Stage 2 can be completed in 2021

IN INDONESIA

Saham Pertamina di Kilang Bisa Turun

Sejumlah proyek kilang minyak yang dikerjakan oleh PT Pertamina berjalan lambat. Pasalnya BUMN ini harus membagi pendanaan ke berbagai proyek, mulai dari hulu hingga hilir.

Direktur Jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) IGN Wiratmaja Puja mengatakan, Pertamina sedang mengkaji berbagi opsi agar bisa lebih cepat mengerjakan proyek kilang.

Salah satu opsi adalah menurunkan porsi saham Pertamina di sejumlah proyek kilang yang dikerjakan dengan investor asing. "Keuangannya berat, porsi diturunkan, mungkin share diturunkan,“ ujarnya.

Opsi penurunan saham Pertamina di proyek kilang pun bisa diberlakukan di semua proyek Refinery Development Master Plan (RDMP) dan New Grass Root Refinery (NGRR).

"Dicari berapa Pertamina optimum, agar mundurnya tidak terlalu jauh, kalau perlu tidak perlu mundur. Pemerintah ingin tidak perlu mundur, cari jalan yang terbaik, " ujar Wiratmaja pada Selasa (13/6).

Di sisi lain pemerintah siap memfasilitasi jika Pertamina ingin menurunkan sahamnya seperti di proyek RDMP Cilacap dan NGRR Tuban. Pertamina juga bisa mencari mitra di proyek kilang seperti proyek RDMP Balikpapan, Kalimantan Timur. “Pemerintah mendorong, kalau perlu difasilitasi. Kami fasilitasi karena kebutuhannya sangat nyata," jelasnya.

Dengan opsi itu dia berharap, pengerjaan kilang bisa lebih cepat. Di sisi lain pengerjaan proyek kilang jadi bisa menarik investasi lebih banyak lagi masuk ke Indonesia. "Artinya kalau kilang dibangun, investasi masuk, keekonomian bergerak, dan impor BBM berkurang," kata Wiratmaja. 

Kilang memang sangat dibutuhkan agar bisa menekan impor bahan bakar minyak.

"Kami ingin lebih cepat, lebih bagus, kita impor BBM banyak. Jadi sedang dibahas terus menerus agar kilang ini on schedule," ujar Wiratmaja.

Seperti diketahui, Pertamina menargetkan RDMP Balikpapan Stage 1 diselesaikan pada bulan Juni 2020. Sebelumnya Pertamina menargetkan RDMP Balikpapan Stage 1 bisa selesai di 2019. Sementara RDMP Balikpapan Stage 2 bisa selesai tahun 2021.

Kontan, Page-14, Wednesday, June 14, 2017

What's the meaning of a name

Quoting William Shakespeare's statement, the name sometimes does not give meaning. Similarly, what happens to the naming of fields or oil wells, myths about names sometimes do not reflect the potential under the surface or the success of field development.

As a result, during the inauguration of the project or production report, the concentration split when hearing the name of the field is also oil and gas wells. Especially with the number of working areas in Indonesia which reached 283 locations and 85 of them conventional oil and gas blocks that have produced oil and natural gas. The freedom to name field is also wide.

Odd names are sometimes chosen for no apparent reason or purpose such as Aye Jambu Field, Block A operated by Medco and Wortel Field, Madura Strait Block operated by Santos Australy. In fact, there is a Love and Thistle Field in the South East Sumatra Block operated by CNOOC taken from the name of the company secretary.

One of the newest, the Cricket Field, Muara Bakau Block operated by ENI Italy which recently started its first gas production. The Cricket name for an offshore field near the Makassar Strait makes anyone who hears a frown and asks, why should the name of the cricket be chosen? Even the Cricket logo was deliberately placed on the uniform of the workers in the field.

VP Operations ENI Muara Bakau BV Jahnawi Tri Wasisto said there is no special meaning embedding the name of Cricket for gas field targeted will produce gas 450 million cubic feet per day (MMscfd). The name of Cricket was given one of ENI Italy's geologists when the structure was discovered in 2009 at Jangkrik-1 Well.

Crickets are also eventually used for structures found about 20 kilometers from Cricket Fields on the same block of North East Jangkrik wells found in 2011. The success of Cricket Fields with reserves of 1.7 trillion cubic feet of an integrated field development plan, then about through Findings in other structures. The success of the discovery of other structures was repeated with the unique names of the Blue Frog and Merakes in the East Sepinggan Block located adjacent to the Muara Bakau Block.

"The Field Name of the Crickets is from our geologist. There's also a Blue Frog Field name next to it. There's no particular reason. "

Although there is no special philosophy of naming the Crickets, thanksgiving the development of Cricket Field can run fast. From the operational plan in 2018, the Jangkrik field through floating production unit (FPU) is named the same starting its first production on 26 May 2017 with total time required since the approval of the development up to the production phase is 5.5 years and 4.5 years respectively -masing for the North East Cricket and Cricket field.

NOT AFFECTED

In the mythology of naming children is called, a name that is too complicated or burdensome even give a negative meaning should be avoided. For example, the Natuna D Alpha Block contains large gas reserves, but can not be developed until the contract of work ends. Then, the Abadi field, the 16-year-old Masela Block, but has not been able to produce its first gas until it returns to terms what a name means, perhaps there is no correlation with naming the success of exploration and field development.

The large reserve potential of a work area is not affected by any pinned names. Indeed there are factors of luck, but which many contribute is how much risk can be borne, how much capital is spent and how big the chances of success.

Similarly, aspects of field development are influenced by the technical, licensing, and economies of scale that determine the process that must be passed to make the oil and gas structure begin to produce. Thus, the acceleration of the process, the offer of attractive contract clauses, business certainty becomes a measure of whether national oil and gas production can survive and be enjoyed by posterity.

IN INDONESIA

Apa Arti Sebuah Nama

Mengutip pernyataan William Shakespeare, nama kadang tidak memberikan arti. Begitu pula yang terjadi pada penamaan lapangan ataupun sumur migas, mitos soal nama kadang tidak mencerminkan potensi di bawah permukaannya maupun kesuksesan pengembangan lapangannya.

Alhasil, saat peresmian proyek atau laporan produksi, konsentrasi terpecah ketika mendengar nama lapangan juga sumur migas. Apalagi dengan jumlah wilayah kerja di Indonesia yang mencapai 283 lokasi dan 85 di antaranya blok migas konvensional yang telah menghasilkan minyak dan gas bumi. Kebebasan untuk memberi nama lapangan juga sumur migas terbuka lebar.

Nama-nama yang aneh kadang dipilih tanpa alasan atau maksud yang jelas seperti Lapangan Jambu Aye, Blok A dioperasikan Medco dan Lapangan Wortel, Blok Madura Strait yang dioperasikan Santos Australia. Bahkan, ada Lapangan Cinta dan Widuri di Blok South East Sumatera yang dioperasikan CNOOC diambil dari nama sekretaris perusahaan.

Salah satu yang terbaru, lapangan Jangkrik, Blok Muara Bakau yang dioperasikan ENI Italy yang belum lama ini memulai produksi gas pertamanya. Nama Jangkrik untuk lapangan lepas pantai di dekat Selat Makassar membuat siapa pun yang mendengar mengernyitkan dahi dan bertanya, kenapa harus nama Jangkrik yang dipilih? Bahkan logo Jangkrik pun sengaja ditempatkan pada pakaian seragam para pekerja di lapangan.

VP Operations ENI Muara Bakau BV Jahnawi Tri Wasisto mengatakan tidak ada arti khusus penyematan nama Jangkrik untuk lapangan gas yang ditarget akan menghasilkan gas 450 juta kaki kubik per hari (MMscfd). Nama Jangkrik diberikan salah seorang geolog ENI Italy ketika struktur tersebut ditemukan pada 2009 di Sumur Jangkrik-1.

Jangkrik juga akhirnya dipakai untuk struktur yang ditemukan sekitar 20 kilometer dari Lapangan Jangkrik pada blok yang sama yakni sumur Jangkrik North East yang ditemukan pada 2011. 

     Kesuksesan Lapangan Jangkrik dengan cadangan sebesar 1,7 triliun kaki kubik dari satu rencana pengembangan lapangan terintegrasi, lalu tentang melalui temuan di struktur lainnya. Berhasil ditemukannya struktur lain pun diulangi dengan nama-nama unik yakni Katak Biru dan Merakes di Blok East Sepinggan yang lokasinya berdekatan dengan Blok Muara Bakau.

“Nama Lapangan Jangkrik itu dari geolog kami. Sebelahnya juga ada nama Lapangan Katak Biru. Tidak ada alasan khusus.“

Meskipun tidak terdapat filosofi khusus penamaan Jangkrik, syukurnya pengembangan Lapangan Jangkrik bisa berjalan cepat. Dari rencana operasi di 2018, lapangan Jangkrik melalui unit produksi terapung (floating production unit/FPU) bernama sama memulai produksi pertamanya di 26 Mei 2017 dengan total waktu yang dibutuhkan sejak persetujuan pengembangan hingga fase produksi adalah 5,5 tahun dan 4,5 tahun masing-masing untuk lapangan Jangkrik dan Jangkrik North East.

TIDAK TERPENGARUH

Dalam mitos penamaan anak disebut, nama yang terlalu rumit atau membebani bahkan memberi arti negatif sebaiknya dihindari. Misalnya, Blok Natuna D Alpha yang mengandung cadangan gas besar, tetapi belum bisa dikembangkan hingga kontrak kerja samanya berakhir. 

     Kemudian, lapangan Abadi, Blok Masela yang sudah berumur 16 tahun, tetapi belum bisa menghasilkan gas pertamanya hingga kembali lagi ke istilah apalah arti sebuah nama, mungkin tidak ada korelasinya pemberian nama dengan kesuksesan eksplorasi dan pengembangan lapangan. 

Potensi cadangan yang besar pada suatu wilayah kerja tidak dipengaruhi oleh nama apa pun disematkan. Memang terdapat faktor keberuntungan, tetapi yang banyak berkontribusi adalah seberapa besar risiko yang bisa ditanggung, seberapa besar modal yang dikeluarkan dan seberapa besar peluang kesuksesannya.

Begitu pula dengan aspek pengembangan lapangan yang dipengaruhi faktor keteknisan, perizinan, dan skala ekonomi yang menentukan proses yang harus dilalui untuk membuat struktur migas mulai berproduksi. Dengan demikian, percepatan proses, penawaran klausul kontrak yang menarik, kepastian usaha menjadi alat ukur apakah produksi migas nasional bisa bertahan dan dinikmati oleh anak cucu.

Bisnis Indonesia, Page-30, Wednesday, June 14, 2017

Gas Price Negotiations Continue

The negotiation process to obtain the appropriate gas price point for the development of integrated petrochemical industry in Indonesia is still continuing.

On the one hand, the Ministry of Energy and Mineral Resources (ESDM) offers gas prices in the range of US $ 5.1-US $ 5.3 per MMBtu in Bintuni Bay, and US $ 5.86 per MMBtu in Masela Block. However, on the other hand, the Ministry of Industry considers that the price offered by the ESDM Ministry has not been in accordance with the economic value, which is incriminating the investors.

Meanwhile, the business actor considers that the price of gas produced by the Masela Block offered at US $ 5.86 per MMBtu is still too high for the industry. That figure is well above the industry's proposal worth US $ 5.5 per MMBtu.

"If from the Ministry of ESDM already delivered the price. We have not heard from business actors. Negotiations are still on going. The price is appropriate if according to the Ministry of Industry at US $ 3.7 per MMBtu, "explained Director General of Chemical, Textile and Multifarious Industries (IKTA) Ministry of Industry Achmad Sigit Dwiwahjono

Upstream Chemical Director of Ministry of Industry Muhammad Khayam added the development of Masela Block and Bintuni BayWill continue to be pursued. Regarding the pricing of gas in Bintuni Bay, Khayam conveyed a discussion with BP Indonesia as a gas producer.

"If with Genting [Genting Oil Kasuri who also supplies gas from Bintuni] we have talked about the allocation and the price of gas. Progress is more advanced. For BP, the allocation already exists, but that is not yet a matter of price, "Khayam said.

PREAMBLE TRADER

Meanwhile, Secretary General of Olefin, Aromatic, and Plastic Industry Association (Inaplas) Fajar Budiyono assessed that the gas price offered by the government proves that the government is prioritizing the interests of traders rather than siding with the development of the upstream petrochemical industry.

"It proves the government provides an opportunity for traders to be more flexible" said Fajar Budiyono.

The prospect of developing a gas-based petrochemical industry could be a strategic move considering Indonesia has a number of timeless gas reserves. Potential gas sources are located in three areas, namely in Masela Maluku, Bintuni West Papua, and Donggi Senoro Central Sulawesi.

Fajar Budiyono said the upstream petrochemical industry development is very important because half of the raw materials of the downstream industry are still dependent on imports. However, the development of the petrochemical industry is difficult if the established gas price is not competitive. "The price of more than US $ 3.5 per MMBtu is not feasible, it will not work."

Fajar Budiyono added that several foreign investors are exploring investment opportunities for gas-based petrochemical plant construction in Banggai Central Sulawesi and Bintuni West Papua. Foreign investors are waiting for certainty of gas supply that can be obtained.

President Director of PT Pupuk Indonesia Aas Asikin Idat admitted that he has obtained a German investment partner, Ferostaal, for the construction of a gas-based petrochemical cluster in Bintuni. Both companies expect a gas supply of 250 MMSCFD at a price of US $ 3-US $ 4 per MMBtu.

IN INDONESIA

Negosiasi Harga Gas Terus Berlanjut

Proses negosiasi untuk mendapatkan titik temu harga gas yang sesuai untuk pengembangan industri petrokimia terintegrasi di Indonesia hingga kini masih terus berlanjut.

Di satu sisi, Kementerian Energi dan Sunber Daya Mineral (ESDM) menawarkan harga gas di kisaran US$ 5,1-US$5,3 per MMBtu di Teluk Bintuni, dan sebesar US$5,86 per MMBtu di Blok Masela. Namun, di sisi lain, Kementerian Perindustrian menganggap harga yang ditawarkan Kementerian ESDM ilu belum sesuai dengan nilai keekonomian, sehingga memberatkan investor.

Sementara itu, pelaku usaha menilai harga gas hasil produksi Blok Masela yang ditawarkan senilai US$5,86 per MMBtu masih terlampau tinggi bagi industri. Angka itu berada jauh di atas usulan industri senilai US$5,5 per MMBtu.

“Kalau dari Kementerian ESDM sudah disampaikan harganya. Kami belum mendengar dari pelaku usaha. Negosiasi masih terus akan dilakukan. Harga yang sesuai kalau menurut Kementerian Perindustrian  di US$3,7 per MMBtu,” jelas Dirjen Industri Kimia, Tekstil, dan Aneka (IKTA) Kementerian Perindustrian Achmad Sigit Dwiwahjono 

Direktur Kimia Hulu Kemenperin Muhammad Khayam menambahkan pengembangan Blok Masela dan Teluk Bintuni akan terus diupayakan. Terkait dengan penetapan harga gas di Teluk Bintuni, Khayam menyampaikan diskusi dengan BP Indonesia sebagai produsen gas masih terus dilakukan.

“Kalau dengan Genting [Genting Oil Kasuri yang juga memasok gas dari Bintuni] kami sudah bicarakan soal alokasi dan harga gasnya. Progresnya lebih maju. Untuk BP, alokasi sudah ada, tetapi yang belum adalah soal harganya,” kata Khayam.

UTAMAKAN TRADER

Sementara itu, Sekjen Asosiasi Industri Olefin, Aromatik, dan Plastik (Inaplas) Fajar Budiyono menilai harga gas yang ditawarkan pemerintah membuktikan pemerintah lebih mengutamakan kepentingan trader daripada berpihak kepada pengembangan industri petrokimia hulu.

“Itu membuktikan pemerintah memberikan kesempatan supaya trader lebih leluasa" kata Fajar Budiyono.

Prospek pengembangan industri petrokimia berbasis gas bisa menjadi langkah strategis mengingat Indonesia memiliki sejumlah titik cadangan gas abadi. Sumber gas potensial itu berada di tiga wilayah, yaitu di Masela Maluku, Bintuni Papua Barat, dan Donggi Senoro Sulawesi Tengah.

Fajar Budiyono menyatakan pengembangan industri petrokimia sektor hulu menjadi amat penting karena separuh bahan baku industri hilir masih bergantung impor. Akan tetapi, pengembangan industri petrokimia sulit dilakukan bila harga gas yang ditetapkan tidak kompetitif. “Harga lebih dari US$3,5 per MMBtu tidak feasible, ya tidak akan jalan.”

Fajar Budiyono menambahkan sejumlah investor asing sedang menjajaki peluang investasi pembangunan pabrik petrokimia berbasis gas di Banggai Sulawesi Tengah dan Bintuni Papua Barat. Investor asing itu menunggu kepastian pasokan gas yang bisa didapatkan.

Direktur Utama PT Pupuk Indonesia Aas Asikin Idat mengakui sudah mendapat mitra investasi asal Jerman, Ferostaal, untuk pembangunan klaster petrokimia berbasis gas di Bintuni. Kedua perusahaan berharap mendapat pasokan gas sebesar 250 MMSCFD dengan harga senilai US$3-US$4 per MMBtu. 

Bisnis Indonesia, Page-1, Wednesday, June 14, 2017