Guaranteed Gas Supply, Batam Becomes Paradise for Investors

PT Perusahaan Gas Negaray (PGN) continues to strengthen the gas supply in Batam Island, Riau Islands by building a pipeline connecting West Natuna Transportation System (WNTS) to Pemping Island. This makes it easier for investors to invest in Batam.

Director of PGN Infrastructure and Technology Dilo Seno Widagdo said that in the near future it will complete the WNTS transmission pipeline project at the point of Sub Sea Tie In-Batam (SSTI-B) to Pulau Pemping. This project is a government assignment to PGN to build and operate gas pipeline from SSTI-B to Pemping Island.

"This project will provide benefits in the form of an alternative gas supply for the Riau Islands, which includes Batam, Bintan and Karimun, and one of PGN's contribution in supporting the government's program for national energy sustainability and independence," said Dilo

Dilo said with the construction of this gas pipeline project, PGN Batam area will have additional gas supply of 40 billion british thermal unit per day (BBtud). In fact, the volume of natural gas can be increased up to 100 BBtud in subsequent years, according to the needs of people in various segments of gas users. So the pipeline is expected to further strengthen PGN's gas supply guarantees to customers.

With the availability of energy support in Batam is great, Batam City Government can work to attract more investors from abroad to improve the economy in Batam Island, Bintan and surrounding areas.

"PGN continues to improve the country's competitiveness through an integrated infrastructure and reliable gas supply. Secure and reliable energy supply is not impossible Batam will be a haven for investors to invest, "said Dilo.

Since 2004, PGN has continued to build a gas distribution network to customers in Batam. Currently for the Batam area, PGN has served 3,497 household customers, 53 commercial customers and 43 industrial customers and power plants. Not only in Batam, PGN also expanded its gas infrastructure in Dumai, Riau by building a distribution pipeline of 56 kilometers (km).

PGN's President Director, Jobi Triananda Hasjim, said that the Dumai gas distribution pipeline project is a PGN initiative to channel natural gas to PGN's customers in Dumai. This pipeline will be connected to the 67 km long Duri-Dumai gas transmission pipeline.

"Along with the Duri-Dumai project, PGN also develops a 56 km gas distribution pipeline network in Dumai," said Jobi.

The Dumai gas distribution pipeline project explains the diameter of 24 and 16 inches. Related to the supply of natural gas, PGN has secured the allocation of natural gas from Conoco-Phillips as much as 37 BBtud which will flow in 2018-2030. In addition, PGN also received an additional gas allocation of 2 BBTUD from Jambi Merang.

"The gas distribution pipeline development project is targeted to be completed together with the completion of the Duri-Dumai transmission pipeline project by the end of 2018," he said.

The investment value of this project is approximately US $ 140 million. PGN also works on other pipeline projects. PGN develops natural gas pipelines in Muara Karang-Muara Bekasi along 42 km, gas infrastructure in Gresik, East Java, natural gas distribution pipeline in Pasuruan, Mojokerto, and increasing the number of natural gas users, especially in the industrial sector in various areas of existing PGN.

"This is a form of PGN's commitment as a state-owned gas company to the country, in the hope that more and more people will enjoy PGN gas that is more efficient, cleaner, easier and safer," Jobi said.

As is known, currently PGN has built and operated a natural gas pipeline infrastructure over 7,270 km. This PGN infrastructure is equivalent to 80% of Indonesia's natural gas pipelines. From the infrastructure of the natural gas pipeline, PGN is delivering gas to 1,652 industrial and power generation customers, 1,929 commercial and small business customers, and 204,000 households. PGN customers are spread across 19 cities in 12 provinces.

IN INDONESIA

Pasokan Gas Terjamin, Batam Menjadi Surga bagi Investor

PT Perusahaan Gas Negaray (PGN) terus memperkuat pasokan gas di wilayah Batam, Kepulauan Riau dengan membangun pipa yang menghubungkan West Natuna Transportation System (WNTS) ke Pulau Pemping. Hal ini memudahkan investor berinvestasi di Batam.

Direktur Infrastruktur dan Teknologi PGN Dilo Seno Widagdo mengatakan dalam waktu dekat pihaknya akan menyelesaikan proyek pipa trasmisi WNTS di titik Sub Sea Tie In-Batam (SSTI-B) ke Pulau Pemping. Proyek ini merupakan penugasan pemerintah kepada PGN untuk membangun dan mengoperasikan pipa gas dari SSTI-B ke Pulau Pemping.

“Proyek ini akan memberikan manfaat berupa alternatif pasokan gas bagi Kepulauan Riau yang mencakup Batam, Bintan dan Karimun, dan salah satu wujud kontribusi PGN dalam mendukung program pemerintah untuk ketahanan dan kemandirian energi nasional,” kata Dilo 

Dilo mengungkapkan dengan terbangunnya proyek pipa gas ini, maka PGN wilayah Batam akan memiliki tambahan pasokan gas sebesar 40 miliar british thermal unit per hari (billion british thermal unit per day/BBtud). Bahkan, volume gas bumi dapat ditingkatkan hingga 100 BBtud di tahun-tahun berikutnya, sesuai dengan kebutuhan masyarakat di berbagai segmen pengguna gas. Sehingga pipa ini diharapkan semakin memperkuat jaminan pasokan gas bumi PGN ke pelanggan. 

Dengan adanya dukungan ketersediaan energi di Batam yang besar ini, Pemerintah Kota Batam bisa bekerja untuk dapat menarik lebih banyak investor dari luar negeri untuk meningkatkan perekonomian di Pulau Batam, Bintan dan sekitarnya. 

“PGN terus meningkatkan daya saing negeri melalui infrastruktur yang terintegrasi dan pasokan gas yang handal. Pasokan energi terjamin dan handal bukan tidak mungkin Batam akan menjadi surga bagi investor berinvestasi,” kata Dilo.

Sejak 2004, PGN terus membangun jaringan distribusi gas ke pelanggan di Batam. Saat ini untuk wilayah Batam, PGN telah melayani 3.497 pelanggan rumah tangga, 53 pelanggan komersial dan 43 pelanggan industri dan pembangkit listrik. Tidak hanya di Batam, PGN juga memperluas infrastruktur gas di Dumai, Riau dengan membangun pipa distribusi sepanjang 56 kilometer (km). 

Direktur Utama PGN, Jobi Triananda Hasjim mengungkapkan, proyek pipa distribusi gas bumi Dumai tersebut merupakan inisiatif PGN untuk menyalurkan gas bumi kepada pelanggan-pelanggan PGN di Dumai. Pipa ini akan terkoneksi dengan pipa transmisi gas bumi Duri-Dumai sepanjang 67 km.

“Bersamaan dengan jalannya proyek Duri-Dumai, PGN juga mengembangkan jaringan pipa distribusi gas bumi di Dumai sepanjang 56 km,” kata Jobi. 

Proyek pipa distribusi gas bumi Dumai ini dijelaskannya berdiameter 24 dan 16 inchi. Terkait pasokan gas bumi, PGN telah mendapatkan kepastian alokasi gas bumi dari Conoco-Phillips sebanyak 37 BBtud yang akan mengalir pada 2018-2030. Selain itu, PGN juga mendapatkan tambahan alokasi gas bumi sebesar 2 BBTUD dari Jambi Merang.

“Proyek pembangunan pipa distribusi gas bumi ini ditargetkan selesai bersama-sama dengan rampungnya proyek pipa transmisi Duri-Dumai pada akhir 2018," ujarnya. 

Nilai investasi proyek ini sekitar US$ 140 juta. PGN juga menggarap proyek pipa lainnya. PGN mengembangkan pipa gas bumi di Muara Karang-Muara Bekasi sepanjang 42 km, infrastruktur gas bumi di Gresik, Jawa Timur, pipa distribusi gas bumi di Pasuruan, Mojokerto, dan menambah jumlah pengguna gas bumi terutama di sektor industri di berbagai wilayah eksisting PGN.

"lni bentuk komitmen PGN sebagai BUMN gas kepada negeri, dengan harapan semakin banyak masyarakat menikmati gas bumi PGN yang lebih efisien, bersih, mudah dan aman,” kata Jobi.

Seperti diketahui, saat ini PGN telah membangun dan mengoperasikan infrastruktur pipa gas bumi sepanjang lebih dari 7.270 km. lnfrastruktur PGN ini setara dengan 80% pipa gas bumi seluruh Indonesia. Dari infrastruktur pipa gas bumi tersebut, PGN mengalirkan gas ke 1.652 pelanggan industri dan pembangkit listrik,1.929 pelanggan komersial dan usaha kecil, serta 204.000 pelanggan rumah tangga. Pelanggan PGN tersebut tersebar di 19 kota di 12 provinsi.

Investor Daily, Page-9, Thursday, June 22, 2017

Added Split Block ONWJ No More 5%

PT Pertamina declared that the additional portion of the Offshore North West Java (ONWJ) Offshore Block (offshore) split to be proposed to the government would not exceed 5%. This count refers to the direction of the Ministry of Energy and Mineral Resources (ESDM) in reviewing the ONWJ Block.

Upstream Director of Pertamina Syamsu Alam said it had completed a comprehensive review of ONWJ Block after the contract was signed with a gross split mechanism in February. From the results of the study, the company still needs additional split to boost the economy of oil and gas blocks off the north coast of West Java.

The discretion in question is the discretion of the Minister of Energy and Mineral Resources as set out in Regulation of Minister of Energy and Mineral Resources Number 8 Year 2017 which regulates the contract of gross split. In Article 7 mentioned, when the calculation of commercialization of the field does not reach a certain economy, the contractor gets a maximum split of 5%.

In contrast, in the calculation of commercialization of the field exceeds a certain economy, the state may take a 5% split addition. The same is also expressed by the President Director of PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi.

"We hope to still be able to discretionary Minister of ESDM additional split by 5%," he said.

As for the review mechanism, previously Pertamina has received directives from the Ministry of Energy and Mineral Resources in a meeting held in early May. At the meeting, Deputy Minister of Energy and Mineral Resources (EMR), Arcandra Tahar, said that the government and the company were limited to agreeing on the details of split and other additional calculation procedures.

According to him, after this agreement, Pertamina will calculate the economics of the ONWJ Block. If it turns out that the split obtained is less, then Pertamina only proposed additional split to the government. The addition of split will follow Regulation of Minister of Energy and Mineral Resources No. 8 of 2017.

"The government sees only a maximum of 5% split. So just follow the Minister's Regulation, "he said.

Previously, Pertamina declared additional split needed one of them because of unrecovered cost of US $ 453 million. According to Arcandra, this unrecovered cost is not included in additional split calculations.

The reason, following the Ministerial Regulation 26/2017, unrecovered cost to be borne by a new contractor in this case is Pertamina.

"Pertamina that bear, Pertamina who received the production as well. Previously, Pertamina is also a contractor in ONWJ Block, "he said.

Regulation of the Minister of EDM No. 26 of 2017 regulates the issue of cost recovery mechanism of investment in upstream oil and gas business activities. Article 6 of this beleid states, in the case of Cooperation Contract is not renewed and there are still investment costs that have not been returned, the return to the contractor is done by the new contractor.

As is known, the government and PHE have signed ONWJ Block ONWJ production sharing contract (PSC) with a gross split or gross profit sharing scheme earlier this year. Under this scheme, the revenue share for the country versus is set at 37.5: 62.5 for gas and 42.5: 57.5 for oil.

However, Mountain previously revealed, there are some things that make the received revenue share less attractive. Several factors that reduce the economics of the project are unrecovered cost, Value Added Tax (VAT) that become the full contractor dependent, the investment cost of the participation fee given to the local government is 10%, and the rental fee considering the production facility in BLOK ONWJ belongs to the government Because the previous contracts used the cost recovery scheme.

The government recorded oil reserves in ONWJ Block is still 309.8 million barrels and gas 1,114.9 billion cubic feet. In the new contract, Pertamina undertakes to disburse US $ 82.3 million during the first three years and US $ 8.5 billion over a 20-year contract period to work on the ONWJ Block potential.

In addition, the contract also mentioned gross receipts from ONWJ Block amounting to US $ 14.8 billion, which is a state quota of US $ 5.7 billion.

IN INDONESIA

Tambahan Split Blok ONWJ Tak Lebihi 5%

PT Pertamina menyatakan tambahan porsi bagi hasil (split) Blok Offshore North West Java (ONWJ) yang akan diusulkan kepada pemerintah tidak akan melebihi 5%. Hitungan ini mengacu pada arahan Kementerian Energi dan Sumber Daya Mineral (ESDM) dalam mengkaji Blok ONWJ.

Direktur Hulu Pertamina Syamsu Alam mengatakan, pihaknya telah merampungkan kajian komprehensif Blok ONWJ setelah kontrak diteken dengan mekanisme bagi hasil kotor (gross split) pada Februari lalu. Dari hasil kajian tersebut, perseroan tetap membutuhkan tambahan split guna mendongkrak keekonomian blok migas di lepas pantai utara Jawa Barat ini.

“Alhamdulillah sudah selesai kajiannya. Tambahan split masih dalam diskresi menteri,” kata dia

Diskresi yang dimaksud adalah diskresi Menteri ESDM sebagaimana ada dalam Peraturan Menteri ESDM Nomor 8 Tahun 2017 yang mengatur soal kontrak gross split. Dalam Pasal 7 disebutkan, ketika perhitungan komersialisasi lapangan tidak mencapai keekonomian tertentu, kontraktor mendapat tambahan split maksimal 5%.

Sebaliknya, dalam perhitungan komersialisasi lapangan melebihi keekonomian tertentu, maka negara boleh mengambil tambahan split 5%. Hal yang sama juga diungkapkan Presiden Direktur PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi. 

“Kami berharap masih bisa dapat diskresi Menteri ESDM tambahan split sebesar 5%,” tutur dia.

Sementara untuk mekanisme kajian, sebelumnya Pertamina telah menerima arahan dari Kementerian ESDM dalam rapat yang digelar awal Mei lalu. Dalam rapat itu, Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar sempat mengatakan, pemerintah dan perseroan hanya sebatas menyepakati rincian prosedur penghitungan tambahan split dan lainnya.

Menurutnya, setelah ada kesepakatan ini, Pertamina akan menghitung keekonomian dari Blok ONWJ. Jika ternyata split yang diperoleh kurang, maka Pertamina hanya mengajukan usulan tambahan split kepada pemerintah. Pemberian tambahan split akan mengikuti Peraturan Menteri ESDM No 8 Tahun 2017. 

“Pemerintah hanya melihat tambahan split maksimum 5%. Jadi ikuti saja Peraturan Menterinya,” ujar dia.

Sebelumnya, Pertamina menyatakan tambahan split dibutuhkan salah satunya lantaran adanya biaya investasi yang tidak kembali (unrecovered cost) sebesar US$ 453 juta. Menurut Arcandra, unrecovered cost ini tidak masuk dalam penghitungan tambahan split.

Pasalnya, mengikuti Peraturan Menteri 26/ 2017 , unrecovered cost menjadi tanggungan kontraktor baru yang dalam hal ini adalah Pertamina.

“Pertamina yang menanggung, Pertamina yang menerima hasil produksi juga. Sebelumnya Pertamina juga kontraktor di Blok ONWJ,” ujarnya. 

Peraturan Menteri ESDM No 26 Tahun 2017 mengatur soal mekanisme pengembalian biaya investasi pada kegiatan usaha hulu migas. Pasal 6 beleid ini menyatakan, dalam hal Kontrak Kerja Sama tidak diperpanjang dan masih terdapat biaya investasi yang belum dikembalikan, pengembalian kepada kontraktor dilakukan oleh kontraktor baru.

Seperti diketahui, pemerintah dan PHE telah menandatangani kontrak kerja sama (production sharing contract/PSC) Blok ONWJ dengan skema gross split atau bagi hasil kotor pada awal tahun ini. Dengan skema ini, maka bagi hasil untuk negara dibanding ditetapkan sebesar 37,5:62,5 untuk gas dan 42,5:57,5 untuk minyak.

Namun, Gunung sebelumnya mengungkapkan, ada beberapa hal yang membuat bagi hasil yang diterima kurang menarik. Beberapa faktor yang mengurangi keekonomian proyek yakni unrecovered cost, Pajak Pertambahan Nilai (PPN) yang menjadi tanggungan kontraktor sepenuhnya, tanggungan biaya investasi dari hak partisipasi yang diberikan ke pemerintah daerah sebesar 10%, dan adanya biaya sewa mengingat fasilitas produksi di BLOK ONWJ menjadi milik pemerintah lantaran kontrak sebelumnya menggunakan skema cost recovery.

Pemerintah mencatat cadangan minyak di Blok ONWJ tercatat masih 309,8 juta barel dan gas 1.114,9 miliar kaki kubik. Dalam kontrak baru, Pertamina menyanggupi untuk mengucurkan dana sebesar US$ 82,3 juta selama tiga tahun pertama dan US$ 8,5 miliar sepanjang masa kontrak 20 tahun untuk menggarap potensi Blok ONWJ.

Selain itu, kontrak juga menyebutkan penerimaan kotor dari Blok ONWJ sebesar US$ 14,8 miliar di mana yang merupakan jatah negara US$ 5,7 miliar.

Investor Daily, Page-9, Thursday, June 22, 2017

Pertamina Make sure Ogan Komering Block

DELIVERY BLOCK MANAGEMENT

SKK Migas asked PT Pertamina to immediately decide the certainty of the takeover of Ogan Komering Block management So that the sustainability of oil and gas production in Southern part of Sumatra will be maintained.

Ogan Komering Block of 1,152 square kilometers stretching in Ogan Komering Ulu Regency, Ogan Ilir and Muara Enim, South Sumatra Province, will be terminated in 2018. Initially, Pertamina and Talisman Energy were contractors of Ogan Komering Block (KKKS) cooperation contracts In the form of a joint operating body (JOB). However, in March 2017 Talisman sold 50% of its shares to Jadestone Energy.

"In principle (for extension) is preferred Pertamina. But they are still review taken or not, "said Head of Finance Affairs Representative Office of the Special Unit for Oil and Gas Upstream Oil and Gas Operations [SKK Migas] Southern Sumatra, Muhammad Agus

The Ogan Komering Block is one of the eight oil and gas working areas in Indonesia that are out of contract in 2017 and 2018. The other seven blocks are Tuban Block, East Java (JOB Pertamina-PetroChina East Java), Sanga-Sanga Block, East Kalimantan (Saka Energi); Southeast Sumatra Block (SES), Lampung (CNOOC SES Limited).

In addition, Central Block, East Kalimantan (Total E & J Indonesie); East Kalimantan Block, East Kalimantan (Chevron hydonesia Company); Attaka Block, East Kalimantan (Chevron); And North Sumatra Offshore Block, Aceh (Pertamina).

In January 2017, Energy and Mineral Resources Minister Ignatius Jonan has assigned Pertamina to take over the eight blocks. Later, the contract scheme will change from cost recovery to gross split.

"We are basically no problem whoever the management, whatever its affiliates, will keep us watching," said Agus. He expects operators in regional oil and gas blocks to be more efficient. Do not let, added Agus, the cost of production increases when South Sumatra no longer find new oil and gas reserves.

"South Sumatra's contribution as a whole oil and gas production has not changed much. Probably 10% of all Indonesia. Not too significant compared to Riau and Cepu, "he said.

Jadestone Energy noted that Ogan Komering Block produces an average of 3,000 barrels of oil equivalent per day (boepd) with details of 70% oil and 30% gas.

The hydrocarbon product is produced from three fields namely Air Serdang, Guruh, and Mandala. Meanwhile, the most productive oil and gas working area in Southern Sumatra is the Coridor Block operated by ConocoPhillips (Grissik) Ltd. In October 2016, the gas produced by the block was recorded at 809 million standard cubic feet per day (MMscfd).

    The Corridor Block contract will be terminated in 2023 after renewal in 2013. Currently, ConocoPhillips is waiting to be assured by the government whether the US oil and gas company will get a second contract extension.

IN INDONESIA

Pertamina Pastikan BIok Ogan Komering

PENGAMBILALIHAN PENGELOLAAN BLOK

SKK Migas meminta PT Pertamina untuk segera memutuskan kepastian pengambilalihan pengelolaan Blok Ogan Komering agar kesinambungan produksi migas di Sumatra Bagian Selatan tetap terjaga.

Blok Ogan Komering seluas 1.152 kilometer persegi yang membentang di Kabupaten Ogan Komering Ulu, Ogan Ilir, dan Muara Enim, Provinsi Sumatra Selatan, bakal habis kontraknya pada 2018. Pada awalnya, Pertamina dan Talisman Energy merupakan kontraktor kontrak kerja sama (KKKS) Blok Ogan Komering dalam bentuk badan operasi bersama (JOB). Namun, pada Maret 2017 Talisman menjual 50% sahamnya kepada Jadestone Energy.

“Pada prinsipnya (untuk perpanjangan) diutamakan Pertamina. Tapi mereka masih review diambil atau tidak,” kata Kepala Urusan Keuangan Kantor Perwakilan Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi [SKK Migas] Sumatera Bagian Selatan, Muhammad Agus 

Blok Ogan Komering merupakan satu dari delapan wilayah kerja migas di Indonesia yang habis kontrak pada 2017 dan 2018. Tujuh blok lain adalah Blok Tuban, Jawa Timur (JOB Pertamina-PetroChina East Java), Blok Sanga-Sanga, Kalimantan Timur (Saka Energi); Blok Southeast Sumatera (SES), lampung (CNOOC SES Limited).

Selain itu, Blok Tengah, Kalimantan Timur (Total E&J Indonesie); Blok East Kalimantan, Kalimantan Timur (Chevron hidonesia Company); Blok Attaka, Kalimantan Timur (Chevron); dan Blok North Sumatera Offshore, Aceh (Pertamina).

Pada Januari 2017, Menteri Energi dan Sumber Daya Mineral Ignasius Jonan telah menugaskan Pertamina untuk mengambil alih delapan blok tersebut. Nantinya, skema kontrak akan berubah dari cost recovery menjadi gross split.

“Kami pada dasarnya tidak masalah siapapun pengelolanya, apapun afiliasinya, akan terus kami awasi,” ujar Agus. Dia mengharapkan operator di blok-blok migas di regional itu bisa lebih efisien. Jangan sampai, tambah Agus, biaya produksi bertambah besar padahal Sumatera Bagian Selatan tidak lagi menemukan cadangan migas baru.

“Sumbangan Sumatera Bagian Selatan secara keseluruhan produksi migas tidak banyak berubah. Mungkin 10% dari seluruh Indonesia. Tidak terlalu signifikan dibandingkan dengan Riau dan Cepu,” ujarnya.

Jadestone Energy mencatat Blok Ogan Komering menghasilkan rata-rata 3.000 barel setara minyak per hari (boepd) dengan rincian 70% minyak dan 30% gas.

Produk hidrokarbon itu dihasilkan dari tiga lapangan yakni Air Serdang, Guruh, dan Mandala. Adapun, wilayah kerja migas paling produktif di Sumatera Bagian Selatan adalah Blok Coridor yang dioperatori ConocoPhillips (Grissik) Ltd. Pada Oktober 2016, gas yang dihasilkan blok itu tercatat sebesar 809 juta standar kaki kubik per hari (MMscfd). 

    Kontrak Blok Corridor akan berakbir pada 2023 setelah diperpanjang pada 2013. Saat ini, ConocoPhillips tengah menimggu kepastian dari pemerintah apakah perusahaan migas asal Amerika Serikat itu akan mendapatkan perpanjangan kontrak untuk kali kedua.

Bisnis Indonesia, Page-8, Thursday, June 22, 2017

Oil Price Can Fall Down US $ 40

Oil production in some producing countries is still rising

Get ready, world oil prices could fall again. The price of black gold continues to weaken due to abundant supply of oil. Oil prices were slightly strengthened yesterday (21/6). At 19.09 GMT, light crude oil futures for August delivery in August 2017 on the New York Mercantile Exchange rose 0.21% from the previous day to US $ 43.68 per barrel.

But the previous day, oil prices depressed and closed at US $ 42.23 per barrel. This is the lowest price of oil in the last nine months. Oil prices fell drastically on reports of an increase in oil output in Nigeria and Libya. That is, OPEC oil production rose. The increase from the two countries reached 352,000 barrels per day.

Thus, OPEC production in May 2017 increased 336,000 barrels per day. "The effect is that the market now sees OPEC's efforts to cut production seem artificial," said Lukman Leong, Research & Analyst at Valbury Asia Futures, yesterday. In fact, Nigeria and Libya excluding OPEC members who agreed to cut production of 1.8 million barrels per day.

Research & Analyst Asia Tradepoint Futures Deddy Yusuf Siregar added that oil prices were also pressured by the American Petroleum Institute (API) report, which said US weekly stockpiles rose 2.72 million barrels last week. So, the increase in US oil production has not stopped.

US oil production during May 2017 was up 9.3 million barrels per day or higher than April 2017 which was only 8.5 million barrels per day. "It's hard to expect a change in the second half if the market remains flooded with current supply," Deddy said.

Advanced pruning

Lukman expects oil prices to drop to around $ 35 a barrel by the end of this year. With note, there is no fundamental change in the global market. Under the same assumption, Deddy expects oil prices to range from US $ 30-US $ 35 per barrel by the end of this year.

Vice Chairman of IHS Markit Daniel Yergin rate, if later the price of oil fell to US $ 30 per barrel, it is likely to happen further production cuts from OPEC. The active rigs of crude oil drilling in the US can also be reduced.

Seeing the negative sentiment pressure that exists today, oil prices are still difficult to strengthen. Analysts see that the rise is technically only and does not affect long-term pricing. But if US weekly crude stockpiles are indicated to fall, oil prices could improve. In addition, labor problems overshadowing Nigeria, could make Nigeria's oil production in June 2017 dive again.

On a daily technical front, Deddy analyzes current price oil to move below the moving average (MA) 50, 100 and 200, supporting continued decline. The moving average convergence divergence (MACD) line with the histogram below 0 also forms a downtrend pattern.

Even so, the 29 level stochastic and relative strength index (RSI) are on the oversold area and could trigger a short-term rebound. Deddy expects today's oil price to fall back and move in the range of US $ 41.40-US $ 44 per barrel. Meanwhile, according to Lukman's calculations, the price of oil a week ahead will move within the range of US $ 41.70 to US $ 44 per barrel.

IN INDONESIA

Harga Minyak Bisa Jatuh ke Bawah US$ 40 

Produksi minyak di sejumlah negara produsen masih naik

Siap-siap, harga minyak dunia bisa turun lagi. Harga emas hitam ini terus melemah lantaran pasokan minyak berlimpah. Harga minyak memang sedikit menguat kemarin (21/6). Per pukul 19.09 WIB, harga minyak jenis light crude kontrak pengiriman Agustus 2017 di New York Mercantile Exchange naik 0,21% dibanding hari sebelumnya menjadi US$ 43,68 per barel.

Tapi hari sebelumnya, harga minyak tertekan dan ditutup di US$ 42,23 per barel. Ini harga terendah minyak dalam sembilan bulan terakhir. Harga minyak turun drastis karena adanya laporan kenaikan produksi minyak di Nigeria dan Libia. Artinya, produksi minyak OPEC naik. Kenaikan dari dua negara tersebut mencapai 352.000 barel per hari.

Dus, produksi OPEC di Mei 2017 meningkat 336.000 barel per hari. "Efeknya pasar sekarang melihat usaha OPEC memangkas produksi nampak artifisial," kata Lukman Leong, Research & Analyst Valbury Asia Futures, kemarin. Padahal, Nigeria dan Libia tidak termasuk anggota OPEC yang ikut menyepakati pemangkasan produksi sebesar 1,8 juta barel per hari.

Research & Analyst Asia Tradepoint Futures Deddy Yusuf Siregar menambahkan, harga minyak juga tertekan laporan American Petroleum Institute (API), yang menyebut cadangan mingguan AS naik 2,72 juta barel pekan lalu. Jadi, kenaikan produksi minyak AS belum berhenti.

Produksi minyak AS sepanjang Mei 2017 tercatat naik 9,3 juta barel per hari atau lebih tinggi dibanding April 2017 yang hanya 8,5 juta barel per hari. "Sulit mengharapkan perubahan di semester dua jika pasar tetap dibanjiri pasokan seperti saat ini,“ kata Deddy.

Pemangkasan lanjutan

Lukman memperkirakan harga minyak berpotensi turun ke kisaran US$ 35 barel per hari di akhir tahun ini. Dengan catatan, tidak ada perubahan fundamental di pasar global. Dengan asumsi yang sama, Deddy memperkirakan harga minyak berkisar di US$ 30-US$ 35 per barel pada akhir tahun ini.

Vice Chairman of IHS Markit Daniel Yergin menilai, jika nantinya harga minyak turun ke US$ 30 per barel, besar kemungkinan akan terjadi pemangkasan produksi lanjutan dari OPEC. Rig aktif pengeboran minyak mentah di AS juga bisa berkurang.

Melihat tekanan sentimen negatif yang ada saat ini, harga minyak masih sulit menguat. Analis melihat kenaikan yang terjadi sifatnya hanya teknikal dan tidak mempengaruhi harga jangka panjang.  Tapi jika cadangan minyak mentah mingguan AS terindikasi turun, harga minyak bisa membaik. Selain itu, masalah tenaga kerja yang membayangi Nigeria, bisa membuat produksi minyak Nigeria di Juni 2017 menukik lagi.

Dari sisi teknikal harian, Deddy menganalisa minyak harga saat ini bergerak di bawah moving average (MA) 50, 100 dan 200, mendukung penurunan lanjutan. Garis moving average convergence divergence (MACD) dengan histogram di bawah 0 juga membentuk pola downtrend.

Meski begitu, stochastic level 12 dan relative strength index (RSI) level 29 sudah di area oversold dan bisa memicu rebound jangka pendek. Deddy memperkirakan harga minyak hari ini akan kembali turun dan bergerak di kisaran US$ 41,40-US$ 44 per barel. Sedangkan menurut hitungan Lukman, harga minyak sepekan ke depan akan bergerak dalam rentang US$ 41,70- US$ 44 per barel.

Kontan, Page-14, Thursday, Jun 22, 2017

The Opinion of Oil Refinery Project

The government agreed to increase the capacity of oil refineries in the country. This was stated since Minister of Energy and Mineral Resources Sudirman Said.

However, after Minister of State-Owned Enterprises Rini Soemarno removed Dwi Soetjipto from the position of number one in Pertamina, President Joko Widodo issued an expression of dissatisfaction of the refinery project in the third week of May 2017. President Joko Widodo also dared to issue a high-pitched sentence about the construction of a refinery Became the task of Pertamina's CEO as executor.

"If the refinery does not start soon, I go straight inside. Not only through the minister, but directly through Pertamina's president director, "said the President at the time.

Adding four refinery capacity and building two new refineries within a period of approximately 7 years is not an easy matter, especially Indonesia had not done additional refinery capacity for 25 years. In fact, on the other hand, the national fuel consumption (BBM) continues to rise when the ability of domestic oil production continues to fall.

Completing six refinery projects at once is not an easy task, but that's the task that Pertamina President Elia Massa Manik should take on by 2023 domestic refinery capacity rises from 800,000 barrels per day (bpd) to 2 million bpd. If in the third month of the leadership of the President Director can only invite the emotions of the President, after it is questioned about the testimony of a number of names entered Pertamina presidential candidates.

Several times refinery completion targets changed. Target changes are visible when compared to the plan at the end of 2016. In the material exposure Pertamina performance in third quarter / 2016, when the company is still led by Dwi Soetjipto, the target is no longer import fuel in 2023.

In detail, the revitalization of Balikpapan refinery will be completed by 2019, Tuban refinery will be operational in 2021 and Cilacap refineries will be completed by 2022. After that, other refineries of Dumai Refinery and Balongan refinery previously built with Saudi Aramco are still under review, 2023 together with Bontang Refinery.

Meanwhile, on the inaugural performance exposure with Elia Massa Manik, the refinery settlement plan has changed again. In the material presentation of the company's performance in quarter IV / 2016, Balikpapan Refinery phase 1 is targeted to be completed by 2019. Then, Balongan and Balikpapan Refinery phase 2 is completed by 2020. Meanwhile, Cilacap and Tuban Refinery in 2021 is also Bontang in 2023 sena Dumai in 2024.

However, from the material of the most recent exposure during the hearing with Commission VII, the project target was revised, ie Balikpapan Refinery phase 1 withdrawal to 2020 and phase 2 was completed in 2021. Then, Cilacap refinery retreat to 2023 and Bontang refinery becomes 2024.

Deputy Minister of EMR Archandra Tahar said the completion of the refinery should not change. "In our opinion, the completion of the refinery project is in line with the initial target."

Quoting President Jokowi's statement, Arcandra said Pertamina's debt ratio problem could be solved just like the problem of using accounting standards of financial report recording of PT Perusahaan Listrik Negara.

Previously, the debt burden of private power developers as partners was recorded in the PLN debt bookkeeping because it refers to the implementation of the Interpretation of Financial Accounting Standards (ISAK) 8 in accordance with the provisions of the Financial Services Authority (OJK). This, causing PLN in the listing, burdened the debt of private developers. However, then the problem was solved with the use of other reference debt recording.

In the case of refinery construction, Pertamina must bear the entire debt burden of the Cilacap and Tuban Refinery projects. Whereas in the project, Pertamina controls 55% of the shares and in the contract clause the company will market 100% of the products produced. In fact, the project was built with partners namely Saudi Aramco and Rosneft with a 45% shareholding.

The solution, either by using the financial reporting standards or can also participate in renegotiations so that the marketing obligations are shared with the partners in accordance with the share portion. Therefore, Arcandra said, there is no reason to target the completion of the refinery project backwards.

"The president said that finish in a way like PLN," he said.

However, he considered there are differences in perspective and strategy. The decision to proceed according to the initial schedule or revise the target in the hands of Pertamina's Director not only contains the duties of the government but the actions of the corporation.

Previously, in a hearing with Commission VII, Pertamina President Director Elia Massa Manik revealed several things, namely the income deficit due to the distribution of subsidized liquefied petroleum gas (LPG), the burden of fuel distribution costs in the fuel program one price, and sales of Premium and diesel fuel Not according to formula.

Perhaps both President Jokowi and Pertamina CEO should sit together to shift the more realistic targets and equate the worldview in completing service tasks to the public from fuel to price one to the task of adding the capacity of the national refineries.

IN INDONESIA

Silang Pendapat Proyek Kilang Minyak

Pemerintah sepakat menambah kapasitas kilang minyak di Tanah Air. Hal itu dikemukakan sejak Menteri ESDM Sudirman Said.  

Namun, setelah Menteri Badan Usaha Milik Negara Rini Soemarno mencopot Dwi Soetjipto dari posisi orang nomor satu di Pertamina, Presiden Joko Widodo mengeluarkan ekspresi ketidakpuasan realisasi proyek kilang pada pekan ketiga Mei 2017. Presiden Joko Widodo pun berani mengeluarkan kalimat bernada tinggi tentang pembangunan kilang minyak yang menjadi tugas Dirut Pertamina sebagai eksekutor.

“Kalau kilang tidak segera dimulai, saya langsung masuk ke dalam. Tidak saja melalui menteri, tetapi langsung melalui direktur utama Pertamina,” kata Presiden saat itu.

Menambah empat kapasitas kilang dan membangun dua kilang baru dalam kurun waktu kurang lebih 7 tahun memang bukan perkara mudah, terlebih Indonesia sempat tidak meIakukan penambahan kapasitas kilang selama 25 tahun. Padahal, di sisi lain, konsumsi bahan bakar minyak (BBM) nasional terus naik ketika kemampuan produksi minyak dalam negeri terus turun.

Menyelesaikan enam proyek kilang sekaligus memang bukan pekerjaan mudah, tetapi itulah tugas yang harus diemban Dirut Pertamina Elia Massa Manik bahwa pada 2023 kapasitas kilang dalam negeri naik dari 800.000 barel per hari (bph) menjadi 2 juta bph. Bila pada bulan ketiga masa kepemimpinan Direktur Utama hanya bisa mengundang emosi Presiden, setelah itu dipertanyakan tentang keterujian sejumlah nama yang masuk bursa calon dirut Pertamina.

Beberapa kali target penyelesaian kilang berubah. Perubahan target terlihat bila dibandingkan dengan rencana pada akhir 2016. Pada materi paparan kinerja Pertamina kuartal III/2016, ketika perseroan masih dipimpin Dwi Soetjipto, target tidak lagi mengimpor BBM pada 2023.

Secara rinci, revitalisasi Kilang Balikpapan akan selesai pada 2019, Kilang Tuban beroperasi pada 2021 dan Kilang Cilacap selesai pada 2022. Setelah itu, kilang lainnya yakni Kilang Dumai dan Kilang Balongan yang sebelumnya akan dibangun bersama Saudi Aramco masih ditinjau waktu penyelesaiannya, tetapi diperkirakan selesai pada 2023 bersamaan dengan Kilang Bontang.

Sementara itu, pada paparan kinerja perdana dengan Elia Massa Manik, rencana penyelesaian kilang mengalami perubahan lagi. Dalam materi paparan kinerja perseroan kuartal IV/2016, Kilang Balikpapan tahap 1 ditargetkan selesai pada 2019. Kemudian, Kilang Balongan dan Balikpapan tahap 2 selesai pada 2020. Sementara itu, Kilang Cilacap dan Kilang Tuban pada 2021 juga Bontang di 2023 sena Dumai pada 2024.

Namun dari materi paparan yang terbaru ketika rapat dengar pendapat dengan Komisi VII, target proyek direvisi, yakni Kilang Balikpapan tahap 1 mundur menjadi 2020 dan tahap 2 selesai pada 2021. Kemudian, Kilang Cilacap mundur ke 2023 dan Kilang Bontang menjadi 2024.

Wakil Menteri ESDM Archandra Tahar mengatakan, penyelesaian kilang seharusnya tidak berubah. “Kalau menurut kita, penyelesaian proyek kilang sesuai dengan target awal."

Mengutip pernyataan Presiden Jokowi, Arcandra menyebut permasalahan rasio utang Pertamina bisa diselesaikan sama seperti masalah penggunaan standar akuntansi pencatatan laporan keuangan PT Perusahaan Listrik Negara.

Sebelumnya, beban utang pengembang listrik swasta sebagai mitra dicatat ke dalam pembukuan utang PLN karena mengacu pada penerapan Interpretasi Standar Akuntansi Keuangan (ISAK) 8 sesuai dengan ketentuan Otoritas Jasa Keuangan (OJK). Hal tersebut, menyebabkan PLN dalam pencatatannya, terbebani utang pengembang swasta. Namun, kemudian masalah itu selesai dengan penggunaan acuan lain pencatatan utang.

Dalam kasus pembangunan kilang, Pertamina harus menanggung seluruh beban utang proyek Kilang Cilacap dan Kilang Tuban. Padahal dalam proyek tersebut, Pertamina menguasai 55% saham dan dalam klausul kontrak perseroan akan memasarkan 100% produk yang dihasilkan. Padahal, proyek dibangun bersama mitra yakni Saudi Aramco dan Rosneft dengan kepemilikan saham 45%.

Solusinya, bisa dengan menggunakan standar pencatatan laporan keuangan atau bisa juga turut melakukan renegosiasi agar kewajiban pemasaran dibagi dengan mitra sesuai dengan porsi saham. Oleh karena itu, Arcandra menuturkan, tidak ada alasan target penyelesaian proyek kilang mundur.

"Presiden mengatakan bahwa selesaikan dengan cara seperti PLN," katanya.

Namun, dia menilai terdapat perbedaan cara pandang dan strategi. Keputusan untuk melanjutkan sesuai jadwal awal atau merevisi target di tangan Dirut Pertamina tidak hanya mengandung tugas dari pemerintah melainkan aksi korporasi.

Sebelumnya, dalam rapat dengar pendapat dengan Komisi VII, Direktur Utama Pertamina Elia Massa Manik mengungkapkan beberapa hal yakni tentang defisit pendapatan akibat penyaluran subsidi liquefied petroleum gas (LPG), beban biaya distribusi BBM dalam program BBM satu harga, serta penjualan Premium dan solar yang masih belum sesuai formula.

Mungkin baik Presiden Jokowi maupun Dirut Pertamina harus duduk bersama menggeser target yang lebih realistis dan menyamakan cara pandang dalam menyelesaikan tugas pelayanan kepada masyarakat mulai dari BBM satu harga hingga tugas penambahan kapasitas kilang nasional. 

Bisnis Indonesia, Page-30, Thursday, Jun 22, 2017

Government Create an Integrated Study for Masela Project

The government will make an integrated study for the Masela Project, from the development of the Masela Block to the construction of factories by industry players. The joint discussion will take place in July.

Minister of Industry Airlangga Hartarto said that the technical team in charge of the project in Masela has been formed, consisting of representatives of the Ministry of Industry, Ministry of Energy and Mineral Resources (ESDM) and the Ministry of Marine Affairs Coordinator. Therefore, there is no agreement whatsoever about the projects in Masela before the team works.

"The team is specific to look for economic options, not only in LNG / liquefied natural gas, but also in petrochemicals as well," he said after a meeting at the Coordinating Ministry for Economic Affairs Office on Monday (19/6).

Director of Basic Chemical Industry Directorate General of Chemical, Textile and Multifarious Industries Ministry of Industry Muhammad Kayam added that the integrated study will be conducted on 17 July.

Each related party should have prepared a response to the exposure conveyed during the meeting on Monday (19/6) yesterday. "It will have to be a presentation, how much gas prices for example, start responding really," he added.

The government will intervene to realize the Masela Project's economy. Because the integrated study is intended to obtain an optimal gas price, both for Inpex Corporation working on the Masela Block and industry players who will build a factory around this oil and gas block. The study is conducted by using the assumption of gas price of US $ 5.86 per million British thermal unit (mmbtu).

"Later can be compensated with various kinds, such as tax holiday, can be much formula. But while using the initial number. Other incentives do exist, "Khayam said. Lowering the hand of the government in the form of giving of this incentive is fair done by other countries.

Previously, Deputy Minister of Energy and Mineral Resources (EMR) Arcandra Tahar said in the pre-preliminary pre-design (Pre-FEED) study that will be studied for three LNG plant location options and one production capacity option.

So before Pre-FEED is done, there needs to be a certainty of gas contract to minimize the choice of production capacity. He explained that there are two options for Masela Block production capacity, 9.5 million ton per annum (MTPA) refinery, plus 150 million standard cubic feet per day / mmscfd and 7.5 MTPA plus 474 mmscfd. Market Review will ensure how many products of gas pipes can be sold. In the initial phase, the government will offer 474 mmscfd of gas first.

"If it does not reach 474 mmscfd, then we will return to 150 mmscfd," said Arcandra.

Arcandra confirmed that the Ministry of Industry has submitted the names of companies interested in purchasing gas from the Masela Block. However, no company has signed a gas sales agreement (PJBG) with lnpex Corporation as operator of Masela Block.

"We want as much as possible the contract, so that 474 mmscfd true will be taken, not just a head of agreement (HOA). If the HoA can change, "he asserted. He added that the government will seek buyers of gas sold through the pipeline from the Masela Block. It will coordinate with the Ministry of Industry.

Related to the location of the refinery, Arcandra is reluctant to specify anywhere three options will be reviewed. Previously, only two location choices, namely Aru Island and Yamdena Papua. Additional location options emerged after Minister of Energy and Mineral Resources (EMR) Ignatius Jonan visited Japan.

Pre-FEED aims to estimate the investment cost and project schedule. In addition to the capacity and location of the LNG plant, it can only be ensured through Pre-FEED implementation first. The government wants comprehensive and balanced data from both the location and capacity options.

The government had targeted the final investment decision (FID) of the Masela Block to be implemented by 2019. Furthermore, the first gas production of the block is expected to flow in 2026.

Previously, at the end of March 2016 yesterday, the government rejected the proposed revision of the proposed development plan (POD) of the Masela Block proposed by Inpex. In the revised POD, Inpex proposed the development of Masela Block with a floating LNG plant. Inpex was asked to re-apply POD with the scheme according to the government's direction, that is the refinery on land.

Furthermore, Inpex proposed five clauses to continue the work of the Masela Block. In detail, the addition of LNG refinery capacity from 7.5 MTPA to 9.5 MTPA, 10-year contract addition, Internal Rate of Return (IRR) of 15%, cost recovery during exploration and licensing from the government. So far, only the extension of the contract is given, ie 7 years.

IN INDONESIA

Pemerintah Buat Kajian Terintegrasi untuk Proyek Masela

Pemerintah akan membuat kajian terintegrasi untuk Proyek Masela, mulai dari pengembangan Blok Masela hingga pembangunan pabrik-pabrik oleh pelaku industri. Pembahasan bersama akan dilakukan pada Juli nanti.

Menteri Perindustrian Airlangga Hartarto mengatakan, tim teknis yang mengurus proyek di Masela ini telah terbentuk, terdiri dari perwakilan Kementerian Perindustrian, Kementerian Energi dan Sumber Daya Mineral (ESDM) dan Kementerian Koordinator Kemaritiman. Karenanya, belum ada kesepakatan apapun soal proyek-proyek di Masela sebelum tim bekerja.

“Tim itu spesifiknya untuk mencari opsi keekonomian, tidak hanya di LNG/gas alam cair, tetapi juga di petrokimia juga,” kata dia usai rapat di Kantor Kementerian Koordinator Perekonomian, Senin (19/ 6). 

Direktur Industri Kimia Dasar Direktorat Jenderal Industri Kimia, Tekstil, dan Aneka Kementerian Perindustrian Muhammad Kayam menambahkan, kajian terintegrasi itu akan dilakukan pada 17 Juli nanti.

Setiap pihak terkait harus sudah mempersiapkan respon atas paparan yang disampaikan dalam pertemuan pada Senin (19/6) kemarin. “Nanti harus presentasi, harga gasnya berapa misalnya, mulai merespon secara betul-betul,” tambahnya. 

Pemerintah akan turun tangan merealisasikan keekonomian Proyek Masela. Pasalnya, kajian terintegrasi dimaksudkan untuk memperoleh harga gas yang optimal, baik untuk Inpex Corporation yang mengerjakan Blok Masela maupun pelaku industri yang akan membangun pabrik di sekitar blok migas ini. Kajian dilakukan dengan tetap menggunakan asumsi harga gas US$ 5,86 per juta british thermal unit (million british thermal unit/ mmbtu).

“Nanti bisa dikompensasikan dengan macam-macam, misalnya tax holiday, bisa formula banyak. Tetapi sementara menggunakan angka awal. Insentif lain memang ada,” kata Khayam. Turun tangan pemerintah berupa pemberian insentif ini wajar dilakukan oleh negara lain.

Sebelumnya, Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, dalam kajian awal desain rinci (pre front end engineering design/ Pre-FEED)  yang akan dikaji yakni untuk tiga opsi lokasi kilang LNG dan satu pilihan kapasitas produksi saja.

Sehingga sebelum Pre-FEED dilakukan, perlu ada kepastian kontrak gas untuk mengecilkan pilihan kapasitas produksi. Dijelaskannya, terdapat dua opsi kapasitas produksi Blok Masela, kilang berkapasitas 9,5 juta ton per tahun (million ton per annum/MTPA) plus 150 million standard cubic feet per day/mmscfd serta 7,5 MTPA plus 474 mmscfd. Market Review akan memastikan berapa produk berupa gas pipa yang dapat terjual. Pada tahap awal, pemerintah akan menawarkan gas sebesar 474 mmscfd terlebih dahulu. 

"Kalau tidak sampai 474 mmscfd, maka kami akan kembali ke 150 mmscfd," ujar Arcandra.

Arcandra membenarkan bahwa Kementerian Perindustrian sudah menyerahkan nama-nama perusahaan yang berminat membeli gas dari Blok Masela. Namun, belum ada perusahaan yang telah meneken perjanjian jual beli gas (PJBG) dengan lnpex Corporation selaku operator Blok Masela.

“Kami ingin sebisa mungkin kontrak, sehingga benar 474 mmscfd akan diambil, bukan sekedar head of agreement (HOA). Kalau HoA bisa berubah,” tegas dia. Ditambahkannya, pemerintah yang akan mencari pembeli gas yang dijual melalui pipa dari Blok Masela tersebut. Pihaknya akan berkoordinasi dengan Kementerian Perindustrian.

Terkait opsi lokasi kilang, Arcandra enggan merinci di mana saja tiga pilihan yang akan dikaji ini. Sebelumnya, pilihan lokasi hanya dua, yakni Pulau Aru dan Yamdena Papua. Tambahan opsi lokasi muncul setelah Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan berkunjung ke Jepang.

Pre-FEED bertujuan mengestimasikan biaya investasi dan jadwal pengerjaan proyek. Selain itu kapasitas dan lokasi kilang LNG, hanya dapat dipastikan melalui pelaksanaan Pre-FEED terlebih dahulu. Pemerintah menginginkan data yang komprehensif dan seimbang dari dua pilihan lokasi dan kapasitas itu.

Pemerintah sempat menargetkan agar keputusan investasi akhir (final investment decision/ FID) Blok Masela dapat dilaksanakan pada 2019. Selanjutnya, produksi gas pertama blok ini diharapkan dapat mengalir pada 2026.

Sebelumnya, pada akhir Maret 2016 kemarin, pemerintah menolak usulan revisi rencana pengembangan (plan ofdevelopment/ POD) Blok Masela yang diajukan Inpex. Dalam revisi POD itu, Inpex mengusulkan pengembangan Blok Masela dengan kilang LNG terapung. Inpex pun diminta mengajukan kembali POD dengan skema sesuai arahan pemerintah, yakni kilang di darat.

Selanjutnya, Inpex mengajukan lima klausul untuk melanjutkan pengerjaan Blok Masela. Rincinya, penambahan kapasitas kilang LNG dari 7,5 MTPA menjadi 9,5 MTPA, penambahan kontrak selama 10 tahun, tingkat pengembalian modal (Internal Rate of Return /IRR) sebesar 15%, cost recovery selama masa eksplorasi dan perizinan dari pemerintah. Sejauh ini, hanya perpanjangan kontrak yang diberikan, yakni 7 tahun.

Investor Daily, Page-9, Wednesday, June 21, 2017