Gas Imports Will Be More Easier

Imports of liquefied natural gas or LNG will be easier with the Iokal gas price requirement in the hands of consumers above 11.5% of the price of Indonesian oil.

Provisions concerning gas import are regulated in Minister of Energy and Mineral Resources Regulation no. 11/2017 on Gas Utilization for Power Generation which was issued on January 30, 2017. The regulation states that gas import can be realized if domestic price is above 11.5% of Indonesian crude price (ICP).

However, the ICP 11.5% provision is not confirmed whether when it is in the hands of consumers, at the gas terminal (excluding the cost of regasification and transportation) or at the mouth of the well

Under the regulation, PT Perusahaan Listrik Negara and private electricity producers may be allowed to import gas destined for generator fuel. Meanwhile, power plants outside the well (well head), if gas prices are higher and 11.5% ICP, PLN and private developers are allowed to use liquefied natural gas (LNG).

Prices for LNG apply in accordance with the market, ie 11.5% of ICP and excluding transportation costs. If the imported LNG price is greater than 1I, 5% ICP, PLN and private Iistrik developers are allowed to purchase domestic gas which costs higher than 11.5% ICP. If IGP is assumed to be US $ 50 / barrel, the maximum gas price the developer can buy is US $ S, 7 / MMBtu.

Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said the price of gas that became the reference should be when it is in the hands of consumers. The reason is that the provisions in the regulation have only touched on gas price in the regasification terminal or landed price also FOB.

In fact, to utilize the gas there are other business chains such as LNG must go through the process of regasification and delivery through pipelines that require additional costs.

"So the final price compared is not the price of landed price or FOB because there is still transportation and regasification," he said After attending a Working Meeting at Commission VII DPR, Monday (10/7).

According to him, if still using the same formula, the actual gas price for the electricity sector will not be cheaper. For example, he calls PLN getting 11.4% LNG price from ICP.

However, the price still needs to take into account the cost of regasification also toll fee or the cost of delivering gas through the pipeline. The price can reach US $ 11 per MMBtu even US $ 12 per MMBtu in the hands of the end consumer. Thus, the price formula stipulated in Ministerial Regulation 11/2017 still does not meet the capabilities of PLN.

"There are still transportation and regasification costs can be about US $ 11 or even US $ 12. Meaning that PLN would not? PLN does not want because the price is more expensive "

Director General of Electricity, Andi Noorsaman Sommeng, said that in the revision, the regulation will be given an explanation of the condition for the gas pricing formula to be determined in accordance with the conditions in the field.

IN INDONESIAN

Impor Gas Akan Lebih Mudah Direalisasikan

Impor gas alam cair atau LNG akan semakin mudah dengan persyaratan harga gas Iokal di tangan konsumen di atas 11,5% dari harga minyak Indonesia.

Ketentuan soal impor gas diatur dalam Peraturan Menteri ESDM No. 11/2017 tentang Pemanfaatan Gas untuk Pembangkit Listrik yang terbit pada 30 Januari 2017. Dalam aturan itu disebutkan bahwa impor gas bisa direalisasikan jika harga di dalam negeri di atas 11,5% dari harga minyak Indonesia (Indonesian crude price/ICP).

Namun, ketentuan 11,5 % ICP itu tidak ditegaskan apakah ketika sudah di tangan konsumen, di terminal gas (belum termasuk biaya regasifikasi dan transportasi) atau di mulut sumur

Melalui aturan itu, PT Perusahaan Listrik Negara dan produsen Iistrik swasta boleh untuk mengimpor gas yang diperuntukkan bagi bahan bakar pembangkit. Sementara itu, pembangkit di luar mulut sumur (well head), jika harga gas Iebih tinggi dan 11,5 % ICP, PLN dan pengembang swasta diperbolehkan untuk menggunakan gas alam cair (LNG). 

Harga untuk LNG berlaku sesuai dengan pasar, yakni 11,5% dari ICP dan belum termasuk biaya transportasi. Jika harga LNG impor lebih besar dari 1I,5% ICP, PLN dan pengembang Iistrik swasta diperbolehkan membeli gas dalam negeri yang harganya Iebih tinggi dari 11,5% ICP. Jika diasumsikan IGP US$50/barel, harga gas maksimal yang bisa dibeli pengembang listrik adalah US$S,7/MMBtu.

Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, harga gas yang menjadi acuan seharusnya ketika sudah berada di tangan konsumen. Pasalnya, ketentuan dalam aturan itu baru menyinggung harga gas di terminal regasifikasi atau landed price juga FOB.

Padahal untuk memanfaatkan gas masih terdapat rantai bisnis lainnya semisal dari LNG harus melalui proses regasifikasi serta penghantaran melalui pipa yang memerlukan biaya tambahan. 

“Jadi harga akhirnya yang dibandingkan bukan harga landed price atau FOB karena masih ada transportasi dan regasifikasi," ujarnya

usai menghadiri Rapat Kerja di Komisi VII DPR, Senin (10/7).

Menurutnya, bila masih menggunakan formula yang sama, sebenarnya harga gas bagi sektor ketenagalistrikan tidak menjadi Iebih murah. Sebagai contoh, dia menyebut PLN mendapatkan harga LNG 11,4% dari ICP.

Namun, harga tersebut masih perlu memperhitungkan biaya regasifikasi juga toll fee atau biaya penghantaran gas melalui pipa. Harganya bisa mencapai US$ 11 per MMBtu bahkan US$12 per MMBtu di tangan konsumen akhir. 

Dengan demikian, formula harga yang ditetapkan dalam Peraturan Menteri 11/2017 masih belum memenuhi kemampuan PLN.

“Masih ada biaya transportasi dan regasifikasi harganya bisa menjadi sekitar US$11 bahkan US$12. Artinya PLN mau tidak? PLN tidak mau karena harganya Iebih mahal"

Dirjen Ketenagalistrikan Andi Noorsaman Sommeng mengatakan, dalam revisi aturan itu nantinya diberi penjelasan kondisi agar formula harga gas yang ditetapkan sesuai dengan kondisi di lapangan.

Bisnis Indonesia, Page-30, Wednesday, July 12, 2017

Aramco Prediction Happens Drastic Depreciation

World oil supply is expected to shrink drastically due to the decline in new investment activity in the sector. The condition is also augmented by the slow growth of new refinery discoveries. This was revealed by Saudi Aramco chief executive Amin Nasser. According to him, new discoveries in the form of shale oil and new alternative energy sources will be an important factor to meet the energy demand in the future.

However, he asserted it was too early to assume that the new energy products would quickly replace The supply space abandoned by conventional oil and gas so far.

"If we look at the long-term oil supply situation, we'll see an increasingly worrying picture. Financial investors avoid major investments in oil exploration, long-term development and related infrastructure. Investation In smaller quantities such as shale oil will not be too helpful, "said Nasser, as quoted by Reuters on Monday (10/7)

According to company data, about US $ 1 trillion of investment in the oil sector has disappeared since a fall in oil prices Globally by 2014. Studies show that a new oil production of 20 million barrels per day will be needed over the next five years to meet demand growth and offset a decline in supply at the old refinery.

"The new findings are also experiencing a large downward trend. The volume of conventional oil found worldwide over the last four years has been reduced by more than half compared to the previous four years, "continued Nasser.

Aramco, himself claimed to continue to increase investment in maintaining oil production capacity of 12 million barrels per day. The company plans to invest more than US $ 300 billion over the next decade to maintain its production capacity.

Nasser said the investment would include both conventional and non-conventional oil products. According to him, one of Aramco's priorities is the direct conversion of crude oil to petrochemicals. In addition the company also plans to focus on solar and wind power projects.

Aramco's plan to release its 5% stake to the public in 2018 is also one of the company's efforts to increase investment in the energy sector, especially oil. To smooth the Initial Public Offering (IPO) step, HSBC Holdings Plc. Was officially appointed as an advisor to the corporate action of the oil company belonging to the kingdom of Saudi Arabia.

HSBC Chief Executive Stuart Gulliver said the decision, issued in April, had been approved by the company's shareholders in Hong Kong. HSBC itself will later join other finance companies such as JP Morgan Chase 81 Co and Morgan Stanley, which has been designated first by Aramco.

As is known, the Government of Saudi Arabia plans to sell a 5% share ownership of Saudi Aramco in 2018. In terms of government targeting the corporate action in the second half of 2018. The stock release action is planned to use a dual listing scheme.

    With the company capitalization of US $ 2 trillion, the sale of 5% of the company's shares will make the company based in Dhahran will get US $ 100 billion.

IN INDONESIA

Aramco Prediksi Terjadi Penyusutan Drastis

Pasokan minyak dunia diperkirakan mengalami penyusutan drastis lantaran turunnya aktivitas investasi baru di sektor tersebut. Kondisi itu juga ditambah oleh melambatnya pertumbuhan penemuan kilang baru. Hal itu diungkapkan oleh Kepala Eksekutif Saudi Aramco Amin Nasser. Menurutnya, penemuan baru yang berupa shale oil dan sumber energi alternatif baru akan menjadi faktor penting untuk memenuhi permintaan energi di masa depan.

Namun, dia menegaskan terlalu dini untuk berasumsi bahwa produk-produk energi baru itu akan secara cepat menggantikan

ruang pasokan yang ditinggalkan oleh minyak dan gas konvensional selama ini.

“Jika kita melihat situasi pasokan minyak jangka panjang, kita akan melihat gambaran yang semakin mengkhawatirkan. Investor keuangan menghindari investasi besar dalam eksplorasi minyak, pembangunan jangka panjang dan infrastruktur terkait. Investasi

dalam jumlah yang lebih kecil seperti shale oil tidak akan terlalu menolong,” kata Nasser, seperti dikutip dari Reuters, Senin (10/7)

Menurut data perseroan, sekitar US$1 triliun investasi di sektor minyak telah menghilang sejak terjadi penurunan harga minyak

global pada 2014. Studi menunjukkan, produksi minyak baru sebesar 20 juta barel per hari akan dibutuhkan selama lima tahun ke depan untuk memenuhi pertumbuhan permintaan dan mengimbangi penurunan pasokan di kilang lama.

“Penemuan baru juga mengalami kecenderungan penurunan yang besar. Volume minyak konvensional yang ditemukan di seluruh dunia selama empat tahun terakhir telah berkurang lebih dari separuhnya dibandingkan dengan empat tahun sebelumnya,” lanjut Nasser.

Aramco, sendiri mengaku terus menambah investasi dalam mempertahankan kapasitas produksi minyaknya sebesar 12 juta barel per hari. Perusahaan tersebut berencana menginvestasikan dana lebih dari US$300 miliar selama sedekade ke depan untuk mempertahankan kapasitas produksinya.

Nasser menegaskan, investasi itu akan meliputi produk minyak konvensional maupun non-konvensional. Menurutnya, salah satu prioritas Aramco adalah konversi langsung minyak mentah menjadi petrokimia. Selain itu perusahaan juga berencana memusatkan perhatian pada proyek tenaga surya dan angin.

Adapun rencana Aramco untuk melepas 5% kepemilikan sahamnya ke publik pada 2018 juga merupakan salah satu upaya perusahaan untuk meningkatkan investasi pada sektor energi terutama minyak. Untuk memuluskan langkah penawaran umum perdana (Initial Public Offering/IPO) tersebut, HSBC Holdings Plc. secara resmi ditunjuk sebagai penasihat aksi korporasi perusahaan minyak milik kerajaan Arab Saudi tersebut.

Chief Executive HSBC Stuart Gulliver mengatakan, keputusan yang diterbitkan pada April lalu itu telah mendapat persetujuan dari para pemegang saham perusahaan di Hong Kong. HSBC sendiri nantinya akan bergabung dengan perusahaan keuangan lainnya seperti JP Morgan Chase 81 Co dan Morgan Stanley, yang telah ditunjuk terlebih dahulu oleh Aramco.

Seperti diketahui, Pemerintah Arab Saudi berencana menjual 5% kepemilikan saham dari Saudi Aramco pada 2018. Dalam hal pemerintah menargetkan aksi korporasi tersebut pada semester II/2018. Aksi pelepasan saham perdana tersebut rencananya akan menggunakan skema dual listing.

       Dengan nilai kapitalisasi perusahaan yang mencapai US$2 triliun, penjualan 5% saham perusahaan akan membuat perusahaan yang berbasis di Dhahran ini akan memperoleh dana US$100 Miliar.

Bisnis Indonesia, Page-5, Tuesday, July 11, 2017

Hopes mount for gas production in Makassar Strait

Gas production from various fields in the Makassar Strait might be bigger than expected, raising hopes that gas from this area could soon substitute declining production rates at depleted gas fields in other parts of the country, including the aging Mahakam field in East Kalimantan.

Such hopes emerged following the start of production at the Jangkrik complex, comprising the Jangkrik field and the Jangkrik North East field, at the Muara Bakau block in late May.

The complex, operated by Italian energy firm Eni SpA, is expected to reach a peak production rate of 600 million standard cubic feet per day (mmscfd) by the end of the year, up from only 450 mmscfd in the first week of July. In addition to this, it also produces 1,500 to 2,000 barrels of condensate per day

“To reach the production rate of 600 mmscfd, Eni should add several more production platforms [at the complex],” Up-stream Oil and Gas Regulatory Special Task Force (SKK Migas) deputy for operation control Fatar Yani Abdurrahman told reporters recently

Moreover, Fatar said Eni planned to submit to SKK Migas a plan of development (POD) for the newly discovered Marakes field nearby the Jangkrik complex in September. The Marakes field is projected to start producing 150 mmscfd of gas by the end of 2018, or early 2019, by using the Jangkrik floating production unit (FPU) built by Eni at the Muara Bakau block.

"As the facility has a maximum capacity of 600 mmscfd, Eni might have to re-adjust gas production at its fields. For instance, if the Marakes field has started producing 150 mmscfd of gas, the production from the Jangkrik complex might only reach 450 mmscfd,” Fatar said.

He said Eni was also in discussion with Chevron Indonesia, the local branch of American oil and gas giant Chevron, to share some of its production facilities, including in electricity and water supply, to help support Chevron’s Indonesia Deepwater Development project at the Gendalo and Gehem fields in the Makassar Strait.

The Gendalo and Gehem fields, expected to have a combined production rate of 1,000 mmscfd, are slated ,to begin production around 2023.

“So, Chevron doesn’t need to invest a large amount of money to build the same facilities. That way there will be no duplication and the company can start producing faster than expected,” Energ and Mineral Resources Minister Ignasius Jonan said in a statement during a visit to the Jangkrik FPU in early June.

In total, gas production from the Jangkrik, Marakes, Gendalo and Gehem fields reached a peak of 1,750 mmscfd, or 23.3 percent of Indonesia’s entire production, as of June.

This comes as good news for PT Badak NGL, which operates a major liquefied natural gas plant in Bontang, East Kalimantan. The company is bounded by a 20-year agreement with Eni to supply gas to the Tanjung Benoa regasification terminal in Bali. 

The company previously projected declining cargo output for the next few years due to insufficient supply from the depleted Mahakam field. Mahakam, the country’s biggest gas-producing field, yielded 1,504 mmscfd of gas in the first half of this year, down 14 percent compared to a production rate of 1,752 mmscfd recorded throughout 2016.

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

SKK Migas Cooperates with PPATK to Prevent Money Laundering

Special Unit for Upstream Oil and Gas Activities (SKK Migas) and Financial Transaction Reports and Analysis Center (PPATK) have signed a Memorandum of Understanding (MoU) on cooperation in the context of prevention of money laundering in the upstream activities Oil and gas.

"This Memorandum of Understanding aims to establish efforts or measures to prevent and eradicate money laundering crimes that can occur in the environment of upstream oil and gas business activities," said Head of Program Division and Communication SKK Migas Wisnu Prabawa Taher in a written statement in Jakarta, Sunday (9 / 7).

This memorandum of understanding was signed directly by Head of SKK Migas Amien Sunaryadi and Head of PPATK Kiagus Ahmad Badaruddin at PPATK office in Jakarta, Thursday (6/7).

The scope of cooperation of SKK Migas and PPATK covered by this MoU is in the form of information exchange; socialization; education and training; Research or research; And / or assignment of employees; And the development of information technology.

"This is a very good strategic step as a form of SKK Migas commitment in prioritizing transparency in the management of upstream oil and gas industry activities," said Wisnu.

He said the memorandum of understanding was signed because SKK Migas fully understands that money laundering crimes not only threaten the stability of the economy and the integrity of the financial system, but can also endanger the joints of life in society, nation and state.

"The prevention and eradication of money laundering crimes requires the efforts of all parties from the financial sector, law enforcement, government, and society," said Wisnu, adding that the contribution of SKK Migas in this effort is limited to the authority of SKK Migas as supervisor and controlling upstream oil and gas business activities .

In addition to PPATK, SKK Migas has also signed a number of memoranda of understanding with the TNI, Police, State Institutions, Universities and professional organizations. All these MoUs are signed to facilitate SKK Migas and Contractor Cooperation Contracts (PSC Contractors) to work faster and more efficiently.

IN INDONESIA

SKK Migas Gandeng PPATK Cegah Peneucian Uang 

Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) dan Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK) telah menandatangani nota kesepahaman atau Memorandum of Understanding (MOU) tentang kerja sama dalam rangka pencegahan tindak pidana pencucian uang di lingkungan kegiatan hulu migas.

“Nota Kesepahaman ini bertujuan untuk menetapkan upaya atau langkah-langkah pencegahan dan pemberantasan tindak pidana pencucian uang yang dapat terjadi di lingkungan kegiatan usaha hulu migas,” kata Kepala Divisi Program dan Komunikasi SKK Migas Wisnu Prabawa Taher dalam keterangan tertulis di Jakarta, Minggu (9/7).

Nota kesepahaman ini ditandatangani langsung oleh Kepala SKK Migas Amien Sunaryadi dan Kepala PPATK Kiagus Ahmad Badaruddin di kantor PPATK di Jakarta,Kamis (6/7).

Ruang lingkup kerja sama SKK Migas dan PPATK yang tercakup dalam MoU ini adalah dalam bentuk pertukaran informasi; sosialisasi; pendidikan dan pelatihan; penelitian atau riset; dan/ atau penugasan pegawai; serta pengembangan teknologi informasi.

“Ini adalah langkah strategis yang sangat bagus sebagai bentuk komitmen SKK Migas dalam mengedepankan transparansi pada pengelolaan kegiatan industri hulu migas,” ujar Wisnu.

Dikatakannya, nota kesepahaman ini ditandatangani karena SKK Migas memahami sepenuhnya bahwa tindak pidana pencucian uang tidak hanya mengancam stabilitas perekonomian dan integritas sistem keuangan, tetapi juga dapat membahayakan sendi-sendi kehidupan bermasyarakat, berbangsa dan bernegara.

“Pencegahan dan pemberantasan tindak pidana pencucian uang memerlukan upaya semua pihak baik dari sektor keuangan, penegak hukum, pemerintah, maupun masyarakat,” ujar Wisnu seraya menambahkan bahwa kontribusi SKK Migas dalam usaha ini terbatas pada kewenangan SKK Migas sebagai pengawas dan pengendali kegiatan usaha hulu migas.

Selain dengan PPATK, SKK Migas juga sudah menandatangani sejumlah nota kesepahaman dengan TNI, Polri, Lembaga Negara, Perguruan Tinggi dan organisasi profesi. Semua MoU ini ditandatangani untuk memfasilitasi supaya SKK Migas dan Kontraktor Kontrak Kerja Sama (Kontraktor KKS) dapat bekerja lebih cepat dan lebih efisien.

Investor Daily, Page-9, Monday, July 10, 2017

For the sake of Gross Split, Diligent Revise Rules

Upstream oil and gas regulation

The government insists that the gross split scheme will trigger an increase in oil and gas investment. In fact, the government is willing to revise or issue rules to accommodate the gross split scheme can be economical.

It is no secret that the upstream oil and gas sector is in crisis. Investment interest in the upstream oil and gas sector is declining. In the first half of 2012, total investment in upstream oil and gas reached US $ 3.98 billion. This amount is only 29% of this year's target of US $ 13.8 billion.

In order to attract upstream oil and gas investment, the government diligently publishes and revises the rules to align with the cost recovery scheme, namely gross split. For example, the government will issue Government Regulation on gross split tax at the end of July 2017. The government will also revise Government Regulation No 35/2004 on Upstream Oil and Gas Activities.

Secretary of the Directorate General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM) Susyanto explained that the revision of Government Regulation no. 35/2004 to include 10% gross split, participating interest (PI) scheme to Local Government and ownership of operating goods.

"The 10% PI system is different from that Ministerial Regulation," he said last week.

Currently, the revision of Government Regulation No. 35/2004 has entered the stage of harmonization in the Ministry of Justice and Human Rights (HAM). In addition to the regulation, the ESDM Ministry will also revise two more rules, namely Ministerial Regulation 19 of 2010 and Ministerial Regulation 11 Year 2017.

Specifically Regulation of Minister of Energy and Mineral Resources No 11/2017 on Utilization of Natural Gas for Power Plant, Susyanto said the Ministerial Regulation was revised because the price in the regulation is less suitable with investment in upstream oil and gas.

"Less match between the interests of upstream oil and gas with electricity," he said.

Unfortunately, Susyanto did not mention the amount of electricity price increase that will be included in the regulation. "The calculation is already there, but not yet clear," said Susyanto.

In addition there are various other rules that are being revised Ministry of Energy and Mineral Resources.

"Ministerial Regulation on definite commitment. For example, the contractor is committed to drilling seven wells, but five drilled wells have not yielded yet, the other two are diverted to another block, "said EMR Deputy Minister of Energy and Mineral Resources, Arcandra Tahar.

Komaidi Notonegoro, Executive Director of the Reforminer Institute, appreciates the government's efforts to improve regulation. It's just that the government's efforts look awkward.

"The regulation on gross split is only regulated by Ministerial Regulation while the synchronized is the above existing rule, that is Government Regulation," he said.

IN INDONESIA

Demi Gross Split, Rajin Merevisi Aturan

Pemerintah bersikukuh bahwa skema gross split akan memicu kenaikan investasi-migas. Bahkan, pemerintah rela merevisi atau menerbitkan aturan untuk mengakomodir agar skema gross split bisa ekonomis.

Bukan rahasia lagi, sektor hulu migas sedang mengalami krisis. Minat investasi di sektor hulu migas semakin menurun. Hingga semester I-2017 total investasi di hulu migas baru mencapai US$ 3,98 miliar. Jumlah ini hanya 29% dari target tahun ini yang mencapai US$ 13,8 miliar.

Demi menggaet investasi hulu migas, pemerintah rajin menerbitkan dan merevisi aturan untuk menyelaraskan dengan skema pengganti /cost recovery, yakni gross split. Misalnya pemerintah akan menerbitkan Peraturan Pemerintah soal pajak gross split pada akhir Juli 2017. Pemerintah juga akan merevisi Peraturan Pemerintah No 35/2004 tentang Kegiatan Hulu Migas.

Sekretaris Ditjen Migas Kementerian Energi dan Sumber Daya Mineral (ESDM) Susyanto menjelaskan, revisi Peraturan Pemerintah No. 35/2004 tersebut untuk memasukkan skema gross split, participating interest (PI) 10% ke Pemerintah Daerah dan kepemilikan barang operasi. 

"Sistem PI 10% berbeda dengan Peraturan Menteri itu," ujarnya, pekan lalu. 

Saat ini, revisi Peraturan Pemerintah No 35/2004 sudah memasuki tahap harmonisasi di Kementerian Hukum dan Hak Asasi Manusia (HAM).  Selain beleid itu, Kementerian ESDM juga akan merevisi dua aturan lagi, yakni Peraturan Menteri 19 Tahun 2010 dan Peraturan Menteri 11 Tahun 2017. 

Khusus Peraturan Menteri ESDM No 11/2017 tentang Pemanfaatkan Gas Bumi untuk Pembangkit, Susyanto menyebutkan, Peraturan Menteri itu direvisi karena harga dalam aturan itu kurang cocok dengan investasi di hulu migas. 

"Kurang match antara kepentingan hulu migas dengan listrik," ujarnya.

Sayangnya Susyanto tidak menyebutkan besaran kenaikan harga-listrik yang akan dicantumkan dalam aturan tersebut. "Hitungannya sudah ada, tapi belum clear," kata Susyanto.

Selain itu ada berbagai aturan lain yang sedang direvisi Kementerian ESDM.

“Peraturan Menteri tentang komitmen pasti. Misalnya kontraktor berkomitmen mengebor tujuh sumur, tapi sudah lima sumur dibor tidak ada hasilnya, yang dua lagi dialihkan ke blok lain," ujar Wakil Menteri ESDM Arcandra Tahar. 

Komaidi Notonegoro, Direktur Eksekutif Reforminer Institute, mengapresiasi upaya pemerintah memperbaiki regulasi. Hanya saja upaya pemerintah ini terlihat janggal. 

"Aturan tentang gross split itu hanya diatur oleh Peraturan Menteri. Sementara yang akan disinkronkan adalah aturan yang ada di atasnya, yaitu Peraturan Pemerintah," kata dia.

Kontan, Page-14, Monday, July 10, 2017

Oil Prices Still In Bearish Trends

The price of oil still persists in bearish trend due to depressed high production figures. Efforts to cut production by oil-exporting countries have so far not had a significant impact on oil prices. On Friday (7/7), WTI's oil price contract in August 2017 fell 2.83% to US $ 44.23 per barrel compared to the previous day. Last week, oil prices fell 3.93%.

The price of oil is corrected due to the increase in production. The Energy Information Administration (EIA) released US oil inventory data down 6.3 million barrels, higher than the 2.4 million barrel projection. However, oil production rose 1% to 9.34 million barrels.

While OPEC oil producers posted a two-month rise in exports, Thomson Reuters Oil Research released OPEC oil export data in June rose 450,000 barrels per day to 25.92 million barrels compared to the previous month. "Meaning, OPEC oil production remains high," said Deddy Yusuf Siregar, Asia Trade-point Futures Analyst.

According to Deddy, market participants expect joint commitment between OPEC and other manufacturers, including Russia and the US, to suppress oil production. But that commitment has not yet materialized. Moreover, Russia refused to increase the quota of production restrictions. While Libya and Nigeria continue to increase production.

Deddy's prediction, oil prices until the end of the year ranged from US $ 38-US $ 50 per barrel. Lukman Leong, Research, & Analyst Valbury Asia Futures, explained, US oil demand tends to rise, so the stock looks down. But this condition is only temporary. 

    Understandably, at the time of OPEC production cuts, global oil reserves remain at high levels. Moreover, OPEC did not increase the quota of oil production cuts. "Only conflict in the Middle East could possibly lift oil prices," Lukman said.

Technically oil prices are rolling below the moving average (MA) 50, MA 100 and MA 200. MACD in negative area. RSI is down at 42 and stochastic is down at level 24. Monday (10/7). He predicted the price weakened between US $ 43.20 and US $ 46.18. A week ahead the price is expected to move in the range of US $ 41.9-US $ 46.9 per barrel.

IN INDONESIA

Harga Minyak Masih Dalam Tren Bearish

Harga minyak masih bertahan dalam tren bearish lantaran tertekan tingginya angka produksi. Upaya pemangkasan produksi oleh negara eksportir minyak, sejauh ini tidak berdampak signifikan pada harga minyak. Jumat (7/7) lalu, harga minyak WTI kontrak pengiriman Agustus 2017 jatuh 2,83% menjadi US$ 44,23 per barel dibanding sehari sebelumnya. Sepekan terakhir, harga minyak turun 3,93%.

Harga minyak terkoreksi gara-gara kenaikan produksi. Energy Information Administration (EIA) merilis data stok minyak Amerika Serikat (AS) turun 6,3 juta barel, ini lebih tinggi daripada proyeksi turun 2,4 juta barel. Tetapi, produksi minyak justru naik 1% menjadi 9,34 juta barel.

Sementara produsen minyak yang tergabung dalam OPEC mencatat kenaikan ekspor dua bulan beruntun, Thomson Reuters Oil Research merilis data ekspor minyak OPEC di Juni naik 450.000 barel per hari menjadi 25,92 juta barel dibandingkan bulan sebelumnya. "Artinya, produksi minyak OPEC masih tetap tinggi," kata Deddy Yusuf Siregar, Analis Asia Trade-point Futures.

Menurut Deddy, pelaku pasar berharap komitmen bersama antara OPEC dan produsen lain, termasuk Rusia dan AS, untuk menekan produksi minyak. Tetapi komitmen tersebut belum juga terwujud. Apalagi, Rusia menolak untuk menambah kuota pembatasan produksi. Sementara Libia dan Nigeria terus meningkatkan produksi. 

Prediksi Deddy, harga minyak hingga akhir tahun berkisar antara US$ 38-US$ 50 per barel. Lukman Leong, Research, & Analyst Valbury Asia Futures, memaparkan, permintaan minyak AS cenderung naik, sehingga stok terlihat turun. Tetapi kondisi ini hanya sementara. 

    Maklum, di saat upaya pemangkasan produksi OPEC, cadangan minyak global bertahan di level tinggi.  Apalagi, OPEC tidak menambah kuota pemangkasan produksi minyak. “Hanya konflik di Timur Tengah yang mungkin bisa mengangkat harga minyak," ujar Lukman. 

Secara teknikal harga minyak bergulir di bawah moving average (MA) 50, MA 100 dan MA 200. MACD di area negatif. RSI turun di level 42 dan stochastic melemah di Level 24. Senin (10/7). Dia memprediksi harga melemah antara US$ 43,20-US$ 46,18. Sepekan ke depan harga diperkirakan bergerak di kisaran US$ 41,9-US$ 46,9 per barel.

Kontan, Page-7, Monday, July 10, 2017

Gross Split Rules Completed This Month

        The government is finalizing a government regulation on taxation of oil and gas revenues with a gross split scheme. The rule is targeted to take effect later this month

Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said that the regulation is awaited by contractors of cooperation contracts (KKKS) which are interested in oil and gas blocks offered by the government. Therefore, the rule gives certainty to the KKKS.

The discussion of the rules took place intensively. This week his side will meet with the relevant parties, including the Ministry of Finance. Arcandra hopes that the incentives given for oil and gas activities in accordance with Government Regulation No. 27 of 2017 also apply to the scheme for gross split.

For example, granting tax incentives during the exploration period such as exemption from import duty or the import of goods used in the framework of petroleum operations. Also, a 100% reduction in Building Land Tax (PBB) from Land Tax Building oil and gas is payable during the exploration period.

In Government Regulation No. 27 of 2017, contractors are required to bring capital and technology and bear risks in the implementation of petroleum operations under a cooperative contract in a work area.

In addition, all goods and equipment purchased by the contractor in the framework of petroleum operations become state-owned goods which is government-run and managed by SKK Migas. 

     To increase production and to guarantee state revenue, the government can set oil and gas revenue sharing as well as the form and scale of incentives for upstream oil and gas business activities. The Government Regulation stipulates that ministers can set the scale of the sliding scale split on the cooperation contract

IN INDONESIA

Aturan Gross Split Rampung Bulan Ini

Pemerintah sedang merampungkan peraturan pemerintah tentang perpajakan bagi hasil migas dengan skema gross split. Aturan itu ditargetkan berlaku akhir bulan ini.

Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar menuturkan, aturan tersebut ditunggu-tunggu kontraktor kontrak kerja sama (KKKS) yang meminati blok-blok migas yang ditawarkan pemerintah. Sebab, aturan itu memberi kepastian pada KKKS.

Pembahasan aturan berlangsung secara intensif. Pekan ini pihaknya akan bertemu dengan pihak-pihak terkait, termasuk Kementerian Keuangan. Arcandra berharap sejumlah insentif yang diberikan untuk kegiatan migas yang sesuai ketentuan Peraturan Pemerintah Nomor 27 Tahun 2017 juga berlaku untuk skema bagi hasil gross split. 

Misalnya, pemberian insentif perpajakan pada masa eksplorasi seperti pembebasan pemungutan bea masuk atau impor barang yang digunakan dalam rangka operasi perminyakan. Juga, pengurangan Pajak Bumi Bangunan (PBB) 100 persen dari Pajak Bumi Bangunan migas yang terutang selama masa eksplorasi. 

Dalam Peraturan Pemerintah No 27 Tahun 2017, kontraktor wajib membawa modal dan teknologi serta menanggung risiko dalam rangka pelaksanaan operasi perminyakan berdasar kontrak kerja sama pada suatu wilayah kerja.

Selain itu, seluruh barang dan peralatan yang dibeli kontraktor dalam rangka operasi perminyakan menjadi barang milik negara yang pembinaannya dilakukan pemerintah dan dikelola SKK Migas. 

    Untuk meningkatkan produksi dan menjamin penerimaan negara, pemerintah dapat menetapkan bagi hasil migas serta bentuk dan besaran insentif kegiatan usaha hulu migas. Peraturan Pemerintah tersebut menegaskan, menteri dapat menetapkan besaran bagi hasil yang dinamis (sliding scale split) pada kontrak kerja sama

Jawa Pos, Page-5, Monday, July 10, 2017

CHEVRON Deep Sea Gas Project constrained Oil Prices

 

Blogger Agus Purnomo in SKK Migas

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) and Natural Gas reported that Chevron Indonesia Company has not yet submitted a revision of the plan for the development of the deep-sea gas project or Indonesia Deepwater Development stage 2. 

    SKK Migas spokesperson Taslim Z. Yunus said the continuation of the project located in the field Gendalo and Gehem, in the Makassar Strait, were detained because oil prices were still low.

"The price of oil is still low, the economy is still marginal," said Taslim.

Chevron

Chevron has submitted Plan of Development (POD) documents since the end of 2015. However, SKK Migas returned the files because they were incomplete. This return automatically extends the project discussion process.

Deputy for Planning Control of SKK Migas Gunawan Sutadiwiria said the revised POD for deep-sea gas contains changes in production schedules and project investment value. This is because the deep-sea gas project document was prepared with an oil price assumption of US $ 100 per barrel. Meanwhile, currently, the world oil price on the Brent market is the US $ 53.11 per barrel.

The price of oil traded on the West Texas Intermediate market is not much different, namely US $ 50.28 per barrel. "Because they are still using the old oil price reference, US $ 100 per barrel," he said.

Gunawan added that the production schedule for the Gendalo-Gehem Field was also revised in 2023. At the current POD, the project's production target is 2020. To improve the project's economy, Chevron also asked for government incentives in the form of investment credit above 100 percent. However, the government rejected the proposal.

the IDD project Chevron

This is because investment credit incentives never exceed 50 percent. Moreover, the investment value of the IDD project is estimated at less than US $ 10 billion. Vice President of Public Affairs Chevron Indonesia Yanto Sianipar did not reply to confirmation.

Based on records from the Ministry of Energy, the production of the Gendalo and Gehem fields is estimated to reach 1.1 billion cubic feet of natural gas and 47 thousand barrels of condensate per day. Meanwhile, the IDD Phase I project in the Bangka field has been in production since the end of August 2016. 

ENI

    Its production capacity reaches 110 million standard cubic feet (mmscfd) of gas and 4,000 barrels of condensate per day. In the Bangka project, Chevron owns 62 percent of the shares. The remaining 20 percent is owned by ENI and 18 percent belongs to Tip-Top Oil and Gas Co.

Vice President Jusuf Kalla

Chevron has met with Vice President Jusuf Kalla at the Vice President's office. The company stated that it is still committed to doing business in Indonesia even though it has sold its assets in the East Kalimantan oil and gas block and geothermal facilities in the Drajat and Salak Fields, West Java. Yanto said Chevron continues to strive to increase production and reduce operating costs.

"We want to continue our good cooperation with the government," he said.

Koran Tempo, Page-17, Friday, March 10, 2017

Three Projects Will Contribute 13,600 Bph

Three upstream oil and gas development projects are projected to start operating by the end of 2017 so as to increase the production of ready-to-sell oil or lifting by 13,600 barrels per day.

Deputy for Operations of Oil and Gas Upstream Oil and Gas Regulatory Agency (SKK Migas) Fataryani Abdurahman said based on the government's approved plan of development (PoD), three upstream oil and gas projects will provide additional production.

Map of Working Area/block Oil and Gas

First, drilling two wells in the Ketapang Block (Petronas Carigali Ketapang II Limited) will increase oil production by 8,000 barrels per day (bpd). The well of Ketapang Block is targeted to start spraying oil in September 2017.

In June 2017, the Ketapang Block production touched 17,600 bpd or higher than the target set in the work plan and budget (WP & B) of 15,600 bpd.

"Petronas Ketapang II, 8,000 bph has been approved by PoD, is in the process of drilling. If it can be done soon then September is finished, "he said.

Secondly, the additional production from the Rokan Block (Chevron Pacific Indonesia) is the Sturdy and Kelok Project which will add 2,600 bph of oil production in September or October 2017.

The addition of production is the result of well drilling (infill well). According to him, the project has actually been planned for a long time, but the problem of overlapping new land can be solved. Because the land is a protected forest.

Third, the Petapahan project in the Rokan Block could provide an additional 3,000 bpd of oil production. The project has been planned since last year, but the procurement process is only done this year. Meanwhile, production realization and Rokan Block currently reach 226,500 bph or 28% of the total national production of 808,800 bpd.

"It's a project for water injection to push the oil. Can increase to 3,000 bpd, "he said.

For the realization of other activities there are changes due to budget adjustment of contractors of cooperation contracts (KKKS). But in terms of production is still in accordance with the target set.

DRILLING

Drilling development stage was realized as much as 74 wells from 223 wells or 33% of the target. Realization of work over of 351 activities and 907 activities or achieved 39%.

Then, 26,595 wells from the target of 57,512 wells or 46% achieved in the first half of 2017. Meanwhile, for well closing activities, 25% or 46 activities were achieved from 186 activities.

From production development drilling results, there are additional oil and condensate production volumes of 3,865 bpd and 119 million standard cubic feet per day / MMscfd gas. Meanwhile, oil and condensate production of 12,133 bpd and gas 83 MMscfd of gas from re-work and well maintenance.

Meanwhile, the realization of average daily oil lifting during the first half of 2017 was 802,000 bpd from the target of 815.000 bpd and gas 6,338 MMscfd from the target of 6,440 MMscfd in APBN 2017.

In addition, the already operational project, namely the Cricket Field (Eni Muara Bakau BV) with production of 450 MMscfd from the first week of July 2017 and condensate 1,500-2,000 bpd. Fataryani hopes that several other projects that start production will contribute to the achievements of national oil lifting.

IN INDONESIA

Tiga Proyek Akan Berkontribusi 13.600 Bph

Tiga proyek pengembangan hulu minyak dan gas bumi diproyeksikan akan mulai beroperasi pada akhir 2017 sehingga mampu menambah produksi minyak siap jual atau lifting sebanyak 13.600 barel per Hari.

Deputi Operasi Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Fataryani Abdurahman mengatakan, berdasarkan rencana pengembangan (plan of development/ PoD) yang telah disetujui pemerintah, terdapat tiga proyek hulu migas yang akan memberikan tambahan produksi.

Pertama, pengeboran dua sumur di Blok Ketapang (Petronas Carigali Ketapang II Limited) akan menambah produksi minyak sebanyak 8.000 barel per hari (bph). Sumur dari Blok Ketapang itu ditargetkan mulai menyemburkan minyak pada September 2017.

Pada Juni 2017, produksi Blok Ketapang menyentuh 17.600 bph atau lebih tinggi dari target yang ditetapkan dalam rencana kerja dan anggaran (work plan and budget/WP&B) yakni 15.600 bph.

“Petronas Ketapang II, 8.000 bph sudah disetujui PoD-nya, sedang dalam proses pengeboran. Kalau bisa secepatnya maka September selesai," ujarnya.

Kedua, tambahan produksi dari Blok Rokan (Chevron Pacific Indonesia) yakni Proyek Kokoh dan Kelok yang akan menambah produksi minyak sebanyak 2.600 bph pada September atau Oktober 2017.

Penambahan produksi merupakan hasil dari pengeboran sumur sisipan (infill well). Menurutnya, proyek itu sebenarnya telah direncanakan sejak lama, tetapi masalah tumpang tindih lahan baru bisa diselesaikan. Pasalnya, lahan tersebut berstatus hutan lindung.

Ketiga, proyek Petapahan di Blok Rokan yang bisa memberi tambahan produksi minyak 3.000 bph. Proyek tersebut sudah direncanakan sejak tahun lalu, tetapi proses pengadaan baru dilakukan pada tahun ini. Adapun, realisasi produksi dan Blok Rokan saat ini mencapai 226.500 bph atau 28% dari total produksi nasional yakni 808.800 bph.

“Ini proyek untuk water injection [injeksi air] untuk dorong minyak. Bisa tingkatkan sampai 3.000 bph,” katanya.

Untuk realisasi kegiatan lainnya terdapat perubahan karena penyesuaian anggaran kontraktor kontrak kerja sama (KKKS). Namun dari sisi produksi masih sesuai target yang ditetapkan.

PENGEBORAN

Pengeboran tahap pengembangan terealisasi sebanyak 74 sumur dari 223 sumur atau 33% dari target. Realisasi kerja ulang (work over) sebanyak 351 kegiatan dan 907 kegiatan atau tercapai 39%.

Kemudian, perawatan sumur sebanyak 26.595 dari target 57.512 sumur atau tercapai 46% di paruh pertama 2017. Sementara itu, untuk kegiatan penutupan sumur, tercapai 25% atau 46 kegiatan dari 186 kegiatan.

Dari hasil produksi pengeboran pengembangan, terdapat volume produksi minyak dan kondensat tambahan sebanyak 3.865 bph dan gas 119 million standard cubic feet per day/MMscfd. Sementara itu, hasil produksi minyak dan kondensat 12.133 bph dan gas 83 MMscfd gas dari kerja ulang dan perawatan sumur.

Sementara itu, realisasi rerata lifting minyak harian selama semester I/2017 sebanyak 802.000 bph dari target 815.000 bph dan gas 6.338 MMscfd dari target 6.440 MMscfd dalam APBN 2017.

Selain itu, proyek yang sudah beroperasi, yakni lapangan Jangkrik (Eni Muara Bakau BV) dengan produksi 450 MMscfd mulai pekan pertama Juli 2017 dan kondensat 1.500-2.000 bph. Fataryani berharap agar beberapa proyek lainnya yang mulai produksi turut berkontribusi terhadap capaian lifting minyak nasional. 

Bisnis Indonesia, Page-30, Monday, July 10, 2017