Gas Gresik Sale Price US $ 7

PT Pertamina and Perusahaan Listrik Negara (PLN) finally agreed on the selling price of Tiung Biru (JTB) gas field of US $ 7, G per mmbtu, flat during the contract. The project with an investment value of US $ 1.55 billion will begin soon.

This was conveyed by Vice Minister of Energy and Mineral Resources of Arcandra Tahar in Jakarta on Tuesday at the signing of head of agreement (HoA) gas supply of JTB gas field for PLN Gresik Region and Evaluation of first semester performance in oil and gas sector.

"In 2017 marathon we are well guarded for JTB project can be executed immediately," said Arcandra

Arcandra revealed several other important decisions have also been successfully agreed upon. Among other things, JTB gas relocation to Pertamina, JTB gas price determination to PLN Gresik Region, split change of profit sharing contract of Pertamina EP Cepu JTB project, and transfer of field from Exxon by Pertamina EP Cepu.

In addition, the important decision of this HOA is to transfer the field from Exxon Cepu by Pertamina EP Cepu so that Pertamina controls 90% of participating interest and the remaining 10% will be controlled by the region.

Then there is the efficiency of Capital Expenditure (capex) or investment cost from US $ 2.1 billion to US $ 1.5 billion so that the state oil and gas contractor's revenue becomes better.

"This is a great achievement," said Arcandra.

The JTB field with approximately investment will produce 330 mmscfd of gas with sales of 172 mmscfd for 16 years (plateu). Of the 172 mmscfd utilization of the gas, 100 mmscfd will be distributed to PLN Gresik Region at a price of US $ 7.6 per mmbtu flat during the contract period, and 72 mmscfd for industries in Central Java and East Java.

Gas from JTB field will be connected with Gresik-Semarang pipeline along 267 km with diameter 28 inch. Pipe Gresik-Semarang with an investment of approximately US $ 515 million is planned to be completed by 2018.

IN INDONESIA

Harga Jual Gas Gresik US$ 7

PT Pertamina dan Perusahaan Listrik Negara (PLN) akhirnya menyepakati harga jual gas bumi lapangan Jambaran Tiung Biru (JTB) sebesar US$7,G per mmbtu, flat selama kontrak. Proyek dengan nilai investasi sebesar US$ 1,55 miliar itu pun akan segera dimulai.

Hal tersebut disampaikan Wakil Menteri Energi dan Sumber Daya Mineral Arcandra Tahar di Jakarta, Selasa, pada acara penandatanganan head of agreement (HoA) pasokan gas bumi lapangan gas JTB untuk PLN Wilayah Gresik dan Evaluasi kinerja semester I bidang migas.

“Tahun 2017 ini secara maraton kita kawal dengan baik agar proyek JTB bisa segera dieksekusi," ujar Arcandra

Arcandra mengungkapkan beberapa keputusan penting yang lain juga telah berhasil disepakati. Antara lain, relokasi gas JTB ke Pertamina, penetapan harga gas JTB ke PLN Wilayah Gresik, perubahan split kontrak bagi hasil Pertamina EP Cepu proyek JTB, dan alih kelola lapangan dari Exxon oleh Pertamina EP Cepu.

Selain itu, keputusan penting dari HOA ini adalah alih kelola lapangan dari Exxon Cepu oleh Pertamina EP Cepu sehingga Pertamina menguasai 90% participating interest dan 10% selebihnya akan dikuasai daerah.

Lalu adanya efisiensi Capital Expenditure (capex) atau biaya investasi dari US$ 2,1 miliar menjadi US$ 1,5 miliar sehingga penerimaan migas bagian negara dan kontraktor menjadi lebih baik. 

“ini capaian besar," tegas Arcandra.

Lapangan JTB dengan investasi sekitar akan memproduksikan gas sebesar 330 mmscfd dengan penjualan sebesar 172 mmscfd selama 16 tahun (plateu). Dari 172 mmscfd pemanfaatan gas tersebut, 100 mmscfd akan disalurkan ke PLN Wilayah Gresik dengan harga US$7,6 per mmbtu flat selama masa kontrak, dan 72 mmscfd untuk industri di Jawa Tengah dan Jawa Timur.

Gas dari lapangan JTB akan terkoneksi dengan pipa Gresik-Semarang sepanjang 267 km dengan diameter 28 inci. Pipa Gresik-Semarang dengan investasi sekitar US$ 515 juta direncanakan selesai pada 2018.

Media Indonesia, Page-18, Wednesday, August 9, 2017

Pertamina Ensures Acquisition of ExxonMobil Shares in Jambaran

PT Pertamina and ExxonMobil have agreed the price of Jambaran Field participation rights at 41.4%. This year, Pertamina will complete the acquisition of ExxonMobil's shares in the field which is part of the Cepu Block.

Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said that the Jambaran-Tiung Field Project can be continued thanks to the cooperation of ExxonMobil as the holder of participation rights in Jambaran. Because the economy of this project does not match their calculations, the US oil and gas company is willing to release its participating rights in Jambaran Field to Pertamina.

"To share ExxonMobil, there is already a price agreement. ExxonMobil sees this Project Jambaran-Tiung Biru national project and wants to help, therefore it wants b to b (business to business) with Pertamina, "he said.

According to Arcandra, ExxonMobil did not participate in the project because the agreed amount of costs did not match the calculations. In the plan of development (POD), the investment value of the Jambaran-Tiung Biru Project reaches US $ 2.1 billion. However, the government together with Pertamina then agreed to streamline the cost to become only US $ 1.8 billion.

"Then Pertamina wants to do another efficiency around US $ 250 million, so the capex / capital investment to US $ 1.54 billion," he said.

Upstream Director of Pertamina Syamsu Alam said, it has not agreed on a single figure with ExxonMobil. However, in the last discussion, has obtained a price range that can be accepted by both parties. It aims to acquire rights

This participation can be signed in the near future.

"The Jambaran-Tiung Biru project must be completed by 2020. So the project should start later this year. So to get started, all agreements must be completed before starting, "he said.

Arcandra added that to assist Pertamina in completing the Jambaran-Tiung Biru Project, the government raised the company's split on the project. Initially, Pertamina's revenue share of 40% and state 60%, then changed to Pertamina 55% and 45% state.

"For the upstream sector, the government decided because here CO2 is high enough, the economy is short, then the revenue share is raised," he said.

The Jambaran-Tiung Biru project itself is the unitization of two fields of different blocks. The Jambaran field is included in the work area of ​​the Cepu Block where Pertamina and ExxonMobil both have the right of participation. Meanwhile, Tiung Biru Field entered PT Pertamina EP area in Jambaran Field, Pertamina and Exxon-Mobil's participation rights at 41.4%. Other shareholders are BUMD 9.2% and PT Pertamina EP 8%.

Immediately PJBG

After the agreement between Pertamina and ExxonMobil, Arcandra said the gas price for the Jambaran-Tiung Biru Project can also be agreed. With investment costs reduced, gas prices can be derived from initially around US $ 9 per mmbtu with a 2% per year escalation to US $ 7.6 per mmbtu in the plant gate over a 30 year contract period.

According to him, the gas price of US $ 8-9 per mmbtu is exceeded high for PT PLN because it will raise the Cost of Production (bpp) of electricity. While the gas price of US $ 7.6 per mmbtu will not affect the change of bpp, so PLN will buy at this price.

"PJBG (Gas Sales and Purchase Agreement) at least one month. But this HoA already has the signature of Minister Ignatius Jonan, so it does not change again, "he said.

PLN will take the gas from this project for 100 million standard cubic per day / mmscfd. Director of Gas Pertamina Yenny Andayani added, it cuts various costs for gas prices can be affordable PLN. The gas price of US $ 7.6 per mmbtu includes the price of upstream gas of US $ 6.7 per mmbtu and the toll fee of US $ 0.9 per mmbtu.

"We strive for unnecessary costs to get the market's acceptable price," he said.

In addition to PLN, the remaining gas from Jambaran-Tiung Biru 72 mmscfd will be channeled to industries in Central Java and East Java.

IN INDONESIA

Pertamina Pastikan Akuisisi Saham ExxonMobil di Jambaran

PT Pertamina dan ExxonMobil telah menyepakati harga hak partisipasi Lapangan Jambaran sebesar 41,4%. Tahun ini juga, Pertamina akan merampungkan akuisisi saham ExxonMobil di lapangan yang merupakan bagian dari Blok Cepu tersebut.

Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, pengerjaan Lapangan Jambaran-Tiung dapat dilanjutkan berkat kerja sama ExxonMobil selaku pemegang hak partisipasi di Jambaran. Karena keekonomian proyek ini tidak cocok dengan hitungan mereka, perusahaan migas asal Amerika Serikat ini bersedia melepas hak partisipasinya di Lapangan Jambaran ke Pertamina.

“Untuk share ExxonMobil, sudah ada kesepakatan harga. ExxonMobil melihat ini Proyek Jambaran-Tiung Biru proyek nasional dan mau membantu, oleh karena itu mau b to b (business to business) dengan Pertamina,” kata dia.

Menurut Arcandra, ExxonMobil tidak ikut melanjutkan pengerjaan proyek ini karena besaran biaya yang disepakati tidak sesuai hitungannya. Dalam rencana pengembangan (plan of development/ POD), nilai investasi Proyek Jambaran-Tiung Biru mencapai US$ 2,1 miliar. Namun, pemerintah bersama Pertamina kemudian sepakat mengefisienkan biaya hingga menjadi hanya US$ 1,8 miliar.

“Kemudian Pertamina mau melakukan efisiensi lagi sekitar US$ 250 juta, sehingga capex/modal investasi menjadi US$ 1,54 miliar," katanya.

Direktur Hulu Pertamina Syamsu Alam menuturkan, pihaknya belum menyepakati satu angka pasti dengan ExxonMobil. Namun, dalam diskusi terakhir, sudah diperoleh kisaran harga yang dapat diterima kedua pihak. Pihaknya menargetkan akuisisi hak partisipasi ini dapat diteken dalam waktu dekat.

“Proyek Jambaran-Tiung Biru harus selesai pada 2020. Jadi proyek harus dimulai akhir tahun ini. Sehingga untuk bisa dimulai, semua kesepakatan harus selesai sebelumnya mulai," ujarnya. 

Arcandra menambahkan, untuk membantu Pertamina dalam merampungkan Proyek Jambaran-Tiung Biru, pemerintah menaikkan jatah bagi hasil (split) perseroan di proyek tersebut. Awalnya bagi hasil Pertamina yakni sebesar 40% dan negara 60%, kemudian diubah menjadi Pertamina 55% dan negara 45%.

“Untuk sektor hulu, pemerintah memutuskan karena disini CO2 cukup tinggi, keekonomiannya mepet, maka bagi hasilnya dinaikkan,” katanya.

Proyek Jambaran-Tiung Biru sendiri merupakan unitisasi dari dua lapangan dari blok yang berbeda. Lapangan Jambaran masuk dalam wilayah kerja Blok Cepu di mana Pertamina dan ExxonMobil sama-sama memiliki hak partisipasi. Sementara Lapangan Tiung Biru masuk area PT Pertamina EP Khusus di Lapangan Jambaran, hak partisipasi Pertamina dan Exxon-Mobil masing-masing yakni sebesar 41,4%. Sementara pemegang saham partisipasi lain yaitu BUMD 9,2% dan PT Pertamina EP 8%.

Segera PJBG

Setelah adanya kesepakatan antara Pertamina dan ExxonMobil, Arcandra menuturkan harga gas untuk Proyek Jambaran-Tiung Biru juga dapat disepakati. Dengan biaya investasi bisa ditekan, maka harga gas dapat diturunkan dari awalnya sekitar US$ 9 per mmbtu dengan eskalasi 2% per tahun menjadi US$ 7,6 per mmbtu di plant gate sepanjang masa kontrak selama 30 tahun.

Menurutnya, harga gas US$ 8-9 per mmbtu terlampaui tinggi bagi PT PLN karena akan menaikkan Biaya Pokok Produksi (bpp) listrik. Sementara harga gas US$ 7,6 per mmbtu tidak akan berdampak pada perubahan bpp, sehingga PLN mau membeli pada harga ini.

“PJBG (Perjanjian Jual Beli Gas) paling telat satu bulan. Tetapi HoA ini sudah ada tanda tangan Menteri Ignasius Jonan, jadi tidak berubah lagi,” ujarnya. 

PLN akan mengambil gas dari proyek ini sebesar 100 million standard cubic per day/ mmscfd. Direktur Gas Pertamina Yenny Andayani menambahkan, pihaknya melakukan pemotongan berbagai biaya agar harga gas dapat terjangkau PLN. Harga gas US$ 7,6 per mmbtu ini dirincinya terdiri dari harga gas hulu US$ 6,7 per mmbtu dan ongkos angkut (toll fee) USS 0,9 per mmbtu.

“Kami berusaha cost-cost yang tidak perlu ditiadakan untuk dapatkan harga yang bisa diterima pasar,” 

Selain ke PLN, sisa gas dari Jambaran-Tiung Biru 72 mmscfd akan dialirkan ke industri di Jawa Tengah dan Jawa Timur.

Investor Daily, Page-9, Wednesday, August 9, 2017

Realization of New Oil and Gas Investment Achieved 21.62%

The Ministry of Energy and Mineral Resources (ESDM) recorded the realization of oil and gas (oil and gas) investment until the end Last June only reached US $ 4.8 billion or 21.62% of the target of US $ 22.2 billion. This low investment occurs both in the upstream sector and downstream of oil and gas.

According to data from the Ministry of Energy and Mineral Resources, the US $ 4.8 billion investment comprises US $ 3.98 billion from upstream oil and gas and US $ 820 million from downstream oil and gas, lower than last year's US $ 5.7 billion , Ie as much as US $ 5.51 billion from upstream oil and gas and US $ 188 million from downstream oil and gas.

Director General of Oil and Gas ESDM Ministry Ego Syahrial admitted that the target of oil and gas investment of US $ 22.2 billion will not be achieved by the end of this year. The target is set when the condition of world oil prices has not been as low as now and the government is still optimistic some oil and gas projects can run smoothly this year.

"The estimate of oil and gas investment realization will not be much different from last year, which is US $ 12-13 billion," he said in Jakarta, Tuesday (8/8).

He said the low realization of oil and gas investment is the impact of global conditions, mainly oil prices. The impact of the decline in oil prices is felt not only in the upstream oil and gas sector, but also downstream oil and gas, On the downstream side of oil and gas, the progress of the projects has not been too good.

Although, the contribution of downstream investment in oil and gas is quite small, which is only about 20%. "The downstream sector is also affected by oil prices, including for pipeline construction," he said.

Downstream oil and gas investment, according to Ego, dominated the construction of gas pipelines and refineries. From the data of the Ministry of Energy and Mineral Resources, the realization of gas pipeline until the first semester and then only 10,425 kilometers (km) from the target of 12 thousand km. Currently, several pipeline projects are still in progress.

According to data from the Downstream Oil and Gas Regulatory Agency (BPH Migas), there are five gas pipeline projects under construction. The details are 266.26 km Gresik-Semarang transmission line, 176 km Grissik-Pusri Pipe, 67-km Duri-Dumai Pipeline and 55 Km of PK 52-Tanjung Batu Pipeline. For refinery capacity, until now there is no additional capacity alias still 1.1 million barrels per day (Bph).

But all refinery projects are still running, both capacity building and new refinery projects. Only, he admitted the negotiation process of this project is quite long.

"There are some that are late, but still within within the time frame that runs," he said.

New refinery progress will be visible in the next two to three years. No half-hearted, six refinery projects are being worked out at once. In detail, the construction of two new units in Tuban-East Java and Bontang-East Kalimantan and the repair of four existing refineries in Balongan-West Java; Balikpapan-East Kalimantan; Dumai-Riau; And Cilacap-Central Java.

The amount of fund needed is huge, the addition of Balongan Refinery capacity requires US $ 1.27 billion, Balikpapan Refinery US $ 5.3 billion, Cilacap Refinery US $ 4.5 billion, Tuban Refinery about US $ 13 billion, and Bontang Refinery about US $ 8 Billion.

In the upstream sector, Deputy Head of Special Unit for Upstream Oil and Gas Business Activities (SKK Migas) Sukandar said that the collapse of oil price is very impact on upstream oil and gas investment.

"The price of this oil makes exploration spending a bit. From the realization of upstream investment, many are from exploitation, "he said.

According to data from SKK Migas, upstream oil and gas investment this year is targeted to reach US $ 13.8 billion. However, the realization of investment until the end of June only amounted to US $ 3.98 billion or 28% of the target. This is reflected from the data of survey and drilling activities held by SKK Migas.

Until last June, a new 2D seismic survey activity of 3,432 kilometers (km) or 12% of the target of 10,248 km, 3D seismic survey of 330 square kilometers or 13% of the target of 6,566 square kilometers, exploration drilling 29 wells of 138 well targets, well development drilling 74 wells from target 223 wells, and realization of new well work work of 351 activities from target of 907 activities.

Results Efficiency

Deputy Minister of Energy and Mineral Resources Arcandra Tahar said the low realization of investment does not mean the national oil and gas investment climate is deteriorating. The impact of lower oil prices in low numbers, companies engaged in the oil and gas sector tighten the issued capital. The low investment also called not only has bad impact. For example, despite low investment, oil and gas production does not go down.

"There are several capex / capital expenditures that are lowered. So do not see the amount of investment realization alone, but also the results, he stressed.

In the second semester, continued Ego, it will continue to pursue the target of oil and gas investment. In the downstream sector of oil and gas, it will encourage the remaining work of the pipeline construction target of 1,500 km. In the upstream sector of oil and gas, investment will still rise as large projects such as Tangguh Train-3 and Jambaran-Tiung Biru continue to run.

"This construction is like the S curve, so at the end of the year the investment is high," he said.

IN INDONESIA

Realisasi lnvestasi Migas Baru Tercapai 21,62%

Kementerian Energi dan Sumber Daya Mineral (ESDM) mencatat realisasi investasi minyak dan gas bumi (migas) sampai akhir Juni lalu hanya tercapai US$ 4,8 miliar atau 21,62% dari target US$ 22,2 miliar. Rendahnya investasi ini terjadi baik di sektor hulu maupun hilir migas.

Menurut data Kementerian ESDM, investasi US$ 4,8 miliar ini terdiri US$ 3,98 miliar dari hulu migas dan US$ 820 juta dari hilir migas, Angka ini lebih rendah dari realisasi periode yang sama tahun lalu sebesar US$ 5,7 miliar, yakni sebanyak US$ 5,51 miliar dari hulu migas dan US$ 188 juta dari hilir migas.

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Ego Syahrial mengakui, target investasi migas sebesar US$ 22,2 miliar tidak akan tercapai pada akhir tahun ini. Target itu ditetapkan ketika kondisi harga minyak dunia belum serendah saat ini dan pemerintah masih optimistis beberapa proyek migas dapat berjalan lancar pada tahun ini.

“Perkiraan realisasi investasi migas tidak akan jauh berbeda dari tahun lalu, yaitu US$ 12-13 miliar,” kata dia di Jakarta, Selasa (8/8).

Dikatakannya, rendahnya realisasi investasi migas ini sebagai dampak kondisi global, utamanya harga minyak. Dampak dari turunnya harga minyak ini dirasakan tidak hanya di sektor hulu migas, tetapi juga hilir migas, Di sisi hilir migas, progres proyek-proyek belum terlalu bagus.

Walaupun, sumbangan investasi sektor hilir migas memang cukup kecil, yakni hanya sekitar 20%. “ Sektor hilir terdampak juga oleh harga minyak, termasuk untuk pembangunan pipa,” tuturnya.

Investasi hilir migas, menurut Ego, didominasi pembangunan pipa gas dan kilang minyak. Dari data Kementerian ESDM, realisasi pipa gas sampai semester satu lalu hanya sepanjang 10.425 kilometer (km) dari target 12 ribu km. Saat ini, beberapa proyek pipa masih berjalan pengerjaannya.

Menurut data Badan Pengatur Hilir Minyak dan Gas Bumi (BPH Migas) terdapat lima proyek pipa gas yang kini sedang dibangun. Rincinya, pipa transmisi Gresik-Semarang sepanjang 266,26 km, Pipa Grissik-Pusri sepanjang 176 km, Pipa Duri-Dumai sepanjang 67 km, serta Pipa PK 52-Tanjung Batu sepanjang 55 Km. Untuk kapsitas kilang, sampai saat ini belum ada penambahan kapasitas alias masih 1,1 juta barel per hari (Bph).

Tetapi seluruh proyek kilang tetap berjalan, baik proyek penambahan kapasitas maupun pembangunan kilang baru. Hanya saja, diakuinya proses negosiasi proyek ini cukup panjang. 

“Ada beberapa yang terlambat, tetapi masih dalam within frame time yang berjalan,” ujarnya. 

Progres kilang baru akan terlihat dalam dua hingga tiga tahun mendatang. Tidak tanggung-tanggung, enam proyek kilang sedang digarap sekaligus. Rincinya, pembangunan dua unit baru di Tuban-Jawa Timur dan Bontang-Kalimantan Timur serta perbaikan empat kilang eksisting yang tersebar di Balongan-Jawa Barat; Balikpapan-Kalimantan Timur; Dumai-Riau; serta Cilacap-Jawa Tengah. 

Dana yang dibutuhkan sangat besar, penambahan kapasitas Kilang Balongan membutuhkan dana US$ 1,27 miliar, Kilang Balikpapan US$ 5,3 miliar, Kilang Cilacap US$ 4,5 miliar, Kilang Tuban sekitar US$ 13 miliar, dan Kilang Bontang sekitar US$ 8 miliar.

Di sektor hulu, Wakil Kepala Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Sukandar menuturkan, jatuhnya harga minyak sangat berdampak pada investasi hulu migas.

“Harga minyak ini membuat spending eksplorasi sedikit. Dari realisasi investasi hulu, banyak yang dari eksploitasi,” kata dia.

Menurut data SKK Migas, investasi hulu migas pada tahun ini ditargetkan mencapai US$ 13,8 miliar. Namun, realisasi investasi hingga akhir Juni lalu hanya sebesar US$ 3,98 miliar atau 28% dari target. Hal ini tergambar dari data pelaksanaan kegiatan survei dan pengeboran yang dimiliki SKK Migas. 

Sampai Juni lalu, kegiatan survei seismic 2D baru sepanjang 3.432 kilometer (km) atau 12% dari target 10.248 km, survei seismic 3D 330 kilometer persegi atau 13% dari target 6.566 kilometer persegi, pengeboran eksplorasi 29 sumur dari target 138 sumur, pengeboran sumur pengembangan 74 sumur dari target 223 sumur, dan realisasi kegiatan kerja ulang (workover) sumur baru 351 kegiatan dari target 907 kegiatan.

Hasil Efisiensi

Wakil Menteri ESDM Arcandra Tahar menuturkan, rendahnya realisasi investasi tidak berarti iklim investasi migas nasional yang memburuk. Dampak dari harga minyak yang bertahan di angka rendah, perusahaan-perusahaan yang bergerak di sektor migas mengencangkan modal yang dikeluarkan. Rendahnya investasi juga disebutnya tidak melulu berdampak buruk. Contohnya, meski investasi rendah, produksi migas tidak turun.

“Ada beberapa capex /belanja modal yang diturunkan. Jadi jangan dilihat besarnya realisasi investasi saja, tetapi juga hasilnya, tegas dia.

Pada semester kedua ini, lanjut Ego, pihaknya akan terus mengejar target investasi migas. Di sektor hilir migas, pihaknya akan mendorong pengerjaan sisa dari target pembangunan pipa sepanjang 1.500 km. Di sektor hulu migas, investasi masih akan naik karena proyek besar seperti Kilang Tangguh Train-3 dan Jambaran-Tiung Biru terus berjalan. 

“Konstruksi ini seperti kurva S, jadi di akhir tahun investasi yang dikeluarkan tinggi,” tuturnya.

Investor Daily, Page-9, Wednesday, August 9, 2017

Investment in Oil and Gas Sector Continues to Drop

Ministry of Energy and Mineral Resources (ESDM) noted that the realization of investment in the oil and gas sector in the first half of 2017 only amounted to US $ 34.8 billion. This achievement decreased compared to investment in the same period of the year 2016, which reached US $ 5.65 billion.

If we look back, the realization of oil and gas investment in 2009 is low. But start up in 2014 and then straight down. At that time oil prices below US $ 50 per barrel.

Deputy Minister of Energy and Mineral Resources Arcandra Tahar said, globally energy sector investment has decreased up to 12%. Specifically in the oil and gas sector, the global figure fell by 26%.

In addition to the effects of oil prices, Arcandra said, oil and gas companies operating in Indonesia are also doing the efficiency. Nevertheless, oil production in Indonesia is still around 802,000 barrels per day or barrels per day (bopd), from the 2017 target of 815,000 barrels per day. Arcandra said the decline was not due to the implementation of the gross split sharing pattern.

"The gross split regulation is at the beginning of this year, just look at the oil and gas auction last year, the demand is only one," he said.

In order to accelerate the realization of oil and gas projects, Arcandra ordered his staff to facilitate all sorts of permits. He asks if any documents are piling up immediately.

"If you can clean at our table, investors do not want their project delay, especially if the delay is up to a year," added Arcandra.

Director General of Oil and Gas of ESDM Ministry Ego Syahrial said the government had hoped that the Indonesian Deepwater Development project of Chevron, Masela and Train III Tangguh could lift oil and gas investment in semester 1-2017. But it is impossible to do

Well, in the Il-2017 semester, Syahrial believes the project Deepwater Development Chevron and Cricket Field can contribute investment this year. He calculated, Indonesia Deepwater Development consists of three parts.

The first has occupied aka onstream to 100,000 barrels per day. So just work on Gendalo and Gehem projects.

"It's our intention to help speed up the process.Okay can not get it now, but next year can Revision plan of development (POD), "Ego said.

Deputy Head of SKK Migas Sukandar added that in addition to the two projects, there is also a Tangguh Train III project that will contribute this year's investment.

"Now in the land preparation, the structure is being done in Batam," he said.

Sukandar expects Pertamina's investment in the Mahakam block to increase oil and gas sector investment in the second half. Meanwhile, downstream oil and gas investment from refinery and gas pipeline project. Ego estimates, oil and gas investment this year is not up to US $ 22 billion, but can only US $ 12 billion.

"It used to be a very optimistic target," he said.

IN INDONESIA

Investasi Sektor Migas Terus Melorot

Kementerian Energi dan Sumber Daya Mineral (ESDM) mencatat, realisasi investasi pada sektor minyak dan gas pada semester I-2017 hanya sebesar US$ 34,8 miliar. Pencapaian ini menurun dibandingkan investasi pada periode yang sama tahun 2016 lalu, yang mencapai US$ 5,65 miliar. 

Kalau kita menengok ke belakang, realisasi investasi migas pada tahun 2009 memang rendah. Tapi mulai naik pada tahun 2014 dan kemudian langsung turun. Saat itu harga minyak di bawah US$ 50 per barel.

Wakil Menteri ESDM Arcandra Tahar menyebutkan, secara global investasi sektor energi memang mengalami penurunan hingga 12%. Sementara khusus di sektor migas, secara global turun hingga 26%.

Selain efek harga minyak, Arcandra bilang, perusahaan migas yang beroperasi di lndonesia juga melakukan efisiensi. Kendati begitu, produksi minyak di Indonesia masih tetap di sekitar angka 802.000 barel per hari atau barel oil per day (bopd), dari target pada tahun 2017 yang sebesar 815.000 barel per hari. Arcandra mengatakan, penurunan itu bukan karena penerapan pola bagi hasil gross split. 

"Aturan gross split ada awal tahun ini. Coba lihat lelang migas tahun lalu, peminatnya hanya satu," tegas dia

Demi mempercepat realisasi proyek migas, Arcandra memerintahkan jajarannya agar bisa mempermudah segala macam perizinan. la meminta jika ada dokumen menumpuk segera dikerjakan.

"Kalau bisa clean di meja kita. Para investor itu tidak mau proyek mereka delay. Apalagi jika delay sampai setahun," imbuh Arcandra.

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Ego Syahrial mengungkapkan, tadinya pemerintah berharap pada proyek The Indonesian Deepwater Development Chevron, Masela, dan Train III Tangguh bisa mengangkat investasi migas di semester l-2017. Tapi hal itu mustahil dilakukan

Nah, di semester Il-2017, Syahrial yakin proyek Indonesia Deepwater Development Chevron dan Lapangan Jangkrik bisa menyumbang investasi tahun ini. Ia menghitung, Indonesia Deepwater Development terdiri dari tiga bagian.

Yang pertama sudah berpruduksi alias onstream hingga 100.000 barel per hari. Jadi hanya kurang menggarap proyek Gendalo dan Gehem. 

"Itu maksud kami membantu mempercepat proses. Oke tidak bisa mendapatkan sekarang, tapi tahun depan bisa revisi plan of development (POD)," kata Ego. 

Wakil Kepala SKK Migas Sukandar menambahkan, selain kedua proyek itu, ada juga proyek Train III Tangguh yang akan menyumbang investasi tahun ini. 

"Sekarang sedang dalam land preparation, struktur sedang dikerjakan di Batam," katanya.

Sukandar berharap, investasi Pertamina di Blok Mahakam bisa menambah investasi sektor minyak dan gas pada semester II, Sementara itu, investasi sektor hilir minyak dan gas dari proyek kilang dan pipa gas. Ego menaksir, investasi minyak dan gas tahun ini tidak sampai US$ 22 miliar, tapi hanya bisa US$ 12 miliar. 

"Dulu target sangat optimitis," kata dia.  

Kontan, Page-18, Wednesday, August 9, 2017

Saudi Arabia Raises Rising Oil Prices

Although price movements began to slow, oil prices still tend to strengthen. Analysts even forecast the price could return to penetrate the level of US $ 50 per barrel. Tuesday (8/8), at 18.30 Western Indonesia Time, Western Texas Intermediate (WTI) oil price contract for September 2017 delivery on the New York Mercantile Exchange rose 028% to US $ 49.53 per barrel.

Within a week, oil prices have shot 0.75%. The cause of this increase is Saudi Arabia's decision to cut oil sales to Asia for September. Reportedly, Saudi Arabian Oil Co. Reducing oil production restrictions by OPEC is considered a failure.

An additional injection for oil price increases after US crude oil reserves (US) are also expected to fall. Asia Tradepoint Futures analyst Deddy Yusuf Siregar said the US oil reserves for the week ending August 4, 2017 are predicted to fall by about 2.6 million barrels.

"This condition gives a signal to market players that maybe the US began to reduce production," he said on Tuesday (8/8).

    Therefore, Deddy is optimistic that by the end of the third quarter WTI oil price can move again in the range of US $ 48-US $ 50 per barrel. Pressed negative catalyst but negative catalyst also still lurking oil prices. One of them is the re-production of the largest oil refinery in Libya, the Sharara block. This makes Libyan oil production above 1 million barrels per day.

Despite OPEC members, Libya and Nigeria have been given no leeway not to participate in a production-limited deal of 1.8 million barrels per day until March 2018. Pressure for oil prices increased after demand for oil imports in China in July fell 6.9% From the previous month. This figure is the biggest slowdown since January 2017. Moreover, China is the world's largest crude consumer. This can depress oil prices.

"China's import data also fell below market expectations and made the market pessimistic," said Faisyal, Research & Analyst Monex Investindo Futures.

Therefore, Faisyal predicts, WTI oil price today will move in the range of US $ 48.50-US $ -49, 65 per barrel. Meanwhile, according to Deddy's analysis, WTI oil prices will move in the range of US $ 48.50-US $ 50.39 per barrel in the next week.

Technically, the current oil price is rolling above the line of MA 50 and MA 100, but it is still stuck at the 200 MA. This indicates in the long term the strengthening has not been confirmed. The MACD indicator is in the positive area. Then the RSI is at 60 and stochastic at the 58 level. Most indicators indicate a bullish opportunity.

IN INDONESIA

Arab Saudi Menyulut Naik Harga Minyak

Meski pergerakan harganya mulai melambat, harga minyak masih cenderung menguat. Para analis bahkan memperkirakan harganya bisa kembali menembus level US$ 50 per barel. Selasa (8/8), per pukul 18.30 WIB, harga minyak west Texas Intermediate (WTI) kontrak pengiriman September 2017 di New York Mercantile Exchange naik 028% ke level US$ 49,53 per barel. 

Dalam sepekan, harga minyak sudah melesat 0,75%. Penyebab kenaikan ini adalah keputusan Arab Saudi memangkas penjualan minyak ke Asia untuk September. Kabarnya, Saudi Arabian Oil Co. melakukan pengurangan pembatasan produksi minyak oleh OPEC dinilai gagal. 

Suntikan tambahan bagi harga minyak bertambah setelah cadangan produksi minyak mentah Amerika Serikat (AS) juga diperkirakan turun. Analis Asia Tradepoint Futures Deddy Yusuf Siregar mengatakan, cadangan minyak AS untuk pekan yang berakhir 4 Agustus 2017 diprediksi turun sekitar 2,6 juta barel. 

“Kondisi ini memberikan sinyal pada pelaku pasar bahwa mungkin AS mulai mengurangi produksinya,” ungkap dia, Selasa (8/8). 

     Karena itu, Deddy optimistis hingga akhir kuartal tiga nanti harga minyak WTI bisa kembali bergerak di rentang US$ 48-US$ 50 per barel. Terdesak katalis negatif namun katalis negatif juga masih mengintai harga minyak. Salah satunya adalah kembali berproduksinya kilang minyak terbesar di Libia, yakni blok Sharara. Hal ini membuat produksi minyak Libia berada di atas 1 juta barel per hari. 

Walau termasuk anggota OPEC, namun Libia dan Nigeria memang mendapat kelonggaran untuk tidak ikut serta dalam kesepakatan pembatasan produksi sebesar 1,8 juta barel per hari hingga Maret 2018. Tekanan bagi harga minyak bertambah setelah permintaan impor minyak di China di Juli turun 6,9% daripda bulan sebelumnya. Angka ini merupakan perlambatan terbesar sejak Januari 2017. Terlebih lagi, China merupakan konsumen minyak mentah terbesar di dunia. Hal ini dapat menekan harga minyak. 

"Data impor China juga turun di bawah ekspektasi pasar dan membuat pasar pesimis," jelas Faisyal, Research & Analyst Monex Investindo Futures.

Karena itu, Faisyal memprediksi, harga minyak WTI hari ini akan bergerak di kisaran US$ 48,50-US$-49;65 per barel. Sementara menurut analisa Deddy, harga minyak WTI akan bergerak di rentang US$ 48,50-US$ 50,39 per barel dalam sepekan ke depan.

Secara teknikal, harga minyak saat ini bergulir di atas garis MA 50 dan MA 100, tetapi masih tertahan di MA 200. Ini mengindikasikan dalam jangka panjang penguatan belum terkonfirmasi. Indikator MACD berada di area positif. Kemudian RSI berada level 60 dan stochastic di level 58. Sebagian besar indikator mengindikasikan peluang penguatan harga.

Kontan, Page-11, Wednesday, August 9, 2017

Gas Price Blue Tiung is Down

The long journey of gas field development Jambaran Tiung Biru (JTB) has met the agreement. Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said, one result is related to the selling price to PLN Gresik Region USD 7.6 per mmbtu flat during the contract.

Related to the price of gas, Arcandra explained, initially gas selling price in JTB field to PT PLN about USD 9 per mmbtu. However, the selling price is too expensive for PLN. The government also asked for lowered investment. JTB is operated by Pertamina's subsidiary Pertamina EP Cepu, with its partner PT ExxonMobil Indonesia.

Pertamina relented and lowered its operational expenditure (capital expenditure / capex) around USD 250 million. As a result, JTB gas sales price to PLN to about USD 7.6 per mmbtu flat for 30 years.

PT. ExxonMobil Indonesia decided to release shares in JTB gas field. Therefore, the gas sale price is decided not to enter with the economy Exxon. Arcandra asserted, Exxon's pullback is entirely due to business-to-business decision with Pertamina.

Previously, ExxonMobil and Pertamina EP Cepu (PEPC) gained the right to manage 41.4 percent at the Tiung Biru Jambaran Field. The rest is owned by regional owned enterprises (BUMD) 9.2 percent and Pertamina EP 8 percent.

IN INDONESIA

Harga Gas Tiung Biru Turun

Perjalanan panjang pengembangan lapangan gas Jambaran Tiung Biru (JTB) telah menemui kesepakatan. Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar menuturkan, salah satu hasilnya adalah terkait harga jual ke PLN Wilayah Gresik USD 7,6 per mmbtu flat selama kontrak.

Terkait dengan harga gas tersebut, Arcandra menjelaskan, awalnya harga jual gas di lapangan JTB kepada PT PLN sekitar USD 9 per mmbtu. Namun, harga jual tersebut dirasakan terlalu mahal bagi PLN. Pemerintah pun meminta investasinya diturunkan. JTB dioperasikan anak usaha Pertamina, yakni Pertamina EP Cepu, dengan partnernya, PT ExxonMobil Indonesia. 

Pertamina mengalah dan menurunkan belanja operasional (capital expenditure/capex) sekitar USD 250 juta. Hasilnya, harga jual gas JTB kepada PLN menjadi sekitar USD 7,6 per mmbtu flat selama 30 tahun.

PT. ExxonMobil Indonesia pun memutuskan untuk melepas saham di lapangan gas JTB. Sebab, harga jual gas yang diputuskan tidak masuk dengan keekonomian Exxon. Arcandra menegaskan, mundurnya Exxon sepenuhnya karena keputusan business-to business dengan Pertamina.

Sebelumnya, ExxonMobil dan Pertamina EP Cepu (PEPC) mendapatkan hak kelola 41,4 persen di Lapangan Jambaran Tiung Biru. Sisanya dimiliki badan usaha milik daerah (BUMD) 9,2 persen dan Pertamina EP 8 persen.

Jawa Pos, Page-5, Wednesday, August 9, 2017

Pertamina Garap Tunu

The new well block mahakam

PT Pertamina Hulu Mahakam (PHM) has obtained positive results and well drilling activities at Tunu Field, Mahakam Working Area, since 16 July. The well is named TN-N74 and TN-N75 which has a depth of about 1,078 meters, with a Shallow Arcthitecture Tubingless (SAT) wellow composting system type.

Upstream Director of PT Pertamina Syamsu Alam said the drilling in this transitional period aims to keep the production wells well ahead of the management shift. Currently, the annual gas production volume in the Mahakam Working Area is 1.635 million standard cubic feet per day, while oil production reaches 63,000 barrels per day.

The drilling is financed by the company, and is executed by Total E & P Indonesie as an existing operator. Pertamina has allocated US $ 160 million for drilling investment for this year.

"We and Total E & P Indonesie agree there is a transition period, so this drilling aims to reduce the rate of production so as not to decrease drastically and constantly when changing operators later," he said

In accordance with the production sharing contract signed by PT Pertamina Hulu Mahakam (PHM) and SKK Migas at the end of December 2015, PT Pertamina Hulu Mahakam (PHM) reserves the right to fund the necessary oil and gas operations activities since the contract is signed until the transition of effective management proceeds.

The company plans to drill 14 wells during 2017. With these activities, it is expected that oil and gas wells can be produced immediately when Pertamina takes over the management which came into effect on January 1, 2018.

Syamsu said the drilling results at Lapangan Tunu showed satisfactory results. Even the activity is beyond the initial expectations, because the geological condition of the well is quite risky. In addition, the company also received no obstacles or obstacles reports during drilling.

"When talking drilling in the Mahakam, geologically very challenging. The layers are numerous and thin, so it is definitely risky. But so far the results in the three wells are actually very good, because it found several layers previously hidden, "he continued

He revealed the possibility of a reduced cost incurred from initial estimates when drilling was fully realized.

"There are several innovations that are applied during drilling, so the activities are more efficient and the cost is cheaper, so the efficiency is not because it is deliberately sparing, but as a result of that successful breakthrough".

Furthermore, drilling will be done in Handil field. In addition, other aspects prepared by the company are human resources. Syamsu expressed the aspect of human resources is an important factor in the transition of management.

"We hope as many of our Total E & P Indonesie employees continue their work to maintain the operation. The report indicates that 90% of the bids have been returned and declared willingness to join Pertamina.

IN INDONESIA

Pertamina Garap Tunu

PT Pertamina Hulu Mahakam (PHM) telah memperoleh hasil yang positif dan kegiatan pengeboran sumur di Lapangan Tunu, Wilayah Kerja Mahakam, sejak 16 Juli. Sumur tersebut bernama TN-N74 dan TN-N75 yang memiliki kedalaman sekitar 1.078 meter, dengan tipe arsitektur komplesi sumur shallow arcthitecture tubingless (SAT). 

Direktur Hulu PT Pertamina Syamsu Alam mengatakan pengeboran dalam masa transisi ini bertujuan untuk menjaga tingkat produksi sumur-sumur menjelang peralihan pengelolaan. Saat ini, volume produksi tahunan gas bumi di wilayah Kerja Mahakam mencapai 1.635 juta kaki kubik per hari (million standard cubic feet per day), sedangkan produksi minyak mencapai 63.000 barel per hari.

Kegiatan pengeboran ini dibiayai oleh perseroan, dan dieksekusi oleh Total E&P Indonesie selaku operator existing. Pertamina mengalokasikan US$160 juta untuk investasi pengeboran selama setahun ini.

"Kami dan Total E&P Indonesie sepakat ada masa transisi, jadi pengeboran ini bertujuan untuk menekan laju produksi agar tidak menurun drastis dan terus-menerus saat berganti operator nanti," tuturnya

Sesuai dengan kontrak bagi hasil yang diteken oleh PHM dan SKK Migas pada akhir Desember 2015, PHM berhak membiayai kegiatan operasi migas yang diperlukan sejak kontrak diteken hingga peralihan pengelolaan efektif berjalan.

Perseroan berencana mengebor 14 sumur selama 2017 . Dengan kegiatan tersebut, diharapkan sumur-sumur migas dapat segera diproduksi saat Pertamina mengambil alih pengelolaan yang mulai berlaku pada 1 Januari 2018.

Syamsu mengatakan hasil pengeboran di Lapangan Tunu menunjukkan hasil yang memuaskan. Bahkan aktivitas itu terbilang melampaui ekspektasi awal, sebab kondisi geologis sumur yang cukup berisiko. Selain itu, perseroan juga tidak menerima laporan hambatan ataupun kendala selama pengeboran berlangsung.

“Kalau bicara pengeboran di Mahakam, secara geologis sangat menantang. Lapisannya banyak dan tipis, jadi sudah pasti beresiko. Tapi sejauh ini hasil di tiga sumur itu justru sangat baik, karena ditemukan beberapa lapisan yang sebelumnya tersembunyi," sambungnya

Dia mengungkapkan adanya kemungkinan berkurangnya biaya yang dikeluarkan dari perkiraan awal saat pengeboran terealisasi sepenuhnya. 

"Ada beberapa inovasi yang diterapkan saat pengeboran, sehingga kegiatan lebih efisien dan biayanya lebih murah. Jadi efisiensinya bukan karena sengaja di hemat, tapi sebagai hasil dari terobosan yang berhasil itu".

Selanjutnya, pengeboran akan dilakukan di lapangan Handil. Selain itu, aspek lain yang dipersiapkan oleh perseroan adalah sumber daya manusia. Syamsu mengutarakan aspek SDM merupakan faktor penting dalam peralihan pengelolaan.

“Kami berharap sebanyak mungkin karyawan Total E&P Indonesie melanjutkan pekerjaannya untuk menjaga operasi. Hasil laporan menunjukkan ada 90 % tawaran yang sudah kembali dan menyatakan kesediaan untuk bergabung dengan Pertamina.

Bisnis Indonesia, Page-34, Wednesday, August 9, 2017

Funding Jambaran-Tiung Biru in cut

The government cut capital expenditure in the Jambaran-Tiung Biru field project, Cepu Block of US $ 550 million to US $ 1.55 billion compared to the initial plan of US $ 2.1 billion.

The cutting of gas field investment located in Bojonegoro, East Java, makes the gas price generated more competitive. Deputy Minister of Energy and Mineral Resources (EMR) Archandra Tahar said the government is conducting the efficiency of the Jambaran-Tiung Biru project so that state and contractor revenues increase. Besides ilu, the efficiency has an impact on the decrease of gas price generated from the oil and gas field.

The Ministry of Energy and Mineral Resources conducted capex / capital expenditure or investment cost from US $ 2.1 billion to US $ 1.55 billion. It's a great achievement. The project can be executed immediately, "he said, Tuesday (8/8).

Archandra acknowledged that the efficiency caused oil and gas investment cap in this year also corrected. The realization of upstream oil and gas investment in the first half of 2017 reached US $ 4.8 billion or 21.62 percent of this year's target of US $ 22.2 billion

"However, this is an efficiency step, not to be seen from the declining investment," he said.

Jambaran-Tiung Biru will produce 330 MMscfd of gas with sales of 172 MMscfd for 16 years. In addition, PT PLN will absorb gas from Tiung Biru by 100 MMscfd, while 72 MMscfd is purchased by industry in Central Java. Gas from Jambaran-Tiung Biru will also be connected with gas transmission line of Gresik-Semarang segment along 267 km with diameter 28 inch.

Jambaran-Tiung Biru is an amalgamation of two fields, namely Jambaran Field and Tiung Biru. The Jambaran field is part of the Cepu Working Area, while the Tiung Biru Field is part and Territory The work of PT Pertamina EP.

In the Jambaran-Tiung Biru project, Pertamina EP Cepu is the operator and together with EMCL each have 41/1% management rights, while BUMD has 9.2% and 8% is owned by Pertamina EP.

IN INDONESIA

Pendanaan Jambaran-Tiung Biru Dipangkas

Pemerintah memangkas belanja modal dalam proyek lapangan Jambaran-Tiung Biru, Blok Cepu sebesar US$ 550 juta menjadi US$1,55 miliar dibandingkan dengan rencana awal US$2,1 miliar.

Pemangkasan investasi lapangan gas yang berlokasi di Bojonegoro, Jawa Timur itu membuat harga gas yang dihasilkan lebih kompetitif.  Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Archandra Tahar mengatakan, pemerintah melakukan efisiensi proyek Jambaran-Tiung Biru sehingga penerimaan negara dan kontraktor meningkat. Selain ilu, efisiensi itu berdampak terhadap penurunan harga gas yang dihasilkan dari lapangan migas itu.

Kementerian ESDM melakukan efisiensi capex/belanja modal atau biaya investasi dari US$2,1 miliar menjadi US$1,55 miliar. Ini capaian besar. Proyek tersebut dapat segera dieksekusi,” katanya, Selasa (8/8).

Archandra mengakui bahwa efisiensi itu menyebabkan capian investasi migas pada tahun ini turut terkoreksi. Realisasi investasi hulu migas pada semester I/2017 baru tercapai US$ 4,8 miliar atau 21,62% dari target tahun ini US$ 22,2 miliar 

“Namun, ini merupakan sebuah langkah efisiensi, jangan dilihat dari turunnya investasi,” katanya.

Jambaran-Tiung Biru akan memproduksikan gas 330 MMscfd dengan penjualan sebesar 172 MMscfd selama 16 tahun. Selain itu, PT PLN akan menyerap gas dari Tiung Biru sebanyak 100 MMscfd, sedangkan 72 MMscfd dibeli industri di Jawa Tengah. Gas dari Jambaran-Tiung Biru juga akan tersambung dengan pipa gas transmisi ruas Gresik-Semarang sepanjang 267 km dengan diameter 28 inci.

Jambaran-Tiung Biru merupakan penggabungan dari dua lapangan, yaitu Lapangan Jambaran dan Tiung Biru. Lapangan Jambaran merupakan bagian dari Wilayah kerja Cepu, sedangkan Lapangan Tiung Biru menjadi bagian dan Wilayah kerja PT Pertamina EP.

Dalam proyek Jambaran-Tiung Biru, Pertamina EP Cepu menjadi operator dan bersama EMCL masing-masing memiliki 41/1% hak kelola, sedangkan BUMD memiliki 9,2%, dan 8% dikuasai Pertamina EP.

Bisnis Indonesia, Page-34, Wednesday, August 9, 2017