Pertamina halts plan to acquire Russian flelds

State-owned energy company Pertamina is finding it difficult to acquire two energy blocks controlled by Russian oil firm Rosneft because of the high acquisition tax the firm has to pay to Indonesian authorities to clinch the deal.

Pertamina will team up with Rosneft to develop the new US$ 15 billion Tuban refinery in East Java. It is projected that the refinery will process 300,000 barrels of oil per day (bopd) once it is completed in 2024.

As part of this partnership, Pertamina has also been looking to acquire a 37.5 percent participating interest in the onshore Russkoye field and a 20 percent interest in the offshore Northern Chayvo Field in Russia.

However, Pertamina’s upstream director, Syamsu Alam, said the company was required to pay a high acquisition tax to the Indonesian government for these two fields, which made the acquisition plan economically unfeasible.

“We tried to discuss this matter with the government, but the problem has yet to be solved. On the other hand, Rosneft can’t wait too long because other parties have also sublnitted offers for those two fields,” Syamsu said recently.

“So we have talked to Rosneft, saying that it is unlikely that we can seal the deal in the near future. Hence, it is up to them if they want to make a deal with other parties.”

Syamsu said it was possible for Pertamina to review other fields from Rosneft, depending on the business-to-business approach between the two. Meanwhile, Pertamina has sent a proposal to the Iranian government-owned National Iranian Gil Company (NIOC) in February to develop two oil and gas fields in Iran, namely the Ab-Teymour and Nansouri Fields.

The two Helds are estimated to contain 1.5 billion barrels of reserves each and are expected to produce 200,000 bopd each. In the lirst six month of 2017, Pertamina’s overseas oil and gas production grew almost 30 percent annually to 152,000 barrels of oil equivalent per day (boepd), while domestic production only climbed 0.2 percent to 540,000 boepd.

The foreign fields produced 104,000 bopd and 291 million standard cubic feet per day (mmscfd) of gas, an increase of 23.8 percent and 47.7 percent, respectively.

In the long run, Pertamina aims to jack up its oil and gas production to 1.9 million boepd by 2025, 34.2 percent of which will come from its overseas fields Pertamina’s decision to be more aggressive in overseas territories has come in the Wake of declining national oil production and ever-growing fuel consumption.

Within the hrst six months of this year, Pertamina’s fuel sales increased by 4 percent to 32.6 million kiloliters year-on-year. Premium gasoline, which has a research octane number (RON) of 88, accounted for 57.6 percent of total sales, while the rest came from Pertamina’s Perta Series gasoline, including the RUN-90 Pertalite and the RON-92 Pertamax.

In 2015, the government every three months evaluated the prices of Premium, subsidized diesel Solar and kerosene in accordance With the levels of global oil prices.

However, since April 2016, the government has maintained the prices at Rp 6,450 (49 US cents) per liter for Premium, Rp 5,150 per liter for Solar and Rp 2,500 per liter for kerosene, despite an upward trend in global oil prices. Because of this, Pertamina has had to sell Premium and diesel at a loss because it provides subsidies worth Rp 1,200 per liter for diesel and Rp 400 per liter for Premium.

“In the first half of 2017, the external environment was still highly volatile with increasing global oil prices. The price increase Was a great incentive for our upstream business, but it also led to the soaring cost of goods sold in our downstream business, affecting our net profits in the process,” Pertamina president director Elia Massa Manik said.

Pertamina’s revenues climbed by 19 percent to $20.5 billion during the first half of the year, but its net profits plummeted by 24 percent to $1.4 billion.

Jakarta Post, Page-13, Friday, August 18, 2017

Pertamina Canceled Acquisition of the Russian Block

PT Pertamina canceled acquisition of oil working area in Russia due to tax hampering that must be borne by the company. Upstream Director of PT Pertamina Syamsu Alam said the tax burden would make the economic scale of field development reduced. Therefore, it still sees an opportunity whether there is still a possibility of other block acquisition opportunities.

As part of a joint agreement with Rosneft, a Russian company, in the Tuban refinery project, Pertamina is entitled to evaluate two oil and gas fields owned by Rosneft.

Based on the official statement, in the memorandum of understanding between the two oil and gas companies, Pertamina can control 20% participation stake in The Northem Tip of Chayvo Field and 37.5% in Russkoye Field.

From these activities, Pertamina targets to get oil 35,000 barrels per day (bpd) and oil and gas reserves 200 million barrels oil equivalent from Russia. For that, Pertamina will enter in two oil and gas production blocks in Russia with share ownership in each block about 10% -15%.

"Russia, if the two fields we have said we can not be closing because of the tax problem," he said on Wednesday (16/8).

Despite interest in the two fields, the company must cancel the acquisition of the oil block in Russia which is actually obtained as an additional benefit from the cooperation of the construction of the Tuban Refinery with Rosneft. The company finally released both fields because there are already other companies that open the offer.

"So we say that for this one, maybe we are difficult to be able to do the closing so, yes, please if They [Rosneft] want to do business with others, "he said.

According to him, the tax burden is quite large. However, he did not mention how much the burden should be the responsibility of the company. "Fairly We make the acquisition taxable."

IN INDONESIA

Pertamina Batal Akuisisi Blok Rusia

PT Pertamina batal mengakuisisi wilayah kerja minyak di Rusia karena terhambat pajak yang harus ditanggung perseroan. Direktur Hulu PT Pertamina Syamsu Alam mengatakan, beban pajak ini membuat skala ekonomi pengembangan lapangan berkurang. Oleh karena itu, pihaknya masih melihat peluang apakah masih ada kemungkinan peluang akuisisi blok lainnya.

Sebagai bagian dari kesepakatan bersama dengan Rosneft, perusahaan asal Rusia, dalam proyek pembangunan Kilang Tuban, Pertamina berhak melakukan evaluasi terhadap dua lapangan migas milik Rosneft.

Berdasarkan keterangan resmi, dalam nota kesepahaman kedua perusahaan migas itu, Pertamina bisa menguasai saham partisipasi sebesar 20% di Lapangan The Northem Tip of Chayvo dan 37,5% di Lapangan Russkoye.

Dari kegiatan tersebut, Pertamina menargetkan bisa mendapat minyak 35.000 barel per hari (bph) dan cadangan migas 200 juta barel setara minyak dari Rusia. Untuk itu, Pertamina akan masuk di dua blok migas produksi di Rusia dengan kepemilikan saham di masing-masing blok sekitar 10%-15%.

“Rusia, kalau dua lapangan itu kita sudah bilang kita tidak bisa closing karena masalah ada pajaknya itu,” ujarya, Rabu (16/8).

Meskipun berminat dengan dua lapangan tersebut, perseroan harus membatalkan rencana akuisisi blok minyak di Rusia yang sebenarnya didapat sebagai tambahan manfaat dari kerja sama pembangunan Kilang Tuban bersama Rosneft. Perseroan akhirnya melepaskan kedua lapangan tersebut karena sudah ada perusahaan lain yang membuka penawaran.

“Jadi kita sampaikan bahwa untuk yang ini, mungkin kita kesulitan untuk bisa melakukan closing sehingga, ya, silakan kalau mereka [Rosneft] mau melakukan bisnis dengan yang lain,” katanya.

Menurutnya, beban pajak yang ditanggung cukup besar. Namun, dia tidak menyebut berapa beban yang harus menjadi tanggungan perseroan. “Lumayan Kita melakukan akuisisi itu terkena pajak."

Bisnis Indonesia, Page-31, Friday, August 18, 2017

SKK Migas Apply Anti-Bribery System

Special Unit for Upstream Oil and Gas Business Activities (SKK Migas) prepares the implementation of ISO 37001: 2016 as an international standard. The anti-bribery management system or Anti-bribery management system is a commitment to prevent corruption in the long chain of downstream oil and gas business.

"SKK Migas has always been committed to preventing the practices of bribery. One of the efforts was to prepare for ISO 370 013: 2016 as an international standard of management system of anti-bribery," said Deputy Chief of SKK Migas Sukandar during a press conference in Jakarta on Wednesday (16 / 8).

Upstream oil and gas industry involves many parties with long business links that make this industry has a high risk of bribery. Bribery can cause harm to the business activities of the upstream oil and gas, such as inefficiency of setting the specification of goods to win a certain vendor, which in turn potentially cause losses to the state.

Chairman of the Commission Agus Rahardjo appreciate SKK Migas apply the anti-bribery System in the scope of oil and gas industry. "ISO 37001 that will be encouraged KPK to apply to companies in Indonesia," said Agus.

IN INDONESIA

SKK Migas Terapkan Sistem Anti-Suap

Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) mempersiapkan penerapan ISO 37001:2016 sebagai sebuah standar internasional. Sistem manajemen anti-penyuapan atau Anti-bribery management system itu merupakan komitmen mencegah tindakan korupsi di tengah rantai bisnis hilir migas yang panjang.

"SKK Migas selalu berkomitmen untuk mencegah praktik-praktik penyuapan. Salah satu usaha yang dilakukan ialah mempersiapkan ISO 370013:2016 sebagai sebuah standar internasional dari Sistem manajemen anti-penyuapan," ujar Wakil Kepala SKK Migas Sukandar dalam keterangan pers di Jakarta Rabu (16/8).

      lndustri hulu migas melibatkan banyak pihak dengan mata rantai bisnis yang panjang sehingga menjadikan industri ini memiliki risiko penyuapan yang tinggi. Praktik penyuapan dapat menimbulkan kerugian pada kegiatan usaha industri hulu minyak dan gas bumi, seperti timbulnya inefisiensi dari pengaturan spesifikasi barang untuk memenangkan vendor tertentu, yang pada akhirnya berpotensi menimbulkan kerugian negara.

Ketua KPK Agus Rahardjo mengapresiasi Iangkan SKK Migas menerapkan Sistem anti penyuapan di Iingkup industri migas. ”ISO 37001 itu yang akan didorong KPK agar diterapkan di perusahaan-perusahaan di Indonesia," kata Agus.

Media Indonesia, Page-18, Friday, August 18, 2017

Pertamina Earn Revenue of US $ 20.5 Billion

PT Pertamina posted revenues of US $ 20.5 billion in the first half of 2017, up 19 percent from US $ 17.2 billion in the first semester of 2016.

Revenue growth is relatively lower when compared with the growth of crude oil prices Indonesia which rose 35% in the period of first semester 2016.

"Rising crude oil prices have become an incentive for upstream businesses. However, the increase in crude oil prices also affects the increase in cost of goods sold in the downstream sector which has a significant impact on the company's net profit, "said Pertamina Massa Manik President Director in Jakarta, Wednesday (16/8).

As a result of the oil price hike, Pertamina's net profit reached US $ 1.4 billion, down 24 percent from the first semester of 2016. To anticipate the external factors, Pertamina continues to run the company's efficiency program and added value creation through Break Through Project which has reached US $ 360 Million as well as other strategic initiatives.

In the upstream sector, oil and gas production rose 8% to 692 thousand barrels of oil equivalent per day (mboepd) during the first half of 2017. The increase in oil and gas production consisted of oil which rose 12% to 343 mboepd in the first half of 2017. As for gas Earth increased by 4% by 2,022 million cubic feet per day (mmscfd).

In the marketing and trading sectors, sales of fuel oil (BBM) in the first half of 2017 rose 4% to 32.60 million kiloliters (kl). Non-fuel sales in the form of domestic gas, petrochemicals and lubricants rose 6% to 7.82 million kl. As of June 2017, the fuel sales portion of the series of gasoline series jumped and exceeded the premium of 57.6% versus 42.4%.

IN INDONESIA

Pertamina Raup Pendapatan US$ 20,5 Miliar

PT Pertamina mencatatkan pendapatan sebesar US$ 20,5 miliar pada semester pertama 2017 atau tumbuh sebesar 19% jika dibandingkan dengan semester pertama 2016 yang tercatat US$ 17,2 miliar.

Pertumbuhan pendapatan itu relatif lebih rendah bila dibandingkan dengan pertumbuhan harga minyak mentah Indonesia yang naik 35% di periode semester pertama 2016. 

“Naiknya harga minyak mentah telah menjadi insentif bagi bisnis hulu. Namun, kenaikan harga minyak mentah tersebut juga berpengaruh pada peningkatan beban pokok penjualan di sektor hilir yang banyak berdampak pada perolehan laba bersih perusahaan,” kata Direktur Utama Pertamina Massa Manik di Jakarta, Rabu (16/8).

Akibat lonjakan harga minyak itu, laba bersih Pertamina menjadi US$1,4 miliar atau turun 24% daripada semester pertama 2016. Untuk mengantisipasi faktor eksternal itu, Pertamina tetap menjalankan program efisiensi perusahaan dan penciptaan nilai tambah melalui Break Through Project yang sudah mencapai US$ 360 juta serta inisiatif strategis lainnya.

Di sektor hulu, produksi minyak dan gas bumi mengalami kenaikan 8% menjadi 692 ribu barel setara minyak per hari (mboepd) sepanjang semester pertama 2017. Kenaikan produksi migas itu terdiri atas minyak yang naik 12% menjadi 343 mboepd pada semester pertama 2017. Adapun gas bumi naik 4% sebesar 2.022 juta kaki kubik per hari (mmscfd).

Di sektor pemasaran dan niaga, penjualan bahan bakar minyak (BBM) pada semester pertama 2017 naik 4% menjadi 32,60 juta kiloliter (kl). Penjualan non-BBM berupa gas domestik, petrokimia, dan pelumas naik 6% menjadi 7,82 juta kl. Per Juni 2017, porsi penjualan BBM perta series jenis gasolin melonjak dan sudah melampaui premium yakni 57,6% berbanding 42,4%.

Media Indonesia, Page-17, Friday, August 18, 2017

Modest ICP rise leads to low lifting targets

The government has estimated that any rise in global crude prices will remain modest, leading to lower targets for oil production in next year’s state budget proposal.

President Joko “Jokowi” Widodo said the government had proposed to set the Indonesian Crude Price (ICP) at US$48 per barrel in the 2018 state budget, $2 higher than in this year’s revised budget.

The slight increase was due to greater demand globally, he said during the House of Representatives’ plenary session in Jakarta on Wednesday.

Ready-to-sell oil and gas production, known as lifting, would also increase slightly to 2,000 barrels of oil equivalent per day (boepd). However, the oil lifting rate is expected to decline to 800,000 barrels of oil per day (bopd) from this year’s target of 815,000.

Energy and Mineral Resources Minister ‘Ignasius J onan said that the lower expectation was mostly due to depleted oil reserves and persistently low global oil prices, which served as disincentives for oil companies to enhance their oil recovery (EOR) activities and to raise output from unconventional oil production due to the large amounts of investment needed.

Most of Indonesia’s producing oil fields are categorized as old, and thus require EOR activities to maintain and boost output.

“If global oil prices remain under $50 per barrel, with an average rate of $48 from January to July, no company will be interested in EOR activities. It will not matter whether you try to encourage it using the cost recovery or gross-split scheme,” Jonan said, referring to the production sharing contract (PSC) scheme.

Indonesia has continued to battle with depleting oil reserves since its oil and gas heyday between the 1970s and 1990s, when it had a lifting rate of more than 1.6 million bopd. The struggle exacerbated at the end of 2014, when global oil prices plunged to around $30 per barrel, leaving many investors hesitant to increase their exploration and exploitation activities.

Global oil prices have improved since then, but is unlikely to reach the $100 mark in 2012. Bloomberg reported that benchmark West Texas Intermediate (WTI) traded crude at $ 47.68 per barrel on Wednesday afternoon, and fellow benchmark Brent had a similar price of $ 51.01. The government’s upbeat forecast of higher oil prices has hinged on higher demand from developing countries, such as India and China, with the United States Energy Information Administration predicting demand to rise to 100 million BPD next year from 98.38 million this year.

In addition to global oil prices, the decline in output is also attributable to many oil and gas working areas that are set to expire in the next decade, causing many contractors to cut down on their investments as they will not be able to reap the returns. 

The low crude prices have also discouraged many investors from conducting exploration activities, particularly in frontier areas. Most of Indonesia’s possible and potential reserves are located in its eastern part, where riskier operation and a lack of infrastructure will require higher investments.

Based on current conditions, many believe that Indonesia’s oil reserves will be depleted in little over a decade if it maintains its lifting rate at above 800,000 bopd without any new discoveries. Data from the Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) shows that Indonesia’s proven oil reserves dropped to 3,306 million stock tank barrels (mmstb) at the end of last year from 3,602 mmstb in 2015.

ReforMiner Institute researcher Pri Agung Rakhmanto said that the government’s estimation was pretty accurate as global crude prices were expected to remain stagnant at $50 next year.

“The ICP will remain stagnant as there is an oversupply in the global market right now,” he said, adding that the lifting target estimate was also reasonable as there would be no large projects operating next year.

Jakarta Post, Page-13, Friday, August 18, 2017

Pertamina Prints Net Profit of US $ 1.4 Billion

PT Pertamina booked 19 percent higher revenues in the first half of this year compared to the same period last year of US $ 20.5 billion. However, due to eroded by rising crude oil prices and fixed fuel oil prices, the company's earnings corrected 24% to US $ 1.4 billion.

Pertamina's President Director Elia Massa Manik said the average crude oil price in the first six months compared to the same period last year had risen by 30 percent from US $ 36.16 per barrel to US $ 48.9 per barrel. However, the price of fuel for the subsidized and assigned assignments remained until last September. Though the current fuel prices formed with the benchmark crude oil prices far below the current prices.

"This condition pushes nett income (net profit) and EBITDA. Nett income was 30 percent lower from US $ 1.83 billion to US $ 1.4 billion. EBITDA from US $ 4.1 billion to US $ 3.16 billion, "he said at a press conference here on Wednesday (16/8).

Yet the company's performance actually improved. This is evident from the company's revenue that actually rose 19%, ie from US $ 17.2 billion in the first half of 2016 to US $ 20.5 billion in the first half of 2017. Not only that, the realization of investment disbursed by Pertamina also increased from US $ 810 million to US $ 1.49 billion.

According to Pertamina Finance Director Arief Budiman, the company's revenue is driven by higher fuel consumption. In addition, non-subsidized fuel price increases also boosted revenues. Thus, in terms of cash flow, Pertamina's finances in the first half of this year have been more than the first three months of this year.

"The position in the first quarter, operating cash flow is still negative, now it is positive. But it must still be balanced with the payment of short-term debt, so that the condition can now be maintained or even improved, "he said.

Fuel sales, said Pertamina Marketing Director Muchamad Iskandar, rose 4% compared to the first half of 2016, from 31.47 million kiloliters (KL) to 32.6 million kiloliters (KL). Premium consumption did drop 34% from the first half of last year 5.78 million KL to 3.82 million KL. But the consumption of gasoline type Pertalite, Pertamax Turbo, and First rose 25.54% from 9.75 million KL to 12.24 KL.

As for diesel, diesel consumption subsidies increased from 6.51 million KL to 6.8 million KL and diesel fuel Dexlite rose from 80 thousand KL to 250 thousand KL. Sales of non-fuel products also increased. Until last June, Pertamina posted a 6.23 million metric ton sales of liquid gas / LPG, up 6.3 percent from 5.86 million metric tons in the same period last year. Meanwhile, sales of petrochemical products rose from 1.31 million KL to 1.37 million KL.

Pertamina's upstream performance is also better. Oil and gas production until the end of June was recorded at 692 thousand barrels of oil equivalent per day / boepd or up 8% from the same period last year which amounted to 640 thousand boepd. In detail, oil production rose 12% from 305 thousand bpd to 343 thousand bpd and gas rose 4% from 1,938 million cubic feet per day / mmscfd to 2,022 mmscfd.

"For oil production forecast (until the end of the year) can be par with RKAP that is 334 thousand bpd. For gas will be lower 1% of the target of 2,080 mmscfd, "said Pertamina Upstream Director Syamsu Alam.

Nevertheless, this year's net profit target is projected not to be as high as the target. Because the current price of fuel is formed with the assumption of Indonesian Crude Price / ICP of US $ 30 per barrel or Brent US $ 40 per barrel. In fact, the current price of Brent crude has reached US $ 50 per barrel.

Look at the end of the year from the target [net profit] in RKAP US $ 3.04 billion, projected [reached] US $ 2.3 billion assuming oil price unchanged and efficiency 20% in second half but this all depends on oil price, " Said Arief.

Inhibited Taxes

Meanwhile, related to the acquisition of oil and gas block, Syamsu Alam said that the company canceled two oil and gas blocks offered by Rosneft Oil Company, The Northern Tip of Chayvo Field and Russkoye Field.

In the preliminary deal, at The Northern Tip of Chayvo Field, Pertamina can take up to 20% stake, while at Russkoye Square up 37.5%. Pertamina is targeting to get 35 thousand bpd of oil and oil and gas reserves of 200 million barrels oil equivalent from Russia. According to him, the acquisition is no longer economical because of taxes imposed by the government base of this acquisition.

"So we say that for this [oil and gas block], we may have difficulties in closing. So please if they want to do business with others, "he said.

He said, to take the oil and gas blocks in Russia, Pertamina must pay taxes to the country. The magnitude of this tax is large enough that the acquisition of two oil and gas blocks in Russia is no longer enter the economy.

On the other hand, there are other companies that compete with Pertamina in bidding two Rosneft oil and gas blocks. It has already discussed this tax issue with the government.

"But they [Rosneft] can not wait, because these two assets have been offered by others," Saymsu Alam said.

However, instead of these two blocks, it will still look for other oil and gas blocks in Russia. However, he admitted that no oil and gas fields have been identified. It will discuss with Rosneft to find oil and gas field where Pertamina can enter.

For the acquisition of oil and gas blocks in Iran, Syamsu Alam can not be sure it will be realized this year. Because the Iranian government itself has not formally released the form of contract oil and gas (Iranian Petroleum Contract / IPC). Moreover, it is still in discussion of technical aspects with the Iranian side.

IN INDONESIA

Pertamina Cetak Laba Bersih US$ 1,4 Miliar

PT Pertamina membukukan pendapatan 19% lebih tinggi pada semester pertama tahun ini dibandingkan periode yang sama tahun lalu, yakni US$ 20,5 miliar. Namun, karena tergerus oleh harga minyak mentah yang terus naik dan harga bahan bakar minyak (BBM) ditahan tetap, laba perseroan justru terkoreksi 24% menjadi US$ 1,4 miliar.

Direktur Utama Pertamina Elia Massa Manik mengatakan, rata-rata harga minyak mentah pada enam bulan pertama ini dibandingkan periode yang sama tahun lalu, telah naik hingga 30% dari US$ 36,16 per barel menjadi US$ US$ 48,9 per barel. Namun, harga BBM untuk yang bersubsidi dan penugasan ditahan tetap sampai September lalu. Padahal harga BBM saat ini dibentuk dengan patokan harga minyak mentah jauh di bawah harga saat ini.

“Kondisi ini menekan nett income (laba bersih) dan EBITDA. Nett income tertekan 30% dari US$ 1,83 miliar menjadi US$ 1,4 miliar. EBITDA dari US$ 4,1 miliar menjadi US$ 3,16 miliar,” kata dia dalam jumpa pers di Jakarta, Rabu (16/8).

Padahal kinerja perseroan sebenarnya membaik. Hal ini terlihat dari pendapatan perusahaan yang justru naik 19%, yakni dari US$ 17,2 miliar pada semester I-2016 menjadi US$ 20,5 miliar pada semester I-2017. Tidak hanya itu, realisasi investasi yang dikucurkan Pertamina juga meningkat dari US$ 810 juta menjadi US$ 1,49 miliar.

Menurut Direktur Keuangan Pertamina Arief Budiman, pendapatan perusahaan naik didorong oleh kenaikan konsumsi BBM. Selain itu kenaikan harga BBM nonsubsidi juga menggenjot pendapatan. Sehingga, dari sisi arus kas, keuangan Pertamina pada semester pertama ini sudah lebih dari dari tiga bulan pertama tahun ini.

“Posisi di kuartal pertama, operating cash flow masih negatif, sekarang sudah positif. Tetapi tetap harus dibalance dengan pembayaran utang jangka pendek, sehingga kondisi sekarang bisa dipertahankan atau bahkan membaik,” ujarnya.

Penjualan BBM, kata Direktur Pemasaran Pertamina Muchamad Iskandar, naik 4% jika dibandingkan degan semester pertama 2016, yakni dari 31,47 juta kiloliter (KL) menjadi 32,6 juta kiloliter (KL). Konsumsi Premium memang turun 34% dari semester pertama tahun lalu 5,78 juta KL menjadi 3,82 juta KL. Tetapi konsumsi bensin jenis Pertalite, Pertamax Turbo, dan Pertama justru naik 25,54% dari 9,75 juta KL menjadi 12,24 KL. 

Sementara untuk solar, konsumsi solar subsidi naik dari 6,51 juta KL menjadi 6,8 juta KL dan solar Dexlite naik dari 80 ribu KL menjadi 250 ribu KL. Penjualan produk non-BBM juga meningkat. Sampai akhir Juni lalu, Pertamina membukukan penjualan gas minyak cair/LPG sebesar 6,23 juta metrik ton, naik 6,3% dari periode yang sama tahun lalu 5,86 juta metrik ton. Sementara penjualan produk petrokimia naik dari 1,31 juta KL menjadi 1,37 juta KL.

Kinerja hulu Pertamina juga lebih baik. Produksi migas sampai akhir Juni lalu tercatat sebesar 692 ribu barel setara minyak per hari/boepd atau naik 8% dari periode yang sama tahun lalu yang sebesar 640 ribu boepd. Rincinya, produksi minyak naik 12% dari 305 ribu bph menjadi 343 ribu bph dan gas naik 4% dari 1.938 juta kaki kubik per hari/mmscfd menjadi 2.022 mmscfd.

“Untuk produksi minyak forecast (sampai akhir tahun) bisa par dengan RKAP yaitu 334 ribu bph. Untuk gas akan lebih rendah 1% dari target 2.080 mmscfd,” kata Direktur Hulu Pertamina Syamsu Alam.

Meski demikian, target laba bersih tahun ini diproyeksikan tidak akan setinggi target. Pasalnya harga BBM saat ini dibentuk dengan asumsi Indonesian Crude Price/ ICP sebesar US$ 30 per barel atau Brent US$ 40 per barel. Padahal, saat ini harga minyak mentah Brent sudah mencapai US$ 50 per barel.

Lihat di akhir tahun dari target [laba bersih] di RKAP US$ 3,04 miliar, proyeksi [tercapai] US$ 2,3 miliar dengan asumsi harga minyak tidak berubah dan efisiensi 20% pada second half tetapi ini semua tergantung harga minyak,” kata Arief.

Terhambat Pajak

Sementara itu, terkait akuisisi blok migas, Syamsu Alam menyatakan perseroan batal mengambil dua blok migas yang ditawarkan oleh Rosneft Oil Company, yakni Lapangan The Northern Tip of Chayvo dan Lapangan Russkoye.

Dalam kesepakatan awal, di Lapangan The Northern Tip of Chayvo, Pertamina bisa mengambil saham sampai 20%, sementara di Lapangan Russkoye sampai 37,5%. Pertamina menargetkan bisa mendapat minyak 35 ribu bph dan cadangan migas 200 juta barel setara minyak dari Rusia. Menurutnya, akuisisi tidak lagi ekonomis dilakukan karena pajak yang dikenakan oleh pemerintah alas akuisisi ini. 

“Jadi kami sampaikan bahwa untuk [blok migas] yang ini, mungkin kami kesulitan melakukan closing. Sehingga silahkan kalau mereka mau melakukan bisnis dengan yang lain,” kata dia.

Diceritakannya, untuk mengambil blok migas di Rusia ini, Pertamina harus membayar pajak ke negara. Besaran pajak ini cukup besar sehingga akuisisi dua blok migas di Rusia itu tidak lagi masuk keekonomiannya.

Di sisi lain, ada perusahaan lain yang menjadi pesaing Pertamina dalam menawar dua blok migas milik Rosneft. Pihaknya sudah mendiskusikan masalah pajak ini dengan pemerintah.

"Tetapi mereka [Rosneft] tidak bisa menunggu, karena aset yang dua ini sudah ditawar orang lain,” Kata Saymsu Alam.

Meski demikian, sebagai ganti dua blok ini, pihaknya masih akan mencari blok migas lain di Rusia. Namun, diakuinya belum ada lapangan migas yang diidentifikasi. Pihaknya akan diskusi dengan Rosneft untuk mencari lapangan migas di mana Pertamina bisa masuk.

Untuk akuisisi blok migas di Iran, Syamsu Alam tidak dapat memastikan akan dapat direalisasikan pada tahun ini. Pasalnya, Pemerintah Iran sendiri belum secara resmi merilis bentuk kontrak migasnya (Iranian Petroleum Contract/IPC). Apalagi, pihaknya masih dalain diskusi aspek teknis dengan pihak Iran.

Investor Daily, Page-9, Friday, August 18, 2017

Expenses Up, Pertamina's Net Profit of 24%

The 19% revenue jump was eroded by cost of goods sold.

Throughout the first half of this year, PT Pertamina booked revenues of US $ 20.5 billion. Achievements grew 19% over the same period last year recorded. US $ 17.2 billion.

Despite the increase in revenue, the net profit of the state-owned oil and gas company declined by 24 percent compared to the first half of 2016. Throughout the first six months of this year, Pertamina narrowed net profit of about US $ 1.4 billion.

      Pertamina President Director Elia Massa Manik said, in the first half of 2017, external conditions are still very volatile, with the trend of world oil prices continue to rise. On the one hand, the rise in crude oil prices becomes an incentive for upstream businesses. Only, the rise in crude oil prices causes the cost of goods sold in the downstream sector to swell.

"This has much impact on the company's net profit, although professionally downstream sector grows positive," said Elia, Wednesday (16/8).

Anticipating these external factors, Pertamina continues to run its efficiency and value added program through a break through project (BTP) of US $ 360 million, as well as other strategic initiatives.

"Efficiency and innovation can create added value for the company to be the key to Pertamina facing the global oil and gas industry situation that has not improved," explained Massa.

Operational performance

In terms of operational performance, Pertamina recorded a fairly good growth during the first half of 2017 compared to the first half of 2016. This is reflected in the upstream sector, oil and gas production rose by about 8% to 692,000 barrels of oil equivalent per day (mboepd) during the first half of this year.

The increase in oil and gas production consisted of oil which rose 12% to 343 mboepd in the first half of 2017. Meanwhile, natural gas grew 4% to 2,022 million cubic feet per day (mmscfd) in the first half of 2017 compared to the first semester of 2016.

In the marketing and trading sectors, sales of fuel oil (BEM) in the first half of 2017 rose 4% to 32.60 million kiloliters. Similarly, non-fuel sales of domestic gas, petrochemicals and lubricants rose 6% in the first half of 2017 to 7.82 million kiloliters.

The increase in non-subsidized fuel sales portion also contributes to Pertamina's revenue increase. As of June 2016, Pertam Series gasoline (Pertamax, Pertamax Plus / Turbo, Pertamax Racing and Pertalite) first gasoline (Pertamax Plus / Turbo, Pertamax Racing and Pertalite) totaled 18.9% and Premium 81.1%. 

     But as of June 2017, the share of gasoline sales jumped and has exceeded the Premium, which is 57.6% versus 42.4%. Meanwhile, the sales portion of diesel (Pertamina Dex and Dexlite) per June 2017 reached 3.6% or up compared to June 2016 position which was only 1.2%.

In terms of processing performance, total intake was realized at 157.06 million barrels, total output of 148.6 million barrels and valuable product volume of 122.64 million barrels. Then yield valuable product to total intake 78.09%.

Elia added that Pertamina is implementing the refinery development masterplan (RDMP) program implemented in four refineries, namely Balikpapan, Balongan, Cilacap and Dumai, as well as grass root refinery in Tuban and Bontang. Claim Director of Pertamina, so far, the program is still running on schedule.

IN INDONESIA

Beban Naik, Laba Bersih Pertamina Ajlok 24%

Lonjakan pendapatan sebesar 19% tergerus oleh beban pokok penjualan.

Sepanjang semester I-2017 ini, PT Pertamina membukukan pendapatan sebesar US$ 20,5 miliar. Pencapaian tumbuh 19% dibandingkan periode sama tahun lalu yang tercatat. US$17,2 miliar.

Meski menorehkan kenaikan pendapatan, laba bersih perusahaan minyak dan gas milik pemerintah ini justru menurun 24% daripada pencapaian pada semester I-2016. Sepanjang enam bulan pertama tahun ini, Pertamina mengempit laba bersih sekitar US$ 1,4 miliar.

      Direktur Utama Pertamina Elia Massa Manik mengatakan, pada semester I-2017, kondisi eksternal masih sangat volatil, dengan tren harga minyak dunia terus meningkat. Di satu sisi, kenaikan harga minyak mentah menjadi insentif bagi bisnis hulu. Hanya, kenaikan harga minyak mentah menyebabkan beban pokok penjualan di sektor hilir membengkak. 

"ini banyak berdampak pada perolehan laba bersih perusahaan , kendati secara profesional sektor hilir tumbuh positif" kata Elia, Rabu (16/8).

Mengantisipasi faktor eksternal tersebut, Pertamina tetap menjalankan program efisiensi dan penciptaan nilai tambah melalui break through project (BTP) yang sudah mencatat US$ 360 juta, serta inisiatif strategis lain.

"Efisiensi dan inovasi dapat menciptakan nilai tambah bagi perusahaan menjadi kunci Pertamina menghadapi situasi industri migas global yang belum membaik," terang Massa. 

Kinerja operasional 

Dari sisi kinerja operasional, Pertamina mencatatkan pertumbuhan yang lumayan bagus sepanjang semester I-2017 dibandingkan semester I-2016. Ini tergambar dari sektor hulu, produksi minyak dan gas bumi naik sekitar 8% menjadi 692.000 barel setara minyak per hari (mboepd) sepanjang semester pertama tahun ini.

Kenaikan produksi migas itu terdiri atas minyak yang meningkat 12% menjadi sebesar 343 mboepd pada semester pertama 2017. Adapun gas bumi, naik 4% sebesar 2.022 juta kaki kubik per hari (mmscfd) pada semester pertama 2017 dibandingkan semester pertama 2016.

Di sektor pemasaran dan niaga, penjualan bahan bakar minyak (BEM) pada semester I-2017 naik 4% menjadi 32,60 juta kiloliter. Demikian pula, penjualan non-BBM berupa gas domestik, petrokimia, dan pelumas naik 6% pada semester pertama 2017, menjadi 7,82 juta kiloliter.

Peningkatan porsi penjualan BBM non-subsidi juga berkontribusi pada kenaikan pendapatan Pertamina. Per Juni 2016, porsi penjualan bahan baker khusus (BBK) Perta Series jenis gasolin (Pertamax, Pertamax Plus/Turbo, Pertamax Racing dan Pertalite) baru mencapai 18,9% dan Premium 81,1%. 

    Namun per Juni 2017, porsi penjualan gaselin melonjak dan sudah melampaui Premium, yakni 57,6% berbanding 42,4%. Sedangkan, porsi penjualan diesel (Pertamina Dex dan Dexlite) per Juni 2017 mencapai 3,6% atau naik dibandingkan posisi Juni 2016 yang hanya 1,2%.

Terkait kinerja pengolahan, total intake terealisasi 157,06 juta barel, total output 148,6 juta barel dan volume valuable product 122,64 juta barel. Kemudian yield valuable product to total intake 78,09 %.

Elia menambahkan, Pertamina melaksanakan program refinery development masterplan (RDMP) yang dilaksanakan di empat kilang, yakni Balikpapan, Balongan, Cilacap, dan Dumai, serta grass root refinery di Tuban dan Bontang. Klaim Direktur Utama Pertamina, hingga sejauh ini, program tersebut masih berjalan sesuai jadwal. 

Kontan, Page-14, Friday, August 18, 2017

Crude Oil Imports Will Soar

The revitalization and construction of refineries will make the need for Indonesia's crude oil imports rise dramatically to 1.5 million barrels per day by 2025 compared to the current 350,000-400,000 barrels per day.

President Director of PT Pertamina Elia Massa Manik estimates that Indonesia's crude oil demand in 2025 touched 1.5 million barrels per day (bpd) on the assumption that the six refinery projects have been completed.

Currently, the consumption of fuel oil (BBM) nationwide as much as 1.6 million bpd, while the oil refinery capacity is only in the range of 1 million bpd. However, from the capacity of 1 million bpd refinery it is only able to process 800,000 bpd.

Pertamina is revitalizing several refineries and building two new refineries. With projected refinery capacity up to 2 million bpd by 2025, Pertamina may not need to import BBM. Indonesia only needs to import crude oil to be processed at existing refineries.

The capacity of refineries increases, while the production capacity of crude oil in the country is projected so that the demand for crude oil imports will increase significantly.

Capacity of 2 million bpd was obtained from four refinery capacity addition projects namely Cilacap, Balikpapan, Balongan, and Dumai. In addition, from two new refineries namely Bontang and Tuban.

"In 2025 it's our prediction that the refinery is enough, we need 1.5 million bpd of crude oil," he said on Wednesday (16/8).

According to him, the projected demand for Indonesia's large crude oil, the government needs to secure the supply in the right way. Massa rate, the procurement of oil supply through the tender is not the right way to secure the supply.

"We have to secure it, it can not secure it [by way of auction], we can not tender continuously, we have to have goods," he said.

According to him, during this time his side has discussed with the Ministry of Energy and Mineral Resources (ESDM) and the House of Representatives about the capabilities and challenges that must be passed by the company. In order to achieve the expected energy security, it needs to set aside an investment value of more than US $ 100 billion within 10 years with a number of tasks such as securing the supply of crude oil that can be done by adding production assets abroad.

PERTAMINA PERFORMANCE

Finance Director Arief Budiman said that in the first half of 2017, net profit and earnings before interest, depreciation and amortization tax (EBITDA) of Pertamina fell 22.9% to US $ 3.16 billion compared with the achievement in the same period last year US $ 4 ,1 billion.

This is due to unchanged fuel price of the type of assignment of Premium (RON 85) and diesel fuel sold respectively Rp 6,450 and Rp 5,150 per liter since April 2016. Pertamina's net profit during the first half of 2017 decreased 24% to US $ 1 , 4 billion compared to the same period of 2016 of US $ 1.83 billion.

To be able to hoist up net profit, it needs to do efficiency at least by 20%. Thus, this year's net profit target of US $ 2, 3 billion can be achieved. In fact, the target has also been revised from the original US $ 3.04 billion due to lower oil price factor than the assumption set by the company.

On the revenue side, the company's performance rose 19%. This is due to increased fuel consumption and rising oil prices. In the first half of 2017, Pertamina posted revenues of US $ 20.5 billion, higher than the same period last year of US $ 17.2 billion.

However, revenue growth is still below the oil price movement since the same period of 2016 has grown 55% to US $ 48.9 per barrel and originally US $ 36.16 per barrel.

"Our projection of US $ 2.3 billion is also with efficiency efforts."

In addition to efficiency, Indonesia's oil refining capacity achievement is currently around 1 million bpd, but will rise to 2 million bpd when the refinery's revitalization and construction is completed by the end of this year, heavily dependent on the realization of oil prices. The 20% efficiency assumption must be done by the company to reach the target if the oil price does not change until the end of 2017.

Previously, Pertamina's President Director of Integrated Supply Chain (ISC) Toto Nugroho said that the average import of crude oil during the first half of 2017 was about 350,000-400,000 bpd. The volume of imports, too, is very sensitive to changes in national oil production performance. If domestic output is high, the volume of crude oil imports should be reduced.

IN INDONESIA

lmpor Minyak Mentah Bakal Melonjak

Revitalisasi dan pembangunan kilang minyak akan membuat kebutuhan impor minyak mentah Indonesia naik drastis hingga 1,5 juta barel per hari pada 2025 dibandingkan dengan saat ini 350.000-400.000 barel per hari.

Direktur Utama PT Pertamina Elia Massa Manik memperkirakan bahwa kebutuhan minyak mentah Indonesia pada 2025 menyentuh 1,5 juta barel per hari (bph) dengan asumsi proyek enam kilang telah rampung.

Saat ini, konsumsi bahan bakar minyak (BBM) nasional sebanyak 1,6 juta bph, sedangkan kapasitas kilang minyak hanya di kisaran 1 juta bph. Namun, dari kapasitas kilang 1 juta bph itu hanya mampu mengolah 800.000 bph.

Pertamina sedang melakukan revitalisasi beberapa kilang dan pembangunan dua kilang baru. Dengan proyeksi kapasitas kilang naik menjadi 2 juta bph pada 2025, Pertamina mungkin tidak perlu melakukan impor BBM. Indonesia hanya butuh impor minyak mentah untuk diolah di kilang yang sudah ada.

Kapasitas kilang minyak naik, sedangkan kemampuan produksi minyak mentah di Tanah Air diproyeksi umum sehingga kebutuhan impor minyak mentah akan naik secara signifikan.

Kapasitas 2 juta bph itu dapatkan dari empat proyek penambahan kapasitas kilang yakni Cilacap, Balikpapan, Balongan, dan Dumai. Selain itu, dari dua kilang baru yaitu Bontang dan Tuban.

“Pada 2025 itu prediksi kita kalau kilang sudah cukup, itu kita butuh minyak mentah 1,5 juta bph,” ujarnya, Rabu (16/8).

Menurutnya, proyeksi kebutuhan minyak mentah Indonesia yang cukup besar tersebut, pemerintah perlu mengamankan pasokan melalui cara yang tepat. Massa menilai, pengadaan pasokan minyak melalui tender bukan cara tepat untuk bisa mengamankan pasokan. 

"Kita harus bisa secure itu. Tidak bisa secure itu [ dengan cara lelang]. tidak bisa kita tender terus. Kita harus punya barang,” katanya.

Menurutnya, selama ini pihaknya telah membicarakan dengan Kementerian Energi dan Sumber Daya Mineral (ESDM) dan DPR tentang kemampuan serta tantangan yang harus dilewati perseroan. Untuk bisa mencapai ketahanan energi yang diharapkan, pihaknya perlu menyisihkan nilai penanaman modal lebih dari US$ 100 miliar dalam kurun waktu 10 tahun dengan sejumlah tugas seperti mengamankan pasokan minyak mentah yang bisa dilakukan dengan cara penambahan aset produksi di luar negeri.

KINERJA PERTAMINA

Direktur Keuangan Arief Budiman mengatakan bahwa pada paruh pertama 2017, Iaba bersih dan pendapatan sebelum bunga, pajak depresiasi dan amortisasi (EBITDA) Pertamina turun 22,9% menjadi US$ 3,16 miliar dibandingkan dengan capaian pada periode yang sama tahun lalu US$ 4,1 miliar.

Hal itu disebabkan tidak berubahnya harga bahan bakar minyak jenis penugasan yakni Premium (RON 85) dan solar subsidi yang dijual masing-masing Rp 6.450 dan Rp 5.150 per liter sejak April 2016. Laba bersih Pertamina selama semester I/2017 turun 24 % menjadi US$1,4 miliar dibandingkan dengan periode yang sama 2016 sebesar US$ 1,83 miliar.

Untuk bisa mengerek naik Iaba bersih, pihaknya perlu melakukan efisiensi paling tidak sebesar 20%. Dengan demikian, target Iaba bersih pada tahun ini US$ 2 ,3 miliar bisa tercapai. Padahal, target tersebut juga sudah direvisi dari semula US$ 3,04 miliar karena faktor harga minyak yang lebih rendah dari asumsi yang ditetapkan perseroan.

Di sisi pendapatan, kinerja perseroan naik 19%. Hal itu disebabkan kenaikan konsumsi BBM dan naiknya harga minyak. Pada paruh pertama 2017, Pertamina membukukan pendapatan US$ 20,5 miliar atau lebih tinggi dari capaian periode yang sama tahun lalu yakni US$ 17,2 miliar.

Namun, pertumbuhan pendapatan masih di bawah pergerakan harga minyak yang sejak periode yang sama 2016 telah tumbuh 55 % yakni menjadi US$ 48,9 per barel dan semula US$ 36,16 per barel.

“Proyeksi kita, US$2,3 miliar itu pun dengan berbagai upaya efisiensi.” 

Selain efisiensi, capaian Iaba Kapasitas kilang minyak di Indonesia saat ini sekitar 1 juta bph, tetapi akan naik menjadi 2 juta bph ketika revitalisasi dan pembangunan kilang selesai pada akhir tahun ini, sangat bergantung pada realisasi harga minyak. Asumsi efisiensi sebesar 20% harus dilakukan perseroan untuk mencapai target bila harga minyak tidak mengalami perubahan hingga pengujung 2017.

Sebelumnya, Presiden Direktur Integrated Supply Chain (ISC) Pertamina Toto Nugroho mengatakan bahwa rerata impor minyak mentah selama semester I/2017 sekitar 350.000-400.000 bph. Volume impor tersebut, pun sangat sensitif terhadap perubahan capaian produksi minyak nasional. Bila capaian dalam negeri tinggi, volume impor minyak mentah harus dikurangi. 

Bisnis Indonesia, Page-31, Friday, August 18, 2017