Gross Split

Oil and gas investment in recent years has not been enthusiastic. Based on data from SKK Migas, investment realization in the first half of 2015 was only US $ 7.74 billion and in the first half of 2016 US $ 5.65 billion.

Lack of oil and gas investment continues until the first half of this year which only realized US $ 4.80 billion or 21.62% of target US$ 22.20 billion. Even the government projects the realization of investment until the end of this year only about US $ 13 billion or not far from the realization in 2016 (US $ 12.74 billion.

This year's auction of oil and gas working area expected to lift drilling investment is also quiet. There are 10 oil and gas blocks offered to contractors this year. Many people judge it because of low prices crude oil. In fact, the decline in oil prices are also followed by efficiency of operating costs such as increasingly competitive rates of oil and gas supporting services. Moreover, all countries in the world including Indonesia still need oil and gas.

So, it does not mean that oil and gas investment will decrease due to low oil prices alone, but many other factors such as legal certainty in business, fiscal incentives and disincentives. Gross profit sharing schemes (gross split), for example, become disincentives for contracting contractors.

Luckily, the government finally softened. After getting a negative response, the ESDM Ministry revised the Regulation of Minister of Energy and Mineral Resources No. 8/2017 on the Gross Split Revenue Contract.

Since regulation gross split was published on January 13, 2017, oil and gas contractors continue to speak loudly. In July 2017, Minister of ESDM Ignasius Jonan finally issued Minister of Energy and Mineral Resources Regulation no. 52/2017 as revised Regulation of the Minister of Energy and Mineral Resources No. 8/2017.

Besides pressure and market, President Joko Widodo also reminded the minister to be careful in issuing new regulations. The regulations that narrow the investor space will not support government efforts to spur investment.

The new regulation shows there is an additional space for oil and gas production to contractors. However, again there is no certainty about the tax for gross split. The new government regulates taxation for profit-sharing schemes with cost recovery returns regulated by Government Regulation no. 27/2017 on Recoverable Operating Costs and Government Regulation on Oil and Gas Upstream 

Business.

But there is no detail about taxation in oil and gas contract using gross split scheme. Revision of the gross split scheme has provided fresh air for oil and gas investment in the country. Gross split sharing contract is a scheme with a gross profit share without any operating cost recovery mechanism.

The basic basis of gross split distribution for oil is 57% (government) and 43% (contractor), for gas 52%: 48%. Currently, there is still a block of oil and gas using the gross split scheme, Offshore North West Java Block (ONWJ) signed on January 18, 2017. There will be eight other oil and gas blocks that will be managed by PT Pertamina with a gross split scheme.

In the new rules, there are some important points. First, the space for the addition of the contractor's share through ministerial discretion is not restricted as in the previous regulation maximum of 5%.

Second, the percentage increase of some profit-sharing variables for the contractor as in the development phase in the plan of development (PoD) II of 3% and if no POD split remains 0%, in contrast to the previous regulation which is reduced to 0.5 % for contractors.

Thirdly, the profit-sharing variable related to oil and gas prices uses the formula. Furthermore, it should be immediately ascertained about the regulation of taxation in the form of government regulations. It is also necessary to ensure the points in the revision of Law no. 22/2001 on Oil and Gas. Do not let the revision even create more uncertainty for the contractor.

In Indonesia

Gross Split

Investasi migas dalam beberapa tahun terakhir belum bergairah. Berdasarkan data SKK Migas, realisasi investasi pada semester I/2015 hanya US$ 7,74 miliar dan pada semester I/2016 sebesar US$ 5,65 miliar.

Sepinya investasi migas berlanjut hingga paruh pertama tahun ini yang hanya terealisasi US$ 4,80 miliar atau 21,62% dari target US$ 22,20 miliar. Bahkan pemerintah memproyeksikan realisasi investasi hingga akhir tahun ini hanya sekitar US$ 13 miliar atau tidak jauh dari realisasi pada 2016 (US$ 12,74 miliar).

Lelang wilayah kerja migas pada tahun ini yang diharapkan dapat mengangkat investasi pengeboran juga sepi peminat. Ada 10 blok migas yang ditawarkan kepada kontraktor pada tahun ini. Banyak kalangan menilai hal itu disebabkan rendahnya harga minyak mentah. Padahal, penurunan harga minyak juga diikuti efisiensi biaya operasi seperti tarif jasa penunjang migas yang semakin kompetitif. Apalagi seluruh negara di dunia termasuk Indonesia masih membutuhkan migas.

Jadi, bukan berarti investasi migas akan turun karena rendahnya harga minyak semata, melainkan banyak faktor lain seperti kepastian hukum dalam berusaha, insentif dan disinsentif fiskal. Faktor skema bagi hasil kotor (gross split) misalnya, menjadi disinsentif bagi para kontraktor kontrak kerja sama.

Beruntung, pemerintah akhirnya melunak. Setelah mendapatkan respons negatif, Kementerian ESDM merevisi Peraturan Menteri ESDM No. 8/2017 tentang Kontrak Bagi Hasil Gross Split.

Sejak regulasi gross split terbit pada 13 Januari 2017, kontraktor migas terus bersuara keras. Pada Juli 2017, Menteri ESDM Ignasius Jonan akhirnya menerbitkan Peraturan Menteri ESDM No. 52/2017 sebagai revisi Peraturan Menteri ESDM No. 8/2017.

Selain tekanan dan pasar, Presiden Joko Widodo pun sempat mengingatkan agar menteri berhati-hati dalam mengeluarkan regulasi baru. Regulasi yang mempersempit ruang investor tidak akan mendukung upaya pemerintah untuk memacu investasi.

Regulasi baru itu menunjukkan ada ruang penambahan bagi hasil produksi migas bagi kontraktor. Namun, lagi-lagi belum ada kepastian soal pajak untuk gross split. Pemerintah baru mengatur perpajakan untuk skema bagi hasil dengan pengembalian biaya operasi (cost recovery) yang diatur  Peraturan Pemerintah No. 27/2017 tentang Biaya Operasi yang Dapat Dikembalikan dan Peraturan Pemerintah di Bidang Usaha Hulu Migas.

Namun belum ada detail soal perpajakan dalam kontrak migas yang menggunakan skema gross split. Revisi skema gross split telah memberikan angin segar bagi investasi migas di Tanah Air. Kontrak bagi hasil gross split merupakan skema dengan bagi hasil produksi kotor tanpa ada mekanisme pengembalian biaya operasi.

Basis dasar pembagian gross split untuk minyak 57% (pemerintah) dan 43% (kontraktor), untuk gas 52%:48%. Saat ini, masih satu blok migas yang menggunakan skema gross split, yaitu Blok Offshore North West Java (ONWJ) yang diteken pada 18 Januari 2017. 

     Akan ada delapan blok migas lainnya yang akan dikelola PT Pertamina dengan skema gross split.

Dalam peraturan barunya, terdapat beberapa poin penting. Pertama, ruang penambahan bagi hasil kontraktor melalui diskresi menteri tidak dibatasi seperti pada peraturan sebelumnya maksimum 5%.

Kedua, kenaikan persentase beberapa variabel bagi hasil bagi kontraktor seperti pada fase pengembangan dalam rencana pengembangan lapangan (plan of development/PoD) II sebesar 3% dan bila tidak ada POD split tetap 0%, berbeda dengan peraturan sebelumnya yang justru menjadi pengurang 0,5% bagi kontraktor.

Ketiga, variabel bagi hasil terkait dengan harga migas menggunakan formula. Selanjutnya harus segera dipastikan soal regulasi perpajakan dalam bentuk peraturan pemerintah. Perlu dipastikan pula poin-poin dalam revisi Undang-Undang No. 22/2001 tentang Migas. Jangan sampai revisi malah membuat ketidakpastian lagi bagi kontraktor.

Bisnis Indonesia, Page-6, Monday, Sept 11, 2017

Pertamina May not Export Gasoil Soon

Despite securing the government’s approval to export gasoil, state-owned energy giant Pertamina is in no rush to ship the fuel overseas as it may have to wait for the completion of its new refinery projects.

The government recently permitted the firm to sell gasoil, the term used for diesel in many markets in Asia, on the international market under the condition the latter met domestic demand first and had an excess supply

Pertamina will likely begin overseas shipment of the oil in 2025 after its refineries are ready especially because of the surging demand in the domestic market. It plans to expand the capacity of four of its existing refineries as wellfas build two new facilities in a bid to boost its refined oil production capacity to 2 million barrels per day (bpd) by 2025.

At present, Indonesian refineries, including those run by Pertamina, are only capable of producing around 830,000 bpd, a little over half the current fuel demand.

According to an estimate by the Energy and Mineral Resources Ministry, Pertamina’s Solar production will reach 916,000 bpd when all refinery projects arc finished in 2025, while domestic demand will only reach 620,000 bpd in 2024.

"As long as the domestic market can absorb our production, there is no urgency for us to export the gasoil,” Pertamina senior vice president for integrated supply chain Toto Nugroho told The Jakarta Post on Friday “We will only use the export option when our capacity is no longer still efficient.”

In fact, the sales of Pertamina’s gasoil products, namely the subsidized Solar and the non-subsidized Dexlite and Pertamina Dex, have followed an upward trend lately

The- company’s Solar sales rose by 13.65 percent year-on-year (yoy) to 10.8 million kiloliters (KL) in 2016. It also managed to sell 115,938 KL of Dexlite, introduced to the market in mid-April 2016, and 140,462 KL of Pertamina Dex, up 79.23 percent yoy This year, 

total sales of the subsidized diesel from all distributors, including Pertamina, will increased by 12.75 percent to 15.5 million KL, according to the government’s estimate.

From January to July the firm’s refineries produced 90 million barrels of gasoil, or 53.25 percent ofthe full-year target. At the same time, it also generated 7.3 million barrels of diesel, Marine Fuel Oil (MFO) and Industry Fuel Oil (IFO), representing 34.9 percent of the 2017 target.

Downstream Oil and Gas Regulatory Agency (BPH Migas) fuel director Hendry. Ahmad predicted the local demand for diesel would remain high in the near future.

Pertamina might only' see a slight surplus in its gasoil supply if the government could effectively realize its 20 percent biodiesel blending (B20) policy he added.

“Pertamina will have an excess supply if it completes all its refinery projects, resulting in a significant jump in production that may surpass domestic demand,” Hendry further said.

Pertamina and petroleum and chemical distributor PT AKR Corporindo distribucy the blended fuel under the public service obligation (PSO) program. Despite the policy, however, domestic biofuel consumption only reached 1.67 million KI. in the Hrst half of this year, accounting for a mere 36.3. percent of the whole year target. Overall nationwide consumption stood at 3.65 million KL last year.

A further drop in domestic gas oil demand is expected when the government extends its biodiesel blending policy to 30 percent (B30) starting from 2020. ln the meantime, it 'is trying to encourage other retailers to buy gasoil from Pertamina instead of importing it themselves, a move that will help the company relieve its surplus.

“They [other retailers] should prioritize domestic supply [from Pertamina],” Energy and Mineral Resources Ministry oil and gas director general Ego Syahrial said.

Jakarta Post, Page-13, Saturday, Sept 9, 2017

Kotabaru Complete Revenue Sharing Requirement for Sebuku Block

Kotabaru District Government, together with the Government of South Kalimantan Province, is ready to fix the Regional Owned Enterprises (BUMD), as a requirement to obtain profit sharing from oil and gas management in Sebuku Block.

Kotabaru Regional Secretariat Assistant Hariansyah, in Kotabaru, Friday (8/9), said the South Kalimantan Provincial Government has received a visit from the West Sulawesi Provincial Government, one of which is to follow up on oil and gas management issues in the Sebuku Block.

"In the meeting there are two things that will be done by the Government of Kotabaru and the Provincial Government of South Kalimantan, as well as the Provincial Government of West Sulawesi," he said.

The first was to reform the BUMDs that were formed together, forming an integrated team of two provinces, South Kalimantan Province and West Sulawesi. Hopefully, if all that has been done, Kotabaru in this case the South Kalimantan Provincial Government can get funding for the results of oil and gas management in Sebuku Block.

Previously, DPRD Kotabaru questioned the progress of renegotiation as an effort to obtain DBH for oil and gas exploitation in Larilarian Island, Sebuku Block. Kotabaru DPRD chairman Hj Alfisah admitted that his party (legislature) has made various efforts in accordance with its authority, both lobbying provinces and ministries to encourage the right to share the proceeds.

"The legislature has done its utmost to encourage the business to get the revenue from exploitation on the island of Lari-larian, both to the provinces and ministries," said Altisah.

But in this case authority remains in the executive, therefore the board questioned the extent to which local government efforts in its business both from renegotiation of coordination with the central government.

The issue of Larilarian Kotabaru Island that entered Sebuku Block area some time ago had been fussed between the South Kalimantan Provincial Government with the Ministry of Home Affairs (Kemendagri) and the West Sulawesi Provincial Government (Sulbar), but the central government declared the Sebuku Block oil exploration site over 12 miles sea ​​from the coastline of Lari-larian Island.

Based on the prevailing laws and regulations, both Kotabaru and South Kalimantan provincial governments can not claim to own the oil and gas resources. However, on the recommendation of the central government, the company that worked on the oil and gas resources of the Sebuku Block gave the South Kalimantan Provincial Government the opportunity to participate by investing 10 percent (Rp 500 billion) of the total capital.

While in the Blok Migas Sebuku (Ruby Field), the exploration activities by Mubadala Petroleum to work on Natural Resources off the coast of Larilarian Kotabaru Island.

IN INDONESIA

Kotabaru Lengkapi Persyaratan Bagi Hasil Migas Blok Sebuku

Pemerintah Kabupaten Kotabaru, bersama Pemerintah Provinsi Kalimantan Selatan, siap membenahi Badan Usaha Milik Daerah (BUMD), sebagai persyaratan memperoleh dana bagi hasil dari pengelolaan minyak dan gas di Blok Sebuku.

Asisten Tata Praja Sekretariat Daerah Kotabaru Hariansyah, di Kotabaru, Jumat (8/ 9), mengatakan Pemerintah Provinsi Kalimantan Selatan telah menerima kunjungan Pemerintah Provinsi Sulawesi Barat, salah satunya menindaklanjuti masalah pengelolaan migas di Blok Sebuku.

“Dalam pertemuan tersebut ada dua hal yang akan dilakukan oleh Pemerintah Kabupaten Kotabaru dan, Pemerintah Provinsi Kalimantan Selatan, serta Pemerintah Provinsi Sulawesi Barat,” katanya.

Pertama melakukan pembenahan BUMD yang dibentuk bersama-sama, membentuk tim terpadu dari dua provinsi, Provinsi Kalimantan Selatan dan Sulawesi Barat. Mudah-mudahan, apabila semua itu sudah dilaksanakan, Kotabaru dalam hal ini Pemerintah Provinsi Kalimantan Selatan bisa mendapatkan dana bagi hasil dari pengelolaan Migas di Blok Sebuku.

Sebelumnya, DPRD Kotabaru mempertanyakan progres renegosiasi sebagai upaya mendapatkan Dana Bagi Hasil (DBH) atas eksploitasi migas di Pulau Larilarian, Blok Sebuku. Ketua DPRD Kotabaru, Hj Alfisah, mengaku pihaknya (legislatif) telah melakukan berbagai upaya sesuai dengan kewenanganannya, baik melobi ke provinsi dan kementerian untuk mendorong agar mendapatkan hak atas bagi hasil tersebut.

“Legislatif sudah berusaha maksimal dalam mendorong usaha mendapatkan bagi hasil dari eksploitasi di Pulau Lari-larian, baik ke provinsi dan kementerian,” kata Altisah.

Namun dalam hal ini kewenangan tetap berada di eksekutif, oleh sebab itu dewan mempertanyakan sejauh mana usaha pemerintah daerah dalam usahanya baik dari perundingan ulang koordinasi dengan pemerintah pusat.

Persoalan Pulau Larilarian Kotabaru yang masuk kawasan Blok Sebuku itu beberapa waktu lalu sempat diributkan antara Pemerintah Provinsi Kalimantan Selatan dengan Kementerian Dalam Negeri (Kemendagri) dan Pemerintah Provinsi Sulawesi Barat (Sulbar), tetapi pemerintah pusat menyatakan tempat eksploitasi migas Blok Sebuku itu di atas 12 mil laut dari garis pantai Pulau Lari-

larian.

Berdasarkan peraturan perundang-undangan yang berlaku, baik Pemerintah kabupaten Kotabaru maupun Pemerintah provinsi Kalimantan selatan tidak bisa mengklaim sebagai pemilik sumber daya tambang migas tersebut. Namun atas rekomendasi pemerintah pusat, perusahaan yang menggarap sumber daya migas Blok Sebuku tersebut memberi kesempatan kepada Pemerintah Provinsi Kalimantan Selatan untuk itu berpartisipasi dengan cara turut berinvestasi sebesar 10 persen (Rp 500 miliar) dari total modal.

Sementara di Blok Migas Sebuku (Lapangan Ruby) itu, kegiatan eksplorasi oleh Mubadala Petroleum untuk menggarap Sumber Daya Alam di lepas pantai Pulau Larilarian Kotabaru tersebut. 

Investor Daily, Page-9, Saturday, Sept 9, 2017

PGN Insists Uninvolved Gas Pickup Practices in Medan

PT Perusahaan Gas Negara (PGN) ensures that it works in accordance with the regulations issued by the government. Meanwhile, related to gas prices in Medan, all set by the Ministry of ESDM through Ministerial decree.

"We are not involved in the practice of monopoly or gas brokering in Medan, and the KPPU has not found strong evidence," said Head of Marketing PGN Adi Munandir in the Workshop of Industry Journalists (Forwin) in Cisarua-Buitenzorg recently.

Adi said it also continues to provide explanations to the Business Competition Supervisory Commission (KPPU) related to the alleged PGN monopoly in determining the price of gas in the Territory of Medan, North Sumatra.

As is known, KPPU is in the process of examining the practice of brokering the high selling price of industrial gas in Medan and PGN including one of the examined institutions. The price of gas in North Sumatra has reached US $ 12 / Mmbtu and many industry players in Medan complained.

PGN only requested a US $ 1.35 / Mmbtu tariff for pipeline management of 600 km, the remaining US $ 11 is a cost component from upstream such as distribution. Adi confirmed, it has followed the Minister of Energy and Mineral Resources decree No. 19 of 2009 and the component price is very transparent.

"The gas price from PGN is very transparent and it is not possible to engage in fraudulent practices," he said.

Based on the latest information obtained by PGN, KPPU has started checking gas traders without infrastructure. KPPU continues to seek information and reports about traders.

IN INDONESIA

PGN Tegaskan Tidak Terlibat Praktik Percaloan Gas di Medan

PT Perusahaan Gas Negara (PGN) memastikan bahwa pihaknya bekerja sudah sesuai dengan peraturan yang dikeluarkan pemerintah. Sementara itu terkait harga gas di Medan, semuanya ditetapkan Kementerian ESDM melalui keputusan Menteri.

“Kami tidak terlibat praktik monopoli atau percaloan gas di Medan, dan KPPU juga belum menemukan bukti yang kuat,” kata Head of Marketing PGN Adi Munandir dalam acara Workshop Wartawan Perindustrian (Forwin) di Cisarua-Buitenzorg, belum lama ini.

Adi mengatakan, pihaknya juga terus memberikan penjelasan kepada Komisi Pengawas Persaingan Usaha (KPPU) terkait dugaan monopoli PGN dalam penetapan harga gas di Wilayah Medan, Sumatera Utara tersebut.

Seperti diketahui, KPPU sedang dalam proses pemeriksaan praktik percaloan tingginya harga jual gas industri di Wilayah Medan dan PGN termasuk salah satu lembaga yang diperiksa. Harga gas di Sumatera Utara pernah mencapai US$ 12/Mmbtu dan pelaku industri di Medan banyak yang mengeluh.

PGN hanya meminta tarif US$ 1,35/Mmbtu untuk pengelolaan pipa sepanjang 600 Km, sisanya US$ 11 merupakan komponen biaya dari hulu seperti distribusi. Adi menegaskan, pihaknya sudah mengikuti keputusan Menteri ESDM Nomor 19 tahun 2009 dan komponen harganya sangat transparan. 

“Harga gas dari PGN sangat transparan dan tidak mungkin terlibat praktik curang,” ujar dia.

Berdasarkan informasi terbaru yang didapat PGN, KPPU sudah mulai memeriksa trader gas tanpa infrastruktur. KPPU terus mencari keterangan dan laporan tentang trader.

Investor Daily, Page-9, Saturday, Sept 9, 2017

Until August, Oil and Gas Revenue US $ 8.2 Billion

Minister of Energy and Mineral Resources Ignasius Jonan asked the House of Representatives Commission VII to appreciate the government's performance and the Oil and Gas Regulation on oil and gas revenues which reached US $ 18.23 billion until August 2017. 

     In the Hearing Meeting at Commission VII in Jakarta on Thursday (7/9) night, Jonan explained that of the total revenue of US $ 18.23, by 45 percent or US $ 8.14 billion into state property. Meanwhile, oil and gas production revenues in 2016 amounted to US $ 24.89 billion and state portion of US $ 9.67 billion.

"For 2017, the figure is temporary until August total revenue of US $ 18.23 billion. This is what I ask for my appreciation to me because compared to US $ 24 billion in total '2016 full year' revenue, this is much higher, "he said.

Previously, one member of the commission VII Harry Poernomo, questioned the state revenue from oil and gas production 2016 only amounted to US $ 9.67 billion or 38 percent, while the cost of "cost recovery" of US $ 11.94 billion. According to him, the state is small in terms of total oil and gas revenues in 2016 of US $ 24.89 billion.

"We see this volume is very small. How can we work with 'cost' higher like this, "he said.

Jonan also explained from the absolute number, the cost returned to the contractor for oil and gas production activities (cost recovery) is greater than the state (government take). However, it does not signify the country's loss on oil and gas production 2016.

"This is not a loss because the total revenue of US $ 24.89 billion. 'Cost recovery' US $ 11.94 billion so netto approximately US $ 12.95 billion and then divided by two. 'Government take' US $ 9.67 billion, 'contractor take' US $ 3.28 billion, "he said.

He added that until August 2017, the state's share of oil and gas production ranged 45 percent or US $ 8.14 billion of total revenues of US $ 18.23 billion. The cost of "cost recovery" reached US $ 7.22 billion and the contractor portion was US $ 2.87 billion.

IN INDONESIA

Hingga Agustus, Pendapatan Migas US$ 8,2 Miliar

Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan meminta Komisi VII DPR RI untuk mengapresiasi kinerja pemerintah dan SKK Migas terhadap pendapatan produksi migas yang mencapai US$ 18,23 miliar hingga Agustus 2017. Dalam Rapat 

   Dengar Pendapat di Komisi VII di Jakarta, Kamis (7/9) malam, Jonan menjelaskan bahwa dari keseluruhan pendapatan sebesar US$ 18,23 tersebut, sebesar 45 persen atau US$ 8,14 miliar menjadi milik negara. Sementara itu, pendapatan produksi migas sepanjang 2016 sebesar US$ 24,89 miliar dan bagian negara US$ 9,67 miliar.

“Untuk 2017, angkanya ini sementara sampai Agustus total revenue US$ 18,23 miliar . Ini saya minta bapak apresiasi ke saya karena dibanding US$ 24 miliar total pendapatan ‘full year' 2016, ini sudah jauh lebih tinggi," katanya.

Sebelumnya, salah satu anggota komisi VII Harry Poernomo, mempertanyakan pendapatan negara dari produksi minyak dan gas bumi (migas) 2016 hanya sebesar US$ 9,67 miliar atau 38 persen, sedangkan biaya “cost recovery’ sebesar US$ 11,94 miliar. Menurut dia, bagian negara terbilang kecil jika dilihat dari total keseluruhan pendapatan migas 2016 sebesar US$ 24,89 miliar. 

“Kita lihat ini volumenya kecil sekali. Bagaimana bisa kita bekerja dengan ‘cost’ lebih tinggi seperti ini,” katanya.

Jonan pun menjelaskan dari angka absolut, biaya yang dikembalikan ke kontraktor atas kegiatan produksi migas (cost recovery) memang lebih besar daripada bagian negara (government take). Namun, hal tersebut tidak menandakan negara rugi terhadap hasil produksi migas 2016.

“Ini bukan rugi karena total revenue US$ 24,89 miliar. ‘Cost recovery’ US$ 11,94 miliar sehingga netto-nya kurang lebih US$ 12,95 miliar kemudian dibagi dua. ‘Government take’ US$ 9,67 miliar , ‘contractor take’ US$ 3,28 miliar,” katanya.

Ia menambahkan, hingga Agustus 2017, bagian negara dari produksi migas berkisar 45 persen atau US$ 8,14 miliar dari total pendapatan US$ 18,23 miliar.  Biaya “cost recovery” mencapai US$ 7.22 miliar dan bagian kontraktor US$ 2,87 miliar.

Investor Daily, Page-9, Saturday, Sept 9, 2017

SKK Migas Sure, Gross Split Pulls Investors

Indonesian Petroleum Association asks the rules of gross split taxation to be issued soon

The Special Unit for Upstream Oil and Gas Business Activities (SKK Migas) believes that oil and gas sharing schemes using gross split will attract investors.

The scheme has been revised to Minister of Energy and Mineral Resources Regulation No. 52 of 2017. Head of SKK Migas Amien Sunaryadi said it is projecting that many contractor cooperation contracts (KKKS) are using gross split starting this year until 2025.

There are currently 86 production sharing contracts already in the exploitation stage. In detail, 85 profit sharing contracts use cost recovery schemes and one contract using a gross split scheme. This year there will be 10 new contracts that will use the gross split scheme.

"We hope that this year there will be more new contracts using gross split, five to ten new gross split contracts and by 2025 this will be more new gross split contracts," Amien said Friday (8/9).

Until 2025, Amien projected, there will be 33 cost recovery contracts that turn into gross split. The remaining 53 production sharing contract contracts will still use the cost recovery scheme.

Amien appealed, KKKS want to change their contract to be gross split.

"At the IPA Convention & Exhibition some time ago I once said that if something is uneconomic or unexpected, I'm sure the minister will change the policy and it happens," he said.

Thus, the contractor must trust with the Minister of Energy and Mineral Resources (ESDM) and the government. On the other hand, the government is in an effort to make cost efficiency. That is why there is a change in cost recovery scheme to be gross split.

"I believe that gross splits can bring efficiency to governments and contractors," he said.

Understandably, the amount of cost recovery that must be paid by the government since 2012 and then peaked. It is also always a debate between the government and politicians in parliament.

"The element of cost recovery is always a question of many parties including politicians in parliament and it is difficult to convince them, so with gross split, we do not need to convince Commission VII," said Amien.

Meanwhile, President Director of Indonesia Petroleum Association (IPA) Christina Verchere said it welcomed the government's efforts to revise the gross split. However, IPA still has two requests, namely the tax mechanism and the implementation of the gross split scheme. IPA also requested that the Government of Indonesia not create a product of uncertainty after doing a good job in the revision of gross split. According to Christina, gross splits and taxes could have an impact on investors' economics.

"We are also asking EMR to focus on the implementation of the gross split process." There is still much work to be done, "explained Christina

IN INDONESIA

SKK Migas Yakin, Gross Split Menarik Investor

Indonesian Petroleum Association minta aturan perpajakan gross split segera terbit

Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) yakin, skema bagi hasil minyak dan gas dengan memakai gross split akan menarik para investor.

Skema tersebut telah direvisi menjadi Peraturan Menteri ESDM No 52 Tahun 2017. Kepala SKK Migas Amien Sunaryadi menyatakan, pihaknya memproyeksi, banyak kontraktor kontrak kerja sama (KKKS) yang menggunakan gross split mulai tahun ini hingga tahun 2025 mendatang. 

Saat ini terdapat 86 kontrak bagi hasil yang sudah dalam tahapan eksploitasi. Rinciannya, sebanyak 85 kontrak bagi hasil menggunakan skema cost recovery dan satu kontrak menggunakan skema gross split. Tahun ini akan ada 10 kontrak baru yang akan menggunakan skema gross split. 

"Kami berharap, tahun ini akan ada lebih banyak kontrak baru menggunakan gross split, lima sampai sepuluh kontrak baru gross split dan hingga tahun 2025 ini akan lebih banyak kontrak baru gross split," kata Amien, Jumat (8/9).

     Hingga tahun 2025, Amien memproyeksi, akan ada 33 kontrak cost recovery yang berubah menjadi gross split. Sisanya sebanyak 53 kontrak production sharing contract akan tetap menggunakan skema cost recovery.

    Amien menghimbau, KKKS mau mengubah kontrak mereka menjadi gross split. 

"Saat IPA Convention & Exhibition beberapa vvaktu lalu saya pernah mengatakan, jika ada yang tidak ekonomis atau tidak sesuai ekspektasi, saya yakin menteri akan mengubah kebijakan dan ini terjadi," ujarnya. 

Jadi, kontraktor harus percaya dengan Menteri Energi dan Sumber Daya Mineral (ESDM) dan pemerintah. Di sisi lain, pemerintah sedang dalam upaya melakukan efisiensi biaya. Itu sebabnya ada perubahan skema cost recovery menjadi gross split. 

"Saya yakin gross split bisa mendatangkan efisiensi bagi pemerintah dan kontraktor" kata dia.

Maklum, jumlah cost recovery yang harus dibayarkan pemerintah sejak tahun 2012 lalu semakin memuncak. Hal ini pula yang selalu menjadi perdebatan antara pemerintah dan politisi di parlemen.

"Elemen cost recovery selalu menjadi pertanyaan banyak pihak termasuk politisi di parlemen dan sulit meyakinkan mereka. Jadi dengan gross split, kami tidak butuh meyakinkan komisi VII," tegas Amien.

Sementara itu, Presiden Direktur Indonesia Petroleum Association (IPA) Christina Verchere mengatakan, pihaknya menyambut positif upaya pemerintah merevisi gross split. Namun IPA masih memiliki dua permintaan, yaitu soal mekanisme pajak dan implementasi skema gross split. 

     IPA juga meminta agar Pemerintah Indonesia tidak menciptakan produk ketidakpastian setelah melakukan pekerjaan yang baik dalam revisi gross split. Menurut Christina, gross split dan pajak bisa berdampak pada keekonomian investor. 

"Kami juga meminta ESDM fokus dalam implementasi proses gross split. Masih banyak yang perlu dikerjakan," jelas Christina

Kontan, Page-14, Saturday, Sept 9, 2017

Existing Feedback, Revised Revenue Rules

Sharing provisions based on gross production or gross split on regulations issued by the Ministry of Energy and Mineral Resources in January 2017 were revised. It happens because there are many inputs to this concept.

Regulation of the Minister of Energy and Mineral Resources Number 8 of 2017 which contains the provision of gross split is revised in Minister of Energy and Mineral Resources Regulation No. 52/20171 Deputy Minister of Energy and Mineral Resources Arcandra Tahar said the revision of gross split is motivated by various inputs from the economic side.

"From the inputs, we immediately conduct an evaluation. For the new rules, we use models based on the data we have, "said Arcandra, Friday (9/8), in Jakarta.

The model used is a production-sharing contract (PSC) calibrated in 12 different oil and gas field characteristics. In this model, in the fifth year the effective proportion of gross split is projected to be greater than the cost of recovery. In the scheme of the previous regulation, the effective proportion of gross split is projected to be greater than the cost of recovery in the sixth year.

ESDM Ministry involves several parties in the preparation of revisions of gross split. "One of them is from Indonesian Petroleum Association (IPA) and World Bank ," said Arcandra.

Of all revisions, Article 7 changed significantly. In the previous regulation, the Minister of Energy and Mineral Resources may add a percentage share of 5 percent to the contractor of commercial field calculation not reaching a certain economy. Conversely, if the calculation of commercialization of the field exceeds a certain economy, the ESDM Minister may add 5 percent to the state of the contractor.

Economic aspects

In the latest regulation, this 5 percent figure is eliminated. Arcandra said the discretion would go both ways.

"In the future, we not only consider the economic aspects, but also the technical aspects of the field and challenges. Based on that consideration, we will consider the incentives, "he said.

In addition to the elimination of figures on ministerial discretion, the proportion of gross split for contractors was also added. The next field development (POD II) will get an additional 3 percent for the contractor. In the previous rule POD II did not get any extra.

For the production phase, there is a profit-sharing increase for the contractor. In the previous rule, secondary production earned a 3 percent revenue share. Under the new rules, revenue share for secondary production is 6 percent. The secondary production stage refers to the production of oil by artificial efforts in supplying pressure to the reservoir.

Profit sharing for contractors at the tertiary production stage also increases. Previously, the 5 percent revenue share. In the new regulations, the proportion reaches 10 percent. Arcandra hopes that the revision of gross split will encourage oil and gas investment in Indonesia. IPA Executive Director Marjolijn Wajong welcomed the government's good intentions to attract investors.

"We agree with this latest gross split figure. Next week, we will discuss related taxes with the Minister Finance, "Marjolijn said.

IN INDONESIA

Ada Masukan, Aturan Bagi Hasil Direvisi

Ketentuan bagi hasil berdasarkan produksi kotor atau gross split pada peraturan yang diterbitkan Kementerian Energi dan Sumber Daya Mineral pada Januari 2017 direvisi. Hal itu terjadi karena ada banyak masukan terhadap konsep ini.

Peraturan Menteri Energi dan Sumber Daya Mineral Nomor 8 Tahun 2017 yang memuat ketentuan gross split direvisi dalam Peraturan Menteri ESDM No 52/20171 Wakil Menteri ESDM Arcandra Tahar mengatakan, revisi terhadap gross split dilatarbelakangi oleh berbagai masukan dari sisi ekonomi. 

”Dari masukan-masukan itu, kami langsung melakukan evaluasi. Untuk aturan baru, kami menggunakan model berdasarkan data yang kami miliki,” kata Arcandra, Jumat (8/9), di Jakarta.

Model yang digunakan yakni kontrak bagi produksi (PSC) dikalibrasi di 12 lapangan migas yang berbeda karakteristik. Dalam model ini, pada tahun kelima proporsi efektif gross split diproyeksikan lebih besar dibandingkan biaya pemulihan. Dalam skema pada peraturan sebelumnya, proporsi efektif gross split diproyeksikan lebih besar dari biaya pemulihan pada tahun ke enam.

Kementerian ESDM melibatkan beberapa pihak dalam penyusunan revisi gross split. ”Salah satunya dari Indonesian Petroleum Association (IPA) dan Bank Dunia,” kata Arcandra.

Dari seluruh revisi, Pasal 7 berubah secara signifikan. Pada peraturan sebelumnya, Menteri ESDM dapat menambahkan persentase bagi sebesar 5 persen pada kontraktor perhitungan komersialisasi lapangan tidak mencapai keekonomian tertentu. Sebaliknya, apabila perhitungan komersialisasi lapangan melebihi keekonomian tertentu, Menteri ESDM dapat menambahkan 5 persen untuk negara dari kontraktor.

Aspek keekonomian

Pada peraturan terbaru, angka 5 persen ini dihilangkan. Arcandra mengatakan, diskresi ini akan berjalan dua arah. 

”Ke depan, kami tidak hanya mempertimbangkan aspek keekonomian, tetapi juga aspek lapangan dan tantangan secara teknis. Berdasarkan pertimbangan itu, kami akan mempertimbangkan besar insentifnya,” ujarnya.

Selain penghapusan angka pada diskresi menteri, jumlah proporsi gross split untuk kontraktor juga ditambahkan. Pengembangan lapangan selanjutnya (POD II) akan mendapatkan tambahan 3 persen bagi kontraktor. Pada peraturan sebelumnya POD II tidak mendapatkan tambahan.

Untuk tahap produksi, ada kenaikan bagi hasil bagi kontraktor. Pada peraturan sebelumnya, produksi sekunder mendapatkan bagi hasil 3 persen. Berdasarkan peraturan baru, bagi hasil untuk produksi sekunder 6 persen. Tahap produksi sekunder mengacu pada produksi minyak dengan upaya buatan dalam memberikan tekanan ke reservoir.

Bagi hasil untuk kontraktor pada tahapan produksi tersier juga meningkat. Sebelumnya, bagi hasil 5 persen. Pada peraturan baru, proporsinya mencapai 10 persen. Arcandra berharap, revisi gross split akan mendorong investasi migas di Indonesia. Direktur Eksekutif IPA Marjolijn Wajong menyambut maksud baik pemerintah untuk menarik investor tersebut. 

”Kami sepakat dengan angka gross split terbaru ini. Minggu depan, kami akan mendiskusikan terkait pajak yang berlaku dengan Menteri Keuangan,” ujar Marjolijn.

Kompas, Page-19, Saturday, Sept 9, 2017

Optimize Utilization of Domestic Gas

Domestic gas reserves are still considered sufficient for some time to come, so it is not necessary to import gas in 2019 as planned.

"When viewed from the realization today is actually our gas is oversupply." In 2019 it could be before imports can even be backed down to 2023, "said Head of Marketing and Product Development Division of PT Perusahaan Gas Negara Tbk (PGN) Adi Munandir in a discussion entitled Efficiency Gas Industry Without Must Import in Bogor, West Java.

According to Adi, in addition to the adequacy of production, the dynamics of demand (demand) gas is also somewhat slowed so that there is no need for imports.

"Domestic gas consumption is slowing due to slowing industrial movement activity," he explained.

Adi said gas imports need to be viewed as a whole, not seen from cheap gas prices alone. He cited Singapore's price offer of US $ 4 per million metric British thermal unit (MMBTU),

"The price of US $ 4 per MMBTU in the form of LNG does not include liquidfaction process, then there are the shipping charges and others, so the calculation is still more expensive than domestic gas price," he explained.

According to him, what needs to be done is to optimize the utilization of domestic gas by building gas network infrastructure so that everything is integrated.

"Indonesia has no master plan about gas. It functions to integrate planning related to gas utilization, especially industrial development, industrial roadmap, natural gas production and infrastructure development. Development in the masterplan is integrated and synchronized, "he said.

IN INDONESIA

Optimalkan Pemanfaatan Gas dalam Negeri

Cadangan gas bumi  dalam negeri dinilai masih mencukupi untuk beberapa waktu ke depan sehingga belum perlu untuk mengimpor gas pada 2019 seperti yang pernah direncanakan.  

"Kalau dilihat dari realisasi hari ini sebenarnya gas kita itu oversupply." Pada 2019 bisa saja sebelum diperlukan impor bahkan mundur bisa ke 2023,” ujar Head of Marketing and Product Development Division PT Perusahaan Gas Negara Tbk (PGN) Adi Munandir dalam diskusi yang bertajuk Efisiensi Gas Industri Tanpa Harus Impor di Bogor, Jawa Barat.

Menurut Adi, selain kecukupan produksi, dinamika demand (permintaan) gas juga agak melambat sehingga belum ada kebutuhan untuk impor. 

“Konsumsi gas domestik ada perlambatan yang disebabkan aktivitas pergerakan industri yang juga melambat,” jelasnya.

Adi mengatakan impor gas perlu dilihat secara utuh, bukan dilihat dari harga gas yang murah saja. Dia mencontohkan penawaran harga dari Singapura yang mencapai US$ 4 per million metric British thermal unit (MMBTU), 

“Harga US$4 per MMBTU itu dalam bentuk LNG belum termasuk proses liquidfaction, kemudian ada bea pengiriman dan lain-Iain, jadi hitungannya masih lebih mahal daripada harga gas domestik,” jelasnya.

Menurut dia, yang perlu dilakukan adalah mengoptimalkan pemanfaatan gas dalam negeri dengam membangun infrastruktur jaringan gas agar semuanya terintegrasi. 

“Indonesia belum punya rencana induk soal gas. Itu fungsinya untuk mengintegrasikan perencanaan terkait pemanfatan gas, terutama pengembangan industri, roadmap industri, produksi gas bumi dan pengembangan infrastruktur. Pengembangan dalam masterplan diintegrasikan dan disinkronisasi waktunya,” ungkapnya.

Media Indonesia, Page-18, Friday, Sept 8, 2017

August, ICP Increases to US $ 48.43 Per Barrel

The average Indonesian Crude Price (ICP) in August was US $ 48.43 per barrel, up from US $ 45.48 per barrel in the previous month. While ICP SLC rose from US $ 46.35 per barrel to US $ 49.17 per barrel in August.

The increase in ICP is in line with rising crude oil prices in world markets. In August, the price of Dated Brent rose from US $ 48.56 per barrel to US $ 51.64 per barrel, Brent (ICE) increased from US $ 49.15 per barrel to US $ 51.87 per barrel, WTI soared from US $ 46.68 per barrel to US $ 48.06 per barrel and OPEC basket surged from US $ 46.93 per barrel to US $ 49.61 per barrel.

According to the Oil Price Team of Indonesia, there are several factors that boost the price of oil in the international market. First, based on the OPEC publication last August, world crude oil demand rose 110 thousand barrels per day (bpd) to 96.49 million bpd compared to the previous month. While growth in demand for oil and gas products was revised to 1.5 million bpd, 100 thousand bpd higher than the previous month.

"Secondly, based on the EIA (Energy Information Administration) USA report, the level of commercial crude oil stocks and distillate fuel oil United States during August fell compared to the previous month, "said the Indonesian Oil Price Team in a written statement on Thursday (7/9).

US crude oil stockpiles in August fell 18.7 million barrels to 463.2 million barrels. Later, distillate fuel oil stocks fell 1 million barrels to 148.4 million barrels. The decline in crude stocks also occurred in other developed countries, amounting to 19.2 million barrels referring to the IEA publication and 21.9 million barrels according to OPEC.

Not only that, the increase in crude oil prices is also influenced by a positive market response in which market players continue to monitor the level of rig usage in the United States. Based on Baker Hughes Incorporated data, the number of drilling rigs in the United States fell by 4 rigs in one week in August to 954 rigs.

"As for the Asia Pacific region, rising prices are also influenced by increased demand for crude oil in China and improving the country's economy, as written in the OPEC publication, "said the Indonesian Oil Price Team.

The average magnitude of ICP during January to August, still survives in the range of US $ 45-50 per barrel. At the beginning of the year, ICP briefly reached US $ 50 per barrel, at US $ 51.88 per barrel in January and US $ 52.5 per barrel in February. Then, ICP fell to US $ 48.71 per barrel in March, continuing to increase to US $ 49.56 per barrel in April.

However, ICP fell back to US $ 47.09 per barrel in May and hit a low of $ 43.66 per barrel in June this year in June. After that ICP rose again to US $ 45.48 per barrel in July and US $ 48.43 per barrel in August. Thus, the average ICP of January - August is US $ 48.41 per barrel, slightly different with the assumption of ICP in the State Budget of US $ 48 per barrel.

IN INDONESIA

Agustus, ICP Naik Menjadi US$ 48,43 Per Barel

Rata-rata harga minyak Indonesia (Indonesian Crude Price/ICP) pada Agustus lalu tercatat sebesar US$ 48,43 per barel, naik dari bulan sebelumnya US$ 45,48 per barel. Sementara ICP SLC naik dari US$ 46,35 per barel menjadi US$ 49,17 per barel pada Agustus ini.

Peningkatan ICP ini sejalan dengan kenaikan harga minyak mentah di pasar dunia. Pada Agustus lalu, harga Dated Brent naik dari US$ 48,56 per barel menjadi US$ 51,64 per barel, Brent (ICE) meningkat dari US$ 49,15 per barel menjadi US$ 51,87 per barel, WTI melejit dari US$ 46,68 per barel menjadi US$ 48,06 per barel serta Basket OPEC melonjak dari US$ 46,93 per barel menjadi US$ 49,61 per barel.

Menurut Tim Harga Minyak Indonesia, terdapat beberapa faktor yang mendongkrak harga minyak di pasar internasional. Pertama, berdasarkan publikasi OPEC Agustus lalu, permintaan minyak mentah dunia naik 110 ribu barel per hari (bph) menjadi 96,49 juta bph dibanding bulan sebelumnya. Sementara pertumbuhan permintaan produk migas direvisi menjadi 1,5 juta bph, 100 ribu bph lebih tinggi dari bulan sebelumnya.

“Kedua, berdasarkan laporan EIA (Energy Information Administration) USA, tingkat stok minyak mentah komersial dan distillate fuel oil Amerika Serikat selama Agustus turun dibanding bulan sebelumnya,” kata Tim Harga Minyak Indonesia dalam keterangan tertulisnya, Kamis (7/9).

Stok minyak mentah komersial di Amerika Serikat pada Agustus lalu turun 18,7 juta barel menjadi sebesar 463,2 juta barel. Kemudian, stok distillate fuel oil turun 1 juta barel menjadi sebesar 148,4 juta barel. Penurunan stok minyak mentah juga terjadi di negara-negara maju lainnya, yakni sebesar 19,2 juta barel mengacu pada publikasi IEA dan 21,9 juta barel menurut OPEC.

Tidak hanya itu, peningkatan harga minyak mentah juga dipengaruhi respon positif pasar di mana pelaku pasar terus mengawasi tingkat penggunaan rig di Amerika Serikat. Berdasarkan data Baker Hughes Incorporated, jumlah drilling rig di Amerika Serikat turun sebanyak 4 rig dalam satu pekan pada Agustus menjadi 954 rig.

“Sementara untuk kawasan Asia Pasifik, peningkatan harga juga dipengaruhi peningkatan permintaan minyak mentah di Tiongkok dan membaiknya perekonomian negara tersebut, seperti tertulis dalam publikasi OPEC,” kata Tim Harga Minyak Indonesia.

Besaran rata-rata ICP selama Januari hingga Agustus lalu, masih bertahan pada kisaran US$ 45-50 per barel. Di awal tahun, ICP sempat mencapai US$ 50 per barel, yakui US$ 51,88 per barel pada Januari dan US$ 52,5 per barel pada Februari. Kemudian, ICP turun menjadi US$ 48,71 per barel pada Maret, dilanjutkan peningkatan menjadi US$ 49,56 per barel pada April.

Namun, ICP kembali turun menjadi US$ 47,09 per barel pada Mei dan mencapai titik terendah di tahun ini US$ 43,66 per barel pada Juni. Setelahnya ICP kembali naik menjadi US$ 45,48 per barel pada Juli dan US$ 48,43 per barel pada Agustus. Sehingga, rata-rata ICP Januari - Agustus yakni US$ 48,41 per barel, beda tipis dengan asumsi ICP dalam APBN US$ 48 per barel.

Investor Daily, Page-9, Friday, Sept 8, 2017