There is an Uncertainty Factor

The government needs to resolve the uncertainty factor despite the revision of the profit sharing contract by extending the space for the addition of profit sharing or split for the contractor.

The ESDM Ministry is tired of issuing the Regulation of the Minister of Energy and Mineral Resources N0. 52/2017 on Amendment to Regulation of the Minister of Energy and Mineral Resources No. 8/2017 on the Gross Split Revenue Contract.

Bryan C Land, Lead Extractives Specialist of World Bank, said the government still needs to take care of other aspects that make the certainty factor trying to decrease.

"I affirm together with the fiscal changes, other non-fiscal aspects are also very important. So, we heard from the question and answer session that oil and gas companies are right about the condition if more and more conditions are solved, the better and it is the same challenge for every country, "he said in a socialization session on Friday (8/9).

In the socialization session, business actors questioned the tax imposition mechanism because the profit sharing did not include the taxes borne by the contractor. Whereas all the costs on the gross split contract include all taxes issued can no longer be returned through the cost recovery scheme because the division of government and contractor parts is done before netto.

In addition, the space for the addition of a share of the ministerial discretion that is no longer restricted is considered uncertain because it is based on the minister's unknown considerations of what factors influence it. Another factor of uncertainty is also included in the list of questions that is about there is no higher rule regarding gross split contracts.

The question arises because a gross split contract that is only regulated in the form of a ministerial regulation may change when there is a ministerial change. However, Land insists the government has made improvements with the previous scheme.

And the 12 field that became the reference, the application of gross split only gives an additional rate of return on investment (internal rate of return / IRR). With the lowest IRR addition range of 2.1% to the highest of 15.7%, the average IRR addition through the new gross split scheme is 6.5% greater than the old gross split.

Under the scheme, the average IRR obtained in the new gross split is 28.8% or higher than the IRR average in the production sharing contract (PSC) cost recovery of 24.8%.

Based on data from Wood Mackenzie, IRR in Indonesia with a gross split of 22.3% and PSC cost recovery 24.8%. The data shows the scheme is no better than other countries such as Australia with 30.4%, Papua New Guinea 38.2%, Ireland 40.3% and England 41, S%.

"Other countries with the same investment climate are working to make more interesting provisions. So we have to see, "he said.

LICENSE

Energy observer from Trisakti University, Pri Agung Rakhmanto, said that the government needs to solve ease of doing business problems to improve the investment climate. He calls for improvement in licensing, bureaucracy, regulatory consistency and respect for sanctity of contract.

According to him, this change is still too small impact because it only uses the previous condition ie Minister of Energy and Mineral Resources Regulation no. 8/2017 as a comparison.

"To get to the stage of attracting and bringing in more investment, I think still need to prove and solve the things or other problems that become the key ease of doing business," he said.

As is known, the government adds split weight and new variables that can improve the economy through Minister of Energy and Mineral Resources Regulation no. 52/2017. In addition, additional revenue-sharing was obtained in the initial phase of development when the contractor has not been able to enjoy the production. Then, the additional space for the results of the minister's discretion is no longer limited to 5%.

President of the Indonesian Petroleum Association (IPA) Christina Verchere expects the revision to bring fresh air to investment in the upstream oil and gas sector.

However, he considered the work of the government has not been completed because the final share obtained by the contractor does not include tax. According to him, the uncertain tax factor can wobble the government's efforts to improve the economics of field development through the addition of profit sharing.

"We ask that the mechanism of taxation be clarified and ask the government not to increase the space of other uncertainty that could be contrary to the positive performance that has been done on the gross split," he said.

Meanwhile, PT Pertamina Hulu Energi (PHE) President Director, Gunung Sardjono Hadi, said that the improvements are quite helpful, especially in the management of block of contracts assigned to Pertamina.

If there are changes in the conditions that make the economics of the development of the shrinkage field, two things to be done are cost efficiency as well as additional proposals split from ministerial discretion.

"the Room two, under our control is cost efficiency, the second we can ask for additional [from the minister's discretion]," he said.

Meanwhile, proposals for new contracts on eight contract-deprived working areas have been submitted to the government. According to him, the new contract is targeted to be signed at the end of September or early October this year.

"It means that the eight blocks are targeted by the end of September or early October [contract signature]," he said.

IN INDONESIA

Ada Faktor Ketidakpastian

Pemerintah perlu menyelesain Faktor ketidakpastian kendati sudah melakukan revisi aturan kontrak bagi hasil dengan memperluas ruang penambahan bagi hasil atau split bagi kontraktor.

Kementerian ESDM lelah mengeluarkan Peraturan Menteri ESDM N0. 52/2017 tentang Perubahan atas Peraturan Menteri ESDM No. 8/2017 tentang Kontrak Bagi Hasil Gross Split.

Bryan C Land, Lead Extractives Specialist World Bank, mengatakan pemerintah masih perlu membereskan aspek lainnya yang membuat faktor kepastian berusaha menurun.

“Saya menegaskan bersamaan dengan perubahan fiskal, aspek nonfiskal lain juga sangat penting. Jadi, kami mendengar dari sesi tanya jawab, perusahaan-perusahaan migas benarnya tentang kondisi jika semakin banyak kondisi itu diselesaikan, akan semakin baik dan hal itu merupakan tantangan yang sama bagi setiap negara,” ujarnya dalam sesi sosialisasi, Jumat (8/9).

Dalam sesi sosialisasi, pelaku usaha mempertanyakan soal mekanisme pengenaan pajak karena bagi hasil yang diperoleh belum termasuk pajak yang ditanggung kontraktor. Padahal seluruh biaya pada kontrak gross split termasuk seluruh pajak yang dikeluarkan tidak lagi bisa dikembalikan melalui skema cost recovery karena pembagian bagian pemerintah dan kontraktor dilakukan secara kotor.

Selain itu, ruang penambahan bagi hasil dari diskresi menteri yang kini tidak lagi dibatasi pun dianggap tidak pasti karena didasarkan dari pertimbangan menteri yang tidak diketahui apa saja faktor yang mempengaruhinya. Faktor ketidakpastian lainnya yang juga masuk dalam daftar pertanyaan yakni mengenai ada tidak aturan yang lebih tinggi mengenai kontrak gross split.

Pertanyaan itu muncul karena kontrak gross split yang hanya diatur dalam bentuk peraturan menteri bisa saja berubah ketika ada pergantian menteri. Namun, Land menegaskan pemerintah telah melakukan perbaikan dengan skema sebelumnya.

Dan 12 lapangan yang menjadi acuan, penerapan gross split hanya memberikan tambahan angka pengembalian investasi (internal rate of return/IRR). Dengan rentang penambahan IRR terendah sebesar 2,1 % hingga yang tertinggi 15,7 %, rata-rata penambahan IRR melalui skema gross split baru lebih besar 6,5 % dari gross split lama.

Dengan skema itu, rerata IRR yang didapatkan pada gross split baru sebesar 28,8% atau lebih tinggi dari rerata IRR pada kontrak bagi hasil produksi (production sharing contract/PSC) cost recovery yakni 24,8%.

Berdasarkan data Wood Mackenzie, IRR di Indonesia dengan gross split lama sebesar 22,3% dan PSC cost recovery 24,8%. Data itu menunjukkan skema itu tidak lebih baik dari negara lain seperti Australia dengan 30,4%, Papua Nugini 38,2%, Irlandia 40,3% dan Inggris 41,S%.

“Negara-negara lain dengan iklim investasi yang sama sedang berupaya membuat ketentuan- ketentuan yang lebih menarik. Jadi kami harus melihat," katanya.

PERIZINAN 

Pemerhati energi dari Universitas Trisakti Pri Agung Rakhmanto menilai pemerintah perlu menyelesaikan masalah kemudahan berusaha (ease of doing business) untuk bisa memperbaiki iklim investasi. Dia menyebut perlu ada perbaikan pada perizinan, birokrasi, konsistensi peraturan dan menghormati kontrak yang berjalan (sanctity of contract).

Menurutnya, perubahan ini masih terlalu kecil dampaknya karena hanya menggunakan kondisi sebelumnya yakni Peraturan Menteri ESDM No. 8/2017 sebagai pembanding.

“Untuk sampai ke tahap menarik dan mendatangkan investasi lagi, menurut saya masih perlu pembuktian dan penyelesaian hal-hal atau masalah lain yang menjadi kunci ease of doing business,” katanya.

Seperti diketahui, pemerintah menambah bobot split dan variabel baru yang bisa meningkatkan keekonomian melalui Peraturan Menteri ESDM No. 52/2017. Selain itu, tambahan bagi hasil pun didapatkan di fase awal pengembangan ketika kontraktor belum bisa menikmati hasil produksi.  Kemudian, ruang tambahan bagi hasil dari diskresi menteri pun tidak lagi dibatasi sebesar 5%.

Presiden Indonesian Petroleum Association (IPA) Christina Verchere mengharapkan revisi itu membawa angin segar terhadap investasi di sektor hulu minyak dan gas bumi.

Namun, dia menilai kerja pemerimah belum usai karena bagi hasil akhir yang didapatkan kontraktor belum termasuk pajak. Menurutnya, faktor pajak yang belum pasti bisa menggoyah upaya pemerintah untuk memperbaiki keekonomian pengembangan lapangan melalui penambahan bagi hasil.

“Kami meminta agar mekanisme perpajakan diperjelas dan meminta pemerintah agar tidak menambah ruang ketidakpastian lainnya yang bisa bertentangan dengan kinerja positif yang telah dilakukan pada gross split,” tuturnya.

Sementara itu, Presiden Direktur PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi mengatakan perbaikan itu cukup membantu khususnya dalam pengelolaan blok habis kontrak yang ditugaskan kepada Pertamina.

Bila terdapat perubahan kondisi yang membuat keekonomian pengembangan lapangan susut, dua hal yang akan dilakukan yakni efisiensi biaya juga usulan tambahan split dari diskresi menteri.

“Roomnya dua, yang under control kita adalah cost efficiency, yang kedua kita bisa minta tambahan [dari diskresi menteri],” katanya.

Adapun, proposal untuk kontrak baru pada delapan wilayah kerja yang habis kontrak telah disampaikan kepada pemerintah. Menurutnya, kontrak baru ditargetkan bisa diteken pada akhir September atau awal Oktober tahun ini.

"Artinya delapan blok itu targetnya akhir September atau awal Oktober [tanda tangan kontrak]," tuturnya.

Bisnis Indonesia, Page-28, Monday, Sept 11, 2017

US Oil Production & Demand Drops

The threat of hurricane Irma and the decline in the number of rigs operating in the United States lowered WTI oil prices to as low as US $ 47.48 per barrel by the end of Friday's trading (8/9).

At the close of trade Friday (8/9), WTI oil price of the most active contract in October 2017 fell 1.61 points or 3.28% to US $ 47.48 per barrel. Meanwhile, the price of Brent oil the most active contract in November 2017 fell 0.71 points or 1.30% to US $ 53.78 per barrel.

Eugen Weinberg, head of commodity bank commander Eugen Weinberg, said oil prices fell drastically on concern US demand was dampened by Irma storm which is one of the strongest storms projected to hit the US in the near future.

The estimated Irma storm has wind speeds of up to 298 km per hour is the second major storm that threatens Uncle Sam in the past two weeks. Earlier, Harvey storms put the US close to 25% of oil refining capacity and cut about 8% of total oil production.

"Storms have a long-term impact on refinery and industry demand," Weinberg said

Senior Market Analyst for Price Futures Group Phil Flynn said market players were worried about the destruction of US crude demand for a storm. This sentiment makes market participants to sell. In addition to the demand for crude oil, gasoline consumption and 

other transportation fuels will falter due to hurricane Irma, especially in the southeastern United States. The reason, people are reluctant to travel.

On the production side, the number of oil rigs operating in the US has fallen in four consecutive weeks as the storm in some parts of Uncle Sam's territory.

Baker Hughes Incorporated said the number of US oil rigs in the week ending Friday (8/9) reduced three wells to 756 points of drilling. Despite the decline, the number is much higher than the 414 rigs last year, the number of rigs to be an early indicator of rising or falling US oil production volume. Decrease the rig in as Harvei and Irma storms drew oil drilling activity in the US Gulf and Eagle Ford in Texas down, giving rise to a negative sentiment on the prospect of adding US oil production in the short term.

The reason, team analysts Simmons & Co. estimates that the total number of oil and natural gas rigs in the US will continue to increase to 863 rigs by 2017, 932 rigs by 2018, and 1,078 rigs by 2019. Throughout 2017, oil and gas rigs total only 855 wells. The year before, the number of rigs was at the level of 509 wells, down from 2015 by 978 rigs.

Despite announcing production cuts due to the storm, exploration and production companies (E & P) are still planning to spend large capital expenditures. Financial services analyst Cowen & Co said the average E & P company's capital expenditure rose 49% year on year (yoy) in 2017.

As oil drilling increases, U.S. The Energy Information Administration (EIA) said US oil production would reach 9.4 million barrels per day (bpd) by 2017, up 5.62% from 8.9 million bpd in 2016. Next year, production volume will reach record highs , ie 9.9 million bpd.

Natixis estimates that excess supply that overshadow the market to make oil prices tend to be depressed. WTI prices at the end of third and fourth quarter of 2017 tend to stagnate at the level of US $ 47 per barrel, so the average price during this year is only US $ 49 per barrel.

Throughout 2017, the global oil market is estimated to have a surplus of 190,000 bpd. This volume tends to decline because in the quarter I / 201 7 surplus levels reached 970,000 bpd.

IN INDONESIA

Produksi & Permintaan Minyak AS Merosot

     Ancaman badai Irma dan merosotnya jumlah rig yang beroperasi di Amerika Serikat menurunkan harga minyak WTI ke level US$ 47,48 per barel pada akhir perdagangan Jumat (8/9).

Pada penutupan perdagangan Jumat (8/9), harga minyak WTI kontrak teraktif Oktober 2017 turun 1,61 poin atau 3,28% menuju US$ 47,48 per barel. Adapun, harga minyak Brent kontrak teraktif November 2017 turun 0,71 poin atau 1,30% menjadi US$ 53,78 per barel.

Kepala Riset Komoditas Commers bank Eugen Weinberg menuturkan, harga minyak turun drastis karena kekhawatiran menurunnya permintaan AS akibat terjadinya badai Irma yang merupakan salah satu badai paling kuat yang diproyeksi sudah melanda AS dalam waktu dekat ini.

Badai Irma yang diestimasi memiliki kecepatan angin hingga 298 km per jam merupakan badai besar kedua yang mengancam Paman Sam dalam dua pekan terakhir. Sebelumnya, badai Harvey membuat AS menutup sekitar 25 % kapasitas penyulingan minyak dan memangkas sekitar 8% total produksi minyak.

“Badai memiliki dampak yang panjang terhadap permintaan kilang dan industri,” tutur Weinberg

Senior Market Analyst Price Futures Group Phil Flynn menyampaikan, pelaku pasar mengkhawatirkan kehancuran permintaan minyak mentah AS akibat serangan badai. Sentimen ini membuat pelaku pasar melakukan aksi jual. Selain permintaan minyak mentah, konsumsi bensin dan bahan bakar transportasi lainnya akan goyah akibat badai Irma, terutama di wilayah tenggara AS. Pasalnya, masyarakat enggan untuk bepergian.

Di sisi produksi, jumlah rig minyak yang beroperasi di AS turun merosot dalam empat pekan berturut-turut seiring dengan berlangsungnya badai di sejumlah wilayah Paman Sam.

Seperti dikutip dari Reuters, Baker Hughes Incorporated menyebutkan jumlah rig minyak AS dalam sepekan yang berakhir Jumat (8/9) berkurang tiga sumur menjadi 756 titik pengeboran. Kendati berkurang, jumlah tersebut jauh lebih tinggi dibandingkan dengan 414 rig pada tahun lalu, Jumlah rig menjadi indikator awal naik atau turunnya volume produksi minyak AS. 

   Penurunan rig disaat serangan badai Harvei dan Irma membuat aktivitas pengeboran minyak di Teluk AS dan Eagle Ford di Texas turun sehingga menimbulkan sentimen negatif terhadap prospek penambahan produksi minyak AS dalam jangka pendek.

Pasalnya, tim analis Simmons & Co. memperkirakan, jumlah total rig minyak dan gas alam di AS akan terus meningkat menjadi 863 rig pada 2017, 932 rig pada 2018, dan 1.078 rig pada 2019. Sepanjang 2017, total rig minyak dan gas hanya mencapai 855 sumur. Tahun Ialu, jumlah rig berada di level 509 sumur, turun dari 2015 sebanyak 978 rig.

Meskipun mengumumkan pemangkasan produksi akibat badai, perusahaan eksplorasi dan produksi (E&P) masih berencana mengeluarkan belanja modal yang besar. Laporan analis jasa keuangan Cowen & Co mengungkapkan, rerata belanja modal 64 perusahaan E&P naik 49% year on year (yoy) pada 2017.

Seiring bertambahnya instalasi pengeboran minyak, U.S. Energy information Administration (EIA) menyebutkan produksi minyak AS akan mencapai 9,4 juta barel per hari (bph) pada 2017 atau naik 5,62% dibandingkan dengan capaian 8,9 juta bph pada 2016. Tahun depan, volume produksi akan mencapai rekor tertinggi, yakni 9,9 juta bph.

Natixis memperkirakan berlebihnya pasokan yang membayangi pasar membuat harga minyak cenderung tertekan. Harga WTI pada akhir kuartal III dan IV 2017 cenderung stagnan di level US$ 47 per barel, sehingga rerata harga sepanjang Tahun ini hanya mencapai US$ 49 per barel.

Sepanjang 2017, pasar minyak global diperkirakan mengalami surplus sejumlah 190.000 bph. Volume ini cenderung menurun karena pada kuartal I /201 7 tingkat surplus mencapai 970.000 bph.

Bisnis Indonesia, Page-16, Monday, Sept 11, 2017

Case of PGN Entry Extension Examination

The Business Competition Supervisory Commission (KPPU) affirmed that the proceedings of the alleged monopoly case in determining the price of industrial gas in the Medan area are still continuing and are currently entering the extension stage of further investigation. 

     Case involving PT Perusahaan Gas Nusantara Tbk. (PGN) is registered with register 09 / KPPU-L / 2016 concerning Alleged Violation of Article 17 of Law Number 5 Year 1999 related to Monopoly Practices in Determining Industrial Gas Price in Medan Area.

"The evidentiary process continues in the trial. The presence or absence of a monopoly in gas distribution in North Sumatra is still being tested in court. The decision will be decided by the Commission Council, "KPPU Commissioner Saidah Sakwan said in a press statement on Sunday (10/9).

Saidah said the alleged trial of gas monopoly case conducted by PT PGN until now is in the extension stage of further investigation. Position of PGN as BUMN has also become a weighing side in solving this case.

This alleged gas monopoly case began to emerge after a complaint from businessmen about the problem of industrial gas distribution in North Sumatra. The issue of gas distribution concerns the increasingly minimal supply or still far from the user needs, as well as the problem of high gas prices.

"If this distribution is a government assignment, there must be a regulatory basis [monopoly by law]. But, even so, if the holder of this mandate does a monopoly practice it can still be subject to violations of Law no. 5/1999, "added Saidah.

Based on preliminary investigation investigations, there have been several indications of alleged monopolistic practices in industrial gas distribution in North Sumatra. Such indications are that the company controls 100% of the market share of gas users so it is possible to take advantage of its dominant position.

The state-owned company can also set unilaterally the selling price of gas even without the customer's consent, as well as clauses in the unbalanced contract of sale and purchase of gas (PJBG), burdening consumers.

These findings are being tested by the panel of commissions in the trial process at the stage of extension of follow-up examination which will end on October 5, 2017 to prove the existence or absence of monopolistic practices.

"The Commission Assembly in the examination and decision-making independent and can not be intervened by any party including members of other commissions outside the assembly," he added.

Previously, lawyer of PT PGN Yahdi Salampessy said gas purchase price was determined by the regulator and can not be determined by the company itself. Moreover, the company gets gas supply from several parties, one of them is PT Pertamina EP.

"The gas sales topology is not like a retail product. The price sold to consumers is already one price [in an area], although the supply comes from several parties, "he said.

PGN claims it is inappropriate that the company violated Article 17 of Law no. 5 of 1999 in determining the price of industrial gas in Medan area and considered not in accordance with the facts and rules that apply.

According to Yahdi, as a resource that controls the livelihood of many people, the price of natural gas fuel based on the provisions of legislation is not submitted to the mechanism of fair and reasonable business competition. It is based on Article 33 paragraph (2) of the 1945 Constitution.

PGN also admitted to always comply with Government Regulation no. 30 of 2009 and Regulation of the Minister of Energy and Mineral Resources (ESDM) no. 21 of 2008 concerning Guidelines on the Pricing of Selling of Fuel Oil and Gas.

"With regard to the existing guidelines, we can not be said to commit unfair business competition because in Law No. 5/1999 it is explained that what we do is excluded in the provisions of the law," he said.

Article 50 letter (a) of Law no. S / 1999 states, which is exempted from the provisions is an act and or agreement that aims to implement the applicable legislation.

As an illustration, the structure of gas selling price in Medan is influenced by several components. First, the upstream gas price component in which the Medan gas supply source is taken from Bontang refinery which is then regasified through PT Pertamina's facilities in Arun, Aceh.

Once classified, the gas is channeled through the transmission pipeline Arun-Belawan owned by Pertamina Gas (Pertagas) along the 350 km. Apart from Bontang, gas supply to Medan is also obtained from the production of Pertamina EP which is transported through the gas pipeline of the Milk-Wampu gas pipeline run by Pertagas.

IN INDONESIA

Kasus PGN Masuk Perpanjangan Pemeriksaan

Komisi Pengawas Persaingan Usaha (KPPU) menegaskan proses persidangan perkara dugaan monopoli dalam penentuan harga gas industri di area Medan masih berlanjut dan saat ini masuk tahap perpanjangan pemeriksaan lanjutan. 

     Perkara yang melibatkan PT Perusahaan Gas Nusantara Tbk. (PGN) itu terdaftar dengan register 09/KPPU-L/2016 tentang Dugaan Pelanggaran Pasal 17 Undang-Undang Nomor 5 tahun 1999 terkait Praktek Monopoli dalam Penentuan Harga Gas lndustri di Area Medan.

“Proses pembuktiannya terus berjalan di dalam persidangan. Ada tidaknya monopoli dalam distribusi gas di Sumatra Utara ini masih diuji di persidangan. Keputusannya nanti akan ditetapkan oleh Majelis Komisi,” kata Komisioner KPPU Saidah Sakwan, dalam keterangan pers, Minggu (10/9).

Saidah mengatakan sidang perkara dugaan monopoli gas yang dilakukan PT PGN sampai kini dalam tahap perpanjangan pemeriksaan lanjutan. Posisi PGN selaku BUMN juga telah menjadi penimbangan pihaknya dalam menyelesaikan perkara ini.

Perkara dugaan monopoli gas ini mulai muncul setelah ada keluhan dari kalangan pengusaha mengenai permasalahan pendistribusian gas industri di Sumatra Utara. Persoalan distribusi gas ini menyangkut pasokan yang semakin minim atau masih jauh dari yang dibutuhkan pengguna, serta masalah tingginya harga jual gas.

“Kalau distribusi ini merupakan penugasan pemerintah, tentu harus ada basis regulasinya [monopoly by law]. Tapi, walaupun demikian, jika pemegang mandat ini melakukan praktik monopoli tetap saja bisa terkena pelanggaran UU No. 5/ 1999,” tambah Saidah.

Berdasarkan penyelidikan awal investigator, telah ditemukan sejumlah indikasi terjadinya dugaan praktik monopoli dalam pendistribusian gas industri di Sumatra Utara. Indikasi tersebut di antaranya, perseroan menguasai 100% pangsa pasar pengguna gas sehingga sangat mungkin untuk memanfaatkan posisi dominannya.

Perusahaan pelat merah ini juga dapat menetapkan harga jual gas secara sepihak meskipun tanpa persetujuan pelanggan, serta adanya klausul dalam kontrak perjanjian jual beli gas (PJBG) yang tidak seimbang sehingga memberatkan konsumen. 

Temuan-temuan inilah yang sedang diuji oleh majelis komisi dalam proses persidangan di tahap perpanjangan pemeriksaan lanjutan yang akan berakhir pada 5 Oktober 2017 untuk membuktikan ada atau tidaknya praktik monopoli.

“Majelis Komisi dalam pemeriksaan dan pengambilan putusan independen dan tidak dapat diintervensi oleh pihak manapun termasuk anggota komisi lainnya di luar majelis,” tambahnya.

Sebelumnya, kuasa hukum PT PGN Yahdi Salampessy mengatakan harga jual beli gas sudah ditentukan oleh regulator serta tidak bisa ditentukan sendiri oleh perusahaan. Terlebih lagi perseroan mendapatkan pasokan gas dari beberapa pihak, salah satunya PT Pertamina EP.

“Topologi penjualan gas itu bukan seperti produk eceran. Harga yang dijual ke konsumen memang sudah satu harga [di suatu wilayah], walaupun pasokannya berasal dari beberapa pihak,” tuturnya.

PGN mengklaim tidak tepat bahwa perusahaan melanggar Pasal 17 UU No. 5 tahun 1999 dalam penentuan harga gas industri di area Medan dan dinilai tidak sesuai dengan fakta dan aturan yang berlaku.

Menurut Yahdi, sebagai sumber daya yang menguasai hajat hidup orang banyak, maka harga bahan bakar gas bumi berdasarkan ketentuan peraturan perundang-undangan tidak diserahkan pada mekanisme persaingan usaha yang sehat dan wajar. Hal itu berdasarkan Pasal 33 ayat (2) UUD 1945.

PGN juga mengaku selalu patuh dengan Peraturan Pemerintah No. 30 Tahun 2009 dan Peraturan Menteri Energi dan Sumber Daya Mineral (ESDM) No. 21 Tahun 2008 tentang Pedoman Penetapan Harga Jual bahan Bakar Minyak dan Gas Bumi.

"Terhadap pedoman yang ada, kami tidak bisa dikatakan melakukan pelanggaran persaingan usaha yang tidak sehat. Karena dalam Undang-Undang No.5/1999 sudah diterangkan, apa yang kami lakukan dikecualikan dalam ketentuan perundangan tersebut,” katanya.

Pasal 50 huruf (a) UU No. S/1999 menyebutkan, yang dikecualikan dari ketentuan adalah perbuatan dan atau perjanjian yang bertujuan melaksanakan peraturan perundang-undangan yang berlaku.

Sebagai gambaran, struktur pembentukkan harga jual gas di Medan dipengaruhi oleh beberapa komponen. Pertama, komponen harga gas hulu (upstream) di mana sumber pasokan gas Medan diambil dari kilang Bontang yang kemudian diregasifikan melalui fasilitas milik PT Pertamina di Arun, Aceh.

Setelah diregasifikasi, gas tersebut disalurkan melalui pipa transmisi Arun-Belawan milik PT Pertamina Gas (Pertagas) sepanjang 350 km. Selain dari Bontang, pasokan gas ke Medan juga diperoleh dari produksi Pertamina EP yang diangkut melalui pipa transmisi gas bumi Pangkaian Susu-Wampu yang dikelola Pertagas.

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

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