High Consumption, Lower Production

Exploration of Oil and Gas Reserves Constrained by Capital

The need for oil and gas in the country is getting higher. However, the investment climate is not yet supportive. Madya Finance and Monetization Specialist SKK Migas A. Rinto Pudyantoro stated that oil consumption in Indonesia will continue to rise around 8 percent per year.

"By 2025, our consumption is estimated to reach 1.9 million barrels per day (bopd)," he said during a workshop in Jogjakarta yesterday (8/11).

On the other hand, domestic oil production is predicted to continue falling by 15-20 percent until 2025 and reaching only 450 thousand barrels per day. That is, Indonesia deficit of 1.5 million barrels per day. Rinto explained, what SKK Migas is doing is optimizing the existing field or existing with enhanced oil recovery (EOR) system.

"If we do not do anything (do not use EOR), by 2050 our oil production is predicted to be less than 100 thousand barrels per

day, "he explained.

"If we only optimize the existing field with the EOR system, our most production is only 173 thousand barrels per day," continued Rinto. Another way that can be done is to add new reserves. However, until now the way is considered to be a problem.

"In fact, the potential of oil and gas in Indonesia is there. What we have produced now, both oil and gas, is 41.2 billion barrels of oil equivalent (bboe). Our potential oil and gas reserves reach 11 bboe, "Rinto said.

In addition, the reserves of oil and gas reserves that have not found approximately 84.4 bboe.

"We have to look for it, we need capital and investment to find and add new reserves," he said.

Currently the main project SKK Migas for oil is in the field Ande-Ande Lumut. Now still entering the EPC tender stage. It is estimated that by 2021 its production will reach 20 thousand barrels per day.

Head of Representative of Oil and Gas Migas Jabanusa Ali Masyhar said, for oil, East Java is the national mainstay. For example, the Banyu Urip field has produced 200 thousand-206 thousand barrels per day. That is, if our national production of 800 thousand to 815 thousand barrels per day, means Banyu Urip supports 25-30 percent, "he explained.

According to him, if not found new fields, of course the production will further decline again.

"Later, near Banyu Urip, there is a field of Kedung Keris, but it's just about to develop, with a maximum potential of about 10,000 bopd," he said.

Ali stepped in, many obstacles in the field to find new reserves. For example, land acquisition issues and duration of licensing. Similarly, social problems that can arise when the execution.

"Therefore, investment in oil and gas is not attractive," he said.

If that is the case, on the one hand the higher oil consumption can not be withheld.

"On the other hand, accelerating investment in this field has many challenges," he said.

Cooperation Press Operational Cost

Meanwhile, oil and gas production costs are increasing every year to make KKKS (contractor cooperation contract) to make efficiency. Well, to reduce the operating costs of KKKS, the Special Unit for Upstream Oil and Gas Business Unit (SKK Migas) has made a strategic agreement with Solar Turbines International Company.

Head of SKK Migas Amien Sunaryadi said the savings come from the same purchase and maintenance discounts for all KKKS in Indonesia.

"Solar Turbines is also responsible for spare parts management of the use of machines in Indonesia," he explained (8/11).

The estimated savings from the deal in five years is estimated to reach USD 40.67 million or around Rp 550 billion.

"Not only to get cost efficiency, most importantly, this cooperation will increase national capacity," said Amien.

He explained that the cooperation is expected to increase the use of domestic components for the oil and gas sector. Currently Solar Turbines become the largest turbomachimary equipment used in Indonesia Percentage reaches 81 percent.

Deputy of Controlling Procurement of SKK Migas Djoko Siswanto added, In addition to cost efficiency and national capacity building, the agreement can minimize the termination of unplanned shutdown. According to him, before there is a strategic agreement, often found some problems in the field. For example, there is a discount difference between KKKS.

President Director of PT Indoturbines Deny B. Kumianto admitted, the amount of discount is very diverse The value depends on the purchase amount of each KKKS.

IN INDONESIA

Konsumsi Tinggi, Produksi Semakin Turun

Eksplorasi Cadangan Migas Terkendala Modal

Kebutuhan minyak dan gas dalam negeri makin tinggi. Namun, iklim investasi belum mendukung. Spesialis Madya Keuangan dan Monetisasi SKK Migas A. Rinto Pudyantoro menyatakan, konsumsi minyak di Indonesia akan terus mengalami kenaikan sekitar 8 persen per tahun. 

"Pada 2025, diperkirakan konsumsi kita mencapai 1,9 juta barel per hari (bopd)," katanya dalam lokakarya di Jogjakarta kemarin (8/11).

Di sisi lain, produksi minyak dalam negeri diprediksi terus turun 15-20 persen sampai 2025 dan hanya mencapai 450 ribu barel per hari.  Artinya, Indonesia defisit 1,5 juta barel per hari. Rinto menjelaskan, yang dilakukan SKK Migas adalah mengoptimalkan lapangan yang ada atau existing dengan sistem enhanced oil recovery (EOR). 

"Kalau kita tidak melakukan apa-apa (tidak pakai EOR), pada 2050 produksi minyak kita diprediksi tidak sampai 100 ribu barel per

hari,” jelasnya. 

"Bila kita hanya mengoptimalkan lapangan yang ada dengan sistem EOR, paling banyak produksi kita hanya 173 ribu barel per hari," Ianjut Rinto. Cara lain yang bisa dilakukan adalah menambah cadangan baru. Namun, sampai saat ini cara tersebut dianggap menjadi persoalan. 

”Padahal, sebenarnya potensi migas di Indonesia itu ada. Yang sudah kita produksi sekarang, baik minyak maupun gas, adalah 41,2 billion barrel of oil equivalent (bboe). Cadangan migas potensial kita mencapai 11 bboe,” kata Rinto.

Selain itu, cadangan migas yang tempatnya belum ditemukan sekitar 84,4 bboe. 

"Kami harus mencari itu. Dibutuhkan modal dan investasi untuk mencari dan menambah cadangan baru. lni menjadi kendala," tuturnya.

Saat ini main project SKK Migas untuk minyak berada di lapangan Ande-Ande Lumut. Sekarang masih memasuki tahap tender EPC. Diperkirakan, pada 2021 produksinya mencapai 20 ribu barel per hari.

Kepala Perwakilan SKK Migas Jabanusa Ali Masyhar menyebut, untuk minyak, Jawa Timur adalah andalan nasional. Misalnya, lapangan Banyu Urip sudah memproduksi 200 ribu-206 ribu barel per hari. Artinya, kalau produksi kita secara nasional 800 ribu sampai 815 ribu barel per hari, berarti Banyu Urip mendukung 25-30 persen," paparnya.

Menurut dia, jika tidak ditemukan lapangan-lapangan baru, tentu produksi bakal lebih menurun lagi. 

"Nanti di dekat Banyu Urip ada lapangan Kedung Keris, tapi baru saja mau di development. Potensinya maksimal sekitar 10 ribu bopd. Sekarang masih siap-siap, belum tahu produksi kapan," jelasnya.

Ali mengunggkapkan, banyak hambatan di lapangan untuk menemukan cadangan-cadangan baru. Misalnya, masalah pembebasan lahan dan lamanya perizinan. Begitu pula masalah sosial yang bisa muncul ketika eksekusi. 

"Karena itulah, investasi di dunia migas tidak menarik" ungkapnya.

Bila itulah yang terjadi, di satu pihak konsumsi minyak yang makin tinggi tidak bisa ditahan. 

"Di pihak lain, mempercepat investasi di bidang ini memiliki banyak tantangan,” katanya.

Kerja Sama Tekan Biaya Operasional

Sementara itu, biaya produksi migas yang terus naik setiap tahun membuat KKKS (kontraktor kontrak kerja sama) melakukan efisiensi. Nah, untuk menekan biaya operasi KKKS, Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) membuat kesepakatan strategis dengan Solar Turbines International Company.

Kepala SKK Migas Amien Sunaryadi menyatakan, penghematan berasal dari diskon pembelian dan perawatan yang sama untuk seluruh KKKS di Indonesia. 

"Solar Turbines juga bertanggung jawab atas pengelolaan suku cadang terhadap penggunaan mesin-mesin di Indonesia," jelasnya (8/11).

Estimasi penghematan dari kesepakatan tersebut dalam lima tahun diperkirakan mencapai USD 40,67 juta atau sekitar Rp 550 miliar. 

”Tidak hanya untuk mendapatkan efisiensi biaya, yang paling penting, kerja sama ini akan meningkatkan kapasitas nasional," kata Amien.

Dia menjelaskan, kerja sama tersebut diharapkan dapat meningkatkan penggunaan komponen dalam negeri untuk sektor migas. Saat ini Solar Turbines menjadi peralatan turbomachimary terbesar yang digunakan di Indonesia Persentasenya mencapai 81 persen.

Deputi Pengendalian Pengadaan SKK Migas Djoko Siswanto menambahkan, Selain efisiensi biaya dan peningkatan kapasitas nasional, kesepakatan tersebut dapat meminimalkan penghentian operasi yang tidak direncanakan (unplanned shutdown). Menurut dia, sebelum ada kesepakatan strategis itu, kerap ditemukan beberapa permasalahan di lapangan. Contohnya, adanya perbedaan diskon di antara KKKS. 

Direktur Utama PT Indoturbines Deny B. Kumianto mengakui, besaran diskon sangat beragam Nilainya bergantung jumlah pembelian setiap KKKS.

Jawa Pos, Page-6, Thursday, Nov 9, 2017

New Contract Block Termination Still Delayed

The Ministry of Energy and Mineral Resources (ESDM) has yet to sign a new termination contract which will expire next year. In fact, the government has appointed PT Pertamina to become the termination block operator in 2017-2018 since January 2017 and Pertamina has submitted the termination block management proposal.

Director of Upstream Oil and Gas Development of the Ministry of ESDM Tunggal said the government is still waiting for proposals from existing contractors before signing new contracts. Indeed, the government decided to provide opportunities for existing contractors to cooperate with Pertamina in termination blocks.

"It is still awaiting the final proposal from interested parties and the results of the evaluation team," said Tunggal

The evaluation team will assess the proposals proposed by the existing contractor. After that it was submitted to the ESDM Minister before signing a new contract. However, Single has not been able to mention the target when signing a new contract for termination block that expires next year's contract.

Earlier, Director General of Oil and Gas of ESDM Ministry Ego Syahrial said it was still not convinced Pertamina can maintain production so it needs to invite existing contractors to manage.

IN INDONESIA

Kontrak Baru Blok Terminasi Masih Tertunda

Kementerian Energi dan Sumber Daya Mineral (ESDM) belum juga meneken kontrak baru untuk blok terminasi yang akan habis masa kontrak pada tahun depan. Padahal, pemerintah telah menunjuk PT Pertamina untuk menjadi operator blok terminasi tahun 2017-2018 sejak Januari 2017 lalu dan Pertamina telah menyerahkan proposal pengelolaan blok terminasi tersebut.

Direktur Pembinaan Hulu Migas Kementerian ESDM Tunggal bilang, pemerintah masih menanti proposal dari kontraktor eksisting sebelum meneken kontrak baru. Memang, pemerintah memutuskan memberikan peluang bagi kontraktor eksisting agar bekerjasama dengan Pertamina di blok terminasi. 

"Betul masih menunggu proposal final dari para pihak yang berminat dan hasil tim evaluasi," kata Tunggal

Tim evaluasi akan menilai proposal yang diajukan kontraktor eksisting. Setelah itu diajukan kepada Menteri ESDM sebelum penandatanganan kontrak baru. Namun, Tunggal belum bisa menyebutkan target kapan penandatanganan kontrak baru untuk blok terminasi yang habis kontrak tahun depan. 

Sebelumnya, Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Ego Syahrial mengatakan, pihaknya masih kurang yakin Pertamina bisa mempertahankan produksi sehingga perlu mengundang kontraktor eksisting agar ikut mengelola.

Kontan, Page-30, Thursday, Nov 9, 2017

Oil and Gas Investment is Targeted to Increase

The government targets oil and gas sector investments in 2018 and 2019 to continue rising as regulations have been issued that simplify and improve the business climate. Meanwhile, this year's oil and gas investment target is US $ 12.29 billion. Oil and gas investment realization per October 2017 reached US $ 7.58 billion or 61.67% of the target.

Head of Communications, Public Information Service and Cooperation Bureau of the Ministry of Energy and Mineral Resources Dadan Kusdiana said that the investment target until 2019 is made by considering the projects to be implemented by the cooperation contract contractor (KKKS) referring to the plan of development (PoD) .

Meanwhile, for the target in the downstream sector of oil and gas is made by considering the development and development plan from processing to sales. With rising oil prices and new policies, the government is optimistic that the upstream and downstream oil and gas investment targeted will continue to rise each year.

Based on data from the Ministry of Energy and Mineral Resources (ESDM), the investment target of oil and gas sector in 2018 of US $ 17.04 billion consists of US $ 14.45 billion from upstream and US $ 2, S9 billion from downstream. In 2019, oil and gas investment target reached US $ 18.22 billion with US $ 15.45 billion between and upstream and US $ 2.76 billion and downstream.

"Optimism has been issued by several regulations that will simplify and improve the investment climate such as gross split policy [gross profit sharing contract]," he said.

And the oil and gas production side, the government has set the lifting assumption made two versions, namely moderate and optimistic. For a moderate assumption, oil lifting target in 2018 is 771,000 barrels per day (bpd) and gas is 1.19 barrels of oil equivalent per day (boepd). Oil assumption in 2019 dropped to 722,000 bpd and gas rose to 1.2 million boepd.

The optimistic assumption, Ministry of Energy and Mineral Resources to set the target of oil lifting in 2018 amounted to 815,000 bpd. Then, the figure rises in 2019 to 850,000 bpd. Earlier, Head of SKK Migas Amien Sunaryadi said the investment target in 2017 will not be achieved. According to him, the financial aspect becomes the main problem of capital expenditure.

IN INDONESIA

Investasi Migas Ditargetkan Terus Naik

Pemerintah menargetkan investasi sektor minyak dan gas bumi pada 2018 dan 2019 terus naik karena telah diterbitkan regulasi yang mempermudah dan memperbaiki iklim berusaha. Sementara itu, target investasi migas tahun ini sebesar US$ 12,29 miliar. Realisasi investasi migas per Oktober 2017 mencapai US$7,58 miliar atau 61,67% dari target tersebut.

Kepala Biro Komunikasi, Layanan Informasi Publik, dan Kerja Sama Kementerian ESDM Dadan Kusdiana mengatakan bahwa target investasi hingga 2019 dibuat dengan mempertimbangkan proyek-proyek yang akan dilaksanakan oleh kontraktor kontrak kerja sama (KKKS) mengacu pada rencana pengembangan lapangan (plan of development/PoD).

Sementara itu, untuk target di sektor hilir migas dibuat dengan mempertimbangkan rencana pengembangan dan pembangunan dari pengolahan hingga penjualan. Dengan naiknya harga minyak dan sejumlah kebijakan baru, pemerintah optimistis dengan capaian investasi sektor hulu dan hilir migas yang ditarget terus naik tiap tahunnya. 

Berdasarkan data Kementerian Energi dan Sumber Daya Mineral (ESDM), target investasi sektor migas pada 2018 sebesar US$17,04 miliar terdiri atas US$ 14,45 miliar dari hulu dan US$ 2,S9 miliar dari hilir. Pada 2019, target investasi migas mencapai US$ 18,22 miliar dengan US$ 15,45 miliar diantaranya dan hulu dan US$2,76 miliar dan hilir.

“Optimism karena telah terbit beberapa regulasi yang akan mempermudah dan memperbaiki iklim investasi seperti kebijakan gross split [kontrak bagi hasil kotor],” ujarnya.

Dan sisi produksi migas, pemerintah telah menetapkan asumsi lifting dibuat dua versi, yakni moderat dan optimistis. Untuk asumsi moderat, target lifting minyak pada 2018 sebesar 771.000 barel per hari (bph) dan gas 1,19 barel setara minyak per hari (boepd). Asumsi minyak pada 2019 turun menjadi 722.000 bph dan gas justru naik menjadi 1,2 juta boepd.

Asumsi optimistis, Kementerian ESDM memasang target lifting minyak pada 2018 sebesar 815.000 bph. Kemudian, angkanya naik pada 2019 menjadi 850.000 bph. Sebelumnya, Kepala SKK Migas Amien Sunaryadi mengatakan, target investasi pada 2017 tidak akan tercapai. Menurutnya, aspek finansial menjadi masalah utama pembelanjaan modal.

Bisnis Indonesia, Page-30, Thursday, Nov 9, 2017

The Pipeline Network Is Regulated Again

The Government will redesign the distribution pipeline through the revision of Minister of Energy and Mineral Resources Regulation No. 19/2009 on Gas Operations through Pipes.

In the revised draft of Minister of Energy and Mineral Resources Regulation no. 19/2009, the government will arrange plans for the construction of gas transmission pipelines and pipelines within the Distribution Area Network Category (DANC/WJD) in the national gas infrastructure master plan. On the construction of the pipeline, the government will conduct auctions and assignments to business entities.

For the arrangement of the distribution gas distribution network, the government will establish a certain area as the distribution network area. Within the WJD category, the government sets out several provisions. First, business entities can transport gas owned by another party (shipper) or own property. 

     Secondly, business entities shall have commercial business licenses which are accounted for in an unbundling manner between trade and transport activities and their transport volume in accordance with capacity.

Thirdly, the Downstream Oil and Gas Regulatory Agency (BPH Migas) will regulate joint utilization for WJD special pipes. Fourth, WJD holders must have a target of building natural gas pipelines. 

    On the misplaced realization of development targets, the government will evaluate which may result in the business entity being fined, sanctions in the form of freezing of activities and revocation of business license or special rights.

In addition, sanctions include the transfer of WJD development to the second auction winner and a large evaluation of the distribution area. The Government sets out some requirements for business entities that wish to develop distribution pipelines. 

    Business entities shall have a business license for the transportation of oil and natural gas for natural gas transportation activities through pipelines as well as special rights. In the case of infrastructure ownership, a business entity shall own and / or control its distribution pipeline and its supporting facilities in a certain distribution network area.

THREE ALTERNATlF

The government also prepared three alternatives for distribution pipeline networking. In the first alternative, a commercial entity may build a pipeline in a particular area that can not be established as a WJD. WJD is an area that has not been integrated with transmission pipeline, undeveloped market and distribution for certain consumers. 

    Then, the business entity can perform activities until the economy is achieved. Once the economy is reached, the built distribution pipeline can be utilized together.

The second alternative is that the government will establish a Specific Business Area (WNT) in the areas not yet categorized by the WJD by considering the technical and economic aspects of the determination of certain commercial areas conducted through an auction by BPH Migas which will also grant special rights. Distribution piping network within WNT is closed which can be opened access after reaching economics.

Last alternative, WNT will be established inside the WJD so that there is a distribution pipeline connecting between certain commercial areas and connecting to the transmission pipe. 

     The distribution pipeline built in WJD under these conditions will be open access and pipes in the WNT category will be closed. When it has reached the economy, pipes with closed access to WNT can be changed to be open to all parties.

BPH Migas Committee member Jugi Prajugio said that the distribution pipeline network arrangement would ideally apply to all existing and current networks. For new distribution pipelines, its implementation will be easier.

Meanwhile, for application on existing gas distribution pipelines will wait until the gas allocation ends first. After the allocation period ends, he mentioned that BPH Migas will establish the new WND and WNT on existing distribution pipelines.

"[The existing gas pipe] will continue to run as it is until the gas allocation from the government ends. After that we set WJD and WNT, "he said.

IN INDONESIA

Jaringan Pipa Diatur Lagi

Pemerintah akan mengaiur ulang jaringan pipa gas distribusi melalui revisi Peraturan Menteri ESDM Nomor 19/2009 tentang Kegiatan Usaha Gas melalui Pipa.

Dalam draf revisi Peraturan Menteri ESDM No. 19/2009, pemerintah akan mengatur rencana pembangunan pipa transmisi dan pipa distribusi gas dalam kategori Wilayah Jaringan Distribusi (WJD) dalam rencana induk infrastruktur gas bumi nasional. Atas pembangunan pipa tersebut, pemerintah akan melakukan lelang dan penugasan kepada badan usaha.

Untuk pengaturan jaringan pipa gas distribusi, pemerintah nantinya akan menetapkan wilayah tertentu sebagai wilayah jaringan distribusi. Dalam wilayah yang masuk kategori WJD, pemerintah menetapkan beberapa ketentuan. Pertama, badan usaha dapat mengangkut gas milik pihak lain (shipper) atau milik sendiri. 

     Kedua, badan usaha wajib memiliki izin usaha niaga yang secara akuntansi bersifat terpisah (unbundling) antara kegiatan usaha niaga dan pengangkutan dan volume pengangkutannya sesuai dengan kapasitas.

Ketiga, Badan Pengatur Hilir Minyak dan Gas Bumi (BPH Migas) akan mengatur pemanfaatan bersama untuk pipa khusus WJD. Keempat, pemegang WJD wajib memiliki target pembangunan jaringan pipa gas bumi. 

    Atas realisasi yang meleset dari target pembangunan, pemerintah akan mengevaluasi yang bisa mengakibatkan badan usaha mendapat denda, sanksi berupa pembekuan kegiatan dan pencabutan izin usaha atau hak khusus. 

Selain itu, sanksi berupa pengalihan pengembangan WJD kepada pemenang lelang kedua dan evaluasi besar wilayah distribusi. Pemerintah menetapkan beberapa syarat bagi badan usaha yang ingin mengembangkan pipa distribusi. Badan usaha harus memiliki izin usaha pengangkutan minyak dan gas bumi untuk kegiatan pengangkutan gas bumi melalui pipa juga hak khusus. 

     Dalam hal kepemilikan infrastruktur, badan usaha wajib memiliki dan atau menguasai pipa distribusi dan fasilitas pendukungnya pada wilayah jaringan distribusi tertentu.

TIGA ALTERNATlF

Pemerintah pun menyiapkan tiga alternatif untuk pengaturan jaringan pipa distribusi. Pada alternatif pertama, badan usaha niaga dapat membangun pipa pada wilayah tertentu yang belum dapat ditetapkan sebagai WJD. WJD merupakan daerah yang belum terintegrasi dengan pipa transmisi, pasar belum berkembang serta penyaluran untuk konsumen tertentu. 

     Kemudian, badan usaha bisa melakukan kegiatan hingga keekonomian tercapai. Setelah keekonomian tercapai, pipa distribusi yang dibangun dapat dimanfaatkan bersama.

Alternatif kedua, pemerintah akan menetapkan Wilayah Niaga Tertentu (WNT) pada wilayah belum dikategorikan WJD dengan mempertimbangkan aspek teknis dan ekonomis penetapan wilayah niaga tertentu dilakukan melalui lelang oleh BPH Migas yang juga akan memberikan hak khusus. Jaringan pipa distribusi dalam WNT bersifat tertutup yang nantinya bisa dibuka aksesnya setelah mencapai keekonomian. 

Alternatif terakhir, WNT akan dibentuk di dalam WJD sehingga terdapat pipa distribusi yang menghubungkan antar wilayah niaga tertentu dan menyambung ke pipa transmisi. Pipa distribusi yang dibangun di WJD pada kondisi ini akan bersifat open access dan pipa dalam kategori WNT akan bersifat tertutup. Ketika telah mencapai keekonomian, pipa dengan akses tertutup pada WNT dapat diubah menjadi terbuka untuk semua pihak.

Anggota Komite Gas BPH Migas Jugi Prajugio mengatakan bahwa pengaturan jaringan pipa gas distribusi idealnya akan berlaku untuk semua jaringan baik yang ada saat ini dan baru. Untuk jaringan pipa distribusi yang baru, penerapannya akan lebih mudah. 

Sementara itu, untuk penerapan pada jaringan pipa gas distribusi yang ada akan menanti sampai alokasi gas berakhir lebih dahulu. Setelah masa alokasi berakhir, dia menyebut, BPH Migas akan menetapkan WJD dan WNT yang baru pada pipa distribusi yang ada.

“[Pipa gas] yang existing tetap akan berjalan seperti sekarang sampai alokasi gas dari pemerintah berakhir. Setelah itu kita tetapkan WJD dan WNT,” ujarnya.

Bisnis Indonesia, Page-30, Thursday, Nov 9, 2017

PP Gross Split Tax Wait for Presidential Approval

The Government has accelerated the preparation of Government Regulation (PP) on taxation imposed on production sharing contract (PSC) for gross profit (gross split). The new regulation is expected to be published before the first auction of the 2017 oil and gas block ends on 27 November.

Secretary of the Directorate General of Oil and Gas of the Ministry of Energy and Mineral Resources (ESDM) Susyanto said that the draft PP on tax on gross split oil and gas contracts has been completed.

"We are seeking the principle approval from the President," he said in Jakarta, Tuesday (11/7).

However, according to Susyanto, it can not be sure when the PP gross split oil tax contract is issued.

"You see, once the approval is obtained, the ESDM Ministry should still discuss it again with the Inter-Ministerial Committee (PAK)," he said.

He acknowledged, the process of issuing PP on tax contracts of gross split oil can be accelerated by only meeting one to two times only.

"Acceleration indeed needs to be done because the PP is needed for the auction of oil and gas blocks attracted investors. So, very, very

we expect for this period. Hope can be, "he said.

The government has held 15 oil and gas block auctions since the middle of this year. Due to lonely interest, the auction period is extended by the time limit of document access until 20 November 2017 and the submission of documents for maximum participation of 27 November 2017.

A total of 19 oil and gas companies have taken the auction documents, but not one of them has included a document of participation.

"No one has entered the document yet. Therefore, oil and gas companies are still waiting for PP on gross split tax, "he said.

Susyanto revealed, in principle, the points in the draft PP of oil and gas contracts gross split will not be changed again. It's just that the payment of indirect taxes that are substituted for additional split will not be included in the PP. This clause will be included in the Ministerial Regulation.

"Indirect tax is not regulated in the PP but submitted to the Ministry of Energy and Mineral Resources, because it is the authority of the minister of ESDM. So, it should not be regulated in the Government Regulation but submitted to the Ministry of Energy and Mineral Resources, because it is the authority of the minister of ESDM. So, it should not be regulated in the Government Regulation but regulated in the Ministerial Regulation, "he said.

However, that does not mean there will be a new derivative of the contract tax on oil and gas gross split. The Ministry of Energy and Mineral Resources will include a split addition clause in revision 52/2017 which is a revision of 8/2017 on the contract rules of oil and gas gross split scheme.

"Not making new, change 52/2017 alone, modified a bit," he said.

Separately, President Director of PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi explained, the PP gross split oil and gas contract tax is urgently issued. This regulation is needed to provide long-term business certainty.

"If there is no certainty, it will be difficult if the evaluation results will change again, especially regarding the tax problem," he said.

The same thing was stated by Pertamina Upstream Director Syamsu Alam. PP gross split oil and gas contract tax should be issued soon so that the rules of gross split taxation becomes clear because tax becomes one of the factors that affect the economy. Of course we also hope that the regulation can encourage investment programs that are currently required, especially in the upstream sector of oil and gas, "he said.

Give Incentives

Deputy Minister of EMR, Arcandra Tahar, acknowledged that the draft PP of oil and gas contract of gross split has been prepared. Two points that previously became a problem, namely the matter of indirect tax and the provision of deferred tax loss carry forward (tax loss carry forward), has been settled, following the agreement of the Ministry of Energy and Mineral Resources (Kemenkeu).

"For the draft PP gross split contract tax, inter-ministry has been settled," he said.

He explains, through the PP tax contract oil and gas gross split, the government will provide incentives to oil and gas companies. During the exploration period, oil and gas companies will be exempted from land and building tax (PBB) and import duties (BM). Oil and gas company according to Arcandra Tahar, will not be subject to indirect taxes during the exploration period, starting from the approval of the plan of development (POD) to the first oil production.

"After that (from first oil to break even point / BEP), if the economy is not enough to be compensated with split. Level the economics of this project is based on the calculations made during the compilation of POD, "said Arcandra.

He added that the replacement with the split would be a ministerial discretion of ESDM. Regarding the amount of split that will be given, there is no limit on certain numbers.

Not only that, according to Arcandra, investors will also get a facility deferred income tax payment for 10 years. That is because at the beginning of the oil and gas project, oil and gas companies have not yet earned revenue from the project. Furthermore, all expenses incurred until the first drops of oil are produced will be tax deductions for up to 10 years.

"Well, that's called accelerated depreciation. Later calculation formula is in the PP, "said Arcandra.

PP tax on oil and gas contracts gross split will complement about gros split. Arcandra previously stated that the internal rate of return (IRR) of oil and gas blocks using the gross split contract based on 52/2017 is no less competitive than the cost recovery contract.

In fact, in several oil and gas blocks, the simulation results show that IRR gross split contract is better than cost recovery. This condition, he said, is much better than when the gross split contract is still referring to the old Regulation, which is 8 / 2017. In the simulation, once the reference is changed to 52/2017, IRR oil and gas blocks rose significantly.

In some oil and gas blocks, IRR increases reach 2-5%. However, there are also oil and gas blocks whose IRR soared to 12%. On average, the oil and gas IRR increased 6.55%. The government hopes 52/2017 and the tax on gross split contracts will attract investors. The government is auctioning 15 oil and gas blocks, 10 conventional oil and gas blocks and five unconventional oil and gas blocks.

A total of 10 conventional oil and gas blocks have potential oil reserves of about 830 million barrels and 22 trillion cubic feet of gas. The oil potential for five non-conventional oil and gas blocks is about 640 million barrels and 17 trillion cubic feet of gas.

Oil and Gas Block

Conventional oil and gas blocks auctioned through direct offerings are the Andaman I and Iaman Block II offshore Aceh, South Tuna offshore Natuna, and Merak Lampung offshore and Banten mainland Lampung. Others are Pekawai off the coast of East Kalimantan, West Yamdena offshore and inland Maluku, and Kasuri III in West Papua.

The offered through regular auctions are the Tongko Block offshore Natuna, East Tanimbar off the coast of Maluku, and Mamberano on the mainland and off Papua monitor. Furthermore, three non-conventional oil and gas blocks are tendered through direct offer, namely MNK Jambi I in Jambi, MNK H in Jambi and Sumatera, and GMB West Air Komering in South Sumatra. Finally, GMB Raja and GMB Bungamas in South Sumatra are offered through regular auctions.

"Indirect taxes they pay. So, per project is different, "he said.

IN INDONESIA

PP Pajak Gross Split Tunggu Persetujuan Presiden

Pemerintah mempercepat penyusunan Peraturan Pemerintah (PP) tentang perpajakan yang dikenakan terhadap kontrak kerja sama (production sharing contract/ PSC) bagi hasil kotor (gross split). Regulasi baru ini diharapkan terbit sebelum lelang blok migas periode pertama 2017 berakhir pada 27 November.

Sekretaris Direktorat Jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) Susyanto menuturkan, draf PP tentang pajak kontrak migas gross split sudah rampung disusun. 

“Kami sedang meminta persetujuan prinsip dari Presiden,” kata dia di Jakarta, Selasa (11/7).

Meski demikian, menurut Susyanto, pihaknya tidak dapat memastikan kapan PP pajak kontrak migas gross split diterbitkan.

“Soalnya, begitu persetujuan diperoleh, Kementerian ESDM masih harus membahasnya lagi dengan Panitia Antar Kementerian (PAK),”

ujar dia.

Dia mengakui, proses penerbitan PP tentang pajak kontrak migas gross split bisa dipercepat dengan hanya melakukan rapat satu hingga dua kali saja. 

“Percepatan memang perlu dilakukan karena PP ini sangat dibutuhkan agar lelang blok migas diminati investor. Jadi, sangat-sangat kami harapkan untuk periode ini. Semoga bisa,” papar dia.

Pemerintah telah menggelar lelang 15 blok migas sejak pertengahan tahun ini. Karena sepi peminat, periode lelang diperpanjang dengan batas waktu akses dokumen sampai 20 November 2017 dan pemasukan dokumen partisipasi maksimal 27 November 2017.

Sebanyak 19 perusahaan migas sudah mengambil dokumen lelang, tetapi belum satu pun yang memasukkan dokumen partisipasi. 

“Belum ada yang memasukkan dokumen. Oleh karena itu, perusahaan migas masih menunggu PP tentang pajak gross split,” katanya.

Susyanto mengungkapkan, secara prinsip, poin-poin dalam draf PP pajak kontrak migas gross split tidak akan diubah lagi. Hanya saja, tentang pembayaran pajak-pajak tidak langsung (indirect tax) yang diganti tambahan bagi hasil (split) tidak akan dimasukkan dalam PP tersebut. Klausul ini bakal dimasukkan dalam Peraturan Menteri.

“Indirect tax tidak diatur di PP tetapi diserahkan kepada Kementerian ESDM, karena hal itu wewenang menteri ESDM. Jadi, tidak usah diatur di Peraturan Pemerintah tetapi diserahkan ke Kementerian ESDM, karena hal itu wewenang menteri ESDM. Jadi, tidak usah diatur di Peraturan Pemerintah tetapi diatur di Peraturan Menteri,” katanya.

Namun, bukan berarti bakal ada  baru turunan PP pajak kontrak migas gross split. Kementerian ESDM bakal memasukkan klausul penambahan split dalam revisi  52/2017 yang merupakan revisi  8/2017 tentang aturan kontrak migas skema gross split. 

"Tidak membuat baru, mengubah  52/2017 saja, diubah sedikit,” ucap dia.

Secara terpisah, Presiden Direktur PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi menjelaskan, PP pajak kontrak migas gross split sangat mendesak diterbitkan. Regulasi ini dibutuhkan untuk memberikan kepastian bisnis jangka panjang. 

“Kalau belum ada kepastian, akan sulit jika hasil evaluasi nanti berubah lagi, terutama menyangkut masalah tax-nya,” tegas dia.

Hal senada dikemukakan Direktur Hulu Pertamina Syamsu Alam. PP pajak kontrak migas gross split perlu segera diterbitkan sehingga aturan perpajakan gross split menjadi jelas karena pajak menjadi salah satu faktor yang memengaruhi keekonomian. Tentu kami juga berharap peraturan tersebut dapat mendorong program-program investasi yang memang saat ini diperlukan, terutama di sektor hulu migas,” ujar dia.

Beri Insentif

Wakil Menteri ESDM Arcandra Tahar mengakui, draf PP pajak kontrak migas gross split sudah selesai disusun. Dua poin yang sebelumnya menjadi masalah, yakni soal indirect tax dan ketentuan penangguhan pembayaran pajak penghasilan (tax loss carry forward), sudah diselesaikan, menyusul kesepakatan Kementerian ESDM dengan Kementerian Keuangan (Kemenkeu). 

“Untuk draf PP pajak kontrak gross split, antar kementerian sudah beres,” kata dia.

Dia menjelaskan, melalui PP pajak kontrak migas gross split, pemerintah akan memberikan insentif kepada perusahaan migas. Selama masa eksplorasi, perusahaan migas akan dibebaskan dari pajak bumi dan bangunan (PBB) dan bea masuk (BM). Perusahaan migas menurut Arcandra Tahar, tidak akan dikenai pajak-pajak tidak langsung selama masa eksplorasi, yakni mulai persetujuan rencana pengembangan (plan of development/ POD) hingga produksi minyak pertama (first oil).

“Setelah itu (dari first oil hingga break even point/ BEP), kalau keekonomiannya tidak cukup akan dikompensasikan dengan split. Tingkat keekonomian proyek ini berdasarkan hitungan semasa menyusun POD,” tutur Arcandra. 

Dia menambahkan, penggantian dengan split itu akan menjadi diskresi menteri ESDM. Mengenai besaran split yang akan diberikan, tidak ada batasan angka tertentu. 

“Sebesar (indirect tax) yang mereka bayarkan. Jadi, per proyek beda-beda,” ucap dia.

Tidak hanya itu, menurut Arcandra, investor juga akan memperoleh fasilitas penangguhan pembayaran pajak penghasilan selama 10 tahun. Itu karena pada awal proyek migas, perusahaan migas belum memperoleh pendapatan dari proyek yang dikerjakan. Selanjutnya, seluruh biaya yang dikeluarkan sampai dihasilkan tetes minyak pertama akan menjadi pengurang pajak sampai 10 tahun. 

“Nah, itu dinamakan depresiasi yang dipercepat. Nanti rumus perhitungannya ada di PP itu,” kata Arcandra.

PP pajak kontrak migas gross split bakal melengkapi  tentang gros split. Arcandra sebelumnya menyatakan, tingkat pengembalian investasi (internal rate of return/IRR) blok migas yang menggunakan kontrak gross split berdasarkan  52/2017 tidak kalah kompetitif dibandingkan kontrak cost recovery. 

Bahkan, pada beberapa blok migas, hasil simulasi menunjukkan IRR kontrak gross split lebih baik dibandingkan cost recovery. Kondisi ini, kata dia, jauh lebih baik dibandingkan ketika kontrak gross split masih mengacu Regulasi lama, yakni  8/ 2017. Pada simulasi itu, begitu acuannya diubah menjadi  52/ 2017, IRR blok migas naik signifikan. 

Di beberapa blok migas, kenaikan IRR mencapai 2-5%. Namun, ada juga blok migas yang IRR-nya melejit hingga 12%. Secara rata-rata, IRR blok migas naik 6,55%. Pemerintah berharap  52/ 2017 dan PP pajak kontrak gross split bakal menarik investor. Pemerintah sedang melelang 15 blok migas, 10 blok migas konvensional, dan lima blok migas nonkonvensional. 

Sebanyak 10 blok migas konvensional memiliki potensi cadangan minyak sekitar 830 juta barel dan gas 22 triliun kaki kubik. Sedangkan potensi minyak untuk lima blok migas nonkonvensional sekitar 640 juta barel dan gas 17 triliun kaki kubik.

Blok migas konvensional yang dilelang melalui penawaran langsung adalah Blok Andaman I dan Andaman II di lepas pantai Aceh, South Tuna di lepas pantai Natuna, serta Merak Lampung di lepas pantai dan daratan Banten Lampung. Lainnya adalah Pekawai di lepas pantai Kalimantan Timur, West Yamdena di lepas pantai dan daratan Maluku, dan Kasuri III di Papua Barat.

Adapun yang ditawarkan melalui lelang reguler yaitu Blok Tongko di lepas pantai Natuna, East Tanimbar di lepas pantai Maluku, dan Mamberano di daratan dan lepas pantau Papua. Selanjutnya tiga blok migas nonkonvensional dilelang melalui penawaran langsung, yakni MNK Jambi I di Jambi, MNK H di Jambi dan Sumatera, serta GMB West Air Komering di Sumatera Selatan. Terakhir, GMB Raja dan GMB Bungamas di Sumatera Selatan ditawarkan melalui lelang reguler.

Investor Daily, Page-1, Wednesday, Nov 8, 2017

Oil and Gas Company Appointed IPO

Companies engaged in oil and gas (oil and gas) are encouraged to conduct an Initial Public Offering (IPO). Currently not many energy companies are floating on the stock. Existing oil and gas companies include PT Perusahaan Gas Negara Tbk (PGAS) and PT Medco Energi Internasional Tbk (MEDC).

Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan expects more and more oil and gas companies to be willing to market on the exchange. There are some companies that are expected to do an IPO. For example, PT Pertamina and PT Perusahaan Listrik Negara (PLN). 

     Pertamina's highest revenue figure is Rp 700 trillion to Rp 800 trillion. Meanwhile, PLN achieves an average of Rp 300 trillion to Rp 350 trillion per year.

"If PLN IPO, the market capitalization value alone can be Rp 500 trillion.Valuation of PLN shares is also expensive, because Price to Earning Ratio (PER) of PLN is approximately 30 times," he said when opening trading on the Indonesia Stock Exchange (BEI) Alumni of Airlangga University in Jakarta (7/11).

Unfortunately, currently the Ministry of SOE has no plans for Pertamina and PLN IPO.

"It can only be a subsidiary such as PT Pertamina Hulu Energi and PT Pertamina Retail, so it depends on the Minister of State-Owned Enterprises, what is it like, I just appeal" said the alumnus of Airlangga University.

Asked about foreign companies such as PT Freeport Indonesia (PT FI), Jonan said that he would limit the space for his IPO. To be able to IPO, PT FI must first divest, after which then allowed to IPO.

Later, after the central government, the government in Papua and all that has 51 percent (shares of PT FI) cumulatively. Later should be thought of for an IPO in the future. Not for now (IPO), "he continued.

IN INDONESIA

Perusahaan Migas Diimbau IPO

Perusahaan-perusahaan yang bergerak di bidang minyak dan gas (migas) didorong untuk melakukan penawaran umum perdana saham atau Initial Public Offering (IPO). Saat ini belum banyak perusahaan energi yang melantai di bursa. Perusahaan migas yang sudah terbuka, antara lain PT Perusahaan Gas Negara Tbk (PGAS) dan PT Medco Energi Internasional Tbk (MEDC). 

Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan berharap semakin banyak perusahaan migas yang mau melantai di bursa. Ada beberapa perusahaan yang diharapkan bisa melakukan IPO. Misalnya PT Pertamina dan PT Perusahaan Listrik Negara (PLN). 

     Angka pendapatan tertinggi Pertamina Rp 700 triliun hingga Rp 800 triliiun. Sedangkan PLN rata-rata meraih pendapatan Rp 300 triliun sampai Rp 350 triliun per tahun.

"Jika PLN IPO, nilai kapitalisasi pasarnya saja bisa Rp 500 triliun. Valuasi saham PLN juga mahal, karena Price to Earning Ratio (PER) PLN kira-kira mencapai 30 kali,” katanya saat membuka perdagangan di Bursa Efek Indonesia (BEI) bersama Ikatan Alumni Universitas Airlangga di Jakarta (7 /11).

Sayangnya, saat ini Kementerian BUMN belum memiliki rencana untuk IPO Pertamina dan PLN.

"Yang bisa hanya anak usahanya seperti PT Pertamina Hulu Energi dan PT Pertamina Retail. Nah, itu bergantung pada Menteri BUMN,  maunya seperti apa, saya hanya mengimbau" ujar alumnus Universitas Airlangga tersebut.

Ditanya soal perusahaan asing seperti PT Freeport Indonesia (PT FI), Jonan mengaku bakal membatasi ruang gerak IPO-nya. Untuk bisa IPO, PT FI harus terlebih dahulu melakukan divestasi, setelah itu kemudian diperbolehkan untuk IPO. 

Nanti, setelah pemerintah pusat, pemerintah di wilayah Papua dan segala macam itu punya 51 persen (saham PT FI) secara kumulatif. Nanti semestinya dipikirkan untuk IPO di kemudian hari. Tidak untuk sekarang (IPO-nya)," lanjutnya. 

Jawa Pos, Page-5, Wednesday, Nov 8, 2017