Glimmer of Hope in Upstream Oil and Gas

The investment passion around oil and gas that previously faded is believed to increase in the first half of 2018,

crude oil prices.

Executive Director of Indonesia Petroleum Association (IPA) Marjolijn Wajong said that oil price hike is one of the drivers of investment in the oil and gas sector, especially for the exploitation work areas that have started spraying oil. According to him, the upstream oil and gas investment has not been seen directly in the first half of this year.

"signs of commencement upstream oil and gas investment will begin to be felt in the third quarter and fourth quarter. The upward trend will begin to appear at the end of the third quarter, "Marjolijn said.

For unexploded exploration work areas, Wajong said the period of rising oil prices will only have an impact on the spirit of finding new reserves.

"Because the exploration process takes years," She said

Based on data from the Upstream Oil and Gas Upstream Business Unit (SKK Migas), the realization of upstream oil and gas investment in January-May 2018 amounted to US $ 3.7 billion or 26 percent of the 2018 target of US $ 14.2 billion.

Data from the Ministry of Energy and Mineral Resources noted that the total upstream oil and gas investment is starting to decline from US $ 20.37 billion in 2013 to US $ 10.26 billion in 2017. Wajong believes that the new phase is usually starting to prepare investment planning in the first half of 2015 so that investment in the sector is still low . 

    

     So far, the increase in oil prices since the beginning of this year has contributed positively to the state revenues from the oil and gas sector. The realization of state revenue from the oil and gas sector during the period of January to May 2018 reached US $ 6.9 billion or 58% of this year's target of US $ 11.9 billion. Head of SKK Migas Amien Sunaryadi said the construction of operating facilities could increase oil and gas investment.

"One of the POD [plan of development, Merakes has been completed and has an investment value of US $ 1.05 he said.

Head of Program and Communication Division of SKK Migas Wisnu Prabowo Taher stated that the low level of realization of oil and gas investment is triggered by seasonal factors. Generally, in the first half of the planned programs are still waiting for the schedule of operations. So, like drilling schedule, waiting for rig preparedness, and land preparation. We have not put it into investment because there is no cost incurred, "he said.

Wisnu estimates that drilling and other activities are more intensive in the second half of 2018 than in the previous semester. According to him, the level of oil and gas investment will potentially increase after the Ministry of ESDM gives certainty of new contract on termination block. In total, 2018 has signed a total commitment of 2017 and 2018 direct appointment schemes, as well as new contracts of oil and gas blocks terminated 2018 and 2019 worth US $ 933.66 million. Throughout the year, Indonesia has recorded a definite commitment with a total value of US $ 933.66 million.

INVESTMENT MOMENTUM

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources Djoko Siswanto also said that oil and gas investment trends are starting to stretch in the second half of 2018, especially in the third and fourth quarters. Oil and gas investment will also be raised by the auction of work area and a definite commitment from the new contract block whose contract is over. 

      Djoko stressed that world oil price hike should be a big momentum for oil and gas contractors to start investing. Meanwhile, members of Commission VII of the House of Representatives Kurtubi considered legal protection in the form of law does not support upstream oil and gas investment even though oil prices continue to rise. Currently, the revision of Law no. 22/2001 on Oil and Gas is still not completed in the Legislation Board.

"If, we [Commission VII] have completed it, but stopped at the Legislation almost a year," he said.

Kurtubi said the lack of legal protection that makes investors hesitate to invest in Indonesia. According to him, the government can issue a Law Enforcement Regulation (Perppu) to speed up the revision of the legal protection.

"In addition, the issue of licensing and tax collection during the exploration period became another problem that made oil and gas investment not too attractive."

IN INDONESIA

Secercah Harapan di Hulu Migas

Gairah investasi di sekitar minyak dan gas bumi yang sebelumnya meredup diyakini meningkat pada semester ll/201 8, menyusul terus naiknya

harga minyak mentah dunia.

Direktur Eksekutif Indonesia Petroleum Asociation (IPA) Marjolijn Wajong mengatakan kenaikan harga minyak menjadi salah satu pendorong gairah investasi sektor migas, khususnya untuk wilayah kerja eksploitasi yang sudah mulai menyemburkan minyak. Menurutnya, gairah investasi hulu migas memang belum terlihat langsung pada semester pertama tahun ini.

“tanda-tanda investasi hulu migas akan mulai terasa pada kuartal ketiga dan kuartal keempat. Tren kenaikan akan mulai nampak pada akhir kuartal ketiga," kata Marjolijn.

Untuk wilayah kerja eksplorasi yang belum berproduksi, Wajong menyatakan periode kenaikan harga minyak hanya akan berdampak pada semangat dalam mencari cadangan baru. 

“Soalnya proses eksplorasi membutuhkan waktu bertahun-tahun,” ujarnya

Berdasarkan data Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas), realisasi investasi hulu migas periode Januari-Mei 2018 senilai US$3,7 miliar atau 26% dari target 2018 senilai US$14,2 miliar.

Data Kementerian ESDM mencatat total investasi hulu migas mulai turun, dari US$ 20,37 miliar pada 2013 menjadi tinggal US$10,26 miliar pada 2017. Wajong meyakini  biasanya baru tahap mulai menyiapkan perencanaan investasi pada semester I 2015 sehingga investasi di sektor itu masih rendah. 

    Sejauh ini, peningkatan harga minyak sejak awal tahun ini telah berkontribusi positif terhadap pendapatan negara dari sektor migas. Realisasi penerimaan negara dari sektor migas selama periode Januari-Mei 2018 mencapai US$ 6,9 miliar atau 58% dari target tahun ini US$ 11,9 miliar. Kepala SKK Migas Amien Sunaryadi mengatakan pembangunan fasilitas operasi dapat menaikkan investasi migas.

"Salah satu POD [plan of development, Merakes sudah rampung dan memiliki nilai investasi US$1,05   ujarnya.

Kepala Divisi Program dan Komunikasi SKK Migas Wisnu Prabowo Taher menyatakan rendahnya tingkat realisasi investasi migas dipicu faktor musiman. Umumnya, pada paruh pertama program-program yang direncanakan masih menunggu jadwal operasi. Jadi, seperti jadwal pengeboran, menunggu kesiapan rig, dan persiapan lahan. Kami belum memasukkannya menjadi investasi karena memang belum ada biaya yang dikeluarkan,” ujarnya.

Wisnu memperkirakan pengeboran dan aktivitas lainnya lebih gencar digarap pada semester II/2018 dibandingkan dengan semester sebelumnya. Menurutnya, tingkat investasi migas berpotensi bertambah setelah Kementerian ESDM memberikan kepastian kontrak baru pada blok terminasi. 

     Secara total, pada 2018 sudah ditandatangani total komitmen pasti dari lelang 2017 dan 2018 skema penunjukan langsung, serta kontrak baru blok migas terminasi 2018 dan 2019 senilai US$ 933,66 juta. Sepanjang tahun berlalu, Indonesia sudah mencatatkan komitmen pasti dengan total nilai US$ 933,66 juta.

MOMENTUM INVESTASI

Dirjen Migas Kementerian ESDM Djoko Siswanto juga mengatakan tren investasi migas mulai ada tanda-tanda pada semester II/2018, terutama kuartal ketiga dan kuartal keempat. Investasi migas pun bakal bisa dinaikkan dengan adanya lelang wilayah kerja dan komitmen pasti dari kontrak baru blok yang kontraknya sudah berakhir. 

     Djoko menegaskan kenaikan harga minyak mentah dunia semestinya menjadi momentum besar para kontraktor migas untuk mulai mengeluarkan investasi. Sementara itu, anggota Komisi VII Dewan Perwakilan Rakyat Kurtubi menilai perlindungan hukum berupa undang-undang belum mendukung investasi hulu migas meskipun harga minyak terus naik. Saat ini, revisi Undang-Undang No. 22/2001 tentang Migas masih belum selesai di Badan Legislasi. 

“Kalau, kami [Komisi VII] sudah merampungkannya, tapi berhenti di badan Legislasi hampir setahun,” ujarnya.

Kurtubi mengatakan tidak kuatnya perlindungan hukum itu membuat investor pun ragu menanamkan modalnya di Indonesia. Menurutnya, pemerintah bisa mengeluarkan Peraturan Pengganti Undang-undang (Perppu) untuk mempercepat revisi perlindungan hukum tersebut.

“Selain itu, persoalan perizinan dan pungutan pajak pada masa eksplorasi pun jadi masalah lain yang membuat investasi migas belum terlalu menarik.” 

Bisnis Indonesia, Page-1, Friday, June 8, 2018

6 Interested Contractors

Contractors in six oil and gas working areas to be exhausted by contract or termination in 2020 are still interested in continuing to manage the block. Based on data from the Ministry of Energy and Mineral Resources (ESDM), six oil and gas blocks will be terminated in 2020, including South Jambi Block B, Brantas, Bird Head, Makassar Strait, Malaka Strait and Onshore Salawati Basin. The Ministry of Energy and Mineral Resources is assessing the terms and conditions for the new contracts in the six oil and gas blocks. The new terms and conditions will be established.

Director of Upstream Oil and Gas Business Development of the Ministry of Energy and Mineral Resources, Ediar Usman, said that the termination term and termination requirements of the termination block in 2020 will be used for six oil and gas working areas.

"Later, we will set in the week he said.

Of the six blocks of oil and gas termination, Makassar Strait Block is likely to be postponed first. Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto, said that so far the majority of operators are still interested in renewing the oil and gas block contract that will be terminated in 2020. However, the Makassar Strait Block has so far no submission for contract extension.

"The operators exist [Makassar Strait] ie Chevron, still ask for time for the submission process. So, so far there has been no contract extension, "he said.

The ESDM Ministry expects Chevron to immediately apply for a new contract extension with a gross split scheme in Makassar Strait. The ESDM Ministry will wait until the second week of this month in connection with the proposed renewal of the new contract. In addition, PT Pertamina (Persero) did not volunteer as an operator in the Bird's Head Block and Salawati. If the two blocks are not combined, Pertamina is not interested in managing the two areas. Djoko said, the two blocks will be managed by Petrogas who also operators exist in the region. Thus, the working area remains two, but the operator is one.

"Later, Pertamina will still participate there by having a participating interest (PI) of 30% each in both blocks," he said.

He explained that currently Salawati Block has oil and gas production of about 1,200 barrels of oil equivalent per day (boepd), while the Bird's Head Block is 4,500 boepd. Pertamina previously had 50% ownership in Salawati, while in Bird's Head only 10%.

"So, Pertamina asked for additional PI in Bird's Head to 30%, while ownership in Salawati decreased to 30%. However, the operator is welcome to Petrogas, "he explained.

Djoko explained, after the determination later, Petrogas will be negotiating with Petrochina to participate there. Other terminating oil and gas blocks namely South Jambi B, Brantas, and Malacca will continue to return to existing operators. Djoko explained that South Jambi Block has already filed a new contract from Petrochina. The Malacca Strait block has already been submitted from EMP Malacca Strait S.A.

"Then, Brantas Block also suda no submission from existing operators namely Lapindo," he explained.

termination block

All of these 2020 termination block contracts will use a gross split scheme. This will complement the number of oil and gas blocks whose contract schemes shift from cost-sharing to gross split. To date, there are 11 oil and gas blocks that use the gross split controversial scheme, Offshore North West Java (ONWJ), Tuban Block, Ogan Komering, Sanga-sanga, Southeast Sumatra, Attaka-East Kalimantan, North Sumatra Offshore, Pendopo & Raja, Jambi Merang, Bula, and Seram non-Bula.

IN INDONESIA

6 Kontraktor Berminat

Kontraktor di enam wilayah kerja minyak dan gas bumi yang akan habis kontrak atau terminasi pada 2020 masih tertarik untuk terus mengelola blok tersebut. Berdasarkan data Kementerian Energi dan Sumber Daya Mineral (ESDM), enam blok minyak dan gas bumi (migas) yang akan terminasi pada 2020 antara lain Blok South Jambi Blok B, Brantas, Kepala Burung, Makassar Strait, Malaka Strait, dan Onshore Salawati Basin. Kementerian ESDM sedang menyustur syarat dan ketentuan untuk kontrak baru di enam blok migas itu. Ketentuan dan syarat baru itu akan ditetapkan.

Direktur Pembinaan Usaha Hulu Migas Kementerian ESDM Ediar Usman mengatakan, penetapan syarat dan ketentuan kontrak baru blok terminasi pada 2020 akan digunakan untuk enam wilayah kerja migas.

“Nanti, kami akan tetapkan pada pekan  ujarnya.

Dari enam blok migas terminasi itu, Blok Makassar Strait kemungkinan akan ditunda terlebih dulu penetapannya. Dirjen Migas Kementerian ESDM Djoko Siswanto mengatakan, sejauh ini mayoritas operator eksis tetap tertarik memperbarui kontrak blok migas yang akan terminasi pada 2020. Namun, Blok Makassar Strait sejauh ini belum ada pengajuan untuk perpanjangan kontrak.

“Operator eksis [Makassar Strait] yakni Chevron, masih meminta waktu untuk proses pengajuan. Jadi, sejauh ini belum ada perpanjangan kontrak.,” ujarnya.

Kementerian ESDM mengharapkan agar Chevron bisa segera secepatnya mengajukan perpanjangan kontrak baru dengan skema bagi hasil kotor (gross split) di Makassar Strait. Kementerian ESDM akan menunggu sampai pekan kedua bulan ini terkait dengan pengajuan perpanjangan kontrak baru tersebut. Selain itu, PT Pertamina (Persero) tidak mengajukan diri sebagai operator di Blok Kepala Burung dan Salawati. Jika kedua blok itu tidak digabung, Pertamina tidak tertarik untuk mengelola kedua wilayah itu. Djoko mengatakan, kedua blok itu nantinya akan dikelola oleh Petrogas yang juga operator eksis di wilayah itu. Jadi, wilayah kerja tetap dua, tetapi operatornya satu.

“Nanti, Pertamina tetap akan berpartisipasi di sana dengan memiliki PI [participating interest/saham partisipasi] masing-masing 30 % di kedua blok tersebut,” ujarnya.

Dia menjelaskan, saat ini Blok Salawati memiliki produksi migas sekitar 1.200 barel setara minyak per hari (boepd), sedangkan Blok Kepala Burung sebesar 4.500 boepd. Pertamina sebelumnya memiliki 50% kepemilikan di Salawati, sedangkan di Kepala Burung hanya 10%.

“Jadi, Pertamina minta tambahan PI di Kepala Burung menjadi 30%, sedangkan kepemilikan di Salawati turun menjadi 30%. Namun, operatornya dipersilahkan kepada Petrogas,” jelasnya.

Djoko menjelaskan, setelah penetapan nanti, Petrogas pun akan negosiasi dengan Petrochina untuk ikut berpartisipasi di sana. Blok migas terminasi lainnya yakni South Jambi B, Brantas, dan Malaka akan tetap kembali ke operator existing. Djoko menjelaskan, Blok South Jambi sudah ada pengajuan kontrak baru dari Petrochina. Blok Malaka Strait sudah ada pengajuan dari EMP Malacca Strait S.A. 

“Lalu, Blok Brantas juga suda ada pengajuan dari operator eksisnya yakni Lapindo,” jelasnya. 

Semua kontrak blok terminasi 2020 ini akan menggunakan skema gross split. Hal itu akan melengkapi jumlah blok migas yang skema kontraknya beralih dari bagi hasil bersih (cost recovery) menjadi gross split. Sampai saat ini, ada 11 blok migas yang menggunakan skema kontlak gross split, yakni Offshore North West Java (ONWJ), Blok Tuban, Ogan Komering, Sanga-sanga, Southeast Sumatra, Attaka-East Kalimantan, North Sumatra Offshore, Pendopo & Raja, Jambi Merang, Bula, dan Seram non-Bula.

Bisnis Indonesia, Page-30, Thursday, June 7, 2018

Saudi Raises Reference Oil Prices in Asia

Saudi Arabia, the world's biggest oil exporter, raised the price of reference crude oil to buyers in Asia to its highest level since 201 A driven by continued demand.

Saudi Arabia's Arabian Oil Co. raised the official selling price for Arab Light crude oil with July's delivery schedule to the Asian market area of ​​US $ 20 cents, pushing the price increase to $ 2.10 a barrel. The company's move to raise prices three times in a row triggered the price of oil to its highest level since 2014. Aramco, one of Saudi Arabian producers, increased the gap by about US $ 34 cents as predicted by traders compiled by Bloomberg.

Bloomberg data show that light and medium grade oil from Aramco will soon be sold to Asia with the largest price increase since 2014. Meanwhile, heavyweight oil will trade at the highest price since 2012. The company raised prices in Asia to balance the shrinking of OPEC members Venezuela and Iran from supply in the market are expected to decline in the next few months.

Venezuela's oil production plunges 1 million barrels per day, compared with 2015 due to political issues and financial turmoil. Meanwhile, US sanctions to Iran have asked the oil producers to reduce exports in the same amount, 1 million barrels per day.

"The high oil prices suggest that the Saudis may feel in a stronger position as production in Venezuela and Iran will decline," said Olivier Jakob, Managing Director of Consultant Petromatrix, quoted from Bloomberg.

The latest oil price announcement from Saudi Arabia for its monthly exports provides an early indication of how producers in the Gulf region see market movements. By setting the official selling price (OSP), between higher or lower month to month. The Saudis signal strongly or weakly the view of producers on global demand. Other Middle Eastern producers use prices from Saudi Arabia as a reference.

Aramco is known to increase oil prices for all types of petroleum to the northwestern part of Europe and the Mediterranean region, and almost to all types of oil for the US market. For the American continent, oil demand has risen in the summer as US oil miners seek to supply for the driving season in the US and other regions. Consumption of oil from Saudi Arabia can increase up to two-fold because in that country oil is used to power the air conditioner.

In Asia, Aramco has been in dispute with major buyers in China for months because of a barrel price change. Sinopec, one of the world's largest oil processing companies, cut Saudi oil purchases in May and June as prices were overvalued. Sinopec, otherwise known as China Petroleum 81 Chemical Corp., bought crude from its subsidiary, China International United Petroleum & Chemicals Co. (Unipec).

MOBILE MOVEMENT

Oil prices have risen since the Organization of the Petroleum Exporting Countries (OPEC) and its allied producers began cutting output in January 2017 to shrink global supply surplus. After Brent crude oil prices reached US $ 80 per barrel last month, Saudi Arabia and Russia volunteered to increase production this year in order not to bring the impact of rising prices to consumers higher. Manufacturers in the Middle East are now competing with cargo from Latin America, North Africa, Russia, and US inventory increases to serve buyers from Asia. Most oil producers fix the price of oil by a margin above or below the reference oil price.

For Asia, the benchmark is at the average price of Oman and Dubai oil. Meanwhile, West Texas Intermediate oil prices rose for the first time in four sessions on the back of expectations that the US government is predicted to report a shrinking domestic oil supply. In trading Wednesday (6/6), WTI oil prices rose 0.29 points or 0.44% to US $ 65.81 per barrel, up 8.92% during the year.

Brent Futures oil rose 0.50 points, or 0.66 percent, to $ 75.88 a barrel and up 13.47 percent year-on-year (ytd). Brent oil sold US $ 10.07 premium from WTI.

"The increase in prices from US oil wells requires that US oil needs more exports," said Bob Yawger, Trade Director Futures Mizuho Securities USA Inc, in New York.

Earlier, Brent oil had traded at its lowest price from several sessions, as the US asked OPEC and allied producers to increase production by 1 million barrels per day.

"People are still paying attention to OPEC talks that are planning to raise production, and think that other oils can still compete with Brent, that's why Brent prices have fallen," said Michael Lynch, President of Stegic Enegry 82 Economic Research at Winchester.

IN INDONESIA

Saudi Naikkan Acuan Harga Minyak di Asia

Arab Saudi, pengekspor minyak terbesar dunia, menaikkan harga minyak mentah acuan untuk pembeli di kawasan Asia ke level tertinggi sejak 201 A terdorong oleh permintaan yang terus menguat.

Perusahaan milik Arab Saudi, Arabian Oil Co., meningkatkan harga jual resmi untuk minyak mentah jenis Arab Light dengan jadwal pengiriman Juli ke wilayah pasar Asia sebanyak US$20 sen sehingga mendorong kenaikan harga menjadi US$ 2,10 per barel. Tindakan perusahaan untuk menaikkan harga tiga kali berturut-turut memicu harga minyak itu ke level tertinggi sejak 2014. Aramco, salah satu produsen Arab Saudi, meningkatkan selisihnya sekitar US$ 34 sen sesuai hasil perkiraan trader yang disusun oleh Bloomberg.

Data Bloomberg menunjukkan, minyak kelas ringan dan sedang dari Aramco segera dijual ke Asia dengan kenaikan harga terlebar sejak 2014. Sementara itu, minyak kelas berat akan diperdagangkan dengan harga tertingginya sejak 2012. Perusahaan itu meningkatkan harga di kawasan Asia untuk menyeimbangkan penyusutan produksi anggota OPEC yakni Venezuela dan Iran dari pasokan di pasar yang diperkirakan semakin menipis dalam heberapa bulan ke depan.

Produksi minyak Venezuela anjlok 1 juta barel per hari, dibandingkan dengan pada 2015 karena isu politik dan kekacauan finansial. Sementara itu, sanksi AS ke Iran telah meminta produsen minyak itu untuk mengurangi ekspor dalam jumlah yang sama, 1 juta barel per hari.

“Tingginya harga minyak menunjukkan bahwa Saudi mungkin merasa berada di posisi yang lebih kuat karena produksi di Venezuela dan Iran akan menurun,"

ungkap Olivier Jakob, Direktur Pengelola Konsultan Petromatrix, dikutip dari Bloomberg.

Pengumuman harga minyak terbaru dari Arab Saudi untuk ekspor bulanannya memberikan indikasi awal tentang bagaimana produsen di wilayah Teluk melihat pergerakan pasar. Dengan menetapkan harga jual resmi (oflicial selling prices/OSP), antara lebih tinggi atau lebih rendah dari bulan ke bulan. Saudi mengisyaratkan kuat atau lemahnya pandangan produsen pada permintaan global. Produsen Timur Tengah lainnya menggunakan harga dari Arab Saudi sebagai acuan.

Aramco diketahui meningkatkan harga minyak untuk seluruh jenis petroleum ke bagian Barat laut Eropa dan wilayah Mediterania, serta hampir ke seluruh jenis minyak untuk pasar AS. Untuk wilayah benua Amerika, permintaan minyak mengalami kenaikan pada saat musim panas karena penambang minyak AS berupaya memasok untuk persiapan musim berkendara di AS dan wilayah lain. Konsumsi minyak dari Arab Saudi dapat mengalami peningkatan hingga dua kali lipat karena di negara itu minyak digunakan untuk menyalakan alat pendingin udara.

Di Asia, Aramco terlibat perselisihan dengan pembeli utama di China selama berbulan-bulan karena perubahan harga per barel. Sinopec, salah satu perusahaan pengolah minyak terbesar dunia, memangkas pembelian minyak Saudi pada Mei dan Juni karena harga yang dinilai terlalu tinggi. Sinopec, atau dikenal sebagai China Petroleum 81 Chemical Corp., membeli minyak mentah dari cabangnya, China International United Petroleum & Chemicals Co (Unipec).

PERGERAKAN BURSA

Harga minyak telah mengalami kenaikan sejak organisasi negara pengekspor minyak mentah (OPEC) dan produsen sekutunya mulai memangkas hasil produksi pada januari 2017 untuk menyusutkan kelebihan pasokan global. Setelah harga minyak Brent mencapai US$ 80 per barel pada bulan lalu, Arab Saudi dan Rusia mengajukan diri untuk meningkatkan produksi pada tahun ini agar tidak membawa dampak kenaikan harga ke konsumen semakin tinggi. 

     Produsen di Timur Tengah kini bersaing dengan kargo dari Amerika Latin, Afrika Utara, Rusia, dan kenaikan persediaan AS untuk melayani pembeli dari Asia. Kebanyakan produsen minyak itu menetapkan harga minyak dengan selisih di atas atau di bawah harga minyak acuan.

Untuk Asia, acuannya berada di rata-rata harga minyak Oman dan Dubai. Sementara itu, harga minyak West Texas Intermediate naik untuk pertama kalinya dalam empat sesi lantaran terdorong oleh ekspektasi bahwa pemerintah AS diprediksi melaporkan penyusutan pasokan minyak domestik. Pada perdagangan Rabu (6/6), harga minyak WTI tercatat naik 0,29 poin atau 0.44% menjadi US$65.81 per barel, naik 8,92% selama tahun ini.

Minyak Brent Futures naik 0,50 poin atau 0,66% menjadi US$75,88 per barel dan naik 13,47% secara year-to-date (ytd). Minyak Brent dijual US$10.07 premium dari WTI. 

"Kenaikan harga dari sumur minyak AS mengsyaratkan bahwa minyak AS membutuhkan lebih banyak ekspor," kata Bob Yawger, Direktur Perdagangan

Berjangka Mizuho Securities USA Inc, di New York.

Sebelumnya, minyak Brent sempat diperdagangkan pada harga terendahnya dari beberapa sesi, saat AS meminta OPEC dan produsen sekutu untuk meningkatkan produksi hingga 1 juta barel per hari. 

"Orang-orang masih memperhatikan pembicaraan OPEC yang berencana menaikkan produksi, dan berpikir bahwa minyak lain masih bisa bersaing dengan Brent, alasan itu yang membuat harga Brent sempat jatuh," ujar Michael Lynch, Presiden Stategic Enegry 82 Economic Research di Winchester.

Bisnis Indonesia, Page-16, Thursday, June 7, 2018

Pertamina Begins Sharedown Process Right of Participation in Termination Block

PT Pertamina (Persero) has initiated a process of sharedown or partial disposal of participating interest (PI) in termination of oil and gas blocks that have been assigned to the company. The Company expects to have a sharedown process completed this year. Upstream Director of Pertamina Syamsu Alam said the bidding process starts from the oil and gas block where the company's production shafing contract (PSC) is already effective.

The reason, even though the PSC for ten oil and gas blocks have been signed but the contract has not been fully operational since the existing contracts of several oil and gas blocks are still valid. The offer of such participation rights will be phased in accordance with the effectiveness of Pertamina's contract.

"It's started (sharedown), is being prioritized. Of course, we have a contract, "he said.

Working Area Oil and Gas

As reported previously, Pertamina has signed a contract for 11 oil and gas blocks that ended its contract in 2017-2019. For 2018 terminating oil and gas blocks, Pertamina is granted 100% rights over eight blocks, namely Tuban, Ogan Komering, Sanga-Sanga, Southeast Sumatera (SES), North Sumatra Offshore (NSO), East Kalimantan, Attaka and Central Blocks. 

    For blocks that have terminated the old contract and the new contract is effective is the Tuban Block, Ogan Komering, and Attaka. However, the management of the Attaka Block is combined with the East Kalimantan Block whose contract has just been terminated on 24 October.

Subsequently, the Sanga-Sanga Block contract will run out on August 7, SES on September 5, Middle on October 4, and NSO on October 15. For the other two blocks assigned to Pertamina are the Jambi Merang and Raja-Pendopo Blocks. 

     However, the existing contract of both oil and gas blocks has just been completed next year. Thus, Pertamina's contract has just started to be effective next year. Another effective Pertamina contract is for the Mahakam Block. The effective termination block participation contract is targeted for completion this year.

"We expect something to be done this year," Alam said.

Separately, Director General of Oil and Gas of the Ministry of Energy and Mineral Resources (ESDM) Djoko Siswanto said that many oil and gas companies are interested in purchasing termination block participation rights offered by Pertamina. Some of the oil and gas blocks of Pertamina that interest other oil and gas companies are Mahakam Block, Sanga-Sanga, East Kalimantan and Jambi Merang.

"In Jambi Merang, Repsol and Pacific Oil are interested. Inpex is interested in the Mahakam Block. In Sanga-Sanga, Saka Energy is interested. East Kalimantan, many private companies want to, "he said.

However, the oil and gas company has not officially started negotiations with Pertamina. Because the oil and gas company is waiting Pertamina open the purchase of rights of participation. Pertamina itself is doing the valuation of the rights of the sold participation.

"Pertamina still asks for price valuation and must approve the Regional Finance Management Board (BPKD) and the Attorney General Office, so as not to be mistaken, so as not to be mistaken for BUMN," Djoko said.

Mahakam block

Meanwhile, Syamsu Alam confirmed that Total E & P Indonesie has long declared no interest in joining the Mahakam Block.

"There must be no communication with Total E & P related Mahakam," he said.

Unlike Total, lnpex Corporation Japan, which is a Total E & P Indonesie partner for 50 years working on the Mahakam Block, still wants to be involved in managing the oil and gas block in East Kalimantan. This Inpex interest has been submitted to Pertamina.

"There is communication with us if lnpex wants to participate in the Mahakam Block," Alam said.

In May last year, Total expressed interest in having a share of participation in the Mahakam Block. However, Total wants share ownership of up to 39%, above Pertamina's 30% removable stock limit. This 39% share is a joint for Total and Inpex Corporation which each have a share of 19.5%, if the proposal is approved.

IN INDONESIA

Pertamina Mulai Proses Sharedown Hak Partisipasi di Blok Terminasi

PT Pertamina (Persero) telah memulai proses sharedown atau pelepasan sebagian kepemilikan saham partisipasi (participating interest/PI) di blok migas terminasi yang telah ditugaskan ke perseroan. Perseroan berharap ada proses sharedown yang selesai pada tahun ini. Direktur Hulu Pertamina Syamsu Alam mengatakan, proses penawaran hak partisipasi ini dimulai dari blok migas di mana kontrak kerja sama (production shafing contract/ PSC) perseroan yang sudah berlangsung efektif. 

Pasalnya, meski PSC untuk sepuluh blok migas itu sudah ditandatangani namun kontrak belum seluruhnya beroperasi efektif mengingat kontrak eksisting beberapa blok migas masih berlaku. Sehinggal penawaran hak partisipasi tersebut akan dilakukan bertahap sesuai dengan efektifnya kontrak Pertamina. 

“Sudah dimulai (sharedown), sedang disusun prioritasnya. Tentu yang ditawarkan, kami sudah punya kontraknya,” kata dia.

Seperti diberitakan sebelumnya, Pertamina telah menandatangani kontrak untuk 11 blok migas yang berakhir kontraknya pada 2017-2019. Untuk blok migas terminasi 2018, Pertamina diberi hak 100% atas delapan blok, yakni Tuban, Ogan Komering, Sanga-Sanga, Southeast Sumatera (SES), North Sumatera Offshore (N SO), East Kalimantan, Attaka, dan Blok Tengah. Untuk blok yang telah berakhir kontrak lamanya dan kontrak baru berlaku efektif adalah Blok Tuban, Ogan Komering, dan Attaka. Namun, pengelolaan Blok Attaka digabung dengan Blok East Kalimantan yang kontraknya baru saja terminasi pada 24 Oktober nanti. 

Selanjutnya, kontrak Blok Sanga-Sanga akan habis pada 7 Agustus, SES pada 5 September, Tengah pada 4 Oktober, dan NSO pada 15 Oktober. Untuk dua blok lain yang ditugaskan ke Pertamina adalah Blok Jambi Merang dan Raja-Pendopo. Namun, kontrak eksisting kedua blok migas ini baru saja selesai pada tahun depan. Sehingga, kontrak Pertamina baru saja mulai efektif pada tahun depan. Satu lagi kontrak Pertamina yang sudah berlaku efektif adalah untuk Blok Mahakam. Penawaran hak partisipasi blok terminasi yang sudah efektif kontrak Pertamina tersebut ditargetkan selesai tahun ini. 

“Kami harapkan ada yang bisa selesai tahun ini,” tegas Alam.

Di tempat terpisah, Direktur Jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) Djoko Siswanto menuturkan, banyak perusahaan migas yang berminat membeli hak partisipasi blok terminasi yang ditawarkan oleh Pertamina. Beberapa blok migas Pertamina yang diminati perusahaan migas lain tersebut adalah Blok Mahakam, Sanga-Sanga, East Kalimantan, dan Jambi Merang.

“Di Jambi Merang, Repsol dan Pacific Oil berminat. Inpex berminat di Blok Mahakam. Di Sanga-Sanga, Saka Energi berminat. East Kalimantan, perusahaan swasta banyak yang mau,” kata dia.

Meski demikian, perusahaan migas tersebut belum resmi mulai negosiasi dengan Pertamina. Pasalnya, perusahaan migas ini menunggu Pertamina membuka penawaran pembelian hak partisipasi. Pertamina sendiri sedang melakukan valuasi hak partisipasi yang dijual itu. 

“Pertamina masih minta valuasi harga dan harus approve Badan Pengelola Keuangan Daerah (BPKD) dan Kejaksaan, supaya tidak salah, agar tidak dikira merugikan BUMN,” kata Djoko.

Blok Mahakam 

Sementara itu, Syamsu Alam membenarkan bahwa Total E&P Indonesie sudah sejak lama menyatakan tidak berminat bergabung mengelola Blok Mahakam. 

“Yang pasti sudah tidak ada komunikasi dengan Total E&P terkait Mahakam,” kata dia.

Namun berbeda dengan Total, lnpex Corporation Japan yang merupakan mitra Total E&P Indonesie selama 50 tahun menggarap Blok Mahakam, tetap ingin terlibat dalam pengelolaan blok migas di Kalimantan Timur tersebut. Minat Inpex ini telah disampaikan kepada Pertamina. 

“Ada komunikasi dengan kami kalau lnpex ingin berpartisipasi di Blok Mahakam,” tutur Alam.

Pada Mei tahun lalu, Total menyatakan berminat memiliki saham partisipasi di Blok Mahakam. Namun, Total menginginkan kepemilikan saham hingga 39%, di atas batas saham yang dapat dilepas Pertamina sebesar 30%. Saham 39% ini merupakan gabungan untuk Total dan Inpex Corporation yang masing-masing memiliki bagian 19,5%, jika usulan itu disetujui.

Investor Daily, Page-9, Wednesday, June 6, 2018

Oil Lifting Next Year Will Decline

Ministry of Energy and Mineral Resources (ESDM) began to discuss the basic assumptions of 2019. In the proposal, revealed the prediction of the decline in oil lifting. ESDM Minister Ignasius Jonan said the assumption of next year's oil lifting is 722,000 - 805,000 barrels per day or barrel oil per day (bopd). The amount is lower than oil lifting in 2017 of 804,000 barrels per day and the target of 2018 by 800,000 barrels per day. While gas is the opposite of oil lifting. The assumption, an increase compared to this year.

"So the production of natural gas is getting bigger and bigger, so the realization until 2018 is 1.15 million, so we propose between 1.2 million to 1.3 million barrels of oil equivalent per day (boepd)," he said at a hearing meeting opinion with the House of Representatives Commission VII, at the House of Representatives Building in Jakarta.

With the increase of gas lifting, helped to increase the projection of oil and gas lifting in 2019 amounted to 1, -9 million to 2.1 million boepd. This assumption is higher than the 2018 State Budget (APBN) of 2 million boepd and higher than the 2017 realization of 1.9 million boepd. While other assumptions are proposed for 2017 kerosene as much as 530,000 kiloliters (kl) 2018 while 2018 agreed 610,000 kl to May realization of distribution of 210,000 kl.

"So if the assumption is equal to the first five months of absorption until the end of the year only about 500,000 kl.Looking more or less the same, we propose between 590,000 kl to - 650,000 kl," he said.

As for the three kg LPG volume is set at 6.3 million metric tons (MT) in 2017. Then increase in 2018 to 6.45 million MT. The realization until May has reached 2.66 million MT. So, in Ramadan and Idul Fitri it is certainly increased approximately as much as 6.45 million MT.

"Our proposal in APBN 2019 is about 6.8 million MT-6.9 Million MT due to the expansion of LPG usage in eastern Indonesia region," he said.

Jonan added, in 2017 subsidies set at Rp 500 per liter and in 2018 also set Rp 500 per liter.

"We propose a 2019 State Budget Revenue Plan (RAPBN) of Rp 1,500 per liter, which is a challenge because our ICP in 2019 is between US $ 60 per barrel - US $ 70 per barrel," he said.

According to Jonan, his party proposes that the Indonesian Crude Price (ICP) price in RAPBN 2018 will be US $ 60 to US $ 70 per barrel. The proposal sees with the ICP movement from 2016 to the realization in May 2018. From January to December 2016 ICP was at US $ 40.13 per barrel. Then in January-December 2017, ICP numbers were at US $ 51.19 per barrel and January-May 2018 was at the level of US $ 65.79 per barrel.

"We propose an assumption between the range of US $ 60 - US $ 70 per barrel," said Jonan.

In addition, in proposing macro assumptions for ICP in RAPBN 2019, the Ministry of Energy and Mineral Resources also looks at the forecast of West Texas Intermediate (WTI) oil price movement based on the show term energy outlook on May 8, 2018 of US $ 60.86 per barrel. Brent oil prices based on Reuter, banking and industry polls were US $ 66.89 per barrel.

IN INDONESIA

Lifting Minyak Tahun Depan Akan Menurun

Kementerian Energi dan Sumber Daya Mineral (ESDM) mulai membahas asumsi dasar tahun 2019. Dalam usulan, terungkap prediksi terjadinya penurunan lifting minyak. Menteri ESDM Ignasius Jonan mengatakan, asumsi lifting minyak tahun depan sebanyak 722.000 - 805.000 barel per hari atau barrel oil per day (bopd). Jumlah itu lebih rendah dibandingkan dengan lifting minyak tahun 2017 sebesar 804.000 barel per hari dan target tahun 2018 sebesar 800.000 barel per hari. Sementara gas kebalikan dari lifting minyak. Asumsinya, terjadi peningkatan dibandingkan tahun ini. 

"Jadi produksi gas bumi ini semakin lama semakin besar, jadi realisasi sampai tahun 2018 sebanyak 1,15 juta. Maka, kami mengusulkan antara 1,2 juta

Sampai 1,3 juta barrel oil equivalent per day (boepd)," katanya dalam rapat dengar pendapat dengan Komisi VII DPR RI, di Gedung Dewan Perwakilan Rakyat di Jakarta.

Dengan peningkatan lifting gas, turut membantu adanya proyeksi peningkatan lifting migas tahun 2019 yakni sebesar 1,-9 juta sampai 2,1 juta boepd. Asumsi ini lebih tinggi dibandingkan Anggaran Pendapatan Belanjan Negara (APBN) 2018 yakni sebesar 2 juta boepd dan lebih tinggi dari realisasi 2017 sebesar 1,9 juta boepd. Sementara angka asumsi lain yang diajukan adalah untuk minyak tanah tahun 2017 sebanyak 530.000 kiloliter (kl) 2018 sementara 2018 disepakati 610.000 kl sampai Mei realisasi penyaluran 210.000 kl.

"Jadi kalau asumsi sama dengan lima bulan pertama penyerapan sampai akhir tahun hanya sekitar 500.000 kl. Ke depan kurang lebih sama, kami usulkan antara 590.000 kl sampai - 650.000 kl," ujarnya.

Adapun juga untuk volume elpiji tiga kg ditetapkan sebesar 6,3 juta metrik ton (MT) pada 2017. Kemudian meningkat pada tahun 2018 menjadi 6,45 juta MT. Adapun realisasi sampai bulan Mei sudah mencapai 2,66 juta MT. Jadi, pada bulan Ramadan dan Idul Fitri ini dipastikan meningkat kira-kira sebanyak 6,45 Juta MT.

"Usulan kita di APBN 2019 sekitar 6,8 Juta MT-6,9 Juta MT karena ada perluasan penggunaan Elpiji di Wilayah Indonesia timur,” katanya.

Jonan menambahkan, pada tahun 2017 subsidi ditetapkan Rp 500 per liter dan tahun 2018 juga ditetapkan Rp 500 per liter. 

"Kami mengusulan Rencana Anggaran Pendapatan Belanja Negara (RAPBN) 2019 Rp 1.500 per liter. Ini tantangannya Karena ICP kita tahun 2019 antara US$ 60 per barel - US$ 70 per barel," katanya.

Menurut Jonan, pihaknya mengusulkan harga minyak Indonesia atau Indonesia Crude Price (ICP) pada RAPBN 2018 sebesar US$ 60 sampai US$ 70 per barel. Usulan itu melihat dengan pergerakan ICP dari tahun 2016 hingga realisasi Mei 2018. Pada Januari sampai Desember 2016 ICP berada di US$ 40,13 per barel. Lalu pada Januari-Desember 2017, angka ICP berada di US$ 51,19 per barel dan Januari-Mei 2018 berada di level US$ 65,79 per barel. 

"Kami mengusulkan asumsi antara kisaran US$ 60 - US$ 70 per barel," kata Jonan.

Selain itu, dalam mengusulkan asumsi makro untuk ICP di RAPBN 2019 Kementerian ESDM juga melihat perkiraan pergerakan harga minyak West Texas Intermediate (WTI) berdasarkan show term energy outlook pada 8 Mei 2018 sebesar US$ 60,86 per barel. Sedangkan harga minyak Brent berdasarkan polling Reuter, perbankan dan industri US$ 66,89 per barel.

Kontan, Page-14, Wednesday, June 6, 2018

Total EP Cancel Entry Block Mahakam

Ministry of Energy and Mineral Resources (ESDM) stated, PT Total EP Indonesie canceled to become partner of PT Pertamina in Mahakam Block. Whereas Minister of Energy and Mineral Resources lgnasius Jonan has given the opportunity to Total EP in order to get 39% stake in Mahakam, or bigger than before that only 30%.

Director of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto asserted, Total EP chose to release the opportunity to have another participating interest or participating interest in the oil and gas block in East Kalimantan. Therefore, Total EP refused to pay the participation rights of Mahakam Block.

"Pertamina is allowed to reduce ownership or share down." Total if you want to go must pay, but Total does not want to pay, "said Djoko.

Others with Inpex Corporation Japan are still interested in becoming partners with Pertamina. Even Inpex has conducted business to business (B to B) talks with Pertamina.

"lnpex is intent, still there," said Djoko.

But so far Djoko not yet know what percentage of participation rights that interest in lnpex Mahakam block. The government set a maximum limit of share down that may be done Pertamina in Mahakam Block is only 39%. The decision aims to maintain existence Pertamina as the operator of the oil and gas block.

"We can reach 39%, as much as 10% is for BUMD, Pertamina must be 51%, so up to 39% can," said Djoko.

In addition to Inpex, there are other oil and gas companies that are also interested to have the right of participation in the Mahakam Block. The oil and gas company is still waiting for Pertamina's official announcement to release part of the participation rights in the Mahakam block.

So far, outside of Total EP and Inpex, the oil and gas company from China Petrochina has expressed interest in the Mahakam block. Petrochina is eyeing a participating interest of about 15% to 20% in the Mahakam Block. Well, to buy shares in the Mahakam Block, In ex or Petrochina must prepare a very large fund. As of December 31, 2017, the asset value of the Mahakam Block is US $ 9.43 billion.

IN INDONESIA

Total EP Batal Masuk Blok Mahakam

Kementerian Energi dan Sumber Daya Mineral (ESDM) menyatakan, PT Total EP Indonesie batal menjadi mitra PT Pertamina di Blok Mahakam. Padahal Menteri ESDM lgnasius Jonan sudah memberikan kesempatan ke Total EP agar bisa mendapatkan 39% saham di Mahakam, atau lebih besar dari sebelumnya yang hanya 30%.

Direktur Migas Kementerian ESDM, Djoko Siswanto menegaskan, Total EP memilih melepas kesempatan memiliki lagi hak partisipasi atau participating interest di blok migas di Kalimantan Timur tersebut. Sebab, Total EP menolak membayar hak partisipasi Blok Mahakam.

"Pertamina itu membolehkan mengurangi kepemilikan atau share down. Total kalau mau masuk harus bayar, tapi Total tidak mau bayar," jelas Djoko.

Lain dengan Inpex Corporation Japan yang menyatakan masih berminat menjadi mitra dengan Pertamina. Bahkan Inpex sudah melakukan pembicaraan secara business to business (B to B) dengan Pertamina. 

"lnpex sudah niat, tetap ada," kata Djoko.

Namun sejauh ini Djoko belum mengetahui berapa persen hak partisipasi yang diminati lnpex di Blok Mahakam. Pemerintah menetapkan batas maksimal share down yang boleh dilakukan Pertamina di Blok Mahakam hanya sebesar 39%. Keputusan tersebut bertujuan untuk menjaga eksistensi Pertamina sebagai operator blok migas tersebut. 

"Kita bisa sampai 39%, sebanyak 10% adalah untuk BUMD, Pertamina harus 51%. Jadi sampai 39% bisa," jelas Djoko.

Selain Inpex, ada perusahaan migas lain yang juga berminat untuk memiliki hak partisipasi di Blok Mahakam. Perusahaan migas tersebut masih menunggu pengumunan resmi Pertamina melepas sebagian hak partisipasi di Blok Mahakam.

Sejauh ini, di luar Total EP dan Inpex, perusahaan migas yang berasal dari China yaitu Petrochina telah menyatakan minat di Blok Mahakam. Petrochina mengincar hak partisipasi sekitar 15% sampai 20% di Blok Mahakam. Nah, untuk membeli saham di Blok Mahakam, ln ex maupun Petrochina harus menyiapkan dana yang sangat besar. Per 31 Desember 2017 nilai aset Blok Mahakam sebesar US$ 9,43 miliar.

Kontan, Page-14, Wednesday, June 6, 2018