Oil and Gas Policy Not Attractive

Government policy in the oil and gas sector is not considered attractive. Competitiveness of oil and gas investment climate in Indonesia is still less than the number of countries in the region. This corresponds to a tax policy that is less pro-oil business, licensing convoluted and inconsistent policies.

The latest policy regarding the system for gross proceeds (gross split) in lieu of cost recovery is also less attractive and requires additional incentives. In addition, the new rules do not provide certainty regarding the tax system.

Such was the summary view of the Executive Director of the Indonesian Petroleum Association (IPA) Marjolijn Wajong, Executive Director of the Institute Komaidi Reforminer Notonegoro, two members of Parliament and Dito Ganundhito Satya Yudha, as well as Spokesperson SKK Migas Taslim Z Yunus.

Meanwhile, Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said the government immediately improve national oil and gas investment climate by issuing a number of new regulations, including a follow-up scheme rules gross split and changes in government regulations.

In mid January, the government issued Decree No. 8 of 2017 Energy and Mineral Resources on the Production Sharing Contract Gross Split. Through this rule, the government changed the scheme of the production sharing contract (PSC) on new oil and gas contracts from the previous scheme which is refundable fee (cost recovery) be a scheme for gross proceeds (gross split).

So far, only one oil and gas block contract was signed using split gross scheme, namely the Offshore North West Java (ONWJ) managed by PT Pertamina Hulu Energi. The division of revenue sharing government contractors than this block is set to 32.5: 62.5 to 42.5575 for gas and oil.

Based on data from the Ministry of Finance (MoF), the realization of oil and gas lifting almost always below the budget target. In the last four years, only a year ago that realization over the target. Of oil and gas lifting target in APBN-P 2016 respectively 820 thousand barrels per day (bpd) to 1.150 million thousand barrels of oil equivalent per day (BSMP), realization reached 829 thousand bpd and 1.184 million BSMP. As for the state budget in 2017, the lifting of oil and gas respectively targeted 815 thousand bpd and 1.155 million BSMP.

On the other hand, oil and gas investment in the last four years of decline. Based on data from SKK Migas, oil and gas investment in 2013 reached US $ 20.37 billion. That figure dropped to US $ 20.33 billion in 2014, fell to US $ 15.04 billion in 2015, and fell further to US $ 12.01 billion in 2016. This year, oil and gas investment target of US $ 13 billion.

Give Certainty

Executive Director Marjolijn Wajong appreciate good faith the government to improve the investment climate by issuing a number of national oil and gas new policy, one of which Ministerial Decree No. 8/2017. However, he considers that such efforts have not sufficiently improve the competitiveness of oil and gas investments in Indonesia.

Because, said Marjolijn, policy-making tend to only pay attention to one party only, thus reducing the appeal to the other party. "Supposedly, the policy-making attention to the interests of both parties, the government and investors," he said.

Marjolijn added, the government must ensure that policies designed able to raise or at least not reduce economies of oil and gas projects that investors are interested in investing in Indonesia. if it is ignored, it is impossible the government could increase the attractiveness of Indonesia in the eyes of oil and gas investors.

He lists a number of regulations that need to be improved to boost national oil and gas investments, such as rules regarding the governance of gas, a regulation about the participating interest of 10% for local government, fiscal incentives, licensing issues, and the revised plan of oil and gas law.

"Revision of oil and gas law is very important to be resolved so that the things that are needed in order to improve oil and gas investment climate is already enshrined in the law," said Marjolijn.

Therefore, the IPA of the view that the terms of the revised draft oil and gas law should facilitate and improve the oil and gas business climate conducive to uphold the principle of respect for contracts, and supported policies that expedite the approval process. Legal certainty is also an important element to ensure the continuity of long-term investments as well as to improve the investment climate.

In the context of the policy for cooperation contract (PSC) scheme for gross proceeds (gross split), Marjolijn states, oil companies still waiting for the tax laws will be enforced. This certainty is needed to enable companies to calculate the results in accordance with project economics.

According to him, after the issuance of Minister No. 8 of 2017 concerning oil and gas contracts gross split scheme, there should be a regulation that regulates the taxation of contract this scheme. Because the Government Regulation No. 79 Year 2010 is only dealing with the taxation of PSC cost recovery. Marjolijn said it hoped the implementation of the scheme does not lower the economic split of gross oil and gas projects will be lower than in the system PSC cost recovery. Because, this time also, oil and gas investments in Indonesia less attractive when compared Iain surrounding countries.

He urged the government to review a more comprehensive scheme of gross split. Particularly, the impact of this scheme on the development of deep-sea oil and gas projects, remote, and require dewatering technology advanced stage (enhanced oil recovery / EOR). "PasaInya, this region who want targeted Indonesia in the development of oil and gas in the future," he said.

Marjolijn also asked the government to compare the economics of the project-based gross split with policies in other countries, is quite competitive. In line with Marjolijn, Executive Director of the Institute Komaidi Reforminer Notonegoro argues, although the rules split the gross positive impact on the national economic interest, the potential beilid become a disincentive to the upstream industry. Moreover, the price of oil is still low.

That's why he asked for the revision of oil and gas law is accelerated so that investors have no legal upstream more secure and solid. "In addition, housekeeping licensing is a crucial issue in the oil and gas investment. It should be responded to the government, "said Komaidi.

Meanwhile, a spokesman for Special Unit of Upstream Oil and Gas (SKK Migas) Taslim Z Yunus states, whether or not the scheme attractive gross split will be tested on the auction block oil and gas working areas in May. So far, only PT Pertamina Hulu Energi (PHE) who use this form to ONWJ that have been out of contract.

Taslim rate, gross PSC split still do not have clarity on the issue of taxation. This contract follows the tax laws currently in force. However, it is not certain who will audit the tax calculation, if the Directorate General of Taxation, BPKP, or SKK Migas.

He also admitted, the appeal of oil and gas investment Indonesia is not too good. According to statements Fraser Institute, in terms of investment climate, Indonesia is ranked 113 of 117 countries. This was primarily due to the criminalization of civil matters in the oil and gas sector. "Then in terms of the legal framework, the necessary consistency of policy," he has declared.

However, according to him, as rising crude oil prices, domestic oil and gas investment trends will improve. Taslim said SKK Oil and Gas and Mineral Resources Ministry has summoned the cooperation contract (PSC) which block its oil and gas is still under exploration.When asked if they would like to continue investments or returns to the state oil and gas blocks, mostly committed to continue its exploration.

Less Attractive

Vice Chairman of Commission VII Satya Widya Yudha argues, ranked by the World Bank's ease of doing business and ranking Fraser Institute Global Petroleum, Indonesia has improved the policy, so it is seen as an attractive country as an investment destination.

In the context of gross policy split, the plus side is to cut red tape. The contractor (PSC) will no longer require the approval of SKK Migas or government in any procurement of goods or services for the purposes of exploration and production.

In this scheme, the assets are still controlled by the state. The contractor is also required to prepare and submit a work plan and budget to SKK Migas. "SKK Migas can approve or reject the plan of work submitted by the contractor within a maximum waklu 30 working days. "It shows the state control still exist," he said.

However, investors assume that the base split adjustment (variable components and component progressive) arranged Regulation 8/2017 Minister less attractive. lnsentif required for the use of local components as well as local employment. Satya concerned, the application of purely gross split will make it difficult for local employment. Satya also criticized the split incentive correction of 5% is considered too low.

Moreover, if the contractor uses technology enhanced oil recovery (EOR), which requires a high cost. "That is why, the development of EOR requires greater incentive and the amount of correction to be split in to re-review," he said.

Satya emphasizes the need for consistency in implementing regulations in order to split the gross system more credible. "The permit system for the upstream oil and gas industry as a whole absolutely must be improved. Licensing facilities will provide certainty of upstream oil and gas business. Incentives in the form of tax exemptions exploration also needs to be given, "says Satya.

Except that, Satya reminded that the policy in the oil and gas sector should not only focus on state revenues but less attention to the issue of state sovereignty. Members of the House of Representatives Commission VII Dito Ganinduto ask the government to review Regulation 8/2017 Minister of Energy and Mineral Resources. According aspirations of the PSC, gross scheme should split only as an alternative.

For oil and gas block contract has run out and needs to be extended should be enforced gross scheme split. But if a new block and very marginal, very unattractive when using gross split, "said Dito.

From his meeting with a number of associations supporting the oil and gas industry, the new policy states Dito also minimal socialization.

Imposition of Import Duty

Meanwhile, the government has promised to improve national oil and gas investment climate by releasing a number of new regulations, including a follow-up rule 'gross scheme split and change Homework.

Deputy Minister Arcandra Tahar explained, in the Minister of Energy and Mineral Resources No. 240K / 06 / MEM / 2017 on Priority Program Drafting Legislation and Regulations ESDM Sector In 2017, there were some beleid matter of upstream oil and gas are done by the government. Some of these include the Draft Regulation on Third Amendment to Government Regulation No. 35 Year 2004 on Upstream Oil and Gas, Draft Presidential Decree on fiscal incentives for the Development of Oil and Gas in Deep Sea and Regions Frontier, and a draft regulation on simplification Granting Permissions to the Head of BKPM.

One of the points improvement Government Regulation 35/2004, Arcandra said, is a matter of duty exemption of goods when the exploration period. In this policy, the import duty exempted, but these items will become property of the state, although exploration failed to find oil and gas reserves are economical. Returns to the country is quite complicated so it takes a long time and the goods have been damaged. "Whereas the field is not commercial, goods returned to the country, need more money to give it back," he said.

To make this more equitable, it would like to set the import duty on the goods at the time of exploration. But as compensation, when it fails to find oil and gas reserves are economical, the item belongs to oil and gas companies. Accordingly, such goods can be used by companies to other oil and gas projects. "Do not necessarily belong to the state. It is the goal of fairness and justice for all, to be fair, "said Arcandra

While in Ministerial Decree No. 240, there are two points of revision of Government Regulation 35/2004. The details, setting the corresponding change to 10% participating interest and to clarify the type of production sharing contracts (production sharing contract / PSC) with a mechanism to recover operating costs (cost recovery) and the mechanisms for gross proceeds (gross split).

Other rules are the draft Presidential Decree on Fiscal lnsentif for oil and gas development in the Deep Sea and Frontier Regions. The draft regulation Simplification of Licensing aims to simplify granting permissions to the oil and gas business activities to become more simple, transparent, effective, efficient, and accountable.

Related gross contract split, in the Ministerial Regulation 8/2017 declared this contract requires the ownership of natural resources remain in the hands of the government to look surrender management control operations are in SKK Migas, as well as capital and risks are entirely borne by the contractor.

Regulation of the Minister mentions the results of the initial (base split) of oil by 57% for the state and 43% to the contractor. As for gas, the state quota of 52% and 48% contractors. In the contract finally signed, the base of this split will change based on the variable components and progressive. The variable component of which block status, location, depth, up to the amount of local content. Porgresif component consisting of oil prices and the cumulative amount of oil and gas production.

Arcandra confirms, investors who feel split obtained still less able to convey to the government. For the result after entering the variable component and progressive still open to change.

In Article 7 of Regulation 8/2017, when calculating the commercialization of the field does not reach a certain economic value. Contractors received an additional split a maximum of 5%. By contrast, in the calculation of the commercialization of the field exceeds a certain economic value, may cut the country split 5%.

Director General of Oil and Gas MEMR I Gusti Nyoman Wiratmaja previously stated, the government is optimistic that oil and gas investment, both upstream and downstream, will be better this year. In the upstream sector, improvement of investment driven by the increase in crude oil prices and improved business processes. In the downstream, increased investment triggered many infrastructure projects to be undertaken and the issuance of regulations that provide opportunities for the private sector to participate in business.

IN INDONESIAN

Kebijakan Migas Belum Atraktif

Kebijakan pemerintah di sektor minyak dan gas bumi dinilai belum atraktif. Daya saing iklim investasi migas di Indonesia masih kalah dibanding sejumlah negara di kawasan. Hal ini terkait dengan kebijakan pajak yang kurang pro bisnis migas, perizinan yang berbelit, dan inkonsistensi kebijakan.

Kebijakan terbaru menyangkut sistem bagi hasil kotor (gross split) sebagai pengganti cost recovery juga kurang menarik dan membutuhkan insentif tambahan. Selain itu, aturan baru ini tidak memberikan kepastian menyangkut sistem perpajakannya.

Demikian rangkuman pandangan Direktur Eksekutif Indonesian Petroleum Association (IPA) Marjolijn Wajong, Direktur Eksekutif Reforminer Institute Komaidi Notonegoro, dua anggota DPR Satya Yudha dan Dito Ganundhito, serta Juru Bicara SKK Migas Taslim Z Yunus. 

Sementara itu, Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar menyatakan, pemerintah segera memperbaiki iklim investasi migas nasional dengan menerbitkan sejumlah peraturan baru, termasuk tindak lanjut aturan skema gross split serta perubahan peraturan pemerintah.

Pada pertengahan Januari lalu, pemerintah menerbitkan Peraturan Menteri ESDM No 8 Tahun 2017 tentang Kontrak Bagi Hasil Gross Split. Lewat aturan ini, pemerintah mengubah skema kontrak bagi hasil (PSC) pada kontrak-kontrak baru migas dari sebelumnya menggunakan skema biaya yang dapat dikembalikan (cost recovery) menjadi skema bagi hasil kotor (gross split). 

Sejauh ini, baru satu blok migas yang kontraknya diteken menggunakan skema gross split, yakni Blok Offshore North West Java (ONWJ) yang dikelola PT Pertamina Hulu Energi. Pembagian bagi hasil pemerintah dibanding kontraktor blok ini ditetapkan 32,5:62,5 untuk gas dan 42.5575 untuk minyak.

Berdasarkan data Kementerian Keuangan (Kemenkeu), realisasi lifting minyak dan gas hampir selalu di bawah target APBN. Dalam empat tahun terakhir, hanya tahun lalu yang realisasinya di atas target. Dari target lifting minyak dan gas dalam APBN-P 2016 masing-masing 820 ribu barel per hari (bph) dan 1,150 juta ribu barel setara minyak per hari (bsmp), realisasinya mencapai 829 ribu bph dan 1,184 juta bsmp. Adapun dalam APBN 2017, lifting minyak dan gas masing-masing ditargetkan 815 ribu bph dan 1,155 juta bsmp. 

Di sisi lain, investasi migas dalam empat tahun terakhir menurun. Berdasarkan data SKK Migas, investasi migas pada 2013 mencapai US$ 20,37 miliar. Angka itu turun menjadi US$ 20,33 miliar pada 2014, turun menjadi US$ 15,04 miliar pada 2015, dan turun lagi menjadi US$ 12,01 miliar pada 2016. Tahun ini, investasi migas ditargetkan US$ 13 miliar. 

Beri Kepastian

Direktur Eksekutif Marjolijn Wajong mengapresiasi itikad baik pemerintah untuk memperbaiki iklim investasi migas nasional dengan menerbitkan sejumlah kebijakan baru, salah satunya Peraturan Menteri No. 8/2017. Namun, dia menilai upaya-upaya tersebut belum cukup memperbaiki daya saing investasi migas di Indonesia.

Sebab, kata Marjolijn, pembuatan kebijakan cenderung hanya memperhatikan satu pihak saja, sehingga mengurangi daya tarik bagi pihak lainnya. “Seharusnya, pembuatan kebijakan memperhatikan kepentingan kedua pihak, yakni pemerintah dan investor,” ujar dia.

Marjolijn menambahkan, pemerintah harus memastikan bahwa kebijakan yang dirancang mampu menaikkan atau minimal tidak mengurangi keekonomian proyek migas agar investor tertarik menanamkan modal di Indonesia. jika hal itu diabaikan, mustahil pemerintah dapat meningkatkan daya tarik Indonesia di mata investor migas.

Dia merinci sejumlah regulasi yang perlu diperbaiki untuk mendongkrak investasi migas nasional, seperti peraturan mengenai tata kelola gas, beleid soal participating interest 10% bagi pemerintah daerah, insentif fiskal, masalah perizinan, dan rencana revisi Undang-Undang Migas.

“Revisi Undang-Undang Migas sangat penting untuk segera diselesaikan supaya hal-hal yang dibutuhkan dalam rangka memperbaiki iklim investasi migas sudah termaktub dalam UU tersebut,” tegas Marjolijn.

Oleh karena itu, IPA berpandangan bahwa pokok-pokok dalam rancangan revisi UU Migas harus dapat memfasilitasi dan meningkatkan iklim usaha migas yang kondusif, menjunjung asas penghormatan kontrak, serta didukung kebijakan-kebijakan yang mempercepat proses persetujuan. Kepastian hukum juga merupakan unsur penting untuk memastikan keberlangsungan kegiatan investasi jangka panjang serta untuk memperbaiki iklim investasi.

Dalam konteks kebijakan bagi kontrak kerja sama (PSC) skema bagi hasil kotor (gross split), Marjolijn menyatakan, perusahaan migas masih menunggu kepastian peraturan perpajakan yang akan diberlakukan. Kepastian ini diperlukan agar perusahaan dapat menghitung bagi hasil yang sesuai dengan keekonomian proyek. 

Menurut dia, setelah penerbitan Peraturan Menteri ESDM No 8 Tahun 2017 mengenai kontrak migas skema gross split, seharusnya ada beleid yang mengatur soal perpajakan kontrak skema ini. Pasalnya, Peraturan Pemerintah No 79 Tahun 2010 hanya mengatur perpajakan untuk PSC cost recovery. Marjolijn mengungkapkan, pihaknya berharap penerapan skema gross split tidak menurunkan keekonomian proyek migas menjadi lebih rendah dari yang ada dalam sistem PSC cost recovery. Pasalnya, saat ini pun, investasi migas di Indonesia kurang menarik jika dibandingkan negara Iain di sekitarnya.

Dia mendesak pemerintah untuk mereview lebih komprehensif skema gross split. Terutama, dampak skema ini terhadap pengembangan proyek migas laut dalam, terpencil, dan membutuhkan teknologi pengurasan tahap lanjut (enhanced oil recovery/ EOR). “PasaInya, wilayah inilah yang ingin disasar Indonesia dalam pengembangan migas ke depan,” tegasnya.

Marjolijn juga meminta pemerintah membandingkan keekonomian proyek berbasis gross split dengan kebijakan di negara-negara lain, apakah cukup kompetitif. Senada dengan Marjolijn, Direktur Eksekutif Reforminer Institute Komaidi Notonegoro berpendapat, meski aturan gross split berdampak positif bagi kepentingan ekonomi nasional, beilid tersebut berpotensi menjadi disinsentif bagi industri hulu. Apalagi harga minyak saat ini masih rendah.

Itu sebabnya, dia minta revisi UU Migas dipercepat agar investor hulu memiliki payung hukum yang lebih aman dan solid. “Selain itu, pembenahan perizinan merupakan persoalan krusial dalam investasi migas. Itu yang harus direspons pemerintah,” tutur Komaidi.

Sementara itu, Juru Bicara Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Taslim Z Yunus menyatakan, menarik atau tidaknya skema gross split akan diuji pada lelang wilayah kerja blok migas pada Mei nanti. Sejauh ini baru PT Pertamina Hulu Energi (PHE) yang memakai bentuk ini untuk Blok ONWJ yang telah habis kontraknya.

Taslim menilai, PSC gross split masih belum memiliki kejelasan ihwal masalah perpajakan. Kontrak ini mengikuti peraturan perpajakan yang saat ini berlaku. Namun, belum dipastikan siapa yang akan mengaudit perhitungan pajak, apakah Direktorat Jenderal Pajak, BPKP, atau SKK Migas.

Dia pun mengakui, daya tarik investasi migas Indonesia tidak terlalu bagus. Menurut Iaporan Fraser Institute, dari sisi iklim investasi, Indonesia berada di peringkat 113 dari 117 negara. Hal itu terutama disebabkan adanya kriminalisasi masalah perdata di sektor migas. “Kemudian dari sisi legal Framework, diperlukan konsistensi kebijakan,” kataya. 

Meski demikian, menurut dia, seiring naiknya harga minyak mentah, tren investasi migas nasional akan membaik. Taslim menyatakan, SKK Migas dan Kementerian ESDM telah memanggil kontraktor kontrak kerja sama (KKKS) yang blok migasnya masih tahap eksplorasi. Saat ditanya apakah mereka ingin melanjutkan investasi atau mengembalikan blok migas kepada negara, sebagian besar berkomitmen meneruskan eksplorasinya.

Kurang Atraktif

Wakil Ketua Komisi VII DPR Satya Widya Yudha berpendapat, berdasarkan peringkat kemudahan berbisnis Bank Dunia maupun peringkat Frasser Institute Global Petroleum, Indonesia menunjukkan adanya perbaikan kebijakan, sehingga dipandang sebagai negara yang menarik sebagai tujuan investasi.

Dalam konteks kebijakan gross split, sisi positifnya adalah memotong birokrasi. Para kontraktor (KKKS) tidak lagi memerlukan persetujuan SKK Migas atau pemerintah dalam setiap pengadaan barang atau jasa untuk keperluan eksplorasi dan produksi.

Dalam skema ini, aset juga masih dikuasai negara. Kontraktor juga wajib menyusun dan menyampaikan rencana kerja dan anggaran kepada SKK Migas. “SKK Migas dapat menyetujui atau menolak rencana kerja yang disampaikan oleh kontraktor dalam jangka waklu paling lama 30 hari kerja. “lni menunjukkan kontrol negara tetap ada," kata dia.

Namun, para investor menganggap bahwa base split adjustment (komponen variabel dan komponen progresif) yang diatur Peraturan Menteri ESDM 8/2017 kurang atraktif. lnsentif diperlukan bagi penggunaan komponen lokal serta penyerapan tenaga kerja lokal. Satya khawatir, penerapan gross split secara murni akan menyulitkan penyerapan tenaga kerja lokal. Satya juga mengkritik insentif koreksi split sebesar 5% yang dianggap terlalu rendah. 

Terlebih lagi jika kontraktor menggunakan teknologi enhanced oil recovery (EOR) yang membutuhkan biaya tinggi. “Itu sebabnya, pengembangan EOR membutuhkan insentif lebih besar dan besaran koreksi split harus di review ulang,” ungkapnya.

Satya menekankan pula perlunya konsistensi dalam menjalankan peraturan yang berlaku agar sistem gross split lebih kredibel. “Sistem perizinan bagi industri hulu migas secara keseluruhan mutlak harus diperbaiki. Kemudahan perizinan akan memberikan kepastian bisnis sektor hulu migas.  Insentif berupa pembebasan pajak eksplorasi pun perlu diberikan,” ujar Satya.

Kecuali itu, Satya mengingatkan agar kebijakan di sektor migas jangan hanya fokus pada penerimaan negara tapi kurang memperhatikan masalah kedaulatan negara. Anggota Komisi Vll DPR Dito Ganinduto meminta pemerintah mengkaji ulang Peraturan Menteri ESDM 8/2017. Sesuai aspirasi para KKKS, sebaiknya skema gross split hanya sebagai alternatif.

Untuk kontrak blok migas yang sudah habis dan perlu diperpanjang harus diberlakukan skema gross split. Tapi kalau blok baru dan sangat marginal, sangat tidak menarik jika memakai gross split," tutur Dito.

Dari pertemuannya dengan sejumlah asosiasi penunjang industri migas, Dito menyatakan kebijakan baru ini juga minim sosialisasi. 

Pengenaan Bea Masuk 

Sementara itu, pemerintah berjanji segera memperbaiki iklim investasi migas nasional dengan merilis sejumlah peraturan baru, termasuk tindak lanjut aturan 'skema gross split serta perubahan Pekerjaan Rumah.

Wakil Menteri ESDM Arcandra Tahar menjelaskan, dalam Keputusan Menteri ESDM Nomor 240K/06/MEM/2017 tentang Program Prioritas Penyusunan Legislasi dan Regulasi Sektor ESDM Tahun 2017, ada beberapa beleid soal hulu migas yang dikerjakan pemerintah. Beberapa di antaranya adalah Rancangan Peraturan Pemerintah tentang Perubahan Ketiga atas Peraturan Pemerintah No 35 Tahun 2004 tentang Kegiatan Usaha Hulu Minyak dan Gas Bumi, Rancangan Peraturan Presiden tentang Insentif Fiskal untuk Pengembangan Minyak dan Gas Bumi di Laut Dalam dan Daerah Frontier, dan Rancangan Peraturan Menteri tentang Penyederhanaan Pemberian Perizinan kepada Kepala BKPM.

Salah satu poin perbaikan Peraturan Pemerintah 35/2004, kata Arcandra, adalah soal pembebasan bea masuk barang saat masa eksplorasi. Dalam beleid ini, bea masuk dibebaskan, namun barang tersebut akan menjadi milik negara, walaupun eksplorasi gagal menemukan cadangan migas yang ekonomis. Pengembalian barang ke negara ini cukup rumit sehingga membutuhkan waktu lama dan barang tersebut sudah rusak. “Padahal lapangannya sudah tidak komersial, barang di kembalikan ke negara, butuh uang lagi untuk mengembalikannya,” kata dia.

Untuk membuat ini lebih adil, pihaknya ingin menetapkan bea masuk pada barang pada masa eksplorasi. Namun sebagai kompensasinya, ketika eksplorasi tidak berhasil menemukan cadangan migas yang ekonomis, barang tersebut menjadi milik perusahaan migas. Dengan demikian, barang tersebut dapat dipakai oleh perusahaan untuk proyek migas lainnya. “jangan serta-merta menjadi milik negara. Ini tujuannya fairness and justice for all, harus fair,” kata Arcandra

Sementara dalam Keputusan Menteri Nomor 240, terdapat dua poin revisi Peraturan Pemerintah 35/2004. Rinciannya, pengaturan mengenai perubahan terkait participating interest 10% serta untuk memperjelas jenis kontrak bagi hasil (production sharing contract/PSC) dengan mekanisme pengembalian biaya operasi (cost recovery) dan mekanisme bagi hasil kotor (gross split).

Peraturan lainnya adalah Rancangan Peraturan Presiden tentang lnsentif Fiskal bagi Pengembangan Migas di Laut Dalam dan Daerah Frontier. Rancangan Peraturan Menteri Penyederhanaan Pemberian Perizinan bertujuan melakukan menyederhanakan perizinan pada kegiatan usaha migas agar menjadi lebih sederhana, transparan, efektif, efisien, dan akuntabel.

Terkait kontrak gross split, dalam Peraturan Menteri 8/2017 dinyatakan kontrak ini mensyaratkan kepemilikan sumber daya alam tetap di tangan pemerintah sampai tilik penyerahan pengendalian manajemen operasional berada pada SKK Migas, serta modal dan risiko seluruhnya ditanggung kontraktor.

Peraturan Menteri ini menyebutkan bagi hasil awal (base split) minyak bumi sebesar 57% untuk negara dan 43% untuk kontraktor. Sementara untuk gas, jatah negara 52% dan kontraktor 48%. Dalam kontrak yang akhirnya diteken, base split ini akan berubah berdasarkan komponen variabel dan progresif. Komponen variabel di antaranya status blok, lokasi, kedalaman, hingga besaran tingkat kandungan dalam negeri. Komponen porgresif terdiri atas harga minyak dan jumlah kumulatif produksi migas. 

Arcandra menegaskan, investor yang merasa split yang diperolehnya masih kurang dapat menyampaikan ke pemerintah. Bagi hasil setelah memasukkan komponen variabel dan progresif masih terbuka untuk diubah.

Pada pasal 7 Peraturan Menteri 8/2017, ketika perhitungan komersialisasi lapangan tidak mencapai keekonomian tertentu. kontraktor mendapat tambahan split maksimal 5%. Sebaliknya, dalam perhitungan komersialisasi lapangan melebihi keekonomian tertentu, negara boleh memotong split 5%. 

Dirjen Migas Kementerian ESDM I Gusti Nyoman Wiratmaja sebelumnya menyatakan, pemerintah optimistis investasi migas, baik hulu maupun hilir, bakal lebih baik pada tahun ini. Di sektor hulu, perbaikan investasi didorong kenaikan harga minyak mentah dan perbaikan proses bisnis. Di hilir, peningkatan investasi dipicu banyaknya proyek infrastruktur yang akan dikerjakan dan diterbitkannya regulasi yang memberikan peluang bagi swasta untuk ikut berbisnis.

Investor Daily, Page-1, Monday, Feb, 27, 2017

Salman King goes to Republic Indonesia for seek Money

Need $ 100 Billion Fund to release oil stocks Aramco

Salman King's coming to Indonesia (03/01/2017) future, inviting admiration of many parties. The Saudi king is reported to be investing or just donate to the funding of up to hundreds of millions. As reported by Reuters on Sunday (26/2/207), that the visit of the King of Saudi Arabia to several countries in Asia is to seek funding. Namely by selling bonds and shares Aramco will sell the IPO to deal with cash flow difficulties due to low oil prices.

Later there will be a stock transaction. Then the ministers cut salaries 20% and fuel subsidies in the country was forced to cut, clear source close to Salman Raja environment, yesterday. For that, the main purpose of the visit in Malaysia, Indonesia, Japan and China.

Arab empire to impress serious conduct economic cooperation with Asian countries, the Indonesian government declared that the coming of the King Salaman to Indonesia will be guarded by 1,500 troops and includes 10 Ministers. Aramco also present along with Raja Salman.

While the information, Visits to Indonesia also simultaneously to encourage diversification efforts, in which to strengthen the Saudi Arabian become an exporter of oil, especially for developing countries in Asia. Saudi Arabia defeated Russia as the main supplier of China as the country with the world's biggest oil consumer. At least already set up to develop the non-oil industry and global investments.

Officials Saudi Arabia will offer the stock of Audi Aramco. The company "is going to sell 5 per cent stake in the fund collection target of about US $ 100 billion with an estimated value of Saudi Aramco to reach US $ 2 trillion. IPO of the oil companies will be the initial public offering (IPO), the largest and broke a new record beat Alibaba.

To note, Alibaba to go public in 2014. The corporate action has become the largest IPO in the history of the article of the funds raised reached US $ 25 billion. Until now, the Alibaba IPO action is the release of shares with the world.

In addition to offering shares Saudi Aramco, officials from the government of Saudi Arabia also targeting banks in Asia that want to invest in Saudi Arabia to develop non-oil industries. It is an attempt of a country that is the largest exporter of crude oil and oil revenues reduce dependence Build Oil Refinery. While in Indonesia, Raja Salman will be in Jakarta and Bali.

Earlier, Coordinating Minister for Economic Affairs, Nasution said Raja Salman and his entourage will visit Jakarta and Bali in order to invest in Indonesia. "If it (Raja Salman) more for their investment here," said Nasution

According to Nasution, Saudi Arabia plans to build an oil refinery and petrochemical plant in Indonesia. Does not rule out also, Saudi Arabian investors tertaik other sectors for making investment in Indonesia. They will build a refinery and petrochemical. But it may also be another. So it's a matter of investment, "he said

Signed of 5 MoU

Saudi Arabia berminati invest in various infrastructure in Indonesia, such as road construction, water supply, housing. "Saudi Arabia wants to be actively involved in the context of infrastructure development," said a spokesman for the Ministry of Foreign Affairs (Foreign Ministry) Arrmanatha Nasir in Jakarta. Salman King will also bring a number of investors and businessmen because the trip will also be signed agreement Saudi construction projects in Indonesia, between Iain investment in the expansion project Saudi Aramco refinery in Cilacap, Central Java, worth US $ 6 billion.

The investment value of the agreed infrastructure projects is very large because it is estimated to reach US $ 25 billion or Rp 300 trillion. Spokesman of the Ministry of Foreign Affairs (Foreign Ministry) Arrmanatha Nasir assess the visit of Salman King  is very historic and became a very good momentum for Indonesia. President Jokowi will welcome the arrival of Salman King directly at Halim Perdana Kusuma Airport in Jakarta

IN INDONESIAN

Raja Salman ke RI mencari Uang

Butuh Dana US$ 100 Miliar untuk melepas saham minyak Aramco

Kedatangan Raja Salman ke Indonesia (1/3/2017) mendatang, mengundang kekaguman banyak pihak. Raja Saudi ini diberitakan akan melakukan investasi atau sekedar berderma dengan kucuran dana hingga ratusan juta. Seperti dilansir Reuters Minggu (26/2/207), bahwa kunjungan Raja Arab Saudi kebeberapa negara Asia adalah untuk mencari kucuran dana. Yakni dengan menjual surat utang dan menjual saham Aramco yang akan IPO untuk menangani kesulitan cashflow akibat rendahnya harga minyak. 

Nantinya akan ada transaksi saham. Lalu gaji para menteri dipotong 20% dan subsidi BBM dalam negeri terpaksa dipangkas, jelas sumber terdekat di lingkungan Raja Salman, kemarin. Untuk itu, tujuan utama yakni berkunjung di Malaysia, Indonesia, Jepang dan China.

Untuk mengesankan kerajaan arab serius mengadakan kerjasama ekonomi dengan negara asia, pemerintah Indonesia menyatakan bahwa kedatangan Raja Salaman ke Indonesia akan dikawal oleh 1.500 pasukan serta mencakup 10 Menteri. Aramco juga turut hadir bersama Raja Salman. 

Sementara dari informasi,  kunungan ke Indonesia juga bersamaan untuk mendorong upaya diversifikasi, dimana untuk memperkuat arab Saudi menjadi eksportir minyak terutama untuk negara berkembang di Asia. Arab Saudi berhasil mengalahkan Rusia sebagai pemasok utama China yang merupakan negara dengan jumlah konsumen minyak terbesar dunia. Setidaknya sudah menyiapkan untuk mengembangkan industri non minyak serta investasi global.

Para pejabat Arab Saudi tersebut akan menawarkan saham dari Audi Aramco. Perusahaan tersebut “memang akan melepas 5 persen saham dengan target pengumpulan dana sekitar US$ 100 miliar dengan estimasi nilai Saudi Aramco mencapai US$ 2 triliun. Penawaran saham perdana dari perusahaan minyak ini akan menjadi initial public offering (IPO) terbesar dan memecahkan rekor baru mengalahkan Alibaba. 

Untuk diketahui, Alibaba melepas saham pada tahun 2014. Aksi korporasi ini menjadi IPO terbesar dalam sejarah pasalnya dana yang dihimpun mencapai US$ 25 miliar. Sampai saat ini aksi IPO Alibaba tersebut merupakan pelepasan saham dengan nilai terbesar di dunia.

Selain menawarkan saham Saudi Aramco, para pejabat dari pemerintahan Arab Saudi juga sedang mengincar bank-bank di Asia agar mau berinvestasi di Arab Saudi untuk mengembangkan industri non minyak. Hal tersebut sebagai usaha dari negara yang merupakan pengekspor minyak mentah terbesar tersebut mengurangi ketergantungan dan pendapatan minyak Bangun Kilang Minyak. Sedangkan di Indonesia, Raja Salman akan berada di Jakarta dan Bali.

Sebelumnya, Menteri Koordinator Bidang Perekonomian, Darmin Nasution mengatakan,Raja Salman dan rombongannya akan berkunjung ke Jakarta dan Bali dalam rangka investasinya di lndonesia. “Kalau itu (Raja Salman) lebih karena investasi mereka ke sini,” kata Darmin

Menurut Darmin, Arab Saudi berencana membangun kilang minyak dan pabrik petrokimia di Indonesia. Tidak menutup kemungkinan juga, investor Arab Saudi tertaik sektor lain untuk kegiatan penanaman modalnya di Indonesia. Mereka itu akan membangun kilang dan petrokimia. Tapi mungkin juga yang lain. Jadi ini urusan investasi,” ujarnya 

Teken 5 MOU

Arab Saudi berminati berinvestasi dalam berbagai bidang infrastruktur di Indonesia, seperti pembangunan jalan, pengadaan air bersih, perumahan. “Arab Saudi ingin terlibat aktif dalam konteks peinbangunan infrastruktur,” ujar Juru Bicara Kementerian Luar Negeri (Kemlu) Arrmanatha Nasir di Jakarta. Raja Salman juga akan membawa  sejumlah investor dan pengusaha karena dalam lawatan nanti juga akan ditandalangani kesepakatan pengerjaan sejumlah proyek Saudi di Indonesia, antara Iain investasi Saudi Aramco dalam perluasan proyek kilang Cilacap, Jawa Tengah senilai US$ 6 miliar.

Total nilai investasi sejumlah proyek infrastruktur yang disepakati pun sangat besar karena diperkirakan mencapai US$ 25 miliar atau Rp 300 triliun. Juru Bicara Kementerian Luar Negeri (Kemlu) Arrmanatha Nasir menilai kunjungan Raja Salman sangat bersejarah dan menjadi momentum yang sangat baik bagi Indonesia. Presiden Jokowi akan menyambut langsung kedatangan Raja Salman di Bandara Halim Perdana kusuma Jakarta

Surabaya Pagi, Page-1, Monday, Feb, 27, 2017

Energi Nusantara Open Opportunity for PLN

PT Energi Nusantara Red and White would open the opportunity for the State Electricity Company to utilize liquefied natural gas terminal and regasification facility to be built. The local energy company plans to build a liquefied natural gas terminal and regasification terminal in Bantaeng, South Sulawesi. The facility was built with integrated gas power plants "and steam (power plant) with a capacity of 600 megawatts (MW). President Director of Energi Nusantara Westana H. Wiraatmadja said the LNG receiving facility was actually built to sustain the operation of the power plant in Bantaeng hers.

However, it will open up opportunities for PLN to use gas infrastructure facilities that will be built if necessary. Because, it is committed to supporting the national energy supply security. Westana realize the magnitude of the gas demand in Indonesia has not been supported by adequate infrastructure. Therefore, he hoped the infrastructure built to help facilitate the distribution of gas.

"We are very willing to PLN asks if this facility for the distribution of gas, because it is currently the biggest buyer of LNG is the electricity sector," he said, Friday (24/2). Meanwhile, the facility will require an investment of US $ 580 million or equivalent to Rp 7.8 trillion.

Westana targeting these facilities can already be built early next year and operate in 2023, in parallel with the power plant. For funding, it claimed to have received a potential creditor. Unfortunately, he was not willing to mention the financial institution which has been targeted to disburse funds for the project.

According to the plan, the LNG terminal will have a storage tank size 120000-150000 m3, equivalent to 54,000 tons of LNG. He also said that it is possible to increase the capacity of the tank if necessary. "We expect LNG receiving terminal could be a hub for the distribution of LNG. Thus, the city gas network could also be developed, "said Wesrana.

In the development of integration projects, LNG facilities and power plant, Energy Nusantara took Sinland Development, a subsidiary of China Machinery Engineering Corporation (CMEC) as an engineering contractor. Westana explained, it wants to build a project that energy to meet the electricity demand in the Industrial Area Bantaeng (Kiba) increases.

That potential will be utilized given the smelter industry development in the region. Gas infrastructure construction investment is expected to reach US $ 70 billion-US $ 80 billion by 2050. Meanwhile, domestic energy needs is projected to continue growing at about 4% -5% per year.

Chairman of Indonesia Gas Society who also menjaadi as Plt. Pertamina Director Yenni Andayani said the growing domestic energy needs is due to the growing population of middle class and increasing gross domestic product. The growth rate is much higher tersebur with global energy consumption growth.

IN INDONESIAN

Energi Nusantara Buka Peluang bagi PLN

PT Energi Nusantara Merah Putih bakal membuka kesempatan bagi PT Perusahaan Listrik Negara untuk memanfaatkan terminal gas alam cair serta fasilitas regasifikasi yang akan dibangun. Perusahaan energi lokal tersebut berencana membangun terminal gas alam cair serta terminal regasifikasi di Bantaeng, Sulawesi Selatan. Fasilitas tersebut dibangun terintegrasi dengan pembangkit listrik tenaga gas” dan uap (PLTGU) berkapasitas 600 megawatt (MW). Presiden Direktur Energi Nusantara Westana H. Wiraatmadja mengatakan fasilitas penerimaan LNG tersebut sebenarnya dibangun untuk menopang beroperasinya PLTGU di Bantaeng miliknya.

Namun, pihaknya akan membuka peluang bagi PLN untuk menggunakan fasilitas infrastruktur gas yang akan dibangunnya itu jika diperlukan. Pasalnya, pihaknya berkomitmen untuk mendukung ketersediaan pasokan energi secara nasional. Westana menyadari besarnya kebutuhan gas di Indonesia belum ditopang oleh infrastruktur yang memadai. Oleh karena itu, dia berharap infrastruktur yang dibangun tersebut dapat membantu memfasilitasi penyaluran gas.

“Kami sangat bersedia kalau PLN meminta fasilitas ini untuk distribusi gas, karena memang saat ini pembeli terbesar LNG adalah sektor ketenagalistrikan,” katanya, Jumat (24/2). Adapun, fasilitas ini akan membutuhkan investasi sebesar US$ 580 juta atau setara Rp 7,8 triliun.

Westana menargetkan fasilitas ini sudah dapat dibangun pada awal tahun depan dan beroperasi pada 2023, paralel dengan pembangkit listrik. Untuk pendanaan, pihaknya mengaku telah mendapat kreditur potensial. Sayangnya, dia belum bersedia menyebut lembaga keuangan mana yang telah dibidik untuk mengucurkan dana bagi proyek tersebut.

Menurut rencana, terminal LNG tersebut akan memiliki ukuran tangki penyimpanan 120.000-150.000 m3 atau setara dengan 54.000 ton LNG. Dia juga mengatakan tidak menutup kemungkinan untuk menambah kapasitas tangki jika dibutuhkan. “Kami berharap LNG receiving terminal bisa jadi hub untuk distribusi LNG. Dengan demikian, jaringan gas kota juga bisa dikembangkan,” kata Wesrana. 

Dalam pengembangan proyek integrasi fasilitas LNG dan PLTG, Energi Nusantara menggandeng Sinland Development, anak usaha China Machinery Engineering Corporation (CMEC) sebagai kontraktor engineering. Westana menjelaskan, pihaknya berkeinginan membangun proyek energi tersebut untuk memenuhi kebutuhan listrik di Kawasan Industri Bantaeng (KIBA) yang semakin meningkat. 

Potensi tersebut dimanfaatkan mengingat akan dikembangkannya industri smelter di kawasan tersebut. Investasi pembangunan infrastruktur gas diprediksi mencapai US$70 miliar-US$ 80 miliar hingga 2050. Adapun, kebutuhan energi domestik diproyeksikan terus tumbuh sekitar 4%-5% per tahun.

Chairman Indonesia Gas Society yang juga menjaadi sebagai Plt. Direktur Pertamina Yenni Andayani mengatakan meningkatnya kebutuhan energi domestik ini disebabkan oleh pertumbuhan populasi kelas menengah dan meningkatnya produk domestik bruto.  Angka pertumbuhan tersebur jauh lebih tinggi dengan pertumbuhan konsumsi energi secara global. 

Bisnis Indonesia, Page-30, Monday, Feb, 27, 2017

Pertamina's Fund $ 3.7 Billion

Balikpapan Refinery Project 

PT Pertamina is targeting resources Balikpapan refinery project funding of up to US $ 3.7 billion since the project will enter the stage of laying the first stone or groundbreaking in the near future. According to the plan, there will be three refinery project which will enter the stage at this year's groundbreaking. First, the refinery capacity expansion project Balikpapan, East Kalimantan, which will enter the stage of groundbreaking in the first quarter / 2017. Second, the new refinery project in Tuban, East Java, in quarter III / 2017. Third, the Cilacap refinery capacity expansion project in the fourth quarter / 2017.

Finance Director of PT Pertamina Arief Budiman said the company is still looking for funding sources, especially for Balikpapan refinery project which entered the first groundbreaking. The project needs US $ 5.3 billion with 70% or US $ 5.7 billion external funding and is supported on the company because the project done alone without partners.

The investment will increase the refinery capacity of 260,000 barrels per day (bpd) to 360,000 bpd, as well as produce an additional 80,000 bpd of gasoline, diesel 70,000 bpd and 30,000 bpd of jet fuel is targeted for completion in 2019. "If the refinery in Balikpapan, we are looking for resources project funding. When funding was part of our equity, most probably from the project he said, Friday (24/2).

Aside from the development stage, the company will only seek external funding for projects which require funding of over US $ 2 billion. As an illustration, for Balongan refinery capacity expansion project needs US $ 1.27 billion, Cilacap US $ 4.5 billion, Tuban refinery is approximately US $ 13 billion, and Bontang approximately US $ 8 billion. If seen from the value of the smallest, according to Ariel, the company will fund its own projects Balongan refinery capacity additions, West Java.

Through the project, the refinery's capacity will rise from 125,000 bpd to 280,000 bpd. In the refinery project, he calls these funds will not be released at once. He estimated expenditure peak at the new refinery project occurred in 2018 and 2019 following the steps in building refineries.

IN INDONESIAN

Proyek Kilang Balikpapan

Pertamina Cari Dana US$ 3,7 Miliar

PT Pertamina mengincar sumber pendanaan proyek Kilang Balikpapan hingga US$ 3,7 miliar karena proyek itu akan memasuki tahap peletakan batu pertama atau groundbreaking dalam waktu dekat. Menurut rencana, akan ada tiga proyek kilang yang akan memasuki tahap groundbreaking pada tahun ini. Pertama, proyek penambahan kapasitas Kilang Balikpapan, Kalimantan Timur yang akan memasuki tahapan groundbreaking pada kuartal I/2017. Kedua, proyek kilang baru di Tuban, Jawa Timur pada kuartal III/2017. Ketiga, proyek penambahan kapasitas Kilang Cilacap pada kuartal IV/2017.

Direktur Keuangan PT Pertamina Arief Budiman mengatakan, pihaknya masih mencari sumber pendanaan proyek khususnya untuk Kilang Balikpapan yang masuk ke tahap groundbreaking terlebih dahulu. Proyek tersebut membutuhkan dana US$ 5,3 miliar dengan 70% di antaranya atau US$ 5,7 miliar didukung pada pendanaan dan eksternal perseroan karena proyek dikerjakan sendiri tanpa mitra.

Investasi tersebut akan menambah kapasitas kilang dari 260.000 barel per hari (bph) menjadi 360.000 bph, serta menghasilkan produk tambahan 80.000 bph gasoline, 70.000 bph diesel, dan 30.000 bph avtur yang ditargetkan selesai pada 2019. “Kalau kilang di Balikpapan, kami lagi mencari sumber pendanaan proyek. Kalau pendanaan itu sebagian dari ekuitas kami, sebagian mungkin dari project  ujarnya, Jumat (24/2).

Selain dari perkembangan tahapannya, perseroan hanya akan mencari sumber pendanaan eksternal untuk proyek yang membutuhkan dana di atas US$ 2 miliar. Sebagai gambaran, untuk proyek penambahan kapasitas Kilang Balongan yang membutuhkan dana US$ 1,27 miliar, Kilang Cilacap US$ 4,5 miliar, Kilang Tuban sekitar US$ 13 miliar, dan Kilang Bontang sekitar US$ 8 miliar. Jika dilihat dari nilai yang terkecil, menurut Arief, perseroan akan mendanai sendiri proyek penambahan kapasitas Kilang Balongan, Jawa Barat. 

Melalui proyek tersebut, kapasitas kilang akan naik dari 125.000 bph menjadi 280.000 bph. Dalam proyek kilang, dia menyebut dana tersebut tak akan dikeluarkan sekaligus. Dia memperkirakan pengeluaran puncak pada proyek kilang baru terjadi pada 2018 dan 2019 mengikuti tahapan pembangunan kilang.

Bisnis Indonesia, Page-30, Monday, Feb, 27, 2017

Chevron Remain Interested in Block Rokan and IDD Project

Chevron Indonesia is currently evaluating contract extension Rokan Block located in the province of Riau. Understandably, the contract term oil and gas blocks located in Riau Province is going to run out in 2021 later. According to Coordinating Minister for maritime Luhut Binsar Pandjaitan, Chevron continues to actively associated with related government contract extension that block. "It is being discussed with the Minister of Energy and Mineral Resources Chevron Ignatius Jonan and they're counting," said Luhut, Friday (24/2).

In addition Rokan Block, Chevron, apparently still interested in continuing the project Indonesia Deepwater Development (IDD). For information, in the first phase of exploration, Chevron has produced as much as 4,000 barrels of condensate per day and 110 million cubic feet of gas from the field past the Pacific in August 2016. "They (Chevron) is already selling gas to Thailand and has been reporting on progress, said Luhut. Yanto Sianipar, Senior Vice President, Policy, Government and Public Affairs Chevron Indonesia, did not say much." We have to update some of the government's decision to Chevron.

IN INDONESIAN

Chevron Tetap Berminat di Blok Rokan dan Proyek IDD

Chevron Indonesia sedang mengevaluasi perpanjangan kontrak Blok Rokan yang berada di Provinsi Riau. Maklum, masa kontrak blok migas yang berada di Provinsi Riau ini bakal habis pada tahun 2021 nanti. Menurut Menteri Koordinator Bidang Kemaritiman Luhut Binsar Pandjaitan, Chevron terus aktif berhubungan dengan pemerintah terkait perpanjangan kontrak blok tersebut. "Itu sedang dibicarakan Chevron dengan Menteri ESDM Ignasius Jonan dan mereka sedang menghitung," kata Luhut, Jumat (24/2).

Selain Blok Rokan, Chevron, rupanya tetap berminat untuk melanjutkan proyek Indonesia Deepwater Development (IDD). Sebagai informasi, di tahap pertama eksplorasi, Chevron sudah memproduksi kondensat sebanyak 4.000 barel per hari dan 110 juta kaki kubik gas dari lapangan Bangka pada Agustus 2016 silam. "Mereka (Chevron) sudah menjual gas ke Thailand dan sudah melaporkan perkembangan pembangunan, lanjut Luhut. Yanto Sianipar, Senior Vice President, Policy, Government and Public Affairs Chevron Indonesia, tidak banyak berkomentar. "Kami harus update beberapa keputusan Chevron ke pemerintah.

Kontan, Page-14, Monday, Feb, 27, 2017

Signing Delayed

The government postponed the signing of a cooperation contract oil and gas blocks to be offered in 2016 through direct deals and the regular auction is still reviewing options for the implementation of production sharing contracts (production sharing contract) gross split.

Meanwhile, since mid 2016 the government did not sign any cooperation contracts on new oil and gas blocks of 14 work areas offered to investors in the upstream oil and gas. Despite offering a new scheme to attract investors by offering revenue sharing, exploration commitments, and the signature bonus, up to now no one has announced the winner.

Seven blocks offered directly (direct offer) that the West Hill (Offshore Riau Islands), Batu Gajah Two (Onshore Jambi), Kasongan Sampit (Onshore Central Kalimantan), Powerful (Offshore Java Sea), Ebuny (Offshore Southeast Sulawesi), Onin (Onshore-Offshore West Papua) and West Kaimana (Onshore Offshore West Papua). 

     Meanwhile, seven blocks offered through the regular auction scheme, namely South CPP (Onshore Riau), Stuemana I (Offshore Makassar Strait), SE Mandar (Offshore South Sulawesi-South West), North Arguni (Onshore Papua Barat). Kasuri II (Onshore Papua Barat), Manakarra Mamuju (Offshore Makassar Strait and Oti (Offshore East Kalimantan).

Director of Upstream Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM) Single recognize the government needs additional time to announce the winners of a new working area. From the last target was announced in January 2017, the possibility of a new work area winners will be announced in March 2017.

According to him, with the publication of Decree No. 8/2017 on Contracts Gross Split, the course offers a new oil and gas blocks to adjust. Nevertheless, the government will offer them first to the investors who have followed direct deals and auctions, regular gross split whether to use or not.

In gross schemes split, the government determines the revenue sharing basis between the government and the contractor of 57:43 to 52:48 for the structure of the oil and gas structures. Contractors likely to receive additional split adjusted risk in the field of geographic factors to geological. "It's not [necessarily] in the award of March, because they [investors] do not necessarily want [gross disposable split]," he said recently.

AMENDMENT SCHEME

With the issuance of a regulation governing the implementation of the new scheme, said Tunggal, the scheme set out in the working area of ​​the deals are no longer used, of course, upon the agreement between the government and investors. He considered at this stage schema changes can still be made for cooperation contract has not been signed. 

    Investors are allowed to weigh beforehand schemes which provide more benefits, including direct offers to the participants who have priority for doing a joint study or joint study on a particular work area. The reason, the bidding process has been started since 2016 before the advent of the options and the emergence of a regulation on gross split.

"Direct appointment that means yet a signature. Therefore, with the new split, offered by the new system. However, it should be coordinated, "he said. When compared with last year, the number of work areas that are of interest lower. Last year, there were 12 work areas that are of interest to the eight conventional oil and gas working areas.

In 2017, targeted investment in upstream oil and gas nationwide reach US $ 13 billion, up 7% from 2016 amounting to US $ 12.01 billion.

IN INDONESIAN

Penandatanganan Ditunda

Pemerintah menunda penandatanganan kontrak kerja sama blok minyak dan gas bumi baru yang ditawarkan pada 2016 melalui penawaran langsung dan lelang reguler karena masih mengkaji opsi penerapan kontrak bagi hasil (production sharing contract) gross split.

Adapun, sejak medio 2016 pemerintah tidak menandatangani satu pun kontrak kerja sama atas blok migas baru dari 14 wilayah kerja yang ditawarkan kepada investor hulu migas. Kendati telah menawarkan skema baru untuk menarik minat investor melalui penawaran bagi hasil, komitmen eksplorasi, dan bonus tanda tangan, hingga kini belum ada satupun yang diumumkan pemenangnya.

Tujuh blok yang ditawarkan secara langsung (direct offer) yakni Bukit Barat (Offshore Kepulauan Riau), Batu Gajah Dua (Onshore Jambi), Kasongan Sampit (Onshore Kalimantan Tengah), Ampuh (Offshore Laut Jawa), Ebuny (Offshore Sulawesi Tenggara), Onin (Onshore-Offshore Papua Barat) dan West Kaimana (Onshore Offshore Papua Barat). 

    Sementara itu, tujuh blok ditawarkan melalui skema lelang reguler, yakni South CPP (Onshore Riau) , Stuemana I (Offshore Makassar Strait), SE Mandar (Offshore Sulawesi Selatan-Sulawesi Barat), North Arguni (Onshore Papua Barat). Kasuri II (Onshore Papua Barat), Manakarra Mamuju (Offshore Makassar Strait dan Oti (Offshore Kalimantan Timur).

Direktur Pembinaan Usaha Hulu Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) Tunggal mengakui pemerintah memerlukan tambahan waktu untuk mengumumkan pemenang wilayah kerja baru. Dari target terakhir diumumkan pada Januari 2017, kemungkinan pemenang wilayah kerja baru akan diumumkan pada Maret 2017.

Menurutnya, dengan terbitnya Peraturan Menteri No. 8/2017 tentang Kontrak Gross Split, hasil penawaran blok migas baru tentunya mengalami penyesuaian. Kendati demikian, pemerintah akan menawarkan terlebih dahulu kepada investor yang telah mengikuti penawaran langsung dan lelang, reguler apakah akan menggunakan gross split atau tidak. 

Pada skema gross split, pemerintah menentukan bagi hasil dasar antara pemerintah dan kontraktor sebesar 57:43 untuk struktur minyak dan 52:48 untuk struktur gas. Kontraktor berpeluang mendapat split tambahan yang disesuaikan risiko di lapangan dari faktor geografis hingga geologisnya. "Belum [tentu] di award Maret, karena mereka [investor] belum tentu mau [pakai gross split],” ujarnya, baru-baru ini.

PERUBAHAN SKEMA

Dengan diterbitkannya beleid yang mengatur penerapan skema baru, tutur Tunggal, skema yang ditetapkan pada penawaran wilayah kerja tak lagi digunakan, tentunya atas kesepakatan antara pemerintah dan investor. Dia menilai pada tahap ini perubahan skema masih bisa dilakukan karena kontrak kerja sama belum diteken. 

    Investor diperbolehkan menimbang terlebih dahulu skema mana yang memberikan keuntungan lebih, termasuk bagi para peserta penawaran langsung yang memiliki prioritas karena telah melakukan Studi bersama atau joint study pada wilayah kerja tertentu. Pasalnya, proses penawaran sudah dimulai sejak 2016 sebelum munculnya opsi dan munculnya beleid tentang gross split.

“Penunjukan langsung itu artinya belum tanda tangan. Maka dari itu, dengan split baru, ditawarkan dengan sistem baru. Akan tetapi, perlu dikoordinasikan,” katanya. Bila dibandingkan dengan tahun lalu, jumlah wilayah kerja yang diminati lebih rendah. Tahun lalu, terdapat 12 wilayah kerja yang diminati dengan delapan wilayah kerja migas konvensional. 

Pada 2017, ditargetkan investasi di bidang hulu minyak dan gas bumi secara nasional mencapai angka US$ 13 miliar atau naik 7% dari 2016 yang sebesar US$ 12,01 miliar. 

Bisnis Indonesia, Page-30, Monday, Feb, 27, 2017

Saudi Arabia's Looking Buyer Saudi Aramco

Investment Offer

King Salman bin Abdul Aziz Al-Saud is expected to bring great mission during a visit to a number of countries in Asia, including Indonesia. The mission is to offer Ararnco Saudi shares that will be released in 2018. Indications are getting stronger after Saudi Arabia's Minister of Energy and CEO of Saudi Aramco, Khalid al-Falih participate in the delegation of the King of Saudi Arabia.

Khalid al-Falih's participation in a foreign trip outside the Middle East, North Africa and the US has become the first time since 2015. "The official Saudi Aramco interested in offering shares by 5% to investors in Asia, which will be released through the IPO process in 2018, "said one Saudi official who declined to be named, was quoted as saying by Reuters on Sunday (26/2).

Economist Indef Heri Ahmad Firdaus assess the possibility of State Petro dollar would target the state-owned enterprises, namely Pertamina, as the target buyers of shares Saudi Aramco. "I think it is unlikely to be offered to private investors. They may be offered to the Government of Indonesia first, to later be directed to Pertamina, which has a business similar to Aramco, "he said.

Meanwhile, economist at PT Bank Permata Tbk. Josua Pardede precisely estimate the cooperation of non-oil sector as the main focus of discussion between the two countries. Saudi Arabia is selected in offering shares in Aramco. A visit to Asia, in addition to Indonesia, also will be heading to Japan and China. So I think the Chinese or Japanese investor who became the main target, "he said.

Chairman of the Chamber of Commerce and Industry (Kadin) Indonesia Roslan P. Roeslani regard, the opportunity to offer Saudi Aramco corporate action is very thin. According to him, Indonesia will instead try to attract more investment funds in the form of a Saudi Arabian businessman. "Very unlikely. Instead we are in a business meeting March 2 will be more trying to attract investment from them. The main non-oil sectors such as tourism, oil refinery infrastructure or handicraft, "he said.

Nevertheless, the planned IPO of oil and gas giant Saudi Aramco, was expected to make the risk of capital outflows (capital outflow) from the Indonesian market. "Well, if she would come pre-IPO marketing Aramco, then it will not affect the IDX. Indeed, there is only a capital outflow for stock Aramco, "said Edwin J. Sebayang, Head of Research at PT. MNC Securities.

Nevertheless, the risk of capital outflow depends on how interested local investors to buy IPO shares Aramco. "It depends on the offer price and the valuation of the stock." Meanwhile, a senior analyst of PT Bina Artha Securities Parama Reza Priyambada reveal still too early to conclude that there is capital outflow. "We have to see first what size they will IPO and how their performance so they can reassure our investors," he said.

IN INDONESIAN

Penawaran Investasi

Arab Saudi Cari Pembeli Saudi Aramco

Raja Salman bin Abdul Aziz Al-Saud diperkirakan membawa misi besar dalam kunjungannya ke sejumlah negara di Asia, termasuk Indonesia. Misi tersebut adalah menawarkan saham Saudi Ararnco yang akan dilepas pada 2018.  Indikasi tersebut makin kuat setelah Menteri Energi Arab Saudi sekaligus CEO Saudi Aramco Khalid al-Falih turut serta dalam delegasi Raja Arab Saudi.

Keikutsertaan Khalid al-Falih dalam kunjungan ke luar negeri di luar Timur Tengah, Afrika Utara dan AS ini menjadi yang pertama kalinya sejak 2015. “Para pejabat Arab Saudi tertarik menawarkan saham Aramco sebesar 5% ke investor Asia, yang rencananya akan dilepas melalui proses IPO pada 2018,” kata salah satu pejabat Arab Saudi yang enggan disebutkan namanya, sebagaimana dikutip dari Reuters, Minggu (26/2).

Ekonom Indef Ahmad Heri Firdaus menilai kemungkinan Negeri Petro Dolar tersebut akan menyasar perusahaan BUMN, yakni Pertamina, sebagai target pembeli saham Saudi Aramco. “Saya rasa kecil kemungkinan untuk ditawarkan ke investor swasta. Mereka mungkin akan tawarkan ke Pemerintah Indonesia dulu, untuk nanti di arahkan ke Pertamina, yang memiliki bisnis hampir serupa dengan Aramco,” katanya.

Sementara itu, ekonom PT Bank Permata Tbk. Josua Pardede justru memperkirakan kerja sama sektor non-migas sebagai fokus utama diskusi bilateral kedua negara. Arab Saudi sangat selected dalam menawarkan saham di Aramco. Kunjungan ke Asia ini, selain ke Indonesia, juga akan menuju ke Jepang dan China. Jadi saya pikir investor China atau Jepang yang jadi sasaran utamanya,” ujarnya.

Ketua Kamar Dagang dan Industri (Kadin) Indonesia Roslan P. Roeslani memandang, peluang untuk penawaran rencana aksi korporasi Saudi Aramco tersebut sangat tipis. Menurutnya, Indonesia justru akan lebih banyak berusaha menarik dana dalam bentuk investasi dari pengusaha Arab Saudi. “Sangat kecil kemungkinannya. Justru kita dalam business meeting 2 Maret akan lebih banyak berusaha menarik investasi dari mereka. Utamanya sektor non-migas seperti pariwisata, infrastruktur kilang minyak atau handycraft,” katanya.

Kendati demikian, rencana IPO raksasa migas asal Arab Saudi, Aramco, diperkirakan membuat adanya risiko aliran dana keluar (capital outflow) dari pasar Indonesia. “Nah, kalau dia datang mau pre-marketing IPO saham Aramco, maka tidak akan berdampak ke IDX. Justru yang ada hanya capital outflow untuk saham Aramco,” ujar Edwin J. Sebayang, Head of Research di PT. MNC Securities. 

Namun demikian, risiko capital outflow tersebut sangat tergantung dari seberapa tertariknya investor lokal untuk membeli saham IPO Aramco. “Ini tergantung harga penawaran  dan valuasi saham tersebut.” Sementara itu, Senior Analis PT Bina Artha Parama Sekuritas Reza Priyambada mengungkapkan masih terlalu awal untuk bisa menyimpulkan akan adanya capital outflow. "Kita harus lihat dulu berapa size mereka akan IPO dan bagaimana kinerja mereka sehingga bisa meyakinkan investor kita," katanya.

Bisnis Indonesia, Page- 1, Monday, Feb, 27, 2017