Pertamina EP Books Rp 2.5 T Profit

The subsidiary of PT Pertamina, PT Pertamina EP, posted a net profit of US $ 192 million or equivalent to Rp2.59 trillion (exchange rate 13,500) until the end of April 2017. That number reaches 32% of its net profit target of 2017

US $ 596 million.

Pertamina EP president director Nanang Abdul Manaf said the company's revenue up to April also increased 32 percent from this year's target. This year's target is set at US $ 2.814 billion, but Pertamina EP only records US $ 802 million.

"If production does not go up, we have to increase efficiency in order to keep the profit good," said Nanang in a written statement in Jakarta yesterday.

According to Nanang, efficiency is continuously done and costs are not directly related to production in the evaluation. It contributes to the achievement of net income. Not only that, the operational efficiency is done by renegotiating contracts with oil and gas service companies.

"We are doing renegotiation, so that both will rise from the current conditions. Activities that will continue to be done in the future so that the profit is maintained because the production has not been achieved, "

Until May 29, 2017, Pertamina EP oil production reached 85 thousand barrels per day or about 94% and 969 million cubic feet per day (mmscfd) or 93% of the target of 1,041 mmscfd. Realization was claimed to almost reach the target that has been declared. However, some drilling results by the end of 2016 have not shown results like the original projection.

"We still have many other potentials to be developed in order to achieve national production targets," he said.

    Nanang also explained, broadly the entire field fluctuate with a stable tendency in the range of production target numbers. At present, the target is from Pertamina EP Asset 4.

To achieve production and lifting targets in accordance with RKAP is to accelerate and add RK both drill, workover, and well intervention, as well as improving the quality of candidate wells or the implementation process of his work, then accelerate the process of PSE and the preparation of POD well exploration

Until the end of May 2017 there are six development projects in Pertamina EP work area, among others Paku Gajah Development Project in South Sumatra and Matindok Gas Development Project in Central Sulawesi.

IN INDONESIAN

Pertamina EP Bukukan Laba Rp 2,5 Triliun

Anak usaha PT Pertamina, PT Pertamina EP, membukukan laba bersih sebesar US$192 juta atau setara Rp2,59 triliun (kurs 13.500) hingga akhir April 2017. Angka itu mencapai 32% dari target laba bersih sepanjang 2017 yang sebesar

US$596 juta.

Direktur Utama Pertamina EP Nanang Abdul Manaf mengatakan pendapatan perusahaan hingga April juga tercatat mengalami peningkatan 32% dari target tahun ini. Target tahun ini ditetapkan US$2,814 miliar, tetapi Pertamina EP hanya mencatat US$802 juta.

“Kalau produksi tidak naik, kita harus makin giat efisiensi agar profit tetap bagus,” kata Nanang dalam keterangan tertulisnya di Jakarta, kemarin.

Menurut Nanang, efisiensi terus dilakukan dan biaya-biaya yang tidak langsung berhubungan dengan produksi di evaluasi. Hal itu yang berkontribusi dalam pencapaian laba bersih. Tidak hanya itu,  efisiensi dari sisi operasional dilakukan yakni dengan melakukan renegosiasi kontrak dengan perusahaan jasa migas.

“Kami lakukan renegosiasi, agar sama-sama bangkit dari kondisi saat ini. Kegiatan itu ke depan akan terus dilakukan agar profit terjaga karena produksi belum tercapai,”

Hingga 29 Mei 2017, produksi minyak Pertamina EP mencapai 85 ribu barel per hari atau sekitar 94% dan gas 969 juta kaki kubik per hari (mmscfd) atau 93% dari target sebesar 1.041 mmscfd. Realisasi itu diklaimnya hampir mencapai target yang sudah dicanangkan. Namun, hasil beberapa pengeboran di akhir 2016 belum menunjukkan hasil seperti proyeksi di awal.

“Kami masih mempunyai banyak potensi lain untuk dikembangkan dalam rangka mencapai target produksi nasional,” ucap dia.

     Nanang juga menjelaskan, secara garis besar seluruh lapangan fluktuatif dengan kecenderungan stabil pada kisaran angka target produksi. Saat ini yang sudah mencapai target ialah dari Pertamina EP Asset 4.

Untuk mencapai target produksi dan lifting sesuai dengan RKAP ialah dengan percepatan dan penambahan RK baik bor, workover, maupun well intervention, serta peningkatan kualitas kandidat sumur ataupun proses pelaksanaan pekerjaannya, kemudian melakukan percepatan proses PSE dan penyusunan POD sumur eksplorasi

Hingga akhir Mei 2017 terdapat enam proyek pengembangan di wilayah kerja Pertamina EP, antara lain Paku Gajah Development Project di Sumsel Serta Matindok Gas Development Project di Sulawesi Tengah.

Media Indonesia, Page-18, Monday, June 5, 2017

Total, Inpex must buy stake at ‘market value’

The government has insisted France’s Total E&P Indonesie (TEPI) and Japan’s lnpex pay the market value price for a 379 percent stake in the new production-sharing contract for the Mahakam block.

     TEPI and lnpex will hand over the reins of lndonesia’s largest gas-producing block to state-owned oil and gas firm Pertamina early next year following the expiration ofthe current contract.

Although the two current contractors have yet to be officially involved in the new venture, the government previously suggested that they could take up a maximum 39 percent stake.

While the Energy and Mineral Resources Ministry has insisted that the shares be bought according to the market value, the ministry’s oil and gas business guidance director, Tunggal, said the negotiations would be carried out between the firms.

“This is now a business-tobusiness negotiation,” Tunggal recently said, adding that a price had to be agreed upon before the present contract terminated at the end of this year. 

Previously energy and mineral resources deputy minister Arcandra Tahar confirmed that he had already received TEPl’s letter expressing its desire to acquire-a 39 percent share of the gas field. It was sent following a recent meeting between the minist1y’s representatives and Total CEO Patrick Pouyanne.

“We are now doing a valuation based on the field’s value,” he said.

Acknowledged as the backbone of national gas production, Mahakam bock is now being operated by TEPI with a 50 percent share, While the remaining half is held by lnpex.

The block generated 1,722 million standard cubic feet of gas per day (mmscfd) and 64,288 barrels of oil per day last year. TEPI expects to lower its production to 1,430 mmscfd and 53,000 bopd this year in line with the downturn in the global oil and gas industry The industry has been rocked by low crude oil prices in the past few years, leading to reduced exploration and production.

Although gas production has remained fairly on target, the government has not raised the production target from last years 1.15 million barrels of oil equivalent per day (boepd) because of a lack of new discoveries in the past couple of years.

This has triggered concerns that the block’s takeover by Pertamina, which will have a 100 percent share of the contract, will cause the production to plunge. TEPI itself drilled 100 wells and conducted maintenance on 8,500 ageing wells at the Mahakam block last year in order to avert a drop in production.

Despite such concerns, Pertamina still seems to be fairly confident that the block’s operations will keep running smoothly with or without the participation of other operators. Recently appointed Pertamina president director Elia 'Massa Manik said the state-owned firm would manage the block well on its own.

“ln Pertamina, we have decided thatwe must be able to manage Mahakam well, whether or not Total joins in,” he said

Starting this month, Pertam- ina’s subsidiary PT Pertamina Hulu Mahakam (PHM) will drill 14 wells to anticipate falling production that typically occurs during the transition period. The move will require an estimated investment of US$160.million.

Jakarta Post, Page-13, Monday, June 5, 2017

Until April, Pertamina EP Prints Net Profit of US $ 192 Million

PT Pertamina EP, a subsidiary of PT Pertamina in the upstream oil and gas sector, booked net profit of USES 192 million or equivalent to Rp 2.59 trillion (exchange rate of Rp 13500) until the end of April 2017. The achievement is about 32 percent of the net profit target of 2017 of US $ 596 million. While the company's revenue until April recorded us $ 802 million or 32% of this year's target of US $ 2.814 billion.

"If production does not go up, we have to increase efficiency in order to keep the profit good," said Pertamina EP Director

Nanang Abdul Manaf

Nanang said the efficiency is done continuously. Costs not directly related to production are evaluated. Not only that, in terms of operational efficiency is done, one of them by renegotiating contracts with oil and gas service companies.

"We are doing renegotiation, so that both will rise from the current conditions. The future activities will continue to be done, so that profit is maintained because the production has not been achieved, "he said.

He said up to May 29, 2017, Pertamina EP oil production reached 85 thousand barrels per day or about 94% and 969 million cubic feet per day (MMSCFD) or 93% of the target of 1,041 MMSCFD. The realization is almost reaching the target that has been announced, but the results of some drilling at the end of 2016 has not shown results like the projection at the beginning.

"We still have many other potentials to be developed in order to achieve national production targets," he said.

Nanang further outlines the entire fluctuating field with a stable tendency in the range of production target numbers, now that has reached the target is from Pertamina EP Asset 4.

To achieve production and lifting targets in accordance with RKAP is to accelerate and add RK both drill, workover and well intervention, as well as improving the quality of candidate wells and the implementation process of his work, then accelerate the process of PSE and the preparation of POD exploration wells.

Until the end of May 2017 there are six development projects in Pertamina EP's work area such as Paku Gajah Development Project in Sumsel, Pondok Makmur Development Project in Bekasi, Matindok Gas Development Project in Central Sulawesi, Cikarang Tegal Pacing in Java.Barat, Java Gas Development Project at Cepu, and Jirak Phase-1 Development Project in South Sumatra.

Nanang said all Pertamina projects are still on going and there is already a commissioning like in Matindok targeted at the end of June 2017 is full production with 50 MMSCFD capacity plan.

"Matindok already commissioning, we even did a sale. But because there are not yet synchronized, we make improvements. Hopefully, on June 4 we start again 65 MMSCFD gross, nett 55 MMSCFD, "he said

Meanwhile, Pertamina EP Finance Director Narendra Widjajanto added that the company's Investment Cost (ABI) refers to the 2017 Budget Working Plan (RKAP) of 2017, amounting to US $ 114.28 million or percent of the target of US $ 778 million.

"Most of it is spent on oil and gas drilling and workover and the rest for maintenance of company production facilities," he said.

According to Nanang the company's efforts to achieve the target is by accelerating and adding RK in order to "Journey to 100,000 BOPD", increased exploration activities for achievement of resource discovery target (2C), Optimization and efficiency of ABI to support the addition of drilling RK and Surface Facility Operational Excellence, Addition of rig contract, and drilling location preparation.

Achievements until May 2017 of 516 km of 2D seismic were successfully implemented from the Work Plan of 883 (achievement of 58 percent), while for 3D seismic as much as 171 square kilometers of 821 target (21 percent achievement), to wells until May 2017 as many as 4 wells from Plan Working 12 wells (33 percent), while the reserves (Recoverable Resource -2C) finds 14 gas and 2 oil and gas. Most are in asset 3 that is 3 wells (W GT-1, PIN-1, and HGD-1).

Related to technological innovation activities, oil and gas exploration and production activities by Pertamina EP until end of May 2017, in terms of equipment have been applied in several locations such as PIN, HGD, 8: WGT by using a casing between 16 inch liner to avoid small holes in the production section and BOP 20 "X 3000 psi to cope with high drilling hazard pressure at shallow depth less than 400 meters.

IN INDONESIA

Hingga April, Pertamina EP Cetak Laba Bersih US$ 192 Juta

PT Pertamina EP anak usaha PT Pertamina di sektor hulu migas, membukukan laba bersih sebesar USES 192 juta atau setara Rp 2,59 triliun (kurs Rp 13500) hingga akhir April 2017. Capaian tersebut sekitar 32% dari target laba bersih sepanjang 2017 sebesar US$ 596 juta. Sedangkan pendapatan perusahaan hingga April tercatat us$ 802 juta atau 32% dari target tahun ini sebesar US$ 2,814 miliar.

“Kalau produksi tidak naik, kita harus makin giat efisiensi agar profit tetap bagus,” kata Direktur Utama Pertamina EP

Nanang Abdul Manaf

Nanang menuturkan efisiensi dilakukan terus menerus. Biaya-biaya yang tidak langsung berhubungan dengan produksi dievaluasi. Tidak hanya itu, dari sisi operasional efisiensi dilakukan, salah satunya dengan melakukan renegosiasi kontrak dengan perusahaan jasa migas.

“Kami lakukan renegosiasi, agar sama-sama bangkit dari kondisi saat ini. Kegiatan itu kedepan akan terus dilakukan, agar profit terjaga karena produksi belum tercapai,” tuturnya.

Dikatakannya hingga 29 Mei 2017, produksi minyak Pertamina EP mencapai 85 ribu barel per hari atau sekitar 94% dan gas 969 juta kaki kubik per hari (MMSCFD) atau 93% dari target sebesar 1.041 MMSCFD. Realisasi tersebut hampir mencapai target yang sudah dicanangkan, namun hasil beberapa pemboran di akhir 2016 belum menunjukkan hasil seperti proyeksi di awal.

“Kami masih mempunyai banyak potensi lain untuk dikembangkan dalam rangka mencapai target produksi nasional," katanya.

  Lebih lanjut Nanang mengerangkan secara garis besar seluruh lapangan fluktuatif dengan kecenderungan stabil pada kisaran angka target produksi, saat ini yang sudah mencapai target adalah dari Pertamina EP Asset 4.

Untuk mencapai target produksi dan lifting sesuai dengan RKAP adalah dengan percepatan dan penambahan RK baik bor, workover maupun well intervention, serta peningkatan kualitas kandidat sumur maupun proses pelaksanaan pekerjaannya, kemudian melakukan percepatan proses PSE dan penyusunan POD sumur eksplorasi. 

Hingga akhir Mei 2017 terdapat enam proyek pengembangan di wilayah kerja Pertamina EP antara lain Paku Gajah Development Project di Sumsel, Pondok Makmur Development Project di Bekasi, Matindok Gas Development Project di Sulawesi Tengah, Cikarang Tegal Pacing di Jawa.Barat, Jawa Gas Development Project di Cepu, dan Jirak Phase-1 Development Project di Sumsel.

Nanang mengatakan seluruh proyek Pertamina masih on going dan sudah ada yang commisioning seperti di Matindok ditargetkan akhir Juni 2017 sudah full production dengan plan kapasitas 50 MMSCFD.

“Matindok sudah commisioning, bahkan pernah kami lakukan penjualan. Tapi karena ada yang belum sinkron, kami adakan perbaikan. Harapannya, pada 4 Juni kami mulai lagi 65 MMSCFD gross, nett-nya 55 MMSCFD,” ujarnya

Sementara itu Direktur Keuangan Pertamina EP Narendra Widjajanto menambahkan Anggaran Biaya Investasi (ABI) perusahaan mengacu pada Rencana Kerja Anggaran Peursahaan (RKAP) 2017, per April 2017 sebesar US$ 114,28 juta atau persen dari target US$ 778juta.

“Sebagian besar dihabiskan untuk pemboran migas serta workover dan sisanya untuk maintenance fasilitas produksi perusahaan,” ujarnya. 

      Menurut Nanang upaya perusahaan agar mencapai target adalah dengan percepatan dan penambahan RK dalam rangka “Journey to 100.000 BOPD", peningkatan aktifitas eksplorasi untuk pencapaian target penemuan sumber daya (2C), Optimalisasi dan efisiensi ABI untuk mendukung penambahan RK pemboran dan Surface Facility Operational Excellence, penambahan kontrak rig, dan penyiapan lokasi pemboran.

Pencapaian sampai Mei 2017 sebanyak 516 km seismik 2D berhasil dilaksanakan dari Rencana Kerja sebanyak 883 (pencapaian 58 persen), sedangkan untuk seismik 3D sebanyak 171 kilometer persegi dari target 821 (pencapaian 21 persen), untuk sumur bor sampai Mei 2017 sebanyak 4 sumur dari Rencana Kerja 12 sumur (33 persen), sedangkan temuan cadangan (Recoverable Resource -2C) sebanyak 14 gas serta 2 oil and gas. Paling banyak berada di asset 3 yaitu sebanyak 3 sumur (W GT-1, PIN-1, dan HGD-1).

Terkait kegiatan inovasi teknologi, kegiatan eksplorasi dan produksi migas oleh Pertamina EP hingga akhir Mei 2017, dari sisi peralatan sudah diterapkan di beberapa lokasi seperti PIN, HGD, 8: WGT dengan menggunakan casing antara berupa liner 16 inchi untuk menghindari lubang kecil pada section produksi dan BOP 20” X 3000 psi untuk menanggulangi drilling hazard pressure tinggi pada kedalaman dangkal kurang dari 400 meter.

 Investor Daily, Page-9, Monday, June 5, 2017

Until April, Pertamina EP Prints Net Profit of USD192 Million

PT Pertamina EP, a subsidiary of PT Pertamina (Persero) in upstream oil and gas sector, booked net profit of USD 192 million or approximately Rp 2.59 trillion until the end of April 2017. The achievement is about 32% of the target net profit of 2017 of USD 596 million.

While the company's revenue until April was recorded USD802 million also about 32% of this year's target of USD2, 814 billion. President Director of Pertamina EP Nanang Abdul Manaf said that in the condition of world oil prices that have not fully improved, it continues to emphasize efficiency to maintain company performance. For example, costs not directly related to production are evaluated.

"We also renegotiate with oil and gas service companies to both rise from the current conditions. Future efficiency will continue to be done so that profit is maintained because the production has not been achieved, "

Among the nine subsidiaries of the upstream sector, Pertamina EP recorded the largest contribution to the holding company. Throughout 2016 for example, the company recorded a net profit of USD 597.70 million with revenues of USD2.49 billion. 

     The company's financial performance is much higher than other Pertamina's upstream subsidiaries, such as PT Pertamina EP Cepu which recorded net profit of USD 222.68 million or PT Pertamina Hulu Energi which booked net profit of USD 188.8 million and PT Pertamina Internasional Exploration and Production Earned a net profit of USD192, 50 million throughout 2016.

Until May 29, 2017 Pertamina EP oil production reached 85,000 barrels per day (bpd) or about 94% of the target and gas 969 million cubic feet per day (MMSCPD) or 93% of the target of 1,041 MMSCFD. "We still have many other potentials to be developed in order to achieve national production targets," said Nanang.

Pertamina EP Finance Director Narendra Widjajanto added that this year the company's investment cost (ABI) reached USD778 million. "Most of it is spent on oil and gas drilling and workover and the rest for maintenance of the company's production facilities," he said.

IN INDONESIAN

Hingga April, Pertamina EP Cetak Laba Bersih USD192 Juta

PT Pertamina EP anak usaha PT Pertamina (Persero) disektor hulu migas, membukukan laba bersih sebesar USD 192 juta atau sekitar Rp 2,59 triliun hingga akhir April 2017. Capaian itu sekitar 32% dari target laba bersih sepanjang 2017 sebesar USD 596 juta.

Sementara pendapatan perusahaan hingga April tercatat USD802 juta juga sekitar 32% dari target tahun ini sebesar USD2,814 miliar. Direktur Utama Pertamina EP Nanang Abdul Manaf mengatakan, dalam kondisi harga minyak dunia yang belum sepenuhnya membaik, pihaknya terus menekankan efisiensi untuk menjaga kinerja perusahaan. Misalnya, biaya-biaya yang tidak langsung berhubungan dengan produksi dievaluasi.

”Kami juga lakukan renegosiasi dengan perusahaan jasa migas supaya sama-sama bangkit dari kondisi saat ini. Efisiensi ke depan akan terus dilakukan supaya profit terjaga karena produksi belum tercapai,". 

Di antara sembilan anak usaha sektor hulu, Pertamina EP tercatat memberi kontribusi terbesar kepada induk usaha. Sepanjang 2016 misalnya, perusahaan mencatatkan laba bersih USD 597,70 juta dengan pendapatan usaha USD2,49 miliar. 

    Perolehan kinerja finansial perusahaan jauh lebih tinggi dibandingkan anak usaha hulu Pertamina lain, seperti PT Pertamina EP Cepu yang mencatatkan laba bersih USD 222,68 juta ataupun PT Pertamina Hulu Energi yang membukukan laba bersih USD 188,8 juta dan PT Pertamina Internasional Eksplorasi dan Produksi yang memperoleh laba bersih USD192,50 juta sepanjang 2016.

Hingga 29 Mei 2017 produksi minyak Pertamina EP mencapai 85.000 barel per hari (bph) atau sekitar 94% dari target dan gas 969 juta kaki kubik per hari (MMSCPD) atau 93% dari target sebesar 1.041 MMSCFD. "Kami masih mempunyai banyak potensi lain untuk dikembangkan dalam rangka mencapai target produksi nasional," tutur Nanang.

Direktur Keuangan Pertamina EP Narendra Widjajanto menambahkan, tahun ini anggaran biaya investasi (ABI) perusahaan mencapai USD778 juta. ”Sebagian besar dihabiskan untuk pengeboran migas serta workover dan sisanya untuk maintenance fasilitas produksi perusahaan," ujarnya.

Koran Sindo, Page-8, Monday, June 5, 2017

Until April, Pertamina EP Record Profit Rp 2.59 Trillion

Until April 2017, PT Pertamina EP booked net profit of US $ 192 million or Rp 2.59 trillion (exchange rate assumption Rp 13,500 per US dollar). The net profit is only about 32 percent of the 2017 net profit target of US $ 596 million.

As for revenue, until April 2017, a subsidiary of PT Pertamina in the upstream oil and gas sector recorded revenues of US $ 802 million. This number is new About 28.5% of this year's target of US $ 2.81 billion. "If production does not go up, we have to increase efficiency in order to keep profit good," said Nanang Abdul Manaf, President Director of PT Pertamina EP.

According to Nanang, it has to do some efficiency, such as evaluating the costs that are not directly related to production. The company also performs operational efficiency. One of them through renegotiation of contract costs with oil and gas supporting services company. "We renegotiate to both rise from the current conditions. Activities that will continue to be done in the future, so that profit is maintained, because the production has not been achieved, "said Nanang.

In fact he asked the production department to make the time efficiency. For example, if drilling with a depth of 3,000 meters takes 60 days, then it should be accelerated to 55 days. "We pay the rigs for the calculation per day and if we can accelerate, the cost can be reduced," Nanang said.

Until May 29, 2017, Pertamina EP oil production reached 85,000 barrels per day (bpd) or about 94% of the target. Meanwhile, gas production of 969 million cubic feet per day (mmscfd) or 93% of the target while some drilling results at the end of 2016 have not shown results like the initial projection. Not to mention there is a decrease in production naturally in some old wells that have been for 50 years managed by the company.

IN INDONESIAN

Sampai April, Pertamina EP Catat Laba Rp 2,59 Triliun

Hingga April 2017, PT Pertamina EP membukukan laba bersih sebesar US$ 192 juta atau Rp 2,59 triliun (asumsi kurs Rp 13.500 per dollar AS). Laba bersih itu baru sekitar 32% dari target laba bersih sepanjang 2017 yang mencapai US$ 596 juta.

Sedangkan untuk pendapatan, hingga April 2017, anak usaha PT Pertamina di sektor hulu minyak dan gas ini mencatat pendapatan sebesar US$ 802 juta. Jumlah ini baru Sekitar 28,5% dari target tahun ini yang sebesar US$ 2,81 miliar. “Kalau produksi tidak naik, kami harus semakin giat efisiensi agar profit tetap bagus,” ujar Nanang Abdul Manaf, Direktur Utama PT Pertamina EP.

Menurut Nanang, pihaknya harus melakukan sejumlah efisiensi, seperti mengevaluasi biaya-biaya yang tidak langsung berhubungan dengan produksi. Perusahaan ini juga melakukan efisiensi dari sisi operasional. Salah satunya melalui renegosiasi biaya kontrak dengan perusahaan jasa penunjang migas. “Kami renegosiasi untuk sama-sama bangkit dari kondisi saat ini. Kegiatan itu ke depan akan terus dilakukan, agar profit terjaga, karena produksi belum tercapai,” kata Nanang.

Bahkan ia meminta kepada bagian produksi untuk melakukan efisiensi waktu. Misalnya bila mengebor dengan kedalaman 3.000 meter membutuhkan 60 hari, maka harus dipercepat menjadi 55 hari. "Kami membayar rig itu hitungannya per hari. Bila bisa dipercepat, biaya bisa berkurang," kata Nanang.

Hingga 29 Mei 2017 lalu, produksi minyak Pertamina EP mencapai 85.000 barel per hari (bph) atau sekitar 94% dari target. Sedangkan produksi gas sebanyak 969 juta kaki kubik per hari (mmscfd) atau 93% dari target sementara hasil beberapa pengeboran di akhir tahun 2016 lalu belum menunjukkan hasil seperti proyeksi di awal. Belum lagi ada penurunan produksi secara alamiah di beberapa sumur tua yang sudah selama 50 tahun dikelola oleh perusahaan. 

Kontan, Page-14, Monday, June 5, 2017

Oil and Gas Business Unapproved

The Legislation Body has not yet agreed on the form of a special oil and gas business entity proposed by Commission VII in the draft law (RUU) no. 22/2001 on Oil and Gas.

In the text of the draft of Oil and Gas Draft Law on Legislation on Wednesday (24/5), the Legislation Body mentioned three aspects, namely technical, substance, and the principle of legislative establishment. In the aspect of substance, the Legislation Body requested confirmation to Commission VII as the proposer on the status and position of the special business entity (BUK) of Oil and Gas.

Regarding to that matter, Vice Chairman of Legislation Agency Firman Subagyo admitted, it needs to get an explanation from the proposer, that is Commission VII. He called the proposer to explain the reasons for oil and gas BUK under the coordination of the president. The plan, the meeting was held again on Monday (S / 6) at 13:00 pm to find out the explanation of the record from the Legislation Body draft of Oil and Gas Draft.

"We are still waiting for his explanation. If [under the Minister] BUMN, what is the reason. If the president, what is the reason. Monday at 1 o'clock is discussed again, "he said.

The draft proposed Oil and Gas Bill states that BUK Migas is directly and responsible to the president. From the capital side of the Legislation Body, it is considered that the form of BUK Migas is still classified as BUMN which should be under the coordination of the Minister of SOEs.

As mentioned in Article 52, BUK will get initial capital sourced from APBN. BUK capital is a separate and undivided state asset of stocks. Further provisions on the capital of BUK Migas will be regulated through a presidential regulation.

Refer to the chapter. Legislation Body considers that BUK oil and gas entity is still belonging to state owned enterprises (SOEs) which should be under the coordination of the Minister of SOE as referring to Law no. 19/2003 and the Bill on SOEs. In Article 1, Law no. 19/2003 on SOEs. 

     Mentioned that the definition of BUMN is a business entity that all or most of its capital is owned by the state through direct participation derived from separated state assets. In addition, technical ministers who have the authority to regulate the sector where SOEs conduct business activities namely Minister of SOEs,

STRATEGIC POSITION

     Member of Commission VII Kurtubi said the proposed form of BUK oil and gas refers to the recommendation of the Constitutional Court that BP Migas is not in accordance with the constitution because it is not in the form of a business entity. Therefore, it is proposed that there is a business entity that can perform the functions of management, supervision, and exploitation. Its strategic position finally positioned the oil and gas BUK under the coordination of the President so as not to be under the coordination of the Minister of SOEs like other SOEs.

     Kurtubi said that his company does not want BUK to be a company. He considered, if the form of the company, there are still fears of a chance sale of government shares by the Minister of SOEs such as the direction of development of state-owned banks. The concept of oil and gas BUK in the draft of Oil and Gas Draft refers to the definition of BUMN in the form of a public company in which all of its capital is owned by the state and is not divided into shares.

    The proposed form of BUK, which is tasked with reviewing and submitting the first field development plan will be produced to the Minister of Energy and Mineral Resources.

"We do not want BUK in the form of PT Persero. If PT Persero, its coordination under the Minister of SOEs. We are strongly opposed to BUK form PT Persero because it is open to IPO and privatization. "

     Meanwhile, member of Commission VII Ramson Siagian said, the oil and gas BUK will not be formed from a new business entity. Rather it is Pertamina which refers to Law no. 8/1971 with the addition of new structures such as Pertamina. 

     In terms of form, BUK Migas is a special body that will appear after the newly issued Oil and Gas Law. Meanwhile, in terms of assets, BUK Migas will use Pertamina's assets.

"Special Agency lex specialis. The BUK can not go public. So later Pertamina become BUK not a new institution anymore. Instead we strengthen Pertamina, "he said

     BUK Migas will take care of all the licenses. Therefore, the contractor of the cooperation contract (KKKS) only conducts exploitation and exploration activities. The reason refers to the declining production and exploration trends need to be made body that can encourage the acceleration of all processes in the field.

     Ramson hopes that members of the House of Representatives can complete the new Oil and Gas Law this year. "The KKKS does not take care of the indirect. The focus of exploration and production. "The same thing is said by Commission VII member Dino Ganinduto who considers the concept of BUK Migas will not be shaped like a SOE.

IN INDONESIAN

Badan Usaha Migas Belum Disepakati

     Badan Legislasi belum menyepakati bentuk badan usaha khusus minyak dan gas bumi yang diusulkan Komisi VII dalam Rancangan Undang-Undang (RUU) No. 22/ 2001 tentang Migas.

Dalam naskah hasil pembahasan RUU Migas di Badan Legislasi pada Rabu (24/5), Badan Legislasi menyinggung tentang tiga aspek, yakni teknis, substansi, dan asas pembentukan peraturan perundang-undangan. Pada aspek substansi, Badan Legislasi minta konfirmasi kepada Komisi VII sebagai pengusul tentang status dan kedudukan badan usaha khusus (BUK) Migas.

Mengenai hal itu, Wakil Ketua Badan Legislasi Firman Subagyo mengakui, pihaknya perlu mendapatkan penjelasan dari pengusul, yaitu Komisi VII. Dia menyebut pengusul harus menjelaskan alasan BUK migas berada di bawah koordinasi presiden. Rencananya, rapat kembali digelar pada Senin (S/6) pukul 13.00 WIB untuk mengetahui penjelasan atas catatan dari Badan Legislasi mengenai draf RUU Migas.

“Kami masih tunggu penjelasannya seperti apa. Kalau dibawah Menteri BUMN, apa alasannya. Kalau ke Presiden, apa alasannya. Senin jam 1 dibahas lagi," ujarnya.

Pada draf RUU Migas yang diajukan menyebut bahwa BUK migas berkedudukan langsung dan bertanggung jawab kepada presiden. Dari sisi permodalan Badan Legislasi menilai bahwa bentuk BUK migas masih tergolong BUMN yang seharusnya berada di bawah koordinasi Menteri BUMN.

Seperti yang disebut dalam Pasal 52, BUK akan mendapat modal awal yang bersumber dari APBN. Modal BUK merupakan kekayaan negara yang dipisahkan dan tidak terbagi atas saham-saham. Ketentuan lebih lanjut tentang permodalan BUK migas akan diatur melalui peraturan presiden.

Merujuk pada pasal tersebut. Badan Legislasi menilai bahwa benluk BUK migas masih tergolong badan usaha milik Negara (BUMN) yang seharusnya berada di bawah koordinasi Menteri BUMN seperti mengacu pada UU No. 19/2003 dan RUU tentang BUMN. Pada Pasal 1, UU No. 19/2003 tentang BUMN. 

     Disebutkan bahwa definisi BUMN adalah badan usaha yang seluruh atau sebagian besar modalnya dimiliki oleh negara melalui penyertaan secara langsung yang berasal dari kekayaan negara yang dipisahkan. Selain itu, menteri teknis yang mempunyai kewenangan mengatur sektor tempat BUMN melakukan kegiatan usaha yakni Menteri BUMN,

POSISI STRATEGIS

Anggota Komisi VII Kurtubi mengatakan, usulan bentuk BUK migas mengacu pada rekomendasi Mahkamah Konstitusi bahwa BP Migas ternyata tidak sesuai dengan konstitusi karena tidak berbentuk badan usaha. Oleh karena itu, pihaknya mengusulkan agar terdapat badan usaha yang bisa menjalankan fungsi pengelolaan, pengawasan, dan pengusahaan. Posisinya yang strategis akhirnya memposisikan agar BUK migas berada di bawah koordinasi Presiden sehingga tidak berada di bawah koordinasi Menteri BUMN seperti BUMN lainnya.

Kurtubi menyebut, pihaknya tidak menginginkan BUK berbentuk perseroan. Dia menilai, bila berbentuk perseroan, masih terdapat kekhawatiran adanya peluang penjualan saham pemerintah oleh Menteri BUMN seperti arah pengembangan BUMN sektor perbankan. Konsep BUK migas pada draf RUU Migas mengacu pada definisi BUMN berbentuk perusahaan umum yang mana seluruh modalnya dimiliki negara dan tidak terbagi terhadap saham.

Bentuk BUK yang diusulkan, yakni bertugas mengkaji dan rnenyampaikan rencana pengembangan lapangan yang pertama kali akan diproduksi kepada Menteri Energi dan Sumber Daya Mineral.

“Kita tidak menginginkan BUK berbentuk PT Persero. Kalau PT Persero, koordinasinya di bawah Menteri BUMN. Kami menentang keras kalau BUK bentuknya PT Persero karena terbuka untuk IPO dan privatisasi.”

Sementara itu, anggota Komisi VII Ramson Siagian mengatakan, BUK migas tidak akan dibentuk dari badan usaha baru. Melainkan Pertamina yang mengacu pada Undang Undang No. 8/1971 dengan penambahan struktur baru seperti Pertamina. Dari sisi bentuknya, BUK migas merupakan badan khusus yang akan muncul setelah Undang Undang Migas yang baru terbit. Sementara itu, dari sisi asetnya, BUK Migas akan menggunakan aset-aset Pertamina.

“Badan khusus lex specialis. BUK-nya tidak bisa go public. Jadi nanti pertamina yang jadi BUK bukan lembaga baru lagi. Justru kita perkuat Pertamina,” katanya 

BUK Migas nantinya akan mengurusi segala perzinan. Dengan demikian kontraktor kontrak kerja sama (KKKS) hanya melakukan kegiatan eksploitasi dan eksplorasi. Pasalnya merujuk pada tren produksi dan eksplorasi yang menurun perlu dibuat badan yang bisa mendorong percepatan segala proses di lapangan. 

Ramson berharap agar anggota DPR bisa menyelesaikan UU Migas yang baru di tahun ini. “KKKS itu tidak mengurus yang indirect. Fokus eksplorasi dan produksi.” Hal yang sama dituturkan anggota Komisi VII Dino Ganinduto yang menganggap konsep BUK Migas tidak akan berbentuk seperti BUMN.

Bisnis Indonesia, Page-30, Monday, June 5, 2017

Fossil Energy Wins?

Interesting articles were written on the Bloomberg page after the US decision withdrew from the Paris deal (21st Climate Change Conference / 21st COP). Is this a fossil energy victory? More or less so the title in the article.

The 21st COP is an agreement on climate change to reduce carbon emissions in the world. Almost every country in the world agrees to prevent an earth temperature rise of less than 2 degrees Celsius and cut carbon emissions by at least 70 percent by 2050. In summary, the deal is to abandon carbon-fossil energy that produces carbon and switch to cleaner and environmentally-renewable energy.

For President Donald Trump, who led his country to withdraw from the Paris deal, climate change is considered a hoax. America said it would lose the potential of gross domestic product to trillions of US dollars if it obeys the deal. The deal also deems it will eliminate jobs for millions of US citizens.

Is there any significant influence over the US withdrawal from the Paris deal? Based on data from the US Energy Information Administration 2016, the US consumes 97.400 trillion British thermal units. While data from Global Energy Statistical Yearbook 2015, US energy consumption is ranked second only to the world after China. The consumption is equivalent to ten times that Indonesia consumes.

In addition, in the US energy mix, fossil energy sources are still excellent. The portion of renewable energy is 10 percent and nuclear power 9 percent of total energy consumed in 2016. The rest is taken from fossil energy consisting of 37 percent oil, 29 percent natural gas and 15 percent coal. In short, fossil energy is very dominant with a portion of 81 percent.

Some analysts, as revealed in the Bloomberg article, predict there will be no long-term losses due to Trump's policy of withdrawing from the Paris deal. 

     The development of renewable energy that has been active in recent times in all parts of the world will not recede due to the policy. In addition, technological developments are increasingly rapidly succeeded in reducing the cost of renewable energy development that gives hope in competition with fossil energy.

From within the country, there is hope that oil and coal prices could be boosted following the US pullback from the Paris deal. The business of both types of fossil energy is indeed sluggish. Oil prices, for example, dropped from around 100 dollars per barrel to 50 dollars a barrel since late 2014. In fact, oil prices were less than 30 dollars per barrel in early 2016.

Logically, if the US energy policy still relies on oil and coal, it will have an impact on supply and demand as an important component in determining commodity prices. Falling prices of oil and coal for too long seem to have a direct impact on economies on a micro and macro scale. Fossil energy bearers certainly have a vested interest in commodity prices is back victorious.

If you go back to the title of this paper, renewable energy developers need not be discouraged. Development should continue. Someday, renewable energy will be the main choice because a time when fossil energy is in the final point. Again, the rapid technological advances generate tremendous efficiency in the renewable energy sector. 

      Some time ago, in the United Arab Emirates, the cost of solar power plants can be produced less than 3 US cents per kwh or half of the cost of coal fired. Most importantly, consistency in the development of renewable energy because this type will be the main choice in the future.

IN INDONESIAN

Energi Fosil Menang?

Artikel menarik ditulis di laman Bloomberg setelah keputusan Amerika Serikat menarik diri dari kesepakatan Paris (Konferensi Perubahan Iklim Ke-21/COP Ke-21). Apakah ini kemenangan energi fosil? Lebih kurang begitu judul dalam artikel tersebut. 

COP Ke-21 adalah kesepakatan tentang perubahan iklim untuk menurunkan emisi karbon di dunia. Hampir semua negara di dunia setuju untuk mencegah kenaikan suhu bumi kurang dari 2 derajat Celsius dan memangkas emisi karbon setidaknya 70 persen pada 2050. Ringkasnya, kesepakatan itu untuk meninggalkan energi fosil yang menghasilkan karbon dan beralih ke energi terbarukan yang lebih bersih dan ramah lingkungan.

Bagi Presiden Donald Trump, yang memimpin negaranya menarik diri dari kesepakatan Paris, perubahan iklim dianggap sebagai hoaks belaka. Amerika disebutnya akan kehilangan potensi produk domestik bruto hingga triliunan dollar AS jika mematuhi kesepakatan itu. Kesepakatan itu juga dianggapnya akan menghilangkan lapangan kerja bagi jutaan warga AS.

Adakah pengaruh signifikan atas mundurnya AS dari kesepakatan Paris? Berdasarkan data dari US Energy Information Administration 2016, AS mengonsumsi energi 97.400 triliun British thermal unit. Sementara data dari Global Energy Statistical Yearbook 2015, konsumsi energi AS ada di peringkat kedua dunia setelah China. Konsumsi itu setara dengan sepuluh kali yang dikonsumsi Indonesia.

Di samping itu, dalam bauran energi AS, sumber energi fosil masih menjadi primadona. Porsi energi terbarukan sebesar 10 persen dan tenaga nuklir 9 persen dari total energi yang dikonsumsi pada 2016. Sisanya diambil dari energi fosil yang terdiri dari minyak 37 persen, gas bumi 29 persen, dan batubara 15 persen. Singkatnya, energi fosil sangat dominan dengan porsi 81 persen.

Sejumlah analis, seperti yang diungkap dalam artikel Bloomberg tersebut, memperkirakan tidak akan ada kerugian jangka panjang akibat kebijakan Trump yang menarik diri dari kesepakatan Paris.

     Pengembangan energi terbarukan yang sedang giat-giatnya akhir-akhir ini di seluruh belahan dunia tidak akan surut akibat kebijakan itu. Selain itu, perkembangan teknologi yang kian pesat berhasil menekan ongkos pengembangan energi terbarukan sehingga memberi harapan dalam persaingan dengan energi fosil.

Dari dalam negeri, ada harapan harga minyak dan batubara bisa terdongkrak menyusul mundurnya AS dari kesepakatan Paris. Bisnis kedua jenis energi fosil ini memang sedang lesu. Harga minyak, misalnya, jatuh dari semula di kisaran 100 dollar AS per barrel menjadi 50 dollar AS per barrel sejak akhir 2014. Bahkan, harga minyak kurang dari 30 dollar per barrel pada awal 2016. 

Logikanya, jika kebijakan energi AS masih bertumpu pada minyak dan batubara, hal itu akan berdampak pada suplai dan permintaan sebagai komponen penting dalam menentukan harga komoditas. Kejatuhan harga minyak dan batubara yang terlalu lama rupanya berdampak langsung bagi ekonomi dalam skala mikro dan makro. Pengusung energi fosil tentu punya kepentingan agar harga komoditas ini kembali berjaya. 

Jika kembali menengok judul tulisan ini, pengembang energi terbarukan tidak perlu berkecil hati. Pengembangan harus terus berjalan. Suatu saat nanti, energi terbarukan akan jadi pilihan utama karena suatu saat energi fosil ada di titik penghabisan. Sekali lagi, pesatnya kemajuan teknologi menghasilkan efisiensi luar biasa di sektor energi terbarukan. 

     Beberapa waktu lalu, di Uni Emirat Arab, ongkos pembangkit listrik tenaga surya sudah bisa diproduksikan kurang dari 3 sen dollar AS per kwh atau separuh dari ongkos yang dikeluarkan pembangkit batubara. Yang terpenting, konsistensi dalam pengembangan energi terbarukan karena jenis ini akan menjadi pilihan utama pada masa mendatang. 

Kompas-Page-17, Saturday, June 3, 2017

Oil Price Expected to Reach US $ 50 Per Barrel

The Ministry of Finance estimates that the Indonesian Crude Price (ICP) price touched US $ 50 per barrel this year. In the 2017 State Budget (APBN), ICP is set at US $ 45 per barrel. "Our Assessment of (US $ 50 per barrel), For the Revised State Budget is still running. We will calculate the additional revenue, "said Head of Fiscal Policy Agency of the Ministry of Finance, Suahasil Nazara.

In line with Suahasil, Deputy Finance Minister Mardiasmo said his ministry's outlook on ICP rose from that set in the 2017 APBN. "PNBP (non-tax state revenue) will increase if ICP rises," he said.

Earlier, Finance Minister Sri Mulyani Indrawati predicted the government will get more revenue in the Revised State Budget 2017. According to him, the value could reach Rp 15 trillion as triggered by changes in crude oil prices. However, Rp 15 trillion is not only revenue from oil price changes. This figure is an excess of revenue from changes in oil prices minus shortfall of tax revenue that is not in accordance with assumptions in the APBN 2017.

According to Sri, his staff will still strive to increase revenues above Rp 15 trillion. He said there was a directive from President Joko Widodo in order that ministries / agencies would re-comb shopping for goods that could be cut, such as official travel.

Based on the luck of his ministry, Sri said, there are about Rp 16 trillion that can be combed from goods shopping. If there are no obstacles, new calculations for APBN-P 2017 will be presented to the House of Representatives in June.

IN INDONESIAN

Harga Minyak Diperkirakan Mencapai US$ 50 Per Barel

Kementerian Keuangan mernperkirakan harga minyak mentah Indonesia atau Indonesian Crude Price (ICP) menyentuh US$ 50 per barel pada tahun ini. Dalam Anggaran Pendapatan dan Belanja Negara (APBN) 2017, ICP ditetapkan US$ 45 per barel. “Assessment kami  sebesar (US$ 50 per barel), Untuk APBN Perubahan masih berjalan. Nanti tambahan penerimaannya akan kami hitung detail-nya,” ujar Kepala Badan Kebijakan Fiskal Kementerian Keuangan, Suahasil Nazara.

Senada dengan Suahasil, Wakil Menteri Keuangan Mardiasmo menuturkan,outlook kementeriannya soal ICP naik dibanding yang ditetapkan dalam APBN 2017. “PNBP (penerimaan negara bukan pajak) pasti meningkat kalau ICP naik,” kata dia.

Sebelumnya, Menteri Keuangan Sri Mulyani Indrawati memprediksi pemerintah akan mendapatkan pemasukan lebih dalam APBN Perubahan 2017. Menurut dia, nilainya bisa mencapai Rp 15 triliun karena dipicu oleh perubahan harga minyak mentah. Namun Rp 15 triliun tersebut tidak hanya penerimaan dari perubahan harga minyak. Angka tersebut merupakan kelebihan penerimaan dari perubahan harga minyak dikurangi shortfall penerimaan perpajakan yang tidak sesuai dengan asumsi dalam APBN 2017.

Menurut Sri, jajarannya masih akan mengupayakan agar pendapatan bisa naik di atas Rp 15 triliun. Dia mengatakan terdapat arahan dari Presiden Joko Widodo agar kementerian/lembaga kembali menyisir belanja-belanja barang yang bisa dipangkas, seperti perjalanan dinas.

Berdasarkan peruntungan kementeriannya, Sri menuturkan, terdapat sekitar Rp 16 triliun yang bisa disisir dari belanja barang. Jika tidak ada halangan, hitung-hitungan baru untuk APBN-P 2017 akan disampaikan ke Dewan Perwakilan Rakyat pada Juni nanti.

Koran Tempo, Page-18, Friday, June 2, 2017

Platts approves RI’s Karimun in S’pore pricing

Oil price agency S&P Global Platts has approved Indonesia's Oiltanking Karimun Terminal in its Singapore pricing process for gas oil, jet fuel and gasoline cargoes, the company said in a note to subscribers on Thursday. Platts, a unit of S&P Global, will publish offers of oil product cargoes loading from the storage terminal in its pricing process, known as the market-on-close, from July 3, the company said.

The pricing agency will publish seller’s offers from Karimun on a free-on-board (FOB) Indonesia basis, where the seller needs to state the loading point as FOB Karimun at the time of indicating their interest to Platts for publication, Platts said.

This will the first Indonesian delivery point in Platts’ Singapore price assessment process. Other loading points outside Singapore that Platts includes in its oil product assessments include Malaysia’s Tanjung Langsat, Tanjung Bin, Pengerang and a few floating storage units. However, Platts said it will not publish FOB Indonesia bids and sellers may not unilaterally nominate Karimun as a loading point for deals done under basis of FOB Straits, which includes the terminals located outside of Singapore.

Platts will consider the published price information from FOB Karimun in its FOB Singapore assessments after normalization, which takes into consideration the differences in freight and port charges between Singapore and Karimun. The proposal was first mooted in March. The move is expected to offer more flexibility in loading cargoes and improve market liquidity, traders have said.

Oiltanking Karimun is a joint Venture between Oiltanking, which is a subsidiary of Hamburg- based Marquard & Bahls [MARQ.UL], and trader Gunvor Group [GGL.UL].

The Karimun terminal, with a total storage capacity of 730,000 cubic meters, was commissioned in mid-2016 and is aimed to serve the growing demand for oil products in Asia, according to Oiltanking’s website. It is supported by four jetties and is able to accommodate vessels up to 320,000 deadweight ton.

With Singapore unable to commit more land to commercial storage to serve trading companies, Indonesia and Malaysia have stepped up their investments in oil and chemicals storage infrastructure.

Platts, which provides Asian benchmark assessments for most oil products traded in the region, introduced a FOB Straits benchmark in July 2015 to include ports in Malaysia.

Jakarta Post, Page-13, Friday, June 2, 2017