Pertamina Make sure Ogan Komering Block

DELIVERY BLOCK MANAGEMENT

SKK Migas asked PT Pertamina to immediately decide the certainty of the takeover of Ogan Komering Block management So that the sustainability of oil and gas production in Southern part of Sumatra will be maintained.

Ogan Komering Block of 1,152 square kilometers stretching in Ogan Komering Ulu Regency, Ogan Ilir and Muara Enim, South Sumatra Province, will be terminated in 2018. Initially, Pertamina and Talisman Energy were contractors of Ogan Komering Block (KKKS) cooperation contracts In the form of a joint operating body (JOB). However, in March 2017 Talisman sold 50% of its shares to Jadestone Energy.

"In principle (for extension) is preferred Pertamina. But they are still review taken or not, "said Head of Finance Affairs Representative Office of the Special Unit for Oil and Gas Upstream Oil and Gas Operations [SKK Migas] Southern Sumatra, Muhammad Agus

The Ogan Komering Block is one of the eight oil and gas working areas in Indonesia that are out of contract in 2017 and 2018. The other seven blocks are Tuban Block, East Java (JOB Pertamina-PetroChina East Java), Sanga-Sanga Block, East Kalimantan (Saka Energi); Southeast Sumatra Block (SES), Lampung (CNOOC SES Limited).

In addition, Central Block, East Kalimantan (Total E & J Indonesie); East Kalimantan Block, East Kalimantan (Chevron hydonesia Company); Attaka Block, East Kalimantan (Chevron); And North Sumatra Offshore Block, Aceh (Pertamina).

In January 2017, Energy and Mineral Resources Minister Ignatius Jonan has assigned Pertamina to take over the eight blocks. Later, the contract scheme will change from cost recovery to gross split.

"We are basically no problem whoever the management, whatever its affiliates, will keep us watching," said Agus. He expects operators in regional oil and gas blocks to be more efficient. Do not let, added Agus, the cost of production increases when South Sumatra no longer find new oil and gas reserves.

"South Sumatra's contribution as a whole oil and gas production has not changed much. Probably 10% of all Indonesia. Not too significant compared to Riau and Cepu, "he said.

Jadestone Energy noted that Ogan Komering Block produces an average of 3,000 barrels of oil equivalent per day (boepd) with details of 70% oil and 30% gas.

The hydrocarbon product is produced from three fields namely Air Serdang, Guruh, and Mandala. Meanwhile, the most productive oil and gas working area in Southern Sumatra is the Coridor Block operated by ConocoPhillips (Grissik) Ltd. In October 2016, the gas produced by the block was recorded at 809 million standard cubic feet per day (MMscfd).

    The Corridor Block contract will be terminated in 2023 after renewal in 2013. Currently, ConocoPhillips is waiting to be assured by the government whether the US oil and gas company will get a second contract extension.

IN INDONESIA

Pertamina Pastikan BIok Ogan Komering

PENGAMBILALIHAN PENGELOLAAN BLOK

SKK Migas meminta PT Pertamina untuk segera memutuskan kepastian pengambilalihan pengelolaan Blok Ogan Komering agar kesinambungan produksi migas di Sumatra Bagian Selatan tetap terjaga.

Blok Ogan Komering seluas 1.152 kilometer persegi yang membentang di Kabupaten Ogan Komering Ulu, Ogan Ilir, dan Muara Enim, Provinsi Sumatra Selatan, bakal habis kontraknya pada 2018. Pada awalnya, Pertamina dan Talisman Energy merupakan kontraktor kontrak kerja sama (KKKS) Blok Ogan Komering dalam bentuk badan operasi bersama (JOB). Namun, pada Maret 2017 Talisman menjual 50% sahamnya kepada Jadestone Energy.

“Pada prinsipnya (untuk perpanjangan) diutamakan Pertamina. Tapi mereka masih review diambil atau tidak,” kata Kepala Urusan Keuangan Kantor Perwakilan Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi [SKK Migas] Sumatera Bagian Selatan, Muhammad Agus 

Blok Ogan Komering merupakan satu dari delapan wilayah kerja migas di Indonesia yang habis kontrak pada 2017 dan 2018. Tujuh blok lain adalah Blok Tuban, Jawa Timur (JOB Pertamina-PetroChina East Java), Blok Sanga-Sanga, Kalimantan Timur (Saka Energi); Blok Southeast Sumatera (SES), lampung (CNOOC SES Limited).

Selain itu, Blok Tengah, Kalimantan Timur (Total E&J Indonesie); Blok East Kalimantan, Kalimantan Timur (Chevron hidonesia Company); Blok Attaka, Kalimantan Timur (Chevron); dan Blok North Sumatera Offshore, Aceh (Pertamina).

Pada Januari 2017, Menteri Energi dan Sumber Daya Mineral Ignasius Jonan telah menugaskan Pertamina untuk mengambil alih delapan blok tersebut. Nantinya, skema kontrak akan berubah dari cost recovery menjadi gross split.

“Kami pada dasarnya tidak masalah siapapun pengelolanya, apapun afiliasinya, akan terus kami awasi,” ujar Agus. Dia mengharapkan operator di blok-blok migas di regional itu bisa lebih efisien. Jangan sampai, tambah Agus, biaya produksi bertambah besar padahal Sumatera Bagian Selatan tidak lagi menemukan cadangan migas baru.

“Sumbangan Sumatera Bagian Selatan secara keseluruhan produksi migas tidak banyak berubah. Mungkin 10% dari seluruh Indonesia. Tidak terlalu signifikan dibandingkan dengan Riau dan Cepu,” ujarnya.

Jadestone Energy mencatat Blok Ogan Komering menghasilkan rata-rata 3.000 barel setara minyak per hari (boepd) dengan rincian 70% minyak dan 30% gas.

Produk hidrokarbon itu dihasilkan dari tiga lapangan yakni Air Serdang, Guruh, dan Mandala. Adapun, wilayah kerja migas paling produktif di Sumatera Bagian Selatan adalah Blok Coridor yang dioperatori ConocoPhillips (Grissik) Ltd. Pada Oktober 2016, gas yang dihasilkan blok itu tercatat sebesar 809 juta standar kaki kubik per hari (MMscfd). 

    Kontrak Blok Corridor akan berakbir pada 2023 setelah diperpanjang pada 2013. Saat ini, ConocoPhillips tengah menimggu kepastian dari pemerintah apakah perusahaan migas asal Amerika Serikat itu akan mendapatkan perpanjangan kontrak untuk kali kedua.

Bisnis Indonesia, Page-8, Thursday, June 22, 2017

Oil Price Can Fall Down US $ 40

Oil production in some producing countries is still rising

Get ready, world oil prices could fall again. The price of black gold continues to weaken due to abundant supply of oil. Oil prices were slightly strengthened yesterday (21/6). At 19.09 GMT, light crude oil futures for August delivery in August 2017 on the New York Mercantile Exchange rose 0.21% from the previous day to US $ 43.68 per barrel.

But the previous day, oil prices depressed and closed at US $ 42.23 per barrel. This is the lowest price of oil in the last nine months. Oil prices fell drastically on reports of an increase in oil output in Nigeria and Libya. That is, OPEC oil production rose. The increase from the two countries reached 352,000 barrels per day.

Thus, OPEC production in May 2017 increased 336,000 barrels per day. "The effect is that the market now sees OPEC's efforts to cut production seem artificial," said Lukman Leong, Research & Analyst at Valbury Asia Futures, yesterday. In fact, Nigeria and Libya excluding OPEC members who agreed to cut production of 1.8 million barrels per day.

Research & Analyst Asia Tradepoint Futures Deddy Yusuf Siregar added that oil prices were also pressured by the American Petroleum Institute (API) report, which said US weekly stockpiles rose 2.72 million barrels last week. So, the increase in US oil production has not stopped.

US oil production during May 2017 was up 9.3 million barrels per day or higher than April 2017 which was only 8.5 million barrels per day. "It's hard to expect a change in the second half if the market remains flooded with current supply," Deddy said.

Advanced pruning

Lukman expects oil prices to drop to around $ 35 a barrel by the end of this year. With note, there is no fundamental change in the global market. Under the same assumption, Deddy expects oil prices to range from US $ 30-US $ 35 per barrel by the end of this year.

Vice Chairman of IHS Markit Daniel Yergin rate, if later the price of oil fell to US $ 30 per barrel, it is likely to happen further production cuts from OPEC. The active rigs of crude oil drilling in the US can also be reduced.

Seeing the negative sentiment pressure that exists today, oil prices are still difficult to strengthen. Analysts see that the rise is technically only and does not affect long-term pricing. But if US weekly crude stockpiles are indicated to fall, oil prices could improve. In addition, labor problems overshadowing Nigeria, could make Nigeria's oil production in June 2017 dive again.

On a daily technical front, Deddy analyzes current price oil to move below the moving average (MA) 50, 100 and 200, supporting continued decline. The moving average convergence divergence (MACD) line with the histogram below 0 also forms a downtrend pattern.

Even so, the 29 level stochastic and relative strength index (RSI) are on the oversold area and could trigger a short-term rebound. Deddy expects today's oil price to fall back and move in the range of US $ 41.40-US $ 44 per barrel. Meanwhile, according to Lukman's calculations, the price of oil a week ahead will move within the range of US $ 41.70 to US $ 44 per barrel.

IN INDONESIA

Harga Minyak Bisa Jatuh ke Bawah US$ 40 

Produksi minyak di sejumlah negara produsen masih naik

Siap-siap, harga minyak dunia bisa turun lagi. Harga emas hitam ini terus melemah lantaran pasokan minyak berlimpah. Harga minyak memang sedikit menguat kemarin (21/6). Per pukul 19.09 WIB, harga minyak jenis light crude kontrak pengiriman Agustus 2017 di New York Mercantile Exchange naik 0,21% dibanding hari sebelumnya menjadi US$ 43,68 per barel.

Tapi hari sebelumnya, harga minyak tertekan dan ditutup di US$ 42,23 per barel. Ini harga terendah minyak dalam sembilan bulan terakhir. Harga minyak turun drastis karena adanya laporan kenaikan produksi minyak di Nigeria dan Libia. Artinya, produksi minyak OPEC naik. Kenaikan dari dua negara tersebut mencapai 352.000 barel per hari.

Dus, produksi OPEC di Mei 2017 meningkat 336.000 barel per hari. "Efeknya pasar sekarang melihat usaha OPEC memangkas produksi nampak artifisial," kata Lukman Leong, Research & Analyst Valbury Asia Futures, kemarin. Padahal, Nigeria dan Libia tidak termasuk anggota OPEC yang ikut menyepakati pemangkasan produksi sebesar 1,8 juta barel per hari.

Research & Analyst Asia Tradepoint Futures Deddy Yusuf Siregar menambahkan, harga minyak juga tertekan laporan American Petroleum Institute (API), yang menyebut cadangan mingguan AS naik 2,72 juta barel pekan lalu. Jadi, kenaikan produksi minyak AS belum berhenti.

Produksi minyak AS sepanjang Mei 2017 tercatat naik 9,3 juta barel per hari atau lebih tinggi dibanding April 2017 yang hanya 8,5 juta barel per hari. "Sulit mengharapkan perubahan di semester dua jika pasar tetap dibanjiri pasokan seperti saat ini,“ kata Deddy.

Pemangkasan lanjutan

Lukman memperkirakan harga minyak berpotensi turun ke kisaran US$ 35 barel per hari di akhir tahun ini. Dengan catatan, tidak ada perubahan fundamental di pasar global. Dengan asumsi yang sama, Deddy memperkirakan harga minyak berkisar di US$ 30-US$ 35 per barel pada akhir tahun ini.

Vice Chairman of IHS Markit Daniel Yergin menilai, jika nantinya harga minyak turun ke US$ 30 per barel, besar kemungkinan akan terjadi pemangkasan produksi lanjutan dari OPEC. Rig aktif pengeboran minyak mentah di AS juga bisa berkurang.

Melihat tekanan sentimen negatif yang ada saat ini, harga minyak masih sulit menguat. Analis melihat kenaikan yang terjadi sifatnya hanya teknikal dan tidak mempengaruhi harga jangka panjang.  Tapi jika cadangan minyak mentah mingguan AS terindikasi turun, harga minyak bisa membaik. Selain itu, masalah tenaga kerja yang membayangi Nigeria, bisa membuat produksi minyak Nigeria di Juni 2017 menukik lagi.

Dari sisi teknikal harian, Deddy menganalisa minyak harga saat ini bergerak di bawah moving average (MA) 50, 100 dan 200, mendukung penurunan lanjutan. Garis moving average convergence divergence (MACD) dengan histogram di bawah 0 juga membentuk pola downtrend.

Meski begitu, stochastic level 12 dan relative strength index (RSI) level 29 sudah di area oversold dan bisa memicu rebound jangka pendek. Deddy memperkirakan harga minyak hari ini akan kembali turun dan bergerak di kisaran US$ 41,40-US$ 44 per barel. Sedangkan menurut hitungan Lukman, harga minyak sepekan ke depan akan bergerak dalam rentang US$ 41,70- US$ 44 per barel.

Kontan, Page-14, Thursday, Jun 22, 2017

The Opinion of Oil Refinery Project

The government agreed to increase the capacity of oil refineries in the country. This was stated since Minister of Energy and Mineral Resources Sudirman Said.

However, after Minister of State-Owned Enterprises Rini Soemarno removed Dwi Soetjipto from the position of number one in Pertamina, President Joko Widodo issued an expression of dissatisfaction of the refinery project in the third week of May 2017. President Joko Widodo also dared to issue a high-pitched sentence about the construction of a refinery Became the task of Pertamina's CEO as executor.

"If the refinery does not start soon, I go straight inside. Not only through the minister, but directly through Pertamina's president director, "said the President at the time.

Adding four refinery capacity and building two new refineries within a period of approximately 7 years is not an easy matter, especially Indonesia had not done additional refinery capacity for 25 years. In fact, on the other hand, the national fuel consumption (BBM) continues to rise when the ability of domestic oil production continues to fall.

Completing six refinery projects at once is not an easy task, but that's the task that Pertamina President Elia Massa Manik should take on by 2023 domestic refinery capacity rises from 800,000 barrels per day (bpd) to 2 million bpd. If in the third month of the leadership of the President Director can only invite the emotions of the President, after it is questioned about the testimony of a number of names entered Pertamina presidential candidates.

Several times refinery completion targets changed. Target changes are visible when compared to the plan at the end of 2016. In the material exposure Pertamina performance in third quarter / 2016, when the company is still led by Dwi Soetjipto, the target is no longer import fuel in 2023.

In detail, the revitalization of Balikpapan refinery will be completed by 2019, Tuban refinery will be operational in 2021 and Cilacap refineries will be completed by 2022. After that, other refineries of Dumai Refinery and Balongan refinery previously built with Saudi Aramco are still under review, 2023 together with Bontang Refinery.

Meanwhile, on the inaugural performance exposure with Elia Massa Manik, the refinery settlement plan has changed again. In the material presentation of the company's performance in quarter IV / 2016, Balikpapan Refinery phase 1 is targeted to be completed by 2019. Then, Balongan and Balikpapan Refinery phase 2 is completed by 2020. Meanwhile, Cilacap and Tuban Refinery in 2021 is also Bontang in 2023 sena Dumai in 2024.

However, from the material of the most recent exposure during the hearing with Commission VII, the project target was revised, ie Balikpapan Refinery phase 1 withdrawal to 2020 and phase 2 was completed in 2021. Then, Cilacap refinery retreat to 2023 and Bontang refinery becomes 2024.

Deputy Minister of EMR Archandra Tahar said the completion of the refinery should not change. "In our opinion, the completion of the refinery project is in line with the initial target."

Quoting President Jokowi's statement, Arcandra said Pertamina's debt ratio problem could be solved just like the problem of using accounting standards of financial report recording of PT Perusahaan Listrik Negara.

Previously, the debt burden of private power developers as partners was recorded in the PLN debt bookkeeping because it refers to the implementation of the Interpretation of Financial Accounting Standards (ISAK) 8 in accordance with the provisions of the Financial Services Authority (OJK). This, causing PLN in the listing, burdened the debt of private developers. However, then the problem was solved with the use of other reference debt recording.

In the case of refinery construction, Pertamina must bear the entire debt burden of the Cilacap and Tuban Refinery projects. Whereas in the project, Pertamina controls 55% of the shares and in the contract clause the company will market 100% of the products produced. In fact, the project was built with partners namely Saudi Aramco and Rosneft with a 45% shareholding.

The solution, either by using the financial reporting standards or can also participate in renegotiations so that the marketing obligations are shared with the partners in accordance with the share portion. Therefore, Arcandra said, there is no reason to target the completion of the refinery project backwards.

"The president said that finish in a way like PLN," he said.

However, he considered there are differences in perspective and strategy. The decision to proceed according to the initial schedule or revise the target in the hands of Pertamina's Director not only contains the duties of the government but the actions of the corporation.

Previously, in a hearing with Commission VII, Pertamina President Director Elia Massa Manik revealed several things, namely the income deficit due to the distribution of subsidized liquefied petroleum gas (LPG), the burden of fuel distribution costs in the fuel program one price, and sales of Premium and diesel fuel Not according to formula.

Perhaps both President Jokowi and Pertamina CEO should sit together to shift the more realistic targets and equate the worldview in completing service tasks to the public from fuel to price one to the task of adding the capacity of the national refineries.

IN INDONESIA

Silang Pendapat Proyek Kilang Minyak

Pemerintah sepakat menambah kapasitas kilang minyak di Tanah Air. Hal itu dikemukakan sejak Menteri ESDM Sudirman Said.  

Namun, setelah Menteri Badan Usaha Milik Negara Rini Soemarno mencopot Dwi Soetjipto dari posisi orang nomor satu di Pertamina, Presiden Joko Widodo mengeluarkan ekspresi ketidakpuasan realisasi proyek kilang pada pekan ketiga Mei 2017. Presiden Joko Widodo pun berani mengeluarkan kalimat bernada tinggi tentang pembangunan kilang minyak yang menjadi tugas Dirut Pertamina sebagai eksekutor.

“Kalau kilang tidak segera dimulai, saya langsung masuk ke dalam. Tidak saja melalui menteri, tetapi langsung melalui direktur utama Pertamina,” kata Presiden saat itu.

Menambah empat kapasitas kilang dan membangun dua kilang baru dalam kurun waktu kurang lebih 7 tahun memang bukan perkara mudah, terlebih Indonesia sempat tidak meIakukan penambahan kapasitas kilang selama 25 tahun. Padahal, di sisi lain, konsumsi bahan bakar minyak (BBM) nasional terus naik ketika kemampuan produksi minyak dalam negeri terus turun.

Menyelesaikan enam proyek kilang sekaligus memang bukan pekerjaan mudah, tetapi itulah tugas yang harus diemban Dirut Pertamina Elia Massa Manik bahwa pada 2023 kapasitas kilang dalam negeri naik dari 800.000 barel per hari (bph) menjadi 2 juta bph. Bila pada bulan ketiga masa kepemimpinan Direktur Utama hanya bisa mengundang emosi Presiden, setelah itu dipertanyakan tentang keterujian sejumlah nama yang masuk bursa calon dirut Pertamina.

Beberapa kali target penyelesaian kilang berubah. Perubahan target terlihat bila dibandingkan dengan rencana pada akhir 2016. Pada materi paparan kinerja Pertamina kuartal III/2016, ketika perseroan masih dipimpin Dwi Soetjipto, target tidak lagi mengimpor BBM pada 2023.

Secara rinci, revitalisasi Kilang Balikpapan akan selesai pada 2019, Kilang Tuban beroperasi pada 2021 dan Kilang Cilacap selesai pada 2022. Setelah itu, kilang lainnya yakni Kilang Dumai dan Kilang Balongan yang sebelumnya akan dibangun bersama Saudi Aramco masih ditinjau waktu penyelesaiannya, tetapi diperkirakan selesai pada 2023 bersamaan dengan Kilang Bontang.

Sementara itu, pada paparan kinerja perdana dengan Elia Massa Manik, rencana penyelesaian kilang mengalami perubahan lagi. Dalam materi paparan kinerja perseroan kuartal IV/2016, Kilang Balikpapan tahap 1 ditargetkan selesai pada 2019. Kemudian, Kilang Balongan dan Balikpapan tahap 2 selesai pada 2020. Sementara itu, Kilang Cilacap dan Kilang Tuban pada 2021 juga Bontang di 2023 sena Dumai pada 2024.

Namun dari materi paparan yang terbaru ketika rapat dengar pendapat dengan Komisi VII, target proyek direvisi, yakni Kilang Balikpapan tahap 1 mundur menjadi 2020 dan tahap 2 selesai pada 2021. Kemudian, Kilang Cilacap mundur ke 2023 dan Kilang Bontang menjadi 2024.

Wakil Menteri ESDM Archandra Tahar mengatakan, penyelesaian kilang seharusnya tidak berubah. “Kalau menurut kita, penyelesaian proyek kilang sesuai dengan target awal."

Mengutip pernyataan Presiden Jokowi, Arcandra menyebut permasalahan rasio utang Pertamina bisa diselesaikan sama seperti masalah penggunaan standar akuntansi pencatatan laporan keuangan PT Perusahaan Listrik Negara.

Sebelumnya, beban utang pengembang listrik swasta sebagai mitra dicatat ke dalam pembukuan utang PLN karena mengacu pada penerapan Interpretasi Standar Akuntansi Keuangan (ISAK) 8 sesuai dengan ketentuan Otoritas Jasa Keuangan (OJK). Hal tersebut, menyebabkan PLN dalam pencatatannya, terbebani utang pengembang swasta. Namun, kemudian masalah itu selesai dengan penggunaan acuan lain pencatatan utang.

Dalam kasus pembangunan kilang, Pertamina harus menanggung seluruh beban utang proyek Kilang Cilacap dan Kilang Tuban. Padahal dalam proyek tersebut, Pertamina menguasai 55% saham dan dalam klausul kontrak perseroan akan memasarkan 100% produk yang dihasilkan. Padahal, proyek dibangun bersama mitra yakni Saudi Aramco dan Rosneft dengan kepemilikan saham 45%.

Solusinya, bisa dengan menggunakan standar pencatatan laporan keuangan atau bisa juga turut melakukan renegosiasi agar kewajiban pemasaran dibagi dengan mitra sesuai dengan porsi saham. Oleh karena itu, Arcandra menuturkan, tidak ada alasan target penyelesaian proyek kilang mundur.

"Presiden mengatakan bahwa selesaikan dengan cara seperti PLN," katanya.

Namun, dia menilai terdapat perbedaan cara pandang dan strategi. Keputusan untuk melanjutkan sesuai jadwal awal atau merevisi target di tangan Dirut Pertamina tidak hanya mengandung tugas dari pemerintah melainkan aksi korporasi.

Sebelumnya, dalam rapat dengar pendapat dengan Komisi VII, Direktur Utama Pertamina Elia Massa Manik mengungkapkan beberapa hal yakni tentang defisit pendapatan akibat penyaluran subsidi liquefied petroleum gas (LPG), beban biaya distribusi BBM dalam program BBM satu harga, serta penjualan Premium dan solar yang masih belum sesuai formula.

Mungkin baik Presiden Jokowi maupun Dirut Pertamina harus duduk bersama menggeser target yang lebih realistis dan menyamakan cara pandang dalam menyelesaikan tugas pelayanan kepada masyarakat mulai dari BBM satu harga hingga tugas penambahan kapasitas kilang nasional. 

Bisnis Indonesia, Page-30, Thursday, Jun 22, 2017

Government Create an Integrated Study for Masela Project

The government will make an integrated study for the Masela Project, from the development of the Masela Block to the construction of factories by industry players. The joint discussion will take place in July.

Minister of Industry Airlangga Hartarto said that the technical team in charge of the project in Masela has been formed, consisting of representatives of the Ministry of Industry, Ministry of Energy and Mineral Resources (ESDM) and the Ministry of Marine Affairs Coordinator. Therefore, there is no agreement whatsoever about the projects in Masela before the team works.

"The team is specific to look for economic options, not only in LNG / liquefied natural gas, but also in petrochemicals as well," he said after a meeting at the Coordinating Ministry for Economic Affairs Office on Monday (19/6).

Director of Basic Chemical Industry Directorate General of Chemical, Textile and Multifarious Industries Ministry of Industry Muhammad Kayam added that the integrated study will be conducted on 17 July.

Each related party should have prepared a response to the exposure conveyed during the meeting on Monday (19/6) yesterday. "It will have to be a presentation, how much gas prices for example, start responding really," he added.

The government will intervene to realize the Masela Project's economy. Because the integrated study is intended to obtain an optimal gas price, both for Inpex Corporation working on the Masela Block and industry players who will build a factory around this oil and gas block. The study is conducted by using the assumption of gas price of US $ 5.86 per million British thermal unit (mmbtu).

"Later can be compensated with various kinds, such as tax holiday, can be much formula. But while using the initial number. Other incentives do exist, "Khayam said. Lowering the hand of the government in the form of giving of this incentive is fair done by other countries.

Previously, Deputy Minister of Energy and Mineral Resources (EMR) Arcandra Tahar said in the pre-preliminary pre-design (Pre-FEED) study that will be studied for three LNG plant location options and one production capacity option.

So before Pre-FEED is done, there needs to be a certainty of gas contract to minimize the choice of production capacity. He explained that there are two options for Masela Block production capacity, 9.5 million ton per annum (MTPA) refinery, plus 150 million standard cubic feet per day / mmscfd and 7.5 MTPA plus 474 mmscfd. Market Review will ensure how many products of gas pipes can be sold. In the initial phase, the government will offer 474 mmscfd of gas first.

"If it does not reach 474 mmscfd, then we will return to 150 mmscfd," said Arcandra.

Arcandra confirmed that the Ministry of Industry has submitted the names of companies interested in purchasing gas from the Masela Block. However, no company has signed a gas sales agreement (PJBG) with lnpex Corporation as operator of Masela Block.

"We want as much as possible the contract, so that 474 mmscfd true will be taken, not just a head of agreement (HOA). If the HoA can change, "he asserted. He added that the government will seek buyers of gas sold through the pipeline from the Masela Block. It will coordinate with the Ministry of Industry.

Related to the location of the refinery, Arcandra is reluctant to specify anywhere three options will be reviewed. Previously, only two location choices, namely Aru Island and Yamdena Papua. Additional location options emerged after Minister of Energy and Mineral Resources (EMR) Ignatius Jonan visited Japan.

Pre-FEED aims to estimate the investment cost and project schedule. In addition to the capacity and location of the LNG plant, it can only be ensured through Pre-FEED implementation first. The government wants comprehensive and balanced data from both the location and capacity options.

The government had targeted the final investment decision (FID) of the Masela Block to be implemented by 2019. Furthermore, the first gas production of the block is expected to flow in 2026.

Previously, at the end of March 2016 yesterday, the government rejected the proposed revision of the proposed development plan (POD) of the Masela Block proposed by Inpex. In the revised POD, Inpex proposed the development of Masela Block with a floating LNG plant. Inpex was asked to re-apply POD with the scheme according to the government's direction, that is the refinery on land.

Furthermore, Inpex proposed five clauses to continue the work of the Masela Block. In detail, the addition of LNG refinery capacity from 7.5 MTPA to 9.5 MTPA, 10-year contract addition, Internal Rate of Return (IRR) of 15%, cost recovery during exploration and licensing from the government. So far, only the extension of the contract is given, ie 7 years.

IN INDONESIA

Pemerintah Buat Kajian Terintegrasi untuk Proyek Masela

Pemerintah akan membuat kajian terintegrasi untuk Proyek Masela, mulai dari pengembangan Blok Masela hingga pembangunan pabrik-pabrik oleh pelaku industri. Pembahasan bersama akan dilakukan pada Juli nanti.

Menteri Perindustrian Airlangga Hartarto mengatakan, tim teknis yang mengurus proyek di Masela ini telah terbentuk, terdiri dari perwakilan Kementerian Perindustrian, Kementerian Energi dan Sumber Daya Mineral (ESDM) dan Kementerian Koordinator Kemaritiman. Karenanya, belum ada kesepakatan apapun soal proyek-proyek di Masela sebelum tim bekerja.

“Tim itu spesifiknya untuk mencari opsi keekonomian, tidak hanya di LNG/gas alam cair, tetapi juga di petrokimia juga,” kata dia usai rapat di Kantor Kementerian Koordinator Perekonomian, Senin (19/ 6). 

Direktur Industri Kimia Dasar Direktorat Jenderal Industri Kimia, Tekstil, dan Aneka Kementerian Perindustrian Muhammad Kayam menambahkan, kajian terintegrasi itu akan dilakukan pada 17 Juli nanti.

Setiap pihak terkait harus sudah mempersiapkan respon atas paparan yang disampaikan dalam pertemuan pada Senin (19/6) kemarin. “Nanti harus presentasi, harga gasnya berapa misalnya, mulai merespon secara betul-betul,” tambahnya. 

Pemerintah akan turun tangan merealisasikan keekonomian Proyek Masela. Pasalnya, kajian terintegrasi dimaksudkan untuk memperoleh harga gas yang optimal, baik untuk Inpex Corporation yang mengerjakan Blok Masela maupun pelaku industri yang akan membangun pabrik di sekitar blok migas ini. Kajian dilakukan dengan tetap menggunakan asumsi harga gas US$ 5,86 per juta british thermal unit (million british thermal unit/ mmbtu).

“Nanti bisa dikompensasikan dengan macam-macam, misalnya tax holiday, bisa formula banyak. Tetapi sementara menggunakan angka awal. Insentif lain memang ada,” kata Khayam. Turun tangan pemerintah berupa pemberian insentif ini wajar dilakukan oleh negara lain.

Sebelumnya, Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, dalam kajian awal desain rinci (pre front end engineering design/ Pre-FEED)  yang akan dikaji yakni untuk tiga opsi lokasi kilang LNG dan satu pilihan kapasitas produksi saja.

Sehingga sebelum Pre-FEED dilakukan, perlu ada kepastian kontrak gas untuk mengecilkan pilihan kapasitas produksi. Dijelaskannya, terdapat dua opsi kapasitas produksi Blok Masela, kilang berkapasitas 9,5 juta ton per tahun (million ton per annum/MTPA) plus 150 million standard cubic feet per day/mmscfd serta 7,5 MTPA plus 474 mmscfd. Market Review akan memastikan berapa produk berupa gas pipa yang dapat terjual. Pada tahap awal, pemerintah akan menawarkan gas sebesar 474 mmscfd terlebih dahulu. 

"Kalau tidak sampai 474 mmscfd, maka kami akan kembali ke 150 mmscfd," ujar Arcandra.

Arcandra membenarkan bahwa Kementerian Perindustrian sudah menyerahkan nama-nama perusahaan yang berminat membeli gas dari Blok Masela. Namun, belum ada perusahaan yang telah meneken perjanjian jual beli gas (PJBG) dengan lnpex Corporation selaku operator Blok Masela.

“Kami ingin sebisa mungkin kontrak, sehingga benar 474 mmscfd akan diambil, bukan sekedar head of agreement (HOA). Kalau HoA bisa berubah,” tegas dia. Ditambahkannya, pemerintah yang akan mencari pembeli gas yang dijual melalui pipa dari Blok Masela tersebut. Pihaknya akan berkoordinasi dengan Kementerian Perindustrian.

Terkait opsi lokasi kilang, Arcandra enggan merinci di mana saja tiga pilihan yang akan dikaji ini. Sebelumnya, pilihan lokasi hanya dua, yakni Pulau Aru dan Yamdena Papua. Tambahan opsi lokasi muncul setelah Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan berkunjung ke Jepang.

Pre-FEED bertujuan mengestimasikan biaya investasi dan jadwal pengerjaan proyek. Selain itu kapasitas dan lokasi kilang LNG, hanya dapat dipastikan melalui pelaksanaan Pre-FEED terlebih dahulu. Pemerintah menginginkan data yang komprehensif dan seimbang dari dua pilihan lokasi dan kapasitas itu.

Pemerintah sempat menargetkan agar keputusan investasi akhir (final investment decision/ FID) Blok Masela dapat dilaksanakan pada 2019. Selanjutnya, produksi gas pertama blok ini diharapkan dapat mengalir pada 2026.

Sebelumnya, pada akhir Maret 2016 kemarin, pemerintah menolak usulan revisi rencana pengembangan (plan ofdevelopment/ POD) Blok Masela yang diajukan Inpex. Dalam revisi POD itu, Inpex mengusulkan pengembangan Blok Masela dengan kilang LNG terapung. Inpex pun diminta mengajukan kembali POD dengan skema sesuai arahan pemerintah, yakni kilang di darat.

Selanjutnya, Inpex mengajukan lima klausul untuk melanjutkan pengerjaan Blok Masela. Rincinya, penambahan kapasitas kilang LNG dari 7,5 MTPA menjadi 9,5 MTPA, penambahan kontrak selama 10 tahun, tingkat pengembalian modal (Internal Rate of Return /IRR) sebesar 15%, cost recovery selama masa eksplorasi dan perizinan dari pemerintah. Sejauh ini, hanya perpanjangan kontrak yang diberikan, yakni 7 tahun.

Investor Daily, Page-9, Wednesday, June 21, 2017

Heavy Load of Refinery Project on Pertamina's Head

Currently, the demand for fuel oil (BBM) of Indonesian society, is still high, reaching 1.6 million barrels per day (bpd). Pertamina's refinery production capacity is only about 800,000 bph. Indonesia desperately needs new refineries.

The need for a new refinery is urgent. This is so that Indonesia does not continuously import BBM. So the government together with Pertamina launched a four-refinery revitalization program called the Refinery Development Master Plan (RDMP) and the construction of two new refineries in the New Grass Root Refinery (NGRR) project. Due to limited funding, Pertamina is partnering with Saudi Aramco for the Cilacap-Central Java RDMP project. Medium Rosneft-Russia in Tuban-East Java NGRR project.

In the near future, this state-owned company will announce partners in the Bontang NGRR project. Sinopec's strong candidate. The presence of these business partners makes Pertamina's burden less. Understandably, Pertamina difficulties with tight finances.

Pertamina Finance Director Arief Budiman said Pertamina should seek other funding, one of them through project financing. The project financing ratio is 40:60 or 30:70. Pertamina has also done market sounding For the Balikpapan RDMP project and Tuban NGRR.

"For the Balikpapan project, we started our own project, in Tuban, we are market sounding with our partners," Arief said on Tuesday (13/6). In addition to funding, Pertamina is still cluttered in the financial records of the refinery project, which has the potential to make poor financial statements.

The reason, for investment RDMP requires funds of about US $ 5 billion and NGRR between US $ 12 billion US $ 13 billion. As a result, Pertamina tries to find a solution by reversing the target of completion of a number of refinery projects. Previously, Pertamina targeted RDMP Balikpapan stage 1 completed in 2019. While RDMP Balikpapan stage 2 could be finished in 2021.

The completion of the Cilacap RDMP, which had been targeted for completion in 2021, had to be postponed to 2023. In addition, the completion of the Tuban NGRR project is also late from 2022 to 2024.

The government does not want that solution. Because the needs of the refinery is very urgent. So the government gives privileges to Pertamina not to follow the recording of financial statements. In accordance with the Interpretation of Financial Accounting Standard (ISAK) 8 and its financial statements are not listed in the Financial Services Authority (OJK).

This solution has been granted to PT Perusahaan Listrik Negara (PLN) which bears the burden of a 35,000 MW megaproject. The president said that please finish with PLN, "said EMR Deputy Minister of Energy and Mineral Resources, Friday (16/6) .This way the completion of the refinery project does not miss the target My understanding is that the President wants the refinery to be built.

Upstream Oil and Gas Investment Up 2017 Up

     At the time of the world oil price decline, the government targets that by 2017 upstream oil and gas (oil and gas) investment will increase by 25% compared to 2016. Until May 2017, the realization of upstream oil and gas investment has reached US $ 3.72 billion. Since 2015, upstream oil and gas investment has tended to decline. Income from this sector also fell, both for the government and contractors

IN INDONESIA

Beban Berat Proyek Kilang di Pundak Pertamina

Saat ini, kebutuhan bahan bakar minyak (BBM) masyarakat Indonesia, terbilang masih tinggi, yakni mencapai 1,6 juta barel per hari (bph). Sedangkan kapasitas produksi kilang milik PT Pertamina hanya sekitar 800.000 bph. Indonesia sangat butuh kilang baru.

Kebutuhan kilang baru sangat mendesak. Ini agar Indonesia tidak terus menerus mengimpor BBM. Makanya pemerintah bersama Pertamina mencanangkan program revitaslisasi empat kilang yang disebut Refinery Development Master Plan (RDMP) dan pembangunan dua kilang baru dalam proyek New Grass Root Refinery (NGRR). Karena pendanaan terbatas, Pertamina menggandeng Saudi Aramco untuk proyek RDMP Cilacap-Jawa Tengah. Sedang Rosneft-Rusia di proyek NGRR Tuban-Jawa Timur. 

Dalam waktu dekat, perusahaan milik pemerintah ini akan mengumumkan mitra di proyek NGRR Bontang. Kandidat kuatnya Sinopec. Kehadiran mitra bisnis ini membuat beban Pertamina berkurang.  Maklum, Pertamina kesulitan dengan keuangan yang ketat.

Direktur Keuangan Pertamina Arief Budiman bilang, Pertamina harus mencari pendanaan lain, salah satunya lewat project financing. Rasio project Financing adalah 40:60 atau 30:70. Pertamina juga sudah melakukan market sounding untuk proyek RDMP Balikpapan dan NGRR Tuban.

"Untuk proyek Balikpapan, kami mulai sendiri. Di proyek Tuban, kami market sounding bersama mitra," kata Arief Selasa (13/6) lalu. Selain pendanaan, Pertamina masih berantakan dalam pencatatan keuangan proyek kilang, yang berpotensi membuat laporan keuangan kurang baik. 

Pasalnya, untuk investasi RDMP memerlukan dana sekitar US$ 5 miliar dan NGRR antara US$ 12 miliar US$13 miliar. Alhasil, Pertamina mencoba mencari solusi dengan memundurkan target penyelesaian sejumlah proyek kilang. Sebelumnya, Pertamina menargetkan RDMP Balikpapan stage 1 selesai tahun 2019. Sementara RDMP Balikpapan stage 2 bisa selesai pada tahun 2021.

Untuk penyelesaian RDMP Cilacap yang tadinya ditargetkan selesai pada tahun 2021 terpaksa ditunda menjadi tahun 2023. Selain itu, penyelesaian proyek NGRR Tuban juga telat dari tahun 2022 menjadi 2024.

Pemerintah tidak menginginkan solusi itu. Pasalnya, kebutuhan kilang sudah sangat mendesak. Maka pemerintah memberikan keistimewaan kepada Pertamina tidak mengikuti pencatatan laporan keuangan. Sesuai Interpretasi Standar Akuntansi Keuangan (ISAK) 8 dan laporan keuangannya tidak dicatatkan di Otoritas Jasa Keuangan (OJK).

Solusi ini telah diberikan ke PT Perusahaun Listrik Negara (PLN) yang menanggung beban megaproyek 35.000 MW. Presiden bilang tolong selesaikan dengan cara PLN," kata Wakil Menteri ESDM Arcandra Tahar, Jumat (16/6). Dengan begitu penyelesaian proyek kilang tidak meleset dari target. Pengertian saya, Presiden tetap ingin kilang dibangun.

Investasi Hulu Migas Tahun 2017 Naik

      Di saat penurunan harga minyak dunia, pemerintah menargetkan pada tahun 2017 ini investasi hulu minyak dan gas (migas) kembali naik sekitar 25% di bandingkan realisasi tahun 2016 Ialu. Hingga Mei 2017, realisasi investasi hulu migas ini sudah mencapai US$ 3,72 miliar. Sejak tahun 2015, investasi hulu migas cenderung menurun. Penerimaan dari sektor inipun turun, baik untuk jatah pemerintah maupun kontraktor

Kontan, Page-14, Wednesday, June 21, 2017

PLN Consider Gas Masela

In order to ensure sufficient gas in the future, Perusahaan Listrik Negara (PLN) weighs the opportunity to purchase Masala Block gas. Considering 26/7% of the total power plant in Electricity Supply Business Plan (RUPTL) 2017-2026 in the form of gas power plant (PLTG) and steam power plant (PLTGU).

PLN expects the gas purchase price of Masela Block to be the same as BP Tangguh. "It must be the direction of negotiations there, if it is the same, we buy from Masela," said I Made Suprateka, "Head of Unit Corporate Communications Unit PLN

Last month PLN signed a gas sale contract with BP Tangguh for PLTGU Java 1. It costs 11.2% ICP + US $ 0.4. The amount is equivalent to 16 cargoes per year for 20 years of PLTGU Java 1 requirement.

Sofyan Basir, President Director of PLN, said that currently there are no gas supply constraints. The condition is different from coal supply. Per year, PLN needs 86 million tons of coal and increased 70 million tons after 2020. We also have control with BP Migas for the long term, "said Sofyan

The development of PLTG, PLTGU or other renewable energy power plant (EBT) is another PLN plan to reduce diesel power plants (PLTD). Currently, 5% of the total PLN power plant is a power plant.

IN INDONESIA

PLN Mempertimbangkan Gas Masela

Demi  menjamin kecukupan gas di masa yang akan datang, Perusahaan Listrik Negara (PLN) menimbang peluang membeli gas Blok Masala. Mengingat 26/7% dari total pembangkit listrik dalam Rencana Usaha Penyediaan Tenaga Listrik (RUPTL) 2017-2026 berupa pembangkit listrik tenaga gas (PLTG) dan pembangkit listrik tenaga gas uap (PLTGU).

PLN berharap harga beli gas Blok Masela sama dengan BP Tangguh. “Pasti arahnya negosiasi ke sana, kalau sama, kami beli dari Masela," ujar I Made Suprateka," Kepala Unit Satuan Komunikasi Korporat PLN 

Bulan lalu PLN meneken kontrak jual-beli gas dengan BP Tangguh untuk PLTGU Jawa 1. Harganya 11,2% ICP + US$ 0,4. Jumlah tersebut setara 16 kargo per tahun untuk 20 tahun kebutuhan PLTGU Jawa 1.

Sofyan Basir,  Direktur Utama PLN, mengatakan, saat ini tidak ada kendala suplai gas. Kondisi tersebut berbeda dengan suplai batubara. Per tahun, PLN membutuhkan 86 juta ton batubara dan bertambah 70 juta ton setelah tahun 2020. Kami juga sudah kontrol dengan BP migas untuk jangka panjang," ujar Sofyan

Pengembangan PLTG, PLTGU atau pembangkit listrik energi baru terbarukan (EBT) lain adalah rencana PLN mengurangi pembangkit listrik tenaga diesel (PLTD). Saat ini, 5% dari total pembangkit listrik PLN berupa PLTD.

Kontan, Page-14, Wednesday, June 21, 2017

Employee of Pertamina Suspected of Conspiracy

Theft of oil

Investigator of Bintan Resort Police, Riau Islands, hunt captain and a number of Trust Honor tankers. They allegedly know the theft of oil worth billions of rupiah that should be transported to the depot Pertamina in Tanjung Uban, Bintan. Pertamina employees allegedly involved in the crime.

Bintan Resort Police Chief Adj. Sr. Comr. Febrianto Guntur said that not only were they wanted. Investigators also continued to collect data from a number of Pertamina employees and partners in Tanjung Uban.

"We continue to develop the investigation as far as the relevant guidance," said Guntur, Tuesday (20/6), in Bintan.

The captain and some of the tankers escaped as police arrived at the docked location. Some of the crew have been arrested and became suspects and witnesses in the case of oil theft. Theft mode is to take oil from a ship used by Pertamina to send oil between depots or refineries. The conspirators transfered some of the oil from Pertamina's rented tankers to the Honor Trust Ship. 

The police are still waiting for the auditor's calculations to know the value of the stolen oil. From the temporary information that can be collected, theft allegedly been held many times until revealed last week. To date, the police have named six suspects. They are employees of PT Pertamina Transcontinental, tankers, and employees of PT Surveyor Indonesia.

Suspect

From Pertamina Transcontinental, a subsidiary of Pertamina that serves oil transportation by sea, the police set four people as suspects. They are Yurzery Visady (39), Denny Yolanda (40), Densi (55), and Agus M Zakaria (44). Honorable tanker trustee Honor, Fahrizal, and employee of PT Surveyor Indonesia, Achmad Hidayat (25) are also suspects.

In addition to getting their information, the police also examined the financial flows of the suspects. The investigation was also developed to Batam and Medan because Pertamina Territory Marketing I office is located in Medan. While the stolen oil is owned by Pertamina.

The crime was revealed when one of his colleagues Achmad Hidayat reported to Jakarta. Fellow Achmad refused to be involved in the syndicate.

Instead of conspiring, he chose to report the conspiracy. Supposedly, Achmad is in charge of ensuring the oil is moved in accordance with the provisions. However, he falsified the report to cover the theft.

After the information, Pertamina's internal team with police came to Tanjung Uban. From the examination, set six suspects. Guntur said there was no possibility of a new suspect in the case. Investigators are still searching for information from related parties.

IN INDONESIA

Pegawai Pertamina Diduga Berkomplot

Penyidik Kepolisian Resor Bintan, Kepulauan Riau, memburu kapten dan sejumlah awak tanker Trust Honor. Mereka diduga mengetahui pencurian minyak bernilai miliaran rupiah yang seharusnya diangkut ke depo Pertamina di Tanjung Uban, Bintan. Pegawai Pertamina diduga terlibat dalam kejahatan itu.

Kepala Polisi Resort Bintan Ajun Komisaris Besar Febrianto Guntur mengatakan, bukan hanya mereka yang dicari. Penyidik juga terus mengumpulkan data dari sejumlah pegawai dan rekanan Pertamina di Tanjung Uban.

”Kami terus mengembangkan penyelidikan sejauh petunjuknya relevan,” ujar Guntur, Selasa (20/6), di Bintan.

Kapten dan sebagian awak tanker itu melarikan diri saat polisi tiba di lokasi sandar kapal. Sebagian awak sudah ditangkap lalu menjadi tersangka dan saksi dalam kasus pencurian minyak. Modus pencurian adalah dengan mengambil minyak dari kapal yang dipakai Pertamina untuk mengirim minyak antar depo atau kilang. Komplotan itu memindahkan sebagian minyak dari tanker sewaan Pertamina ke kapal Trust Honor.

Polisi masih menunggu penghitungan dari auditor untuk mengetahui nilai minyak yang dicuri. Dari keterangan sementara yang dapat dihimpun, pencurian diduga sudah berlangsung berkali-kali hingga terungkap pekan lalu. Hingga saat ini, polisi menetapkan enam tersangka. Mereka adalah pegawai PT Pertamina Transcontinental, awak tanker, dan pegawai PT Surveyor Indonesia.

Tersangka

Dari Pertamina Transcontinental, anak perusahaan Pertamina yang melayani pengangkutan minyak lewat laut, polisi menetapkan empat orang sebagai tersangka. Mereka adalah Yurzery Visady (39), Denny Yolanda (40), Densi (55), dan Agus M Zakaria (44). Mualim tanker Trust Honor, Fahrizal, dan pegawai PT Surveyor Indonesia, Achmad Hidayat (25) juga menjadi tersangka.

Selain mendapatkan keterangan mereka, polisi juga memeriksa aliran keuangan dari para tersangka. Penyelidikan juga dikembangkan hingga ke Batam dan Medan karena kantor Pertamina Wilayah Pemasaran I terletak di Medan. Sementara minyak yang dicuri merupakan milik Pertamina.

Kejahatan itu terungkap saat salah satu rekan kerja Achmad Hidayat melapor ke Jakarta. Rekan Achmad menolak dilibatkan dalam sindikat itu.

Alih-alih berkomplot, ia memilih melaporkan persekongkolan itu. Seharusnya, Achmad bertugas memastikan minyak yang dipindahkan sesuai ketentuan. Namun, ia memalsukan laporan untuk menutupi pencurian itu.

Setelah ada informasi tersebut, tim internal Pertamina bersama polisi datang ke Tanjung Uban. Dari pemeriksaan itu, ditetapkan enam tersangka. Guntur menyatakan, tidak tertutup kemungkinan ada tersangka baru dalam kasus itu. Penyidik masih terus mencari keterangan dari pihak-pihak terkait.

Kompas, Page-22, Wednesday, June 21, 2017