Oil and Gas Holding Formation Continues

PT Perusahaan Gas Negara Tbk will seek funding for Pertagas acquisition

The Ministry of State-Owned Enterprises (SOEs) continues the formation of state-owned oil and gas holding despite Government Regulation No. 72/2016 concerning Procedure of State Investment and Administration at State-Owned Enterprises (BUMN) counter.

The reason is that the rule is considered not in sync with the Act (Act) no. 19/2003 on SOEs, Law no. 40 Year 2007 regarding Limited Liability Company, and Law no. 17 Year 2007 on State Finance. Deputy for Energy, Logistics, Regions and Tourism Ministry of State Owned Enterprises (BUMN) as well as Pertamina Commissioner Edwin Hidayat Abdullah said the establishment of oil and gas holding will be settled if 4 has been agreed with the House of Representatives.

"If the Government Regulation 72/2016 of Commission VI of the House of Representatives is already there is an agreement with us, after that (formed oil and gas holding)," said Edwin Solasa (5/9).

In parallel, Edwin said the Ministry of SOEs continue to study and mengaruhi data to support the formation oil and gas holding.

"We improve the study, then the execution," he said.

The Ministry of State-Owned Enterprises continues to deepen the formation of the holding by adjusting to the current conditions. Moreover, the Ministry of SOEs also still have to face the problem of establishing a Special Business Entity (BUK) in the draft Oil and Gas Law discussed Commission VII DPR. To accomplish this, Edwin said the Ministry of SOEs will coordinate with the Ministry of Energy and Mineral Resources.

"It is related to the revision of the Oil and Gas Law, but it has not been enacted and we will coordinate with ESDM," he said.

Even so, Edwin remains optimistic that oil and gas holding could take shape this year.

"From the Ministry of SOE the target has been exceeded," said Edwin.

Problem scheme, Edwin Edwin said still remain the same. PT Perusahaan Gas Negara (PGN) will be part of PT Pertamina to

then PGN will acquire Pertagas. In the future, PGN will seek funding for Pertagas acquisition.

     Previously, PGN has made a loan to acquire Pertagas for US $ 536 million. However, the loan was forced to be repaid by PGN due to the unclear formation of oil and gas holding.

PGN also has to bear the burden of debt due to unclear plan for the establishment of oil and gas holding. So Edwin hinted the Ministry of SOEs will look for other ways to acquisition Pertagas by PGN does not charge the company.

"There are many ways, we will discuss it later, technically, PGN is a public company, we can not talk too much," added Edwin.

Meanwhile, Director of Memorable PGN Nusantara Suyono chose not to comment much related to the company's funding. Meanwhile, Pertamina Finance Director Arief Budiman said Pertagas acquisition by PGN will be socialized with shareholder's decision.

"Ask shareholders" added Arief.

Concerning the holding, Arief asserted Pertamina does not need funds only for the process of forming oil and gas holding.

"It's just a shareholder action, it's just an additional capital to Pertamina, so PGN's shares are transferred to Pertamina, so there is no need for funds," he said.

IN INDONESIA

Pembentukan Holding Migas Terus Berlanjut

PT Perusahaan Gas Negara Tbk nanti akan mencari dana Iagi untuk akuisisi Pertagas

     Kementerian Badan Usaha Milik Negara (BUMN) terus melanjutkan pembentukan holding BUMN migas meski Peraturan Pemerintah No 72/2016 tentang Tata Cara Penyertaan dan Penatausahaan Modal Negara pada Badan Usaha Milik Negara (BUMN) mendapatkan pro dan kontra.

Pasalnya, aturan itu dianggap tidak sinkron dengan Undang-Undang (UU) No. 19/2003 tentang BUMN, UU No. 40 Tahun 2007 tentang Perseroan Terbatas, serta UU No. 17 Tahun 2007 tentang Keuangan Negara. Deputi Bidang Energi, Logistik, Kawasan dan Pariwisata Kementerian Badan Usaha Milik Negara (BUMN) sekaligus Komisaris Pertamina, Edwin Hidayat Abdullah mengungkapkan pembentukan holding migas akan beres jika sudah ada kesepakatan dengan Dewan Perwakilan Rakyat. 

"Kalau Peraturan Pemerintah 72/2016 dari Komisi VI DPR Rl sudah ada kesepakatan dengan kami, setelah itu (dibentuk holding migas)," kata Edwin Solasa (5/9). 

    Secara pararel, Edwin bilang Kementerian BUMN terus melakukan kajian dan memperbaruhi data-data untuk menunjang pembentukan holding migas. 

“Kajiannya kami improve, nanti eksekusi,"ujarnya.

Kementerian BUMN terus memperdalam lagi langkah pembentukan holding dengan menyesuaikan kondisi-kondisi terkini. Apalagi, Kementerian BUMN juga masih harus menghadapi masalah pembentukan Badan Usaha Khusus (BUK) dalam rancangan UU Migas yang dibahas Komisi VII DPR. Untuk menyelesaikan hal ini, Edwin menyatakan Kementerian BUMN akan berkordinasi dengan Kementerian ESDM. 

"Itu terkait Revisi Undang-Undang Migas, tapi belum diundangkan. Nanti kami kordinasi dengan ESDM," katanya.

     Biarpun begitu, Edwin tetap optimistis bahwa holding migas bisa terbentuk tahun ini.

"Dari Kementerian BUMN targetnya sudah terlewati. Awal tahun ini harusnya sudah selesai," ujar Edwin.

Soal skema, kata Edwin Edwin masih tetap sama. PT Perusahaan Gas Negara (PGN) akan menjadi bagian PT Pertamina untuk kemudian PGN akan mengakusisi Pertagas. Dengan begitu ke depannya PGN akan mencari pendanaan lagi untuk akusisi Pertagas.

     Sebelumnya PGN telah melakukan pinjaman untuk mengakusisi Pertagas sebesar US$ 536 juta. Namun pinjaman tersebut terpaksa harus dilunasi PGN karena pembentukan holding migas yang belum jelas.

PGN pun harus menanggung beban utang akibat tidak jelasnya rencana pembentukan holding migas. Makanya Edwin mengisyaratkan Kementerian BUMN akan mencari cara lain agar akusisi Pertagas oleh PGN tidak membebankan perusahaan tersebut. 

"Bisa banyak cara, nanti kami bahas, nanti teknikalnya, PGN kan public company, kami tidak bisa bicara terlalu banyak,"imbuh Edwin.

Adapun, Direktur Kenangan PGN Nusantara Suyono memilih tidak banyak berkomentar terkait pendanaan perusahaan tersebut. Sementara itu, Direktur Keuangan Pertamina Arief Budiman mengatakan akusisi Pertagas oleh PGN akan disosialisasikan dengan keputusan pemegang saham.

"Tanyakan pemegang saham" imbuh Arief.

Soal holding, Arief menegaskan Pertamina tidak membutuhkan dana hanya untuk proses pembentukan holding migas ini.

"Itu hanya aksi pemegang saham, itu hanya tambahan modal ke Pertamina. Jadi saham-saham PGN dialihkan ke Pertamina, jadi tidak ada kebutuhan dana," kata dia.

Kontan, Page-18, Wednesday, Sept 6, 2017

New gross-split scheme inspires some hope

A revision of the unpopular gross-split scheme has been met with positive reviews from upstream oil and gas business players, but it still leaves the sector’s future uncertain.

The gross-split scheme, a new breed of production-sharing regime (PSC), has been constantly criticized since it was introduced earlier this year for not being economically feasible and too heavy a burden for contractors.

The scheme’s revision, under Energy and Mineral Resources Ministerial Decree No. 52/2017, was signed by Minister Ignasius Jonan last Tuesday and with many additions intended to fulfill investors’ requirements to continue their projects in the country under the scheme.

The Indonesian Petroleum Association (IPA) executive director, Marjolijn Wajong, said the changes in the gross-split scheme were positive as they improved the economic feasibility of upstream projects, and also provided legal and fiscal certainty

“The IPA sees many positive changes in [the governments] efforts to increase the competitiveness of Indonesia’s oil and gas industry with the revision of the gross-split ministerial decree that has just been issued,” she said on Monday.

The scheme was designed to eventually replace the current cost-recovery scheme, which requires the government to reimburse the exploration and exploitation activities of investors.

Unlike cost recovery, the profit split between the government and contractors is decided up front based on the characteristics of an oil or gas working area.

Although only one working area, Offshore Northwest Java (ONWJ), has implemented the gross split, the IPA has been vocal about the scheme’s shortcomings since it was issued.

PT Pertamina Hulu Energi (PHE), a subsidiary of state owned firm Pertamina and operator of ONWJ, has also gone back and forth to the Energy and Mineral Resources Ministry to request a higher profit split under the gross split.

In the latest revision, the starting point for contractors remains at 57 percent and 52 percent for oil and gas respectively with the remainder going to the government. Contractors at the second plan of development (POD) stage will now get an additional 3 percent.

Moreover, the government will not deduct 5 percent from the contractor’s share if the latter continues operations in a terminated working area without submitting a POD.

The government has also added new components that allow an additional 2 percent split for contractors working in frontier offshore regions and 4 percent for frontier onshore regions. It was previously set at 2 percent for both offshore and onshore regions with little infrastructure.

Contractors will also now receive either 6 percent or 10 percent more for working areas at the secondary and tertiary production stages, double the amount in the previous iteration.

Furthermore, the government has changed the calculation for the portion obtained by the companies from a rise in oil prices, and has also added gas prices to the mix. Most significantly, however, is the minister’s ability to use his discretion to add or subtract from a contractorssplit.

Although the changes have been deemed significant, Marjolijn acknowledged that there were still some improvements to be made. The IPA has already recommended that the government make the gross-split scheme optional rather than compulsory for investors.

“In the end, contractors’ investment decisions will be based on their own investment portfolio and other strategic considerations,” she said. 

ReforMinerInstitute researcher Pri Agung Rakhmanto said the revised gross split might not be so, sweet despite greater economic feasibility.

According to Pri Agung, the minister’s discretion in determining the split could lead to business uncertainty, and the gross split in general remained a disadvantage for new contracts at the exploration stage. 

“The exploration stage is such a gamble that no one can say for sure that [investors] will be interested in [the gross split], which is a shame because the country really needs as much exploration as possible,” he said, adding that the governments needs were equally as important as those of investors.

Official data show that the amount of proven crude oil reserves in the country had dropped to 3.3 billion barrels at the end of last year from 3.69 billion in 2013. Moreover, proven gas reserves only amounted to 101 trillion cubic feet (tcf) in 2016 from 102 tcf three years previously.

Despite evidence of the urgency to find additional proven reserves, investment in exploration activities continues to experience a downward spiral. Last year, only US$8O0 million was invested, compared to $1.3 billion in 2012.

Pri Agung noted that while the gross split was revised in favor of investors, the fact that the government continued to issue and revise the regulations would not inspire much confidence for the future.

Jakarta Post, Page-19, Tuesday, Sept 5, 2017

Oil and Gas Company Wait for Gross Split Tax Regulation

The Indonesian Petroleum Association (IPA) states that tax-related regulations imposed in the production sharing contract (PSC) of gross split schemes need to be issued and implemented immediately. This is so that the implementation of gross split scheme can work well.

Executive Director of Indonesian Petroleum Association (IPA) Marjolijn Wajong said after the issuance of Regulation of the Minister of Energy and Mineral Resources No. 52 of 2017 which is a similar beleid revision of gross split contracts, oil and gas companies are now awaiting regulations on taxation of gross split contracts this.

Not just publish, it hopes the government focus on the details of its implementation. This is necessary so that the business process on the oil and gas contract scheme gross split becomes more simple.

"IPA has also provided inputs to the government on tax regulations and facilities for the gross split system that are seen to improve the competitiveness of Indonesia's oil and gas industry at the international level," Marjolijn said in a short message in Jakarta on Monday (4/9).

She explained that the oil and gas industry needs a business climate that has high legal certainty and competitive fiscal provisions. Both of these have become very important today, with oil and gas companies significantly reducing capital spending and being highly selective in investing.

Marjolijn added that each block and oil and gas field has different characteristics, level of risk, and development and production challenges. Therefore, each block and oil and gas field may require different forms of contracts, fiscal provisions, and incentives. This is to ensure the development of an economical and competitive oil and gas project.

"In this regard, IPA sees positive changes in efforts to improve the competitiveness of Indonesia's oil and gas industry on the revision of the Ministerial Regulation on Gross Split issued by the government, "She said.

Some of these positive changes are the increase of several components of the split variable, the addition of the progressive split component in the form of gas prices and the increase of the existing component quantity, there is no additional split limit which can be given by the Minister of Energy and Mineral Resources, and the incentive given for further field development. Another thing is the choice of a contract form for a field whose contract is extended.

"This is important given the possibility of special matters in the extension that need to be discussed further between the Government and the Contractor," Marjolijn said.

However, in the end the investment decision is in each oil and gas company. Because investment decisions should be made based on the portfolio of investment opportunities that are owned and other strategic considerations. In line with Marjolijn, Upstream Director of PT Pertamina Syamsu Alam expects oil and gas investment to improve after the issuance of the revised Ministerial Regulation on Gross Split.

"I have not read the details, but a glance better than before. Hopefully become more attractive for investors in conducting exploration activities, "he said.

As is known, Ministerial Regulation number 52/2017 was signed by the Minister of Energy and Mineral Resources Ignasius Jonan on August 29 last. As written in its consideration, the revised regulation is to increase investments in the upstream oil and gas sector. To comply with this regulation, the government also promised to issue tax regulations on gross split contracts.

"We hear the input whether this gross split tax system can be like Government Regulation number 27/2017 (revision of Government Regulation number 79/2010 on taxation cost recovery contract). Now we are formulating a new Government Regulation whose treatment is the same as Government Regulation number 27, "said Deputy Minister of Energy and Mineral Resources Arcandra Tahar.

Investment Boost

In its official statement, Minister of Energy and Mineral Resources Ignatius Jonan stated that the contract of oil and gas gross split scheme is the Government's efforts in responding to the current sluggish state of investment. Although many parties oppose the policy given oil and gas companies bear all the risks of upstream oil and gas projects.

"I know when we introduce this gross split the opposition must be a lot. Because, the risk is on their own (contractor). If the first risk to the state, "he added.

However, when using cost recovery contracts, the value of oil and gas exploration is not satisfactory. Proven reserves of oil and gas continue to decline from 2013 to 2016. In detail, petroleum reserves of 3.69 billion barrels in 2013 to 3.3 billion barrels in 2016. While gas reserves are reduced from 102 trillion cubic feet in 2013 to 101 trillion cubic feet.

Impact, oil and gas investment value continues eroded in that period. The national oil and gas investment that reached US $ 20.38 billion in 2013 was reduced to only US $ 11.58 billion. Therefore, the government needs to make different policies from the past.

"So if you want different results, what should be done differently," he said.

Until recently, only one oil and gas block contracted using a gross split scheme, the ONWJ Block managed by PT Pertamina Hulu Energi. After the contract was signed early in the year, this split block has been revised to be higher because to raise its economy, from 57.5% to 73.5% for oil and 62.5% to 81% for gas. Along with the split increase,

Pertamina Hulu Energi becomes more aggressive in investment.

IN INDONESIA

Perusahaan Migas Tunggu Peraturan Pajak Gross Split

Indonesian Petroleum Association (IPA) menyatakan peraturan terkait perpajakan yang dikenakan dalam kontrak kerja sama (production sharing contract/PSC) skema bagi hasil kotor (gross split) perlu segera diterbitkan dan diimplementasikan. Hal ini agar pelaksanaan skema gross split bisa berjalan baik.

Direktur Eksekutif Indonesian Petroleum Association (IPA) Marjolijn Wajong menuturkan, setelah diterbitkannya Peraturan Menteri Energi dan Sumber Daya Mineral No 52 Tahun 2017 yang merupakan revisi beleid serupa tentang kontrak bagi hasil kotor (gross split), perusahaan migas kini menunggu peraturan tentang perpajakan kontrak gross split ini.

Tidak sekadar menerbitkan, pihaknya berharap pemerintah fokus pada detail pelaksanaannya. Hal tersebut diperlukan sehingga proses bisnis pada kontrak migas skema gross split menjadi lebih sederhana. 

“IPA juga telah memberi masukan kepada pemerintah tentang peraturan dan fasilitas perpajakan bagi sistem gross split yang dipandang dapat meningkatkan daya saing industri migas Indonesia di tataran internasional,” kata Marjolijn dalam pesan singkat di Jakarta, Senin (4/9).

Dijelaskannya, industri migas membutuhkan iklim usaha yang memiliki kepastian hukum tinggi dan ketentuan fiskal yang kompetitif. Kedua hal ini menjadi sangat penting di masa kini, di mana perusahaan migas secara signifikan mengurangi belanja modal dan sangat selektif dalam melakukan investasi.

Ditambahkan Marjolijn, setiap blok dan lapangan migas memiliki karakteristik, tingkat risiko, serta tantangan pengembangan dan produksi yang berbeda. Karenanya, setiap blok dan lapangan migas ini bisa jadi membutuhkan bentuk kontrak, ketentuan fiskal, dan insentif yang berbeda pula. Hal ini untuk memastikan pengembangan proyek migas yang ekonomis dan kompetitif.

“Dalam kaitan itu, IPA melihat adanya perubahan-perubahan yang positif dalam usaha meningkatkan daya saing industri migas Indonesia

pada revisi Peraturan Menteri tentang Gross Split yang baru dikeluarkan pemerintah,” ujarnya.

Beberapa perubahan positif ini yakni adanya kenaikan besaran beberapa komponen variable split, penambahan komponen progressive split berupa harga gas dan kenaikan besaran komponen eksisting, tidak ada batasan tambahan split yang dapat diberikan Menteri ESDM, serta diberikannya insentif untuk pengembangan lapangan lanjutan. Hal lainnya adalah adanya pilihan bentuk kontrak untuk lapangan yang kontraknya diperpanjang.

“Hal ini penting mengingat kemungkinan terdapat hal-hal khusus dalam perpanjangan yang perlu dibicarakan lebih lanjut antara Pemerintah dan Kontraktor,” tutur Marjolijn.

Meski demikian, pada akhirnya keputusan investasi ada pada masing-masing perusahaan migas. Pasalnya, keputusan investasi harus dibuat berdasarkan portfolio peluang investasi yang dimiliki dan pertimbangan-pertimbangan strategis lainnya. Senada dengan Marjolijn, Direktur Hulu PT Pertamina Syamsu Alam berharap investasi migas bisa membaik setelah diterbitkannya revisi Peraturan Menteri tentang Gross Split. 

“Saya belum baca detail, tapi sekilas lebih baik dibandingkan sebelumnya. Mudah-mudahan menjadi lebih atraktif untuk para investor dalam melakukan kegiatan eksplorasi,” kata dia.

Seperti diketahui, Peraturan Menteri nomor 52/2017 ini ditandatangani oleh Menteri ESDM Ignasius Jonan pada 29 Agustus lalu. Sebagaimana tertulis dalam pertimbangannya, revisi peraturan ini dilakukan untuk meningkatkan investasi-investasi di sektor hulu minyak dan gas. Untuk melengkapi peraturan ini, pemerintah juga menjanjikan segera menerbitkan peraturan perpajakan untuk kontrak gross split.

“Kami mendengar masukan apakah gross split ini sistem perpajakannya bisa seperti Peraturan Pemerintah nomor 27/2017 (revisi Peraturan Pemerintah nomor 79/2010 tentang perpajakan kontrak cost recovery). Sekarang kami sedang menyusun Peraturan Pemerintah baru yang treatment-nya sama dengan Peraturan Pemerintah nomor  27,” kata Wakil Menteri ESDM Arcandra Tahar.

Dongkrak Investasi

Dalam keterangan resminya, Menteri ESDM Ignasius Jonan menyatakan bahwa kontrak migas skema gross split merupakan upaya Pemerintah dalam merespon kondisi lesunya investasi saat ini.  Walaupun banyak pihak menentang kebijakan tersebut mengingat perusahaan migas menanggung seluruh risiko proyek hulu migas.

“Saya tahu waktu kami memperkenalkan gross split ini pertentangannya pasti banyak. Sebab, risikonya ada pada mereka sendiri (kontraktor). Kalau dulu risikonya ada pada negara,” imbuhnya.

Namun ketika menggunakan kontrak cost recovery, dinilainya hasil eksplorasi migas kurang memuaskan. Cadangan terbukti migas terus menurun sejak 2013 hingga 2016. Rincinya, cadangan minyak bumi dari 3,69 miliar barel pada 2013 menjadi 3,3 miliar barel pada 2016. Sementara cadangan gas terkurang dari 102 triliun kaki kubik pada 2013 menjadi 101 triliun kaki kubik.

Dampaknya, nilai investasi migas terus tergerus pada periode tersebut. lnvestasi migas nasional yang sempat mencapai US$ 20,38 miliar pada 2013 terpangkas menjadi hanya US$ 11,58 miliar. Karenanya, pemerintah perlu membuat kebijakan berbeda dari selama ini. 

“Jadi kalau mau hasilnya beda, apa yang dilakukan harus berbeda,” tegasnya.

Sampai saat ini, baru satu blok migas yang kontraknya menggunakan skema gross split, yakni Blok ONWJ yang dikelola PT Pertamina Hulu Energi. Pasca kontrak diteken awal tahun, split blok ini telah direvisi menjadi lebih tinggi lantaran untuk menaikkan keekonomiannya, yakni dari 57,5% menjadi 73,5% untuk minyak dan 62,5% menjadi 81% untuk gas. Bersama dengan kenaikan split, Pertamina Hulu Energi menjadi lebih agresif dalam investasi.

Investor Daily, Page-9, Tuesday, Sept 5, 2017

Gross Split Revision Opens Incentive Opportunities

Contractor of cooperation contract (KKKS) welcomed the positive revision of Minister of Energy and Mineral Resources Regulation No. 8 of 2017 on Gross Split Distribution Contract. The revision contained in Ministerial Regulation 52/2017 is considered quite good for the upstream oil and gas industry.

Director of Medco Energi Hilmi Panigoro stated that the revision was good enough, especially about the flexibility of contract for KKKS.

"I think the new Ministerial Regulation is quite promising, especially the points concerning the flexibility of contracts associated with the economy of oil and gas fields," said Hilmi.

Upstream Director of PT Pertamina Syamsu Alam, who mentioned the addition of a split in the revised gross split will help the contractor to reach the oil and gas field's economy.

"The revision of the Ministerial Regulation I think is helping to improve the field economy and become the spirit of the investors to conduct exploration activities, because there is an incentive in the new Ministerial Regulation in the form of adding split," said Syamsu Alam.

Furthermore, Syamsu Alam also did not mention its objection to article 25A, in Ministerial Regulation 52/2017 which specifically mention that Pertamina must use gross split.

"Regarding the gross split, indeed all new contracts after termination will all use gross split," he added.

Executive Director of Indonesia Petroleum Association (IPA), Marjolijn Wajong said, there are some positive changes in the rules:

First, the increase in the number of split variables that will help the field economy.

Secondly, the addition of progressive split (gas prices) and the adjustment and increase in the magnitude of the existing progressive split to assist the field economy, especially in the early days of production.

Thirdly, there is no longer any limit to the incremental split incentives that the Minister may provide.

Fourth, giving incentives to the development of further fields after POD I.

"We also see that the optionality of the contract form in the extension is still maintained," her said.

IN INDONESIA

Revisi Gross Split Buka Peluang Insentif

Kontraktor kontrak kerja sama (KKKS) menyambut positif revisi Peraturan Menteri ESDM Nomor 8 Tahun 2017 tentang Kontrak Bagi Hasil Gross Split. Revisi yang tertuang dalam Peraturan Menteri 52/2017 ini dianggap cukup baik bagi pelaku industri hulu migas.

Direktur Utama Medco Energi Hilmi Panigoro menyatakan, revisi itu cukup baik terutama soal fleksibilitas kontrak bagi KKKS. 

"Saya pikir Peraturan Menteri baru ini cukup menjanjikan terutama poin-poin yang menyangkut fieksibilitas kontrak dikaitkan dengan keekonomian lapangan migas," kata Hilmi.

Direktur Hulu PT Pertamina Syamsu Alam, yang menyebut adanya penambahan split (bagi hasil) dalam revisi gross split akan membantu kontraktor untuk mencapai keekonomian lapangan migas.

"Revisi Peraturan Menteri tersebut saya kira membantu memperbaiki keekonomian lapangan dan menjadi semangat para investor untuk melakukan kegiatan eksplorasi, karena memang ada insentif dalam Peraturan Menteri yang baru berupa penambahan split," kata Syamsu Alam.

Lebih lanjut Syamsu Alam juga tidak menyebutkan keberatannya terhadap pasal 25A, dalam Peraturan Menteri 52/2017 yang khusus menyebut agar Pertamina wajib menggunakan gross split.

"Mengenai gross split, memang seluruh kontrak yang baru pasca terminasi semuanya akan menggunakan gross split,"imbuhnya.

Direktur Eksekutif Indonesia Petroleum Association (IPA), Marjolijn Wajong bilang, ada beberapa perubahan positif dalam aturan itu :

Pertama, kenaikan besaran beberapa variable split yang akan membantu keekonomian lapangan. 

Kedua, penambahan progressive split (harga gas) dan penyesuaian serta kenaikan besaran terhadap progressive split yang ada sebelumnya untuk membantu keekonomian lapangan, terutama pada masa awal produksi. 

Ketiga, tidak adanya batasan lagi terhadap insentif penambahan split yang dapat diberikan oleh Menteri.

Keempat, diberikannya insentif pada pengembangan lapangan-lapangan lanjutan setelah POD I. 

"Kami juga melihat bahwa adanya optionality bentuk kontrak pada perpanjangan yang masih dipertahankan," ujarnya.

Kontan, Page-18, Tuesday, Sept 5, 2017

North Korean missile impact

Tensions on the Korean peninsula will not break into an armed conflict any time soon, but analysts have foreseen the impact on economic activity, one of which is oil and gas supplies. Last Tuesday, North Korea launched a 2,700-kilometer ballistic missile and crossed over Japan.

The move signaled "early" military operations in the Pacific. Looking at North Korea's track record, it can be estimated that the country will still launch the next missiles.

North Korea's neighboring countries, China, South Korea and Japan, are the largest importers of energy. The country's third crude oil imports were 13.6 million barrels per day (34 percent of world trade), liquefied natural gas (LNG) 143 million tons (55 percent), and 551 million tons (46 percent) of coal. Everything is transported by sea so it is strongly influenced by the security situation of the region.

If the military conflict breaks out, according to Wood Mackenzie Product Suite Director Chris Graham, China is best equipped to take advantage of domestic coal and gas resources reserves. The opposite condition occurs in Japan and South Korea that choose not to store large amounts of oil and gas reserves.

The deterioration of the region's security situation is not impossible to encourage Japan to speed up the re-development of nuclear power plants which temporarily halted after a nuclear reactor leak in Fukushima after the tsunami-causing earthquake in Sana.

In the worst situation, China will use its oil strategic reserves. It became the first use since the reserves were built 3-4 years. Japan and Korea will use up enough domestic reserves for 90 days as an obligation of members of the Organization for Economic Cooperation and Development (OECD).

China does have oil production domestically, but 58 percent risk closing if war broke out. About 1.5 million barrels of crude oil per day of Chinese production from a total of 3.95 million barrels comes from the northern Chinese basin.

The nearest distance of the region's oil fields from the border with North Korea is only 200 km. Another production center that produces 0.8 million barrels per day, the Songliao Basin, is just 400 km from the border. The global oil market will be greatly affected if war broke out on the Korean Peninsula involving China, Japan and South Korea.

Because, 65 percent of the oil and gas processing industry in Asia are in the three countries. Efforts to accumulate reserves in affected countries and increasing logistics costs will raise prices for the short term.

On the other hand, Nomura's financial consultants lowered the chances of war on the Korean Peninsula to 35 percent today from the previous 50 percent. Tension increases, but keeps it under control. The reason, three signals that indicate the escalation of open war has not been seen.

These three signals are the orders of the United States Government to ask its citizens to leave South Korea, increase US military forces around the Korean Peninsula as in 1994, and increase the US defense preparedness from three to four.

Indonesia is relatively far away from the Korean Peninsula. Indonesia's crude oil is also not through the waters that become conflict areas. However, Indonesia exports oil, gas and coal to China, Japan and South Korea which will be disrupted if conflict broke out.

Prices may increase, but the price of Indonesian petroleum imports will also rise. Tensions on the Korean Peninsula should be a reminder of the importance of building energy security in the country. With the depletion of Indonesia's petroleum reserves for just 11 more years, the development of renewable energy based on domestic resources, can not help it, must continue to be pursued from now on.

IN INDONESIA

Dampak Rudal Korea Utara

Ketegangan di Semenanjung Korea belum akan pecah menjadi konflik bersenjata dalam waktu dekat, tetapi analis sudah memperkirakan dampaknya terhadap kegiatan ekonomi, salah satunya pasokan minyak dan gas bumi. Selasa pekan lalu, Korea Utara meluncurkan rudal balistik yang mencapai jarak 2.700 kilometer dan melintas di atas Jepang. 

Langkah itu memberi sinyal ”awal” operasi militer di Pasifik. Melihat rekam jejak Korea Utara, dapat diperkirakan negara itu masih akan meluncurkan rudal-rudal berikutnya. 

Negara tetangga Korea Utara, yaitu China, Korea Selatan, dan Jepang, adalah pengimpor terbesar energi. Impor minyak bumi ketiga negara itu 13,6 juta barrel per hari (34 persen perdagangan dunia), gas alam cair (LNG) 143 juta ton (55 persen), dan batubara 551 juta ton (46 persen). Semuanya diangkut melalui laut sehingga sangat dipengaruhi situasi keamanan kawasan.

Jika konflik militer pecah, menurut Product Suite Director Wood Mackenzie Chris Graham, China yang paling siap memanfaatkan cadangan sumber daya domestik batubara dan gas. Kondisi sebaliknya terjadi pada Jepang dan Korea Selatan yang memilih tidak menyimpan cadangan migas dalam jumlah besar.

Memburuknya situasi keamanan kawasan bukan tidak mungkin mendorong Jepang mempercepat pengembangan kembali pembangkit listrik tenaga nuklir yang sementara dihentikan setelah kebocoran reaktor nuklir di Fukushima setelah gempa bumi yang menyebabkan tsunami di Sana.

Dalam situasi terburuk, China akan memakai cadangan strategis minyaknya. Ini menjadi penggunaan pertama sejak cadangan dibangun 3- 4 tahun. Jepang dan Korea akan memakai cadangan dalam negeri yang cukup untuk 90 hari sebagai kewajiban anggota Organisasi untuk Kerja Sama Ekonomi dan Pembangunan (OECD).

China memang memiliki produksi minyak di dalam negeri, tetapi 58 persen menghadapi risiko tutup jika pecah perang. Sekitar 1,5 juta barel minyak mentah per hari produksi China dari total 3,95 juta barrel berasal dari cekungan China  utara. 

Jarak terdekat ladang minyak kawasan itu dari perbatasan dengan Korea Utara hanya 200 km. Pusat produksi lain yang menghasilkan 0.8 juta barrel per hari, Cekungan Songliao, berjarak hanya 400 km dari perbatasan. Pasar minyak global pasti akan sangat terpengaruh jika pecah perang di Semenanjung Korea yang melibatkan China, Jepang, dan Korea Selatan. 

Pasalnya, 65 persen industri pengolah migas Asia berada di tiga negara itu. Upaya menumpuk cadangan di negara-negara yang terdampak dan meningkatnya ongkos logistik akan menaikkan harga untuk jangka pendek 

Di sisi lain, konsultan keuangan Nomura menurunkan peluang terjadi perang di Semenanjung Korea menjadi 35 persen saat ini dari sebelumnya 50 persen. Ketegangan meningkat, tetapi tetap terkontrol. Alasannya, tiga sinyal yang menunjukkan eskalasi menjadi perang terbuka belum tampak. 

Ketiga sinyal itu adalah perintah Pemerintah Amerika Serikat meminta warga negaranya meninggalkan Korea Selatan, peningkatan kekuatan militer AS di sekitar Semenanjung Korea seperti pada 1994, dan peningkatan kesiapan pertahanan AS dari aras tiga menjadi empat.

Indonesia berada relatif jauh dari Semenanjung Korea. Minyak mentah Indonesia juga tidak melalui perairan yang menjadi wilayah konflik. Akan tetapi, Indonesia mengekspor minyak, gas dan batubara ke China, Jepang dan Korea Selatan yang akan ikut terganggu jika pecah konflik. 

Harga boleh menjadi meningkat, tetapi harga impor minyak bumi Indonesia juga akan naik. Ketegangan di Semenanjung Korea sebaiknya menjadi pengingat pentingnya membangun ketahanan energi di dalam negeri. Dengan menipisnya cadangan minyak bumi Indonesia hanya untuk 11 tahun lagi, pengembangan energi terbarukan berbasis sumber daya dalam negeri, tidak bisa tidak, harus terus diupayakan dari sekarang.

Kompas, Page-17, Monday, Sept 4, 2017

Portion Contractor added

The Government expands the additional portion of revenues for oil and gas contractors using the gross split share scheme regulated in the Minister of Energy and Mineral Resources Regulation. No. 52/2017 as revision of Regulation of Minister of Energy and Mineral Resources No. 8/2017 on the Gross Split Revenue Contract.

The government has implemented a gross profit sharing scheme since the beginning of this year for new contracts to replace production cost sharing contract (PSC) for cost recovery.

In the revision of the beleid, there are several important points. First, the split through the ministerial discretion is not restricted as in the preceding 5% maximum rule.

Second, the government adds a new component to the profit-sharing variable in the 2% plan of development (PoD) phase. If there is no PoD II, the 0% revenue-sharing variable is different from the previous rule which actually becomes 0.5% reduction for the contractor.

Thirdly, on the availability of supporting infrastructure components, the new frontier variable is increased by two, the new frontier offshore with 2% weight and the new frontier onshore 4%.

Fourth, the component of Hydrogen Sulfide Content Level (H2S), the highest weight that can be obtained at 5% from 1%. Fifth, on the component of the Domestic Content Level (TKDN), new incentives are given 2% additional split to achieve 30% to 50%.

Sixth, the components of the production stage, the weight plus and the beginning, 3% secondary and 5% tertiary, to 6% and 10% respectively.

OIL PRICE

Seventh, progressive components, incentives from oil prices using the fomula (85-ICP) x 0.25. Assuming ICP is US $ 50, the contractor may get an additional profit sharing of 8.75% or higher than the addition in the previous rule which uses a 5% level for oil prices of US $ 40 to US $ 55 per barrel.

Eighth, there is a new component in progressive profit sharing, ie gas price using formula for gas price of US $ 7 per MMBtu weight gain (7-gas price) x2,5. For the gas price of US $ 7 to US $ 10, the weight is 0%. Then, for a price of more than US $ 10 per MMBtu the formula (10-gas price) x 2.5. That is, the government set a normal limit of upstream gas prices of US $ 70-US $ 10 per MMBtu.

Ninth, for the cumulative component of production which previously started with 1 million barrels of oil equivalent (MMboe) with a weight of 5%. now converted to start from 30 MMboe with 10% weight. However, the government did not change the gross profit-sharing share between the government and contractors for oil development by 57:43 and 52:48 for gas. Meanwhile, the final profit sharing does not include the existing tax from upstream oil and gas activities.

Although the revenue-sharing space is expanded, Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said that in the most difficult field development scenario, the government still gets a profit share.

In the gross split regulated in the old rules only, Non-Tax State Revenue (PNBP), ie from the share of the government's share in ONWJ Block is only 19% for gas and 265% for oil. However, he did not mention how many of the smallest revenue-sharing opportunities the government has.

"There is no worst case scenario. just try, do not split this merged with this combined with this so that 100% contractor for example, probably not? I do not think so, "he said.

Previously, Executive Director of Indonesia Petroleum Association (IPA) Marjolijn Wajong said that to attract government investment need to pay attention to the economic characteristics of each field. According to Marjolijn each field has a character so it has different challenges to be developed. With that in mind, Marjolijn said the government could not set one point that should be applied in other fields.

"Regarding the adequacy to be able to withdraw investment, according to IPA, the revision of the regulation should pay attention to the economic characteristics of each field resulting from the difficulty of the field." There can be no fixed number for all fields, "her said.

Energy Observer from Reforminer Institute Komaidi Notonegoro said the new gross split still can not minimize the risks that must be borne by the contractor. He mentioned that small-capital contractors will not be able to manage the work area because now all development risks are borne entirely by the contractor because no longer apply the operating cost refund scheme as implemented since the 1970s.

IN INDONESIA

Jatah Kontraktor Ditambah

Pemerintah memperluas tambahan porsi pendapatan bagi kontraktor minyak dan gas bumi yang menggunakan skema bagi hasil kotor atau gross split yang diatur dalam Peraturan Menteri ESDM. No. 52/2017 sebagai revisi Peraturan Menteri ESDM No. 8/2017 tentang Kontrak Bagi Hasil Gross Split.

Pemerintah menerapkan skema bagi hasil kotor sejak awal tahun ini untuk kontrak baru menggantikan kontrak bagi hasil (production sharing contract/PSC) pengembalian biaya operasi atau cost recovery.

Dalam revisi beleid itu, terdapat beberapa poin penting. Pertama, ruang penambahan bagi hasil (split) melalui diskresi menteri tidak dibatasi seperti pada aturan sebelumnya yang maksimum 5%.

Kedua, pemerintah menambah komponen baru pada variable bagi hasil dalam fase rencana pengembangan lapangan (plan of development/PoD) II sebesar 3%. Jika tidak ada PoD II, variabel bagi hasil tetap 0% berbeda dengan aturan sebelumnya yang justru menjadi pengurang 0,5% bagi kontraktor.

Ketiga, pada komponen ketersediaan infrastruktur pendukung, variabel new frontier bertambah dua, yakni new frontier offshore dengan bobot 2% dan new frontier onshore 4%.

Keempat, komponen Tingkat Kandungan Hidrogen Sulfida (H2S), bobot tertinggi yang bisa didapat sebesar 5% dari semula 1%. Kelima, pada komponen Tingkat Kandungan Dalam Negeri (TKDN), insentif baru diberikan 2% tambahan split untuk capaian 30% hingga 50%.

Keenam, komponen tahapan produksi, bobot ditambah dan semula, 3% sekunder dan 5% tersier, menjadi 6% dan 10% secara berturut-turut.

HARGA MINYAK

Ketujuh, komponen progresif, pemberian insentif dari harga minyak menggunakan fomula (85-ICP) x 0,25. Dengan asumsi ICP US$ 50, kontraktor bisa mendapat tambahan bagi hasil 8,75% atau lebih tinggi dari tambahan dalam aturan sebelumnya yang menggunakan jenjang yaitu 5% untuk jenjang harga minyak US$ 40 sampai US$ 55 per barel.

Kedelapan, terdapat komponen baru pada bagi hasil progresif, yaitu harga gas menggunakan formula untuk harga gas US$ 7 per MMBtu bobot yang didapat (7-harga gas) x2,5. Untuk harga gas US$ 7 hingga US$ 10, bobotnya 0%. Kemudian, untuk harga lebih dari US$ 10 per MMBtu formulanya (10-harga gas) x 2,5. Artinya, pemerintah menetapkan batas normal harga gas hulu sebesar US$ 70-US$ 10 per MMBtu. 

Kesembilan, untuk komponen kumulatif produksi yang sebelumnya dimulai dengan 1 juta barel setara minyak (MMboe) dengan bobot 5%. kini diubah menjadi mulai dari 30 MMboe dengan bobot 10%. Namun, pemerintah tidak mengubah porsi bagi hasil secara kotor antara pemerintah dan kontraktor untuk pengembangan minyak sebesar 57:43 dan 52:48 untuk gas. Adapun, bagi hasil akhir yang didapatkan belum termasuk pajak yang ada dari kegiatan hulu migas.

Meskipun ruang penambahan bagi hasil diperluas, Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan bahwa pada skenario pengembangan lapangan tersulit, pemerintah tetap mendapat bagi hasil.

Pada gross split yang diatur dalam aturan lama saja, Penerimaan Negara Bukan Pajak (PNBP) yakni dari porsi bagi hasil pemerintah di Blok ONWJ hanya sebesar 19% untuk gas dan 265% untuk minyak. Namun, dia tidak menyebut berapa peluang bagi hasil paling kecil yang dimiliki pemerintah.

“Tidak ada worst case scenario. coba saja, jangan split ini digabung dengan ini digabung dengan ini sehingga kontraktor 100% misalnya, mungkin tidak? Rasanya tidak," katanya.

Sebelumnya, Direktur Eksekutif Indonesia Petroleum Association (IPA) Marjolijn Wajong mengatakan bahwa untuk bisa menarik investasi pemerintah perlu memperhatikan karakteristik keekonomian masing-masing lapangan. Menurut Marjolijn setiap lapangan memiliki karakter sehingga memiliki tantangan berbeda untuk bisa dikembangkan. Dengan pertimbangan itu, Marjolijn menyebut pemerintah tidak bisa menetapkan satu angka yang harus diterapkan di lapangan lainnya.

"Mengenai kecukupan untuk dapat menarik kembali investasi, menurut IPA, revisi peraturan tersebut harus memperhatikan karakteristik keekonomian masing-masing lapangan yang diakibatkan dari tingkat kesulitan lapangan tersebut. Tidak bisa ditetapkan suatu angka tenentu untuk semua lapangan," ujarnya.

Pengamat Energi dari Reforminer Institut Komaidi Notonegoro mengatakan, gross split baru masih belum bisa meminimalisir resiko yang harus ditanggung kontraktor. Dia menyebut kontraktor bermodal kecil tetap tidak akan bisa mengelola wilayah kerja karena kini seluruh risiko pengembangan ditanggung sepenuhnya oleh kontraktor karena tidak lagi berlaku skema pengembalian biaya operasi seperti yang diterapkan sejak periode 1970-an.

Bisnis Indonesia, Page-32, Monday, Sept 4, 2017

US Refinery Operations Start Recovering

Major oil refineries in Texas, United States, returned to normal operation after the storm Harvey crashed on Saturday (26/8). This recovery increases the demand outlook so that it lifts the price of oil. At the close of trade

Friday (1/8), the price of WTI oil in October 2017 contract rose 0.06 points or 0.13% to US $ 47.29 per barrel.

Prices edged up in the past two trades, but are still down 11.97% throughout 2017. Some refineries in the US have closed or slowed operations since Harvey's storm took place on Friday (25/8). These factors suppress the demand for crude oil so that prices fall further.

The peak occurred on Wednesday (30/8), when the price of WTI reached the level of US $ 45.96 per barrel. This is the lowest position since the close of trading on July 21, 2017 at the level of US $ 45.77 per barrel.

Based on Reuters data, a number of major refineries in Texas began normal operations on Saturday (2/9), a week after Harvey storm hit several areas in the US. Exxon, for example, began reopening a crude oil refinery facility with a capacity of 560,500 barrels per day (bpd).

Phillips 66 also continues the operation of Sweeny refinery with a capacity of 247,000 bph. Valero Energy also increased production and evaluated the performance of the refinery at Porth Arthur of 335,000 bph.

However, the largest US oil refinery belonging to Motiva Enterprises LLC in Port Arthur that processes 605,000 barrels per day (bpd) still states shutdown. Total Company still cuts 50% of its processing capacity by 225,000 bpd. According to the Goldman Sachs Group, refined crude oil processing capacity of the US fell 23% or about 4.1 million bpd since Harvey stormed.

The production volume of crude oil decreased by about 1.4 million bpd or equivalent to 15% of total daily mining. Partner Again Capital LLC John Kilduff said, Uncle Sam's crude oil demand increased after Harvey storm subsided. In addition, the US Department of Energy agreed to release 4.5 million barrels of stock to meet raw material demand.

"The government is reacting positively to fix the situation There are signs the refinery is alive again, so it helps easing the jitters of market participants against Harvey storms, "he said as quoted by Bloomberg, Saturday (2/9).

Portfolio manager Manulifem Asset Management LLC Joseph Bozoyan estimates Harvey's storm factor will still affect the oil market in the next few weeks. This sentiment is thought to greatly disrupt the outlook for demand, despite the gradual recovery in progress.

In addition to Harvey's sentiment, supply reductions from a number of major producers raised the fundamentals of the oil market, contributing to heating up prices.

Petro-Logistics estimates the average production of 14 member countries to decline 419,000 bpd compared to the previous month. In June and July of 2017, OPEC production surged to a record high of 32.66 million bpd and 32.87 million bpd. The volume exceeded the target of cutting production tariffs to 32.50 million bpd per month.

Monex Investindo Futures analyst Faisyal said oil prices still tend to be bearish in the short term. The US $ 47.30 area will be the nearest resistance level before it heats to US $ 47.80 per barrel. Should it slip below US $ 4 7, the price will go to the support level of US $ 46.50 per barrel.

IN INDONESIA

Operasi Kilang AS Mulai Pulih

Sejumlah kilang minyak utama di Texas, Amerika Serikat, kembali beroperasi normal setelah bencana badai Harvey menerjang pada Sabtu (26/8). Pemulihan ini meningkatkan prospek permintaan sehingga mengangkat harga minyak. Pada penutupan perdagangan

Jumat (1/8), harga minyak WTI kontrak Oktober 2017 naik 0,06 poin atau 0,13% menuju US$47,29 per barel. 

Harga naik tipis dalam dua perdagangan terakhir, tetapi masih turun 11,97% sepanjang 2017. Sebagian perusahaan kilang di AS menutup atau memperlambat pengoperasiannya sejak badai Harvey berlangsung pada Jumat (25/8). Faktor tersebut menekan permintaan minyak mentah sehingga harga semakin tersungkur.

Puncaknya terjadi pada Rabu (30/8), ketika harga WTI mencapai level US$45,96 per barel. lni merupakan posisi terendah sejak penutupan perdagangan 21 Juli 2017 di level US$45,77 per barel.

Berdasarkan data Reuters, sejumlah kilang utama di Texas mulai beroperasi normal pada Sabtu (2/9), seminggu setelah badai Harvey menerjang beberapa wilayah di AS. Exxon, misalnya, mulai membuka kembali fasilitas penyulingan minyak mentah dengan kapasitas sebesar 560.500 barel per hari (bph).

Phillips 66 juga melanjutkan pengoperasian kilang Sweeny berkapasitas 247.000 bph. Adapun Valero Energy turut meningkatkan produksi dan mengevaluasi kinerja kilang di Porth Arthur sejumlah 335,000 bph.

Namun demikian, kilang minyak terbesar di AS milik Motiva Enterprises LLC di Port Arthur yang memproses 605.000 barel perhari (bph) masih menyatakan shutdown. Perusahaan Total pun tetap memangkas 50% operasi dari kapasitas pengolahan sebesar 225 .000 bph. Menurut catatan Goldman Sachs Group, kapasitas penyulingan minyak olahan AS turun 23% atau sekitar 4,1 juta bph sejak badai Harvey menerjang. 

Adapun volume produksi minyak mentah berkurang sekitar 1,4 juta bph atau setara dengan 15% total penambangan harian. Partner Again Capital LLC John Kilduff menuturkan, permintaan minyak mentah Paman Sam meningkat setelah badai Harvey mereda. Selain itu, Departemen Energi AS setuju untuk melepas stok sebanyak 4,5 juta barel untuk memenuhi permintaan bahan baku.

"Pemerintah bereaksi positif untuk membenahi keadaan. Ada tanda-tanda kilang sudah hidup kembali, sehingga membantu

meredakan kegelisahan pelaku pasar terhadap badai Harvey," tuturnya seperti dikutip dari Bloomberg, Sabtu (2/9).

Portofolio manager Manulifem Asset Management LLC Joseph Bozoyan memperkirakan faktor badai Harvey masih akan mempengaruhi pasar minyak dalam beberapa minggu ke depan. Sentimen ini dinilai sangat mengganggu prospek permintaan, kendati pemulihan bertahap sedang berjalan.

Di samping sentimen Harvey, pengurangan pasokan dari sejumlah produsen utama mengangkat fundamental pasar minyak sehingga turut memanaskan harga.

Petro-Logistics memerkirakan rerata produksi 14 negara anggota merosot 419.000 bph dibandingkan dengan bulan sebelumnya. Pada Juni dan Juli 2017, produksi OPEC tercatat melonjak ke level tertinggi sebesar 32,66 juta bph dan 32,87 juta bph. Volume tersebut melampaui target kesepakatan pemangkasan produksi menjadi 32,50 juta bph per bulan.

Analis Monex Investindo Futures Faisyal menuturkan, harga minyak masih cenderung bearish dalam jangka pendek. Area US$47,30 akan menjadi level resistan terdekat sebelum memanas menuju US$ 47,80 per barel. Apabila tergelincir ke bawah US$ 4 7, harga akan menuju level support US$ 46,50 per barel.

Bisnis Indonesia, Page-16, Monday, Sept 4, 2017