ICP September Breaks US $ 52.47 Per Barrel

The average Indonesian Crude Price (ICP) in September was at US $ 52.47 per barrel, up from US $ 48.43 per barrel in the previous month. While ICP SLC rose from US $ 49.17 per barrel to US $ 53.17 per barrel in September.

The increase in ICP is in line with rising crude oil prices in world markets. In September, Dated Brent prices rose from US $ 51.64 per barrel to US $ 56.05 per barrel, Brent (ICE) increased from US $ 51.87 per barrel to US $ 55.51 per barrel, WTI soared from US $ 48.06 per barrel to US $ 49.88 per barrel, and OPEC basket rose drastically from US $ 49.6 per barrel to US $ 53.35 per barrel.

According to the Indonesian Oil Price Team, there are several factors that increase the price of oil in the international market. First, based on OPEC's publication last September, world crude oil demand rose 1.42 million barrels per day (bpd) compared to last month's publication. In 2018, world oil demand is expected to grow 1.35 million bpd from previous month's report. This is reinforced by the decline in stock and supply of crude oil and its products.

"Based on OPEC's publication last month, world oil supply fell 410 thousand bpd compared to August to 96.75 million bpd. While non-OPEC supplies fell 320 thousand bpd to 57.68 million bpd, "said the Indonesian Oil Price Team in a written statement on Wednesday (4/10).

The decline in stocks of crude oil products recorded Energy Information Administration (EIA) takes place in the United States. The agency's report said the level of US distillate fuel oil and gasoline stocks during September fell compared to the previous month. US distillate fuel oil stocks are down 11.2 million barrels compared to August stocks. Furthermore, gasoline stock last month was 12.6 million barrel lower than August stock.

Not only that, Baker Hughes Incorporated's data and OPEC publications also report a reduction in the number of operating rigs. On September 8, the number of oil rigs dropped three units to 756 rigs. On the other hand, economic growth is revised upward.

"Based on OPEC's publication in September, the world economic growth in 2017 has been revised up from 3.4% to 3.5%," said the Indonesian Oil Price Team.

Particularly in the Asia Pacific region, there are two additional factors that boost the price of oil. First, based on OPEC publications last month, there was an increase in crude demand in China, India and South Korea.

"Later, the International Energy Agency (IEA) publication reported an increase in operating capacity of refineries in China and the operation of Petrochina and CNOOC's new refineries, "said the Indonesian Oil Price Team.

ICP has been on record for the third consecutive month since July. ICP recorded the lowest point in June at US $ 43.66 per barrel. Furthermore, ICP rose to US $ 45.48 per barrel in July, US $ 48.43 per barrel in August and reached US $ 52.47 per barrel. 

     During the initial six months, ICP continues to fluctuate. At the beginning of the year, ICP reached US $ 50 per barrel, at US $ 51.88 per barrel in January and US $ 52.5 per barrel in February. Then, ICP fell to US $ 48.71 per barrel in March, continuing to increase to US $ 49.56 per barrel in April. ICP fell back to US $ 47.09 per barrel in May and fell again to US $ 43.66 per barrel in June.

Based on the realization as of September, the average ICP was recorded at 48.86 per barrel. This figure has slightly exceeded the ICP assumption in the state budget of US $ 48 per barrel.

IN INDONESIA

ICP September Tembus US$ 52,47 Per Barel

Rata-rata harga minyak Indonesia (Indonesian Crude Price/ ICP) pada September lalu tercatat sebesar US$ 52,47 per barel, naik dari bulan sebelumnya US$ 48,43 per barel. Sementara ICP SLC naik dari US$ 49,17 per barel menjadi US$ 53,17 per barel pada September ini.

Peningkatan ICP ini sejalan dengan kenaikan harga minyak mentah di pasar dunia. Pada September lalu, harga Dated Brent naik dari US$ 51,64 per barel menjadi US$ 56,05 per barel, Brent (ICE) meningkat dari US$ 51,87 per barel menjadi US$ 55,51 per barel, WTI melejit dari US$ 48,06 per barel menjadi US$ 49,88 per barel, serta Basket OPEC naik drastis dari US$ 49,6 per barel menjadi US$ 53,35 per barel.

Menurut Tim Harga Minyak Indonesia, terdapat beberapa faktor yang menaikkan harga minyak di pasar internasional. Pertama, berdasarkan publikasi OPEC September lalu, permintaan minyak mentah dunia naik 1,42 juta barel per hari (bph) dibandingkan publikasi bulan lalu. Pada 2018, permintaan minyak dunia diperkirakan tumbuh 1,35 juta bph dari laporan bulan sebelumnya. Hal itu diperkuat dengan turunnya stok dan pasokan minyak mentah beserta produknya. 

“Berdasarkan publikasi OPEC bulan lalu, pasokan minyak dunia turun 410 ribu bph dibandingkan dengan Agustus menjadi 96,75 juta bph. Sementara pasokan non-OPEC turun 320 ribu bph menjadi 57,68 juta bph,” kata Tim Harga Minyak Indonesia dalam keterangan tertulisnya, Rabu (4/10) .

Penurunan stok produk minyak mentah dicatat Energy Information Administration (EIA) terjadi di Amerika Serikat. Laporan lembaga itu menyebutkan tingkat stok distillate fuel oil dan gasoline Amerika Serikat selama September turun dibanding bulan sebelumnya. Stok distillate fuel oil Amerika Serikat turun 11,2 juta barel dibandingkan stok Agustus. Selanjutnya, stok gasoline bulan lalu lebih rendah 12,6 juta barel dibandingkan dengan stok Agustus.

Tidak hanya itu, data Baker Hughes Incorporated dan publikasi OPEC juga melaporkan pengurangan jumlah rig yang beroperasi. Pada 8 September, jumlah rig minyak turun tiga unit menjadi 756 rig. Di sisi lain, pertumbuhan ekonomi justru direvisi naik. 

“Berdasarkan publikasi OPEC pada September, kondisi pertumbuhan ekonomis dunia 2017 telah direvisi naik dari 3,4% menjadi 3,5%,” ujar Tim Harga Minyak Indonesia.

Khusus di Kawasan Asia Pasifik, terdapat dua faktor tambahan yang menggenjot harga minyak. Pertama, berdasarkan publikasi OPEC bulan lalu, terjadi kenaikan permintaan minyak mentah di Tiongkok, India, dan Korea Selatan. 

“Kemudian, publikasi International Energy Agency (IEA) melaporkan adanya peningkatan kapasitas operasi kilang-kilang di Tiongkok dan beroperasinya kilang baru Petrochina dan CNOOC,” tutur Tim Harga Minyak Indonesia.

ICP tercatat terus naik dalam tiga bulan berturut-turut sejak Juli laiu. ICP tercatat mencapai titik terendah pada Juni lalu pada angka US$ 43,66 per barel. Selanjumya, ICP naik menjadi US$ 45,48 per barel pada Juli, US$ 48,43 per barel pada Agustus dan mencapai US$ 52,47 per barel. Selama enam bulan awal, ICP terus berfluktuasi. 

       Di awal tahun, ICP sempat mencapai US$ 50 per barel, yakni US$ 51,88 per barel pada Januari dan US$ 52,5 per barel pada Februari. Kemudian, ICP turun menjadi US$ 48,71 per barel pada Maret, dilanjutkan peningkatan menjadi US$ 49,56 per barel pada April. ICP kembali turun menjadi US$ 47,09 per barel pada Mei dan turun lagi menjadi US$ 43,66 per barel pada Juni.

Berdasarkan realisasi hingga September ini, rata-rata ICP tercatat mencapai 48,86 per barel. Angka ini sudah sedikit melampaui asumsi ICP dalam APBN sebesar US$ 48 per barel.

Investor Daily, Page-9, Thursday, October 5, 2017

BUMD Aceh Asks Shares Above 10%

The Aceh Oil and Gas Management Agency requires a share offering of more than 10% participation to the Aceh-Owned Enterprises on the management of the North Sumatra B Block. Currently, the North Sumatra B Block (NSB) is managed by a subsidiary of PT Pertamina, PT Pertamina Hulu Energi. Meanwhile, the government has commissioned the NSB Block to be taken over by Pertamina after the contract expires on October 15, 2015.

Pertamina Hulu Energi takes over two oil and gas blocks owned by ExxonMobil, the NSB Block and North Sumatera Offshore Block (NSO) on October 1, 2015. The head of BPMA Marzuki Daham said it had submitted a recommendation to the governor for the management of NSB Blocks conducted by a subsidiary of Pertamina.

Recommendations from BPMA require several things, such as next year's drilling commitments and more than 10% participating interest (PI) offer to Aceh-Owned Enterprises.

For the participation of share offer, still need more discussion because there are some BUMD that will be offered NSB Block shares. In addition, he said, efforts to maintain the production of oil and gas well maintained must be done this year.

"Maybe more than 10%. The requirement is what will be discussed again, "he said

The NSB block started production in 1977 with peak gas production reaching approximately 3,400 million cubic feet per day (MMscfd), while the NSO Block started production in 1996 with a production peak of about 400 MMscfd. He said, from the initial phase of discussion, there are several BUMDs for the provincial and district levels.

BUMD whose position is quite dominant, ie from the district level who want to be able to get the offer of NSB Block participation rights. Currently, recommendations along with the terms have been submitted and are just waiting for a response from the governor so that activities can keep running. 

     Referring to Government Regulation no. 23/2015 on Joint Management of Natural Resources Oil and Gas in Aceh, BPMA reserves the right to propose contractors of contracts (KKKS) on certain blocks to regain management rights after the contract expires.

Similarly, for the work area to be auctioned, a definite commitment of a contractor who has a working area in Aceh to contract with the contractor for acting as an extension of the government's hand. From the BPMA proposal, it will have to wait for the approval of the governor and the Minister of Energy and Mineral Resources (ESDM).

From the data (Ministry of Energy and Mineral Resources, oil and gas block that has been operating in Aceh, namely Krueng Mane Block (Eni Krueng Mane Ltd.), Block Pase (Triangle Pase Inc.), Block A (Medco Energi), NSB Block and North Sumatrea Offshore (NSO ) previously managed by ExxonMobil and then moved to Pertamina since 2015.

The management of the NSB Block is integrated with the NSO Block. However, because the NSO is over 200 miles, the central government is entitled to determine its fate. The NSO block is one of eight contract-depleted working areas assigned to Pertamina for its management on a gloss split contract.

"We have recommended Pertamina Hulu Energi to keep managing. If the Governor agrees with BPMA, it can start. "

IN INDONESIA

BUMD Aceh Minta Saham di Atas 10%

Badan Pengelola Migas Aceh mensyaratkan penawaran saham partisipasi lebih dari 10% kepada Badan Usaha Milik Daerah Aceh atas pengelolaan Blok North Sumatera B. Saat ini, Blok North Sumatera B (NSB) dikelola oleh anak perusahaan PT Pertamina, PT Pertamina Hulu Energi. Sementara itu, pemerintah telah menugaskan agar Blok NSB diambil alih oleh Pertamina setelah kontrak berakhir pada 15 Oktober 2015.

Pertamina Hulu Energi mengambil alih dua blok migas milik ExxonMobil, yakni Blok NSB dan Blok North Sumatera Offshore (NSO) pada 1 Oktober 2015. Kepala Badan Pengelola Migas Aceh (BPMA) Marzuki Daham mengatakan bahwa pihaknya telah menyampaikan rekomendasi kepada Gubernur agar pengelolaan Blok NSB bisa dilakukan oleh anak usaha Pertamina.

Rekomendasi dari BPMA mensyaratkan beberapa hal, seperti komitmen pengeboran pada tahun depan dan penawaran hak partisipasi (participating interest/PI) lebih dari 10% kepada Badan Usaha Milik Daerah Aceh.

Untuk penawaran saham partisipasi, masih perlu pembahasan lebih lanjut karena terdapat beberapa BUMD yang akan ditawarkan saham Blok NSB. Selain itu, menurutnya, upaya untuk menjaga produksi sumur migas tetap terjaga harus dilakukan pada tahun ini.

“Mungkin lebih dari 10%. Persyaratannya itulah yang mau dibahas lagi,” ujarnya 

Blok NSB mulai berproduksi pada 1977 dengan puncak produksi gas mencapai sekitar 3.400 juta kaki kubik per hari (MMscfd), sedangkan Blok NSO mulai berproduksi pada 1996 dengan puncak produksi sekitar 400 MMscfd.  Dia menuturkan, dari pembicaraan tahap awal, terdapat beberapa BUMD untuk tingkat provinsi dan kabupaten. 

BUMD yang posisinya cukup dominan, yakni dari tingkat kabupaten yang menginginkan agar bisa mendapatkan penawaran hak partisipasi Blok NSB. Saat ini, rekomendasi beserta syaratnya telah disampaikan dan tinggal menanti respons dari gubernur sehingga kegiatan bisa tetap berjalan. 

    Mengacu pada Peraturan Pemerintah No. 23/2015 tentang Pengelolaan Bersama Sumber Daya Alam Minyak dan Gas Bumi di Aceh, BPMA berhak mengusulkan kontraktor kontrak kerja sama (KKKS) pada blok tertentu untuk mendapatkan kembali hak pengelolaan setelah kontrak berakhir.

Begitu pula, untuk wilayah kerja yang akan dilelang, komitmen pasti kontraktor yang memiliki wilayah kerja di Aceh hingga berkontrak dengan kontraktor karena berperan sebagai perpanjangan tangan pemerintah. Dari usulan BPMA, nantinya harus menanti persetujuan gubernur dan Menteri Energi dan Sumber Daya Mineral (ESDM).

Dari data (Kementerian ESDM, blok migas yang telah beroperasi di Aceh, yakni Blok Krueng Mane (Eni Krueng Mane Ltd.), Blok Pase (Triangle Pase Inc.), Blok A (Medco Energi), Blok NSB dan North Sumatrea Offshore (NSO) yang sebelumnya dikelola ExxonMobil kemudian beralih kepada Pertamina sejak 2015.

Pengelolaan Blok NSB diintegrasikan dengan Blok NSO. Namun, karena NSO berada lebih 200 mil, pemerintah pusat yang berhak menetapkan nasibnya. Blok NSO merupakan satu dari delapan wilayah kerja habis kontrak yang ditugaskan kepada Pertamina pengelolaannya pada kontrak bagi hasil kotor (gloss split).

“Kita telah rekomendasikan Pertamina Hulu Energi tetap mengelola. Kalau Gubemur setuju dengan BPMA, bisa dimulai."

Bisnis Indonesia, Page-30, Thursday, October 5, 2017

Gas Business Pertagas Not Effective

The State Audit Board assessed that the commercial and gas transportation activities run by PT Pertamina Gas are still less effective. In the IHPS of Semester I / 2017 of the State Audit Agency (BPK), PT Pertamina Gas (Pertagas), has not run its business effectively.

There are two matters causing BPK to conclude Pertagas gas trading and transportation activities. The first gas transmission pipeline project of Belawan - Medan Industrial Area (KIM) - Special Economic Zone (KEK) that has not been completed. The project, which was supposed to be completed by September 2015, could not be completed due to the absence of gas buyers. Other causes, can not be completed the final calculation because it requires a contract amendment.

The length of the construction of the first pipe plot by President Joko Widodo has the potential to cause the financial burden of PT Pertamina Gas amounting to US $ 59.58 million and Rp 3 billion. Second, on the commercial trade of gas. Pertagas assumes a loss of revenue of US $ 16.57 million and the incidence of bad debts worth US $ 11.86 million due to depreciation of nominees, commercial schemes and operation of Pondok Tengah gas utilization which does not take into account operating conditions, as well as the transfer of gas allocation for compressed natural gas CNG) to PT Mutiara Energy.

"BPK concludes that in general the commercial and gas transportation activities at Pertagas are still less effective," quoted from IHPS BPK.

Contacted separately, Public Relations & Corporate Social Responsibility Manager Pertagas Hatim Ilwan said that his side has responded and followed up the recommendations of the BPK.

BPK recommends Pertagas to evaluate and establish procedures for determining the maximum number of stocks that entrust gas for distribution or shipper stock, transfer of nominations, and to make an acceptable collection effort of PT Mutiara Energy's bad debts.

Other recommendations are also proposed to rearrange feasibility studies and project economics based on real conditions and coordinate internally and externally so that Belawan-KIM-KEK pipeline assets can be utilized optimally.

"We at Pertagas have followed up the recommendations of the BPK and we have to say," he said.

Meanwhile, for Belawan-KIM-KEK construction project, he considered that it has been built since the beginning of 2016 along 138 kilometers. Belawan-KIM gas pipeline will be built with 18-inch diameter pipe having capacity of 89 million cubic feet per day (MMscfd).

IN INDONESIA

Bisnis Gas Pertagas Belum Efektif

Badan Pemeriksa Keuangan menilai kegiatan niaga dan transportasi gas yang dijalankan oleh PT Pertamina Gas masih kurang efektif. Dalam lkhtisar Hasil Pemeriksaan Sementara (IHPS) Semester I/2017 dari Badan Pemeriksa Keuangan (BPK), PT Pertamina Gas (Pertagas), belum menjalankan usaha secara efektif.

Terdapat dua hal yang menyebabkan BPK menyimpulkan kegiatan niaga dan transportasi gas Pertagas. Pertama proyek pipa gas transmisi ruas Belawan-Kawasan lndustri Medan (KIM)-Kawasan Ekonomi Khusus (KEK) yang belum rampung. Proyek yang seharusnya selesai pada September 2015 itu belum bisa diselesaikan karena belum adanya pembeli gas. Penyebab lainnya, belum bisa dilakukan penyelesaian kalkulasi tahap akhir karena memerlukan amendemen kontrak.

Lamanya pembangunan ruas pipa yang peletakan batu pertamanya dilakukan oleh Presiden Joko Widodo menyebabkan berpotensi menimbulkan beban keuangan PT Pertamina Gas sebesar US$ 59,58 juta dan Rp 3 miliar. Kedua, pada kegiatan niaga gas. 

      Pertagas menanggung kehilangan pendapatan US$ 16,57 juta dan timbulnya piutang macet senilai US$ 11,86 juta akibat penyusutan nominasi, skema niaga, dan operasi pemanfaatan gas Pondok Tengah yang tidak mempertimbangkan kondisi operasi, serta pengalihan alokasi gas untuk kebutuhan compressed natural gas (CNG) kepada PT Mutiara Energy.

“BPK menyimpulkan bahwa secara umum kegiatan niaga dan transportasi gas pada Pertagas masih kurang efektif,” dikutip dari IHPS BPK.

Dihubungi terpisah, Public Relations & Corporate Social Responsibility Manager Pertagas Hatim Ilwan mengatakan bahwa pihaknya telah merespons dan menindaklanjuti rekomendasi dari BPK.

BPK merekomendasikan agar Pertagas melakukan evaluasi dan menetapkan prosedur penentuan jumlah maksimum stok pihak yang menitipkan gas untuk disalurkan atau shipper stock, pengalihan nominasi, dan melakukan upaya penagihan terhitung piutang macet PT Mutiara Energy.

Rekomendasi lain yang juga diusulkan menyusun ulang studi kelayakan dan keekonomian proyek berdasarkan kondisi yang riil serta berkoordinasi dengan internal dan eksternal agar aset pipa Belawan-KIM-KEK dapat dimanfaatkan secara optimal.

“Kami di Pertagas sudah melakukan tindak lanjut atas rekomendasi dari BPK dan kami sudah sampaikan,” ujarnya.

Sementara itu, untuk proyek pembangunan ruas Belawan-KIM-KEK, dia menilai sudah terbangun sejak awal 2016 sepanjang 138 kilometer. Pipa gas ruas Belawan-KIM bakal dibangun dengan diameter pipa 18 inci memiliki kapasitas 89 juta kaki kubik per hari (MMscfd).

Bisnis Indonesia, Page-30, Thursday, October 5, 2017

Medco Energi buoyant after profit, revenue growth

Amid low global crude oil prices, publicly listed energy and mining firm PT Medco Energi Internasional has seen a robust performance in the first half of 2017, with a seven-fold jump in net profit to US$ 80.6 million, thanks to decreased costs and increased

output.

In the first six months, Medco’s oil and gas production totaled 89,800 barrels of oil equivalents per day (boepd), up 40.4 percent from the same period last year. The company produced 35,500 barrels of oil per day (bopd) and 290.6 million standard cubic feet per day (mmscfd) of gas, marking year-on-year growth of 17.5 percent and 46.9 percent, respectively.

The price of global benchmark Brent crude hovered above US$ 55 a barrel in the first two months of 2017, before falling to as low as $44.82 a barrel in the third week of June. However, that was still better than in the first half of 2016, when the price fell to 828.94 a barrel in mid-January, before gradually recovering to between $ 48 and $50 a barrel in June.

“The company continues to perform strongly; maintaining both production and cost management this year,” Medco CEO Roberto Lorato said in a statement. 

In the first half of this year, Medco booked a 54.3 percent annual increase in revenue to US$ 403.5 million. The biggest contribution came from its oil and gas sales worth US$ 138.5 million to energy firm Petro-Diamond ,Singapore, a subsidiary of Japan’s Mitsubishi Corporation.

    Furthermore, the firm recorded a 61.7 percent increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to US$ 200.3 million, while its net profit jumped seven fold to US$ 80.67 million from the previous US$ 11.29 million.

Medco president director Hilmi Panigoro attributed the company’s financial performance to its ability to reduce operational costs at PT Amman Mineral Nusa Tenggara (AMNT), which operates the Batu Hijau mine, the country’s second-largest copper and gold mine in Sumbawa, West Nusa Tenggara.

In November last year, Medco acquired a 50 percent stake in PT Amman Mineral Investama (AMI), which controls an 82.2 percent stake of the AMNT. As of June, AMI recorded $13.6 million in losses while collecting $ 628.15 million in revenues.

During the period of February to August, AMNT exported 417,656 tons of copper concentrate, 62 percent of the quota given by the government until February next year. ‘Also this year, we will complete our rights issue, which will strengthen our capital structure,” Hilmi said.

Medco recently 'announced a plan to issue 4.45 billion new shares with preemptive rights, with 4.45 billion warrants granting the holder special rights to buy new shares. Hence, in total, there will be 8.9 billion new shares priced at Rp 25 apiece.

It is estimated that Medco will collect $150 million through the rights issue, which will be used to refinance some of its debts. In September, the firm also issued bonds worth Rp 566.5 billion consisting of two series. The A series will mature after 42 months and offer an annual coupon rate of 10.3 percent, while the B series will be due after 60 months and offer a 10.8 percent rate.

This was Medco’s sixth issuance under the company’s second round of shelf registration bond emission, which aims to collect a total of Rp 5 trillion.

As of June, Medco’s liabilities stood at $2.71 billion, up 0.15 percent year-on-year (yoy). Moreover, its long term bank loans reached $1.08 billion, US$ 198.6 million of which will mature within a year.

BCA Sekuritas analyst Nyoman Prabowo said in a note that Medco’s fundraising strategy would reduce its high interest debt portfolio. Therefore, he added, the company’s interest expenses would keep decreasing, resulting in a stronger financial performance.

Jakarta Post, Page-14, Wednesday, October 4, 2017

Ministerial Regulation on Oil and Gas Block Auction Will Be Revised

The government plans to revise the regulation that regulates the procedure of stipulating and offering of oil and gas blocks, namely the Minister of Energy and Mineral Resources (ESDM) Number 35 Year 2008. The Government hopes that after the revision, the auction of oil and gas blocks is getting crowded.

Secretary of the Directorate General of Oil and Gas of the Ministry of Energy and Mineral Resources Susyanto said the regulation needs to be revised in order to conform the provisions imposing a production sharing contract (PSC) of gross split scheme.

    In addition, this revision is also intended to improve the weaknesses that arise in the implementation of Ministerial Regulation 35 / 2008. However, this year's oil and gas auction does not have to wait for the revision of Ministerial Regulation 35/2008.

"It seems to have not been implemented in the 2017 auction, still in the discussion," he said in Jakarta, Monday (2/10).

He explains, there are some points revision of Ministerial Regulation 35/2008. First, the addition of methods of preparing working areas through self-study by oil and gas companies. Because the data collection of oil and gas will be better if not have to rely on government alone.

In the old regulation, the review for oil and gas block preparation is usually done by government or joint study of government with oil and gas company. This is in accordance with Ministerial Regulation 35/2008 of the second part of Articles 4, 5, and 6.

"If the study is self-sufficient, they (the oil and gas companies) are looking for themselves. After finding the potential, submit it to the government. If auctioned, they can not privilege is okay, because already have the data, "said Susyanto.

Another point, the period from which the offer of oil and gas blocks until the submission of documents of participation will be extended. This is to provide longer time for oil and gas companies to study the block auctioned. The provisions of the matter are regulated in Article 29 of Ministerial Regulation 35/2008. This beleid stipulates the period of submission of documents of participation ie 120 days from the announcement for regular auction and 45 days for auction of direct offer scheme

Next, revisions will also be made to the ordering procedure of the assessment. Article 42 Ministerial Regulation 35/2008 states that the final assessment of oil and gas auction is based on the technical assessment criteria of the commitment of the first three years of exploration (firm commit / firm commitment), financial valuation, and performance evaluation of the auctioneer.

Still referring to the article, each criterion has its own weight. Paragraph 3 of Article 42 establishes a technical assessment as the primary appraiser in ranking based on rational and workable offerings. These technical assessors include seismic survey commitments, number of new field wildcat wells, and location plans.

Next, paragraph 4 sets out a financial assessment as a second appraisal. This includes an evaluation of the magnitude of signature bonuses and financial capacity to implement a definite commitment work plan. Furthermore, paragraph 6 sets the scores performance as a third assessment, which includes experience in the field of petroleum and compliance with the rules.

IN INDONESIA

Peraturan Menteri tentang Lelang Blok Minyak dan Gas Akan Direvisi

Pemerintah berencana merevisi regulasi yang mengatur soal tata cara penetapan dan penawaran blok minyak dan gas, yakni Peraturan Menteri Energi dan Sumber Daya Mineral (ESDM) Nomor 35 Tahun 2008. Pemerintah berharap pasca revisi, lelang blok minyak dan gas semakin ramai.

Sekretaris Direktorat Jenderal Minyak dan Gas Bumi Kementerian ESDM Susyanto mengatakan, regulasi perlu direvisi guna menyesuaikan ketentuan yang memberlakukan kontrak kerja sama (production sharing contract/ PSC) skema bagi hasil kotor (gross split). 

    Selain itu, revisi ini juga dimaksudkan untuk memperbaiki kelemahan-kelemahan yang muncul dalam pelaksanaan Peraturan Menteri 35/ 2008. Meski demikian, lelang migas tahun ini tidak harus menunggu revisi Peraturan Menteri  35/2008. 

“Sepertinya belum diterapkan pada lelang 2017, masih dalam pembahasan,” kata dia di Jakarta, Senin (2/10).

Dia menjelaskan, ada beberapa poin revisi Peraturan Menteri  35/2008. Pertama, penambahan metode penyiapan wilayah kerja melalui studi mandiri oleh perusahaan migas. Pasalnya, pengumpulan data-data migas akan lebih baik jika tidak harus mengandalkan pemerintah saja.

Dalam regulasi lama, review untuk penyiapan blok migas biasanya dilakukan pemerintah atau Studi bersama (joint study) pemerintah dengan perusahaan minyak dan gas. Hal ini sesuai dengan Peraturan Menteri  35/ 2008 bagian kedua Pasal 4, 5, dan 6.

“Kalau studi mandiri, mereka (perusahaan minyak dan gas) mencari sendiri. Setelah menemukan potensi, serahkan ke pemerintah. Kalau dilelang, mereka tidak dapat privilege tidak apa-apa, karena sudah punya data-datanya,” tutur Susyanto.

Poin lainnya, jangka waktu dari penawaran blok minyak dan gas hingga penyerahan dokumen partisipasi akan diperpanjang. Hal ini untuk memberikan waktu lebih panjang bagi perusahaan migas untuk mempelajari blok yang dilelang. Ketentuan soal hal tersebut diatur dalam Pasal 29 Peraturan Menteri  35/2008. Regulasi ini menetapkan jangka waktu penyerahan dokumen partisipasi yakni 120 hari sejak pengumuman untuk lelang reguler dan 45 hari untuk lelang skema penawaran langsung

Berikutnya, revisi juga akan dilakukan untuk tata cara urutan penilaian. Pasal 42 Peraturan Menteri  35/2008 menyatakan penilaian akhir lelang migas didasarkan atas kriteria penilaian teknis terhadap komitmen tiga tahun pertama masa eksplorasi (firm commitment/komitmen pasti), penilaian keuangan, dan penilaian kinerja perserta lelang.

Masih mengacu pasal tersebut, setiap kriteria itu memiliki bobot tersendiri. Ayat 3 Pasal 42 menetapkan penilaian teknis merupakan penilai utama dalam penentuan peringkat berdasarkan penawaran yang rasional dan dapat dilaksanakan. Penilai teknis ini meliputi komitmen survei seismik, jumlah pengeboran sumur taruhan (new field wildcat well), dan rencana lokasinya.

Berikutnya, ayat 4 menetapkan penilaian keuangan sebagai penilaian kedua. Hal ini mencakup evaluasi atas besaran bonus tanda tangan dan kemampuan keuangan untuk melaksanakan rencana kerja komitmen pasti. Selanjutnya, ayat 6 menetapkan penilaian kinerja sebagai penilaian ketiga, yaitu mencakup pengalaman di bidang perminyakan dan kepatuhan terhadap aturan.

Investor Daily,Page-9, Wednesday, October 4, 2017

When Contractor (Continues) Complains

Not infrequently the contractors kantrak cooperation (KKS) complained about the oil and gas licensing process in the country that is too long. It makes the cost of the praduksi become more expensive.

In fact, the government continues to encourage the efficiency of production costs that will be paid through the cost recovery scheme is lower. Senior Vice President of Policy, Government & Public Affairs of Chevron Indonesia Yanto Sianipar said that to ensure sustainable investment, the government needs to clean up. Company, investing to get the best technology so as to accelerate work in the field.

On the other hand, the government still has homework in the form of long bureaucracy and inter-agency work and ministries that are less hamionis. Problems from the government side, making the contract period wasted for things that could actually be more simplified.

Based on Government regulation 35/2004 on Upstream Oil and Gas Business Activities, the cooperation contract is valid for 30 years with a maximum extension of twice 10 years. In practice, the process for producing oil and gas since the reserves was found in some areas is so long.

From the data of Special Unit for Upstream Oil and Gas Business Executor (SKK Migas), such as in East Java for offshore areas takes more than 15 years.

The period from the discovery of reserves to the stage of oil and gas production in Riau takes 15 years, the block off the coast of East Kalimantan takes 10 years, the land block in Maluku and Kalimantan takes about 7 years. The reason, each region has a different administration. The process of reaching that long production stage makes the production period shorter.

"The bureaucracy and inter-ministerial cooperation or non-technical traits that are very disturbing are not very supportive of sustainable investment. So maybe we need to also mengaddress or see the side of this nonteknis. How many our time is up, "he said.

In fact, BD Field, Madura Strait Block takes up to 30 years and the reserve discovery phase in 1987 until its first gas production in 2017. Extraordinarily long. In addition, as contractors contracting with the government, acceleration should be a government initiative. The reason, the government gets a portion of the results of activities conducted by companies other than taxes.

HELD STATE

Vice President of Sales and Commercial of BP Indonesia Budi Aguswidjaja said that the government as a party contracted with the company participates in the risk so that the processes that hamper the activity actually reduce the state profit.

Licensing process such as in the Ministry of Forestry and Environment also Ministry of Transportation, especially the sea not as fast as can be done in the Ministry of Energy and Mineral Resources.

"They should know that contracting with the state of treatment is distinguished. Not that we have the right to do without permission, but please we are given acceleration, get special treatment, "said Budi.

In a question and answer session on exploration activities with EMR Representative Menten Arcandra Tahar, the contractor complained about the difficulty of land acquisition. The contractor tells how to deal with land disputes with the owners. Not infrequently, disputes have even been processed on the green table and local governments can no longer help. In addition, contractors also have to deal with landowners who fix the price is too expensive.

Vice President of Public & Government Affairs ExxonMobil Cepu Limited Erwin Maryoto said it still has 4,400 m2 of land surrounding the central processing facility (CPF) that has not been released yet. The problem is that people want great value considering the oil reserves in it. He said that land acquisition would be easier if SKK Migas in the area could help. That is, just as when contractors are still contracted with Pertamina.

"In Banyu Urip Field there are still 4,400 m2 of land in the CPF facility that can not be acquired because the owner asked for Rp 1 trillion because he as the land owner calculates that oil is in it," he said.

Regarding land procurement, Head of the Division of Fonnalitas SKK Migas Didi Setiadi said that explicitly, the government has arranged the mechanism of land acquisition for the public interest.

SKK Migas as an extension of the government's hand can help negotiate with landowners, while the contractor pays only the agreed price. However, it is necessary to implement regulations in order to specifically regulate the Ministry of ESDM and the Ministry of Agrarian and Spatial Planning.

"It will be how we make this into the implementation rules so the Presidential Regulation may be more specific so it needs synchronization," Didi said.

The longer the process toward oil and gas production actually hoards the cost of production that is charged to the state through cost recovery scheme.

IN INDONESIA

Ketika Kontraktor (Terus) Mengeluh

Tidak jarang para kontraktor kantrak kerja sama (KKS) mengeluh soal proses perizinan minyak dan gas bumi di Tanah Air yang terlalu panjang. Hal itu membuat biaya praduksi menjadi lebih mahal.

Padahal, pemerintah terus mendorong adanya efisiensi agar biaya produksi yang akan dibayar melalui skema cost recovery lebih rendah. Senior Vice President Policy, Government & Public Affairs Chevron Indonesia Yanto Sianipar mengatakan bahwa untuk memastikan investasi berkelanjutan, pemerintah perlu berbenah. Perusahaan, berinvestasi untuk mendapat teknologi terbaik sehingga mempercepat kerja di lapangan.

Di sisi lain, pemerintah masih memiliki pekerjaan rumah berupa panjangnya birokrasi dan kerja antar lembaga dan kementerian yang kurang hamionis. Masalah dari sisi pemerintah itu, membuat masa kontrak terbuang untuk hal yang sebenarnya bisa lebih disederhanakan.

Berdasarkan Peraturan Pemerintah No. 35/2004 tentang Kegiatan Usaha Hulu Minyak dan Gas Bumi, kontrak kerja sama berlaku selama 30 tahun dengan perpanjangan maksimum dua kali 10 tahun. Dalam pelaksanaannya, proses untuk memproduksikan minyak dan gas bumi sejak cadangan ditemukan di beberapa daerah begitu panjang.

Dari data Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) seperti di Jawa Timur untuk wilayah lepas pantai membutuhkan waktu di atas 15 tahun.

Periode dari penemuan cadangan sampai tahap produksi migas di Riau butuh waktu 15 tahun, blok lepas pantai Kalimantan Timur butuh 10 tahun, blok darat di Maluku dan Kalimantan butuh sekitar 7 tahun. Alasannya, masing-masing daerah memiliki administrasi yang berbeda. Proses untuk mencapai tahap produksi yang panjang tersebut membuat masa produksi menjadi lebih pendek.

“Birokrasi dan kerja sama antar kementerian ataupun sifat-sifat non-teknis yang sangat mengganggu itu sangat tidak mendukung investasi berkelanjutan. Jadi mungkin kita perlu juga mengaddress atau melihat sisi dari yang nonteknis ini. Berapa banyak waktu kita habis,” ujarnya.

Bahkan, Lapangan BD, Blok Madura Strait membutuhkan waktu hingga 30 tahun dan tahap penemuan cadangan pada 1987 hingga produksi gas pertamanya pada 2017. Luar biasa lama. Selain itu, sebagai kontraktor yang berkontrak dengan pemerintah, seharusnya percepatan menjadi inisiatif pemerintah. Pasalnya, pemerintah mendapatkan porsi dari hasil kegiatan yang dilakukan perusahaan selain dari pajak.

MERUGIKAN NEGARA

Vice President Sales and Commercial BP Indonesia Budi Aguswidjaja mengatakan bahwa pemerintah sebagai pihak yang berkontrak dengan perusahaan turut menanggung risiko sehingga proses-proses yang menghambat kegiatan sebenarnya mengurangi keuntungan negara.

Proses perizinan seperti di Kementerian Kehutanan dan Lingkungan Hidup juga Kementerian Perhubungan khususnya laut tak secepat yang bisa dilakukan di Kementerian Energi dan Sumber Daya Mineral.

“Seharusnya mereka tahu kalau berkontrak dengan negara perlakuannya dibedakan. Bukan berarti kami berhak melakukan tanpa izin, tetapi mohon kami diberikan percepatan, mendapat perlakuan khusus,” kata Budi.

Dalam sesi tanya-jawab tentang kegiatan eksplorasi bersama Wakil Menten ESDM Arcandra Tahar, kontraktor pun mengeluhkan sulitnya melakukan pengadaan lahan. Kontraktor menceritakan bagaimana menghadapi sengketa lahan dengan para pemilik. Tidak jarang, sengketa bahkan telah diproses di meja hijau dan pemerintah daerah tidak bisa lagi membantu. Selain itu, kontraktor pun harus berhadapan dengan pemilik lahan yang mematok harga terlalu mahal. 

Vice President Public & Government Affairs ExxonMobil Cepu Limited Erwin Maryoto mengatakan bahwa pihaknya masih memiliki lahan seluas 4.400 m2 di sekitar fasilitas pemrosesan pusal (central processing facility/CPF) yang belum terbebaskan. Masalahnya, warga menginginkan nilai yang besar dengan mempertimbangkan cadangan minyak yang ada di dalamnya. Dia menyebut bahwa pengadaan lahan akan lebih mudah bila SKK Migas yang berada di daerah bisa membantu. Hal itu, sama halnya ketika kontraktor masih berkontrak dengan Pertamina.

“Di Lapangan Banyu Urip ini masih ada 4.400 m2 tanah dalam fasilitas CPF itu yang belum bisa dibebaskan karena pemiliknya minta Rp 1 triliun karena dia sebagai pemilik tanah menghitung bahwa di dalamnya ada minyak,” katanya.

Tentang pengadaan tanah, Kepala Divisi Fonnalitas SKK Migas Didi Setiadi mengatakan bahwa secara eksplisit, pemerintah telah mengatur mekanisme pengadaan tanah untuk kepentingan umum.

SKK Migas sebagai perpanjangan tangan pemerintah bisa membantu negosiasi dengan para pemilik lahan, sedangkan kontraktor hanya membayar harga yang telah disepakati. Hanya saja, diperlukan peraturan pelaksanaan agar bisa mengatur secara spesifik terutama menghubungkan Kementerian ESDM dan Kementerian Agraria dan Tata Ruang.

“Akan bagaimana kita menjadikan ini ke dalam peraturan pelaksanaan jadi dari Peraturan Presidennya itu mungkin bisa lebih spesifik sehingga butuh sinkronisasi,” kata Didi.

Semakin panjang proses menuju produksi migas sebenarnya turut mengerek biaya produksi yang dibebankan kepada negara melalui skema cost recovery. 

Bisnis Indonesia, Page-30, Wednesday, October 4, 2017

Contractor Provided incentives

The government will provide tax incentives to contracting contractors that use gross split-sharing schemes. The tax facilities will be obtained during the exploration process until the oil and gas working areas are entered into production stage in accordance with the field development plan (POD).

Vice Minister of Finance Mardiasmo said, for contractors using gross split contracts, there may be fiscal incentives. For the imposition of indirect taxes such as value added tax (VAT) and income tax (PPh), he said, the government will consider the stages on the management of oil and gas blocks.

According to him, the incentive refers to Government Regulation no. 27/2017 on the Refundable Operating Costs, which provides fiscal incentives for contractors using cost recovery recovery schemes. The beleid also regulates incentives taxation at the exploration stage. For the exploitation phase, only the low-paid working area of ​​the economy can get incentives.

The regulation of this new tax system is due to the contract on the gross profit sharing, the contractor can not get the return of operating costs as in the cost recovery scheme. For the exploration phase, he said, the contractor can do the exploration without burdened with tax costs. 

  The reason is, in the exploration period, the working area managed can not produce oil and gas that can be a source of income. He considered the cost of exploration would be a deduction of income tax imposed on exploitation.

"If the exploration is clear he is free because it provides a facility for investors at the time of exploration was given a reduction," he said on Tuesday (3/10).

For the production phase, he considered that the government would still provide fiscal incentives to production volumes in line with field development plans. Fiscal incentives will be released when the contractor's earnings have covered the costs incurred.

IN INDONESIA

Kontraktor Diberi lnsentif

Pemerintah akan memberikan insentif perpajakan terhadap kontraktor kontrak kerja sama yang menggunakan skema bagi hasil kotor atau gross split. Fasilitas perpajakan itu akan diperoleh selama proses eksplorasi hingga wilayah kerja minyak dan gas bumi itu masuk tahap produksi sesuai dengan rencana pengembangan lapangan (POD).

Wakil Menteri Keuangan Mardiasmo mengatakan, untuk kontraktor yang menggunakan kontrak gross split dimungkinkan adanya insentif fiskal. Untuk pengenaan pajak-pajak tidak langsung seperti pajak pertambahan nilai (PPN) dan pajak penghasilan (PPh), katanya, pemerintah akan mempertimbangkan tahapan pada pengelolaan blok migas tersebut.

Menurutnya, insentif itu mengacu pada Peraturan Pemerintah No. 27/2017 tentang Biaya Operasi yang Dapat Dikembalikan, yang memberikan insentif fiskal bagi kontraktor yang menggunakan skema bagi hasil cost recovery. Beleid itu juga mengatur insentif perpajakan pada tahap eksplorasi. Untuk tahap eksploitasi, hanya wilayah kerja yang rendah keekonomiannya yang bisa mendapat insentif.

Diaturnya sistem perpajakan baru ini pun karena pada kontrak bagi hasil kotor, kontraktor tidak bisa mendapatkan pengembalian biaya operasi seperti pada skema cost recovery. Untuk tahap eksplorasi, dia menyebut, kontraktor bisa melakukan eksplorasi tanpa terbebani biaya pajak. 

    Pasalnya, di masa eksplorasi, wilayah kerja yang dikelola belum bisa menghasilkan minyak dan gas yang bisa menjadi sumber penghasilan. Dia menilai biaya untuk melakukan eksplorasi nantinya akan menjadi pengurang PPh yang dikenakan pada masa eksploitasi.

“Kalau yang eksplorasi jelas dia bebas karena memang memberikan suatu fasilitas agar investor itu pada saat eksplorasi itu diberikan pengurangan,” ujarnya, Selasa (3/10).

Untuk tahap produksi, dia menilai bahwa pemerintah masih akan memberikan insentif fiskal sampai volume produksi sesuai dengan rencana pengembangan lapangan. lnsentif fiskal akan dilepas bila penghasilan kontraktor telah menutup biaya yang dikeluarkan.

Bisnis Indonesia, Page-30, Wednesday, October 4, 2017

Oil and Gas Production of Medco Energy Rises

Oil and gas production of PT Medco Energi International Tbk in the first half of 2017 rose 40 percent compared to the same period last year, to 89,800 barrels of oil equivalent per day. The company also managed to keep production costs below 10 dollars per barrel of oil equivalent and booked a net profit of around Rp 1 trillion.

In a press release published on Tuesday (3/10), Medco Energi's oil production reached 35,500 barrels per day and natural gas production was 290.6 million standard cubic feet per day. In the first half of 2016, oil production was 30,200 barrels per day and natural gas production was 1928 million standard cubic feet per day.

"The Company has also successfully added and certified 30 million barrels of oil equivalent as a proven reserve in Block A, Aceh. Scheduled for an inaugural gas will flow in the I-2018 quarter of the block, "said Medco Energi International CEO Roberto Lorato.

Medco Energi managed to realize the cost of production below 10 US dollars per barrel oil equivalent. Throughout the first half of 2012 the cost of production of 8.97 US dollars per barrel. All these achievements generate net income of 80.7 million US dollars or about Rp 1 trillion. This amount increased compared to the first half of 2016 which amounted to 11.3 million US dollars or approximately Rp 150 billion.

In terms of power generation, Medco Energi has operated an installed capacity of 520 megawatts (MW) consisting of geothermal, microhydro and gas power plants. The 110 MW Sarulla Unit II Geothermal Power Plant (PLTP) is scheduled to open in October. The PLTP Sarulla Unit I with a capacity of 110 MW has been operating since March

"Plans for growth and expansion in power and mining will continue," Roberto said.

Production target

In the exposure of performance sementer I-2017 of the Ministry of Energy and Mineral Resources (ESDM) some time ago, Minister of Energy and Mineral Resources Ignatius Jonan mentioned about the possibility of oil production target (lifting) this year is not achieved. In the State Budget of Income and Expenditure of 2017, oil targets are set at 815,000 barrels per day. However, the realization is 802,000 barrels per day.

"However, gas lifting is estimated at 10 or 15 percent exceeding the target set this year. In terms of oil and gas revenues, there is also an opportunity to exceed the target, "said Jonan.

In terms of exploration and exploitation, based on the record of the Special Unit for Upstream Oil and Gas Business Executives (SKK Migas), there are currently 270 contractor cooperation contracts (KKKS). Of these, 87 KKKS carry out exploitation activities. As for the rest, as many as 183 KKKS carry out exploration activities.

"The government is striving for exploration activities to increase or discover new oil and gas reserves by revising a number of rules," said Deputy Head of SKK Migas Sukandar.

Since the fall of oil prices in 2014, exploration well drilling activities have been reduced, from 64 wells in 2014 to 33 by 2015 and 34 by 2016. As of September this year, the exploration well drilling has been drilled by 40 wells from the 138 target.

IN INDONESIA

Produksi Migas Medco Energi Meningkat

Produksi minyak dan gas bumi PT Medco Energi lnternasional Tbk pada semester I-2017 naik 40 persen dibandingkan dengan periode yang sama tahun lalu, menjadi 89.800 barrel setara minyak per hari. Perusahaan juga berhasil mempertahankan ongkos produksi di bawah 10 dollar AS per barrel setara minyak dan membukukan laba bersih sekitar Rp 1 triliun.

Dalam siaran pers yang diterbitkan Selasa (3/10), produksi minyak Medco Energi mencapai 35,500 barrel per hari dan produksi gas bumi sebanyak 290,6 juta standar kaki kubik per hari. Pada semester I-2016, produksi minyak sebanyak 30.200 barrel per hari dan produksi gas bumi sebanyak 1928 juta standar kaki kubik per hari.

”Perseroan juga berhasil menambah dan memberi sertifikasi sebanyak 30 juta barrel setara minyak sebagai cadangan terbukti di Blok A, Aceh. Dijadwalkan gas perdana akan mengalir pada triwulan I-2018 dari blok tersebut,” ujar CEO Medco Energi Internasional Roberto Lorato.

Medco Energi berhasil merealisasikan ongkos produksi di bawah 10 dollar AS per barrel setara minyak. Sepanjang semester I-2012 biaya produksi sebesar 8,97 dollar AS per barrel. Seluruh pencapaian itu menghasilkan laba bersih sebesar 80,7 juta dollar AS atau sekitar Rp 1 triliun. Jumlah ini meningkat dibandingkan dengan semester I-2016 yang sebesar 11,3 juta dollar AS atau sekitar Rp 150 miliar.

Dari sisi pembangkit tenaga listrik, Medco Energi telah mengoperasikan kapasitas terpasang sebesar 520 megawatt (MW) yang terdiri dari pembangkit listrik tenaga panas bumi, mikrohidro, dan gas. Pembangkit Listrik Tenaga Panas Bumi (PLTP) Sarulla Unit II berkapasitas 110 MW dijadwalkan dapat beroperasi pada Oktober ini. Adapun PLTP Sarulla Unit I yang berkapasitas 110 MW telah beroperasi sejak Maret

”Rencana pertumbuhan dan ekspansi di bidang pembangkit listrik dan pertambangan akan terus dilanjutkan,” ujar Roberto. 

Target produksi 

Dalam paparan kinerja sementer I-2017 Kementerian Energi dan Sumber Mineral (ESDM) beberapa Waktu lalu, Menteri ESDM Ignasius Jonan menyebutkan mengenai kemungkinan target produksi siap jual (lifting) minyak tahun ini tidak tercapai. Dalam Anggaran Pendapatan dan Belanja Negara Perubahan 2017 target Iifting minyak ditetapkan sebanyak 815.000 barrel per hari. Namun, realisasinya 802.000 barrel per hari.

”Akan tetapi, lifting gas diperkirakan 10 atau 15 persen melebihi target yang ditetapkan tahun ini. Dari sisi penerimaan migas, juga ada peluang akan melampaui target,” kata Jonan. 

Dari sisi eksplorasi dan eksploitasi, berdasarkan catatan Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas), saat ini terdapat 270 kontraktor kontrak kerja sama (KKKS). Dari jumlah tersebut, 87 KKKS melaksanakan kegiatan eksploitasi. Adapun sisanya, sebanyak 183 KKKS melaksanakan kegiatan eksplorasi.

”Pemerintah berusaha keras agar kegiatan eksplorasi meningkat ntuk menambah atau menemukan cadangan migas yang baru dengan merevisi sejumlah aturan,” kata Wakil Kepala SKK Migas Sukandar.

Sejak kejatuhan harga minyak pada 2014, kegiatan pengeboran sumur eksplorasi berkurang, dari 64 sumur pada 2014 menjadi 33 pada 2015 dan 34 pada 2016. Adapun sampai dengan September tahun ini, realisasi pengeboran sumur eksplorasi sebanyak 40 sumur dari target 138.

Kompas, Page-18, Wednesday, October 4, 2017