Project IDD C evron is targeted to start production from 2023 to 2024

The government will encourage Chevron Indonesia to accelerate the development of Indonesia's second phase Deepwater Development (IDD) project. The project is targeted to start production in 2023-2024. Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said, it has asked the Chevron from its headquarters in Houston, United States to come to Indonesia. Chevron promised to immediately start the development of this IDD Project.

"They (Chevron) schedulenya fast, already contrived yesterday. Quickly first gas is 2023-2024. Previously far back, "he said in Jakarta.

It is optimistic that the target will be achieved because a number of contract strategy has been proposed it. One of them will be no prohibition that the company has become a front end engineering design (FEED) contractor, to also work on engineering, procurement and construction (EPC) contract packages.

"Later in the execution can be fast, can save time 1-2 years," said Arcandra.

Earlier, in April, Chevron said it would soon finalize the study and concept of feasibility of engineering work and design or pre-Front. End Engineering and Design (Pre-FEED) of the IDD project that began in December 2017. Optimizing the development concept and simplifying the design basics shows significant capital development and operational cost reductions.

"We are working to complete these studies as soon as possible and will continue to work with the Government of Indonesia to continue this National Strategic Project to the next stage," said Managing Director of Chevron IndoAsia Business Unit Chuck Taylor.

Chevron IDD project combines four contracts of cooperation namely Ganal, Rapak, Makassar Strait, and Muara Bakau. In the four concessions there are five fields namely Bangka Field, Gehem, Gendalo, Maha and Gandang. Bangka Field has been in production since August 2016 and produced eight liquefied natural gas (LNG) cargo shipped from Bontang LNG Terminal. A related review for the second phase of development that includes Gendalo and Gehem Fields. The second phase of IDD is estimated to have total gas production potential of 3 trillion cubic feet (tct).

Chevron has actually received approval of the IDD Project development plan (POD) in 2008. In this early POD, Gehem Field is expected to produce 420 million cubic feet per day (mmscfd) of gas and 27,000 barrels of oil per day (bpd). While Gendalo Field is projected to produce up to 700 mmscfd of gas and 25,000 bpd of oil. Both fields are targeted to start production in 2018.

However, after a detailed design (frontend engineering design / FEED), the cost required to work on the project doubled. Furthermore, Chevron re-submit POD revision by the end of 2015. Unfortunately, this POD is returned by the government because it is incomplete.

In Project IDD, Chevron is the operator and majority shareholder of 63%. Chevron worked on this deep-sea oil and gas project with other joint venture partners, Eni, Tip Top, PHE, and Muara Bakau partners. Chevron is one of the largest crude producers in Indonesia. From offshore oil and gas fields managed by companies in Riau, Sumatra and offshore oil and gas fields in East Kalimantan, Chevron has produced more than 13 billion barrels of oil to meet Indonesia's energy needs and economic growth.

IN INDONESIA

Proyek IDD C evron Ditargetkan Mulai Produksi 2023-2024

Pemerintah akan mendorong Chevron Indonesia untuk mempercepat pengembangan proyek migas Indonesia Deepwater Development (IDD) tahap kedua. Proyek ini ditargetkan mulai produksi pada 2023-2024. Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar menuturkan, pihaknya telah meminta pihak Chevron dari kantor pusatnya di Houston, Amerika Serikat untuk datang ke Indonesia. Pihak Chevron berjanji akan secepatnya memulai pengembangan Proyek IDD ini. 

“Mereka (Chevron) schedulenya cepat, sudah dibikin kemarin. Cepat sekali first gas itu 2023-2024. Sebelumnya jauh ke belakang,” kata dia di Jakarta.

Pihaknya optimis target tersebut bakal tercapai karena sejumlah strategi kontrak telah diusulkan pihaknya. Salah satunya tidak akan ada lagi larangan bahwa perusahaan yang telah menjadi kontraktor paket desain rinci (front end engineering design/ FEED), untuk juga menggarap kontrak paket rekayasa, pengadaan, dan konstruksi (engineering, procurement, and construction/ EPC).

“Nanti di eksekusi bisa cepat, bisa hemat waktu 1-2 tahun,” tutur Arcandra.

Sebelumnya, pada April lalu, Chevron menyatakan akan segera merampungkan studi dan konsep kelayakan pekerjaan keteknikan dan desain atau pre-Front. End Engineering and Design (Pre-FEED) atas proyek IDD yang telah dimulai pada Desember 2017. Optimalisasi konsep pengembangan dan dasar penyederhanaan rancangan menunjukkan pengembangan modal dan pengurangan biaya operasional yang signifikan.

“Kami berupaya untuk menyelesaian studi-studi ini sesegera mungkin dan akan terus bekerja sama dengan Pemerintah Indonesia untuk melanjutkan Proyek Nasional Strategis ini ke tahap selanjutnya,” kata Managing Director Chevron IndoAsia Business Unit Chuck Taylor.

Proyek IDD Chevron ini menggabungkan empat kontrak kerja sama yaitu Ganal, Rapak, Makassar Strait, dan Muara Bakau. Dalam keempat konsesi tersebut terdapat lima lapangan yaitu Lapangan Bangka, Gehem, Gendalo, Maha dan Gandang. Lapangan Bangka telah berproduksi sejak Agustus 2016 dan menghasilkan delapan kargo gas alam cair (liqueied natural gas/ LNG) yang dikapalkan dari Terminal LNG Bontang. Kajian yang dilakukan terkait untuk pengembangan tahap kedua yang mencakup Lapangan Gendalo dan Gehem. IDD tahap kedua ini diperkirakan memiliki potensi total produksi gas sebesar 3 triliun kaki kubik (trillion cubic feet/ tct).

Chevron sebenarnya telah memperoleh persetujuan rencana pengembangan (plan of development/POD) Proyek IDD pada 2008 lalu. Dalam POD awal ini, Lapangan Gehem diharapkan bisa menghasilkan gas 420 juta kaki kubik (million standard cubic feet per day/ mmscfd) dan minyak 27.000 barel per hari (bph). Sementara Lapangan Gendalo diproyeksi akan menghasilkan gas hingga 700 mmscfd dan minyak 25.000 bph. Kedua lapangan tersebut ditargetkan bisa mulai berproduksi pada 2018.

Namun, setelah dilakukan pengerjaan desain rinci (frontend engineering design/ FEED), biaya yang dibutuhkan untuk menggarap proyek ini naik dua kali lipat. Selanjutnya, Chevron kembali menyerahkan revisi POD pada akhir 2015. Sayangnya, POD ini dikembalikan oleh pemerintah karena tidak lengkap.

Di Proyek IDD, Chevron merupakan operator dan pemegang saham mayoritas sebesar 63%. Chevron menggarap proyek migas laut dalam ini bersama mitra joint venture lainya, yakni Eni, Tip Top, PHE, dan para mitra Muara Bakau. Chevron merupakan salah satu produsen minyak mentah terbesar di Indonesia. 

    Dari lapangan-lapangan migas darat yang dikelola perusahaan di Riau, Sumatera dan lapangan-lapangan migas lepas pantai di Kalimantan Timur, Chevron telah memproduksi lebih dari 13 miliar barel minyak untuk pemenuhan kebutuhan energi dan pertumbuhan ekonomi

Indonesia. 

Investor Daily, Page-15, Friday, May 18, 2018

Government Transfer Gas Allocation to Owner of Pipe

The Ministry of Energy and Mineral Resources immediately transferred the gas allocation in the case of a multilevel trader to a business entity with a pipeline. Furthermore, the business entity must revise the gas purchase agreement (PJBG) with the consumer. Deputy Minister of Energy and Mineral Resources Arcandra Tahar said three weeks ago, all business entities involved in 10 cases of multilevel traders have agreed to resolve this polemic.

All entities have signed an agreement regarding their solution. So, now there are no more multilevel traders in Indonesia. Furthermore, the government will undertake the transfer of gas allocation.

"Our gas transfer is done according to Ministerial Regulation (Ministerial Regulation), it needs time, as soon as possible," he said in Jakarta.

Regulation of the Minister in question is Regulation of the Minister of Energy and Mineral Resources no. 6 of 2016 on the provisions and procedures for determining the allocation and utilization and natural gas price. Article 33 of the present regulation states that business entities receiving natural gas allocation shall own or control infrastructure of distribution facilities and / or natural gas usage.

"This case that has facilities there are some (business entities), which have facilities we will give (gas allocation). As per the Ministerial Regulation (6/2016) only, "said Arcandra. Later on, for gas companies that do not have gas allocation, are welcome to negotiate in business with the owner of the allocation.

So that gas distributor in one pipeline from upstream to downstream is possible more than one company. Condition, this gas business entity has a pipe. With regard to the toll fee and the margin of two commercial entities it is allowed to be negotiated with the consumer. The government does not limit margin and toll fees obtained.

"There are also those who follow the Ministerial Regulation concerning 7/11, so each solution is different," said Arcandra.

Ministerial Regulation concerning 7/11 in question is Regulation of the Minister of Energy and Mineral Resources No. 58 of 2017 on the selling price of natural gas through pipelines on downstream oil and gas business activities. In this regulation, the government limits the maximum margin cost of 7% of the natural gas price and the internal rate of return (IRR) of 11%. When gas distribution through two commercial business entities facilitates touching end consumers, commercial costs are shared between the two business entities.

However, added Arcandra, the government can not force the business entities must follow the provisions of Ministerial Regulation 58 / 2017. Because, this beleid only valid 18 months since published.

"Just according to the intended, business entity is also not harmed," he said.

The abolition of tiered traders is mandated by Ministerial Regulation 6/2016. Article 35 Paragraph 2 of Regulation of the Minister of Finance No. 6/2016 states that the implementation of natural gas trading business activities other than to the end user can be implemented no later than two years since the regulation is valid, precisely, this deadline is February 24, 2018. For PJBG changes with consumers, Arcandra hopes can be done as soon as possible.

"It has been agreed, it should be fast (revision of PJBG)," he said.

The provision of gas price, he explained, only entirely follows Ministerial Regulation 58/2017 when the existing PJBG ends. If the gas price has been referring to this regulation, it is optimistic that domestic gas price to the public will go down. Unfortunately, he did not specify the amount of the decline.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto, once stated that a business entity not appointed by the government to distribute gas will be revoked its business license. With the loss of several business entities in one pipeline, he is optimistic that the price of gas will go down.

"If the philosophy, multilevel traders do not exist, the price of gas is reduced," said Djoko. The application of gas price is only effective after adjustment of PJBG with the consumer.

Previously, Chairman of the Indonesia Natural Gas Traders Association (INGTA) Sabrun Jamil asked the government not to get out of hand by having the business body complete the business. The reason, business entities are also prosecuted by employees and banks as lenders. In addition, in some cases, there are regional enterprises (BUMD) involved.

"Finishing it is not easy, there are accounts receivable, infrastructure, employees. We are trying to solve but business problems are not an easy matter. We are negotiating with all stakeholders, "he said.

Sabrun proposed another way out of the case of this multilevel trader, by waiting for a gas sale and purchase contract. For the time being, it proposes that the ongoing contract remains respected.

"The average contract is not long anymore. There is also a long time, "he said.

IN INDONESIA

Pemerintah Alihkan Alokasi Gas ke Pemilik Pipa  

Kementerian Energi dan Sumber Daya Mineral segera mengalihkan alokasi gas dalam kasus trader bertingkat kepada badan usaha yang memiliki pipa. Selanjutnya, badan usaha harus merevisi perjanjian jual beli gas (PJBG) dengan konsumen. Wakil Menteri ESDM Arcandra Tahar menuturkan, tiga pekan lalu, seluruh badan usaha yang terlibat dalam 10 kasus trader bertingkat telah sepakat menyelesaikan polemik ini. 

Seluruh badan usaha telah menandatangani kesepakatan terkait solusi penyelesaiannya. Sehingga, kini tidak ada lagi trader bertingkat di Indonesia. Selanjutnya, pemerintah akan melakukan pengaiihan alokasi gas. 

“Pengalihan gas kami lakukan sesuai Peraturan Menteri (peraturan menteri), itu perlu waktu, secepatnya,” kata dia di Jakarta.

Peraturan Menteri yang dimaksud adalah Peraturan Menteri ESDM No. 6 Tahun 2016 tentang ketentuan dan tata cara penetapan alokasi dan pemanfaatan serta harga gas bumi. Pasal 33 regulasi ini menyatakan bahwa badan usaha yang mendapatkan alokasi gas bumi wajib memiliki atau menguasai infrastruktur fasilitas penyaluran dan/atau penggunaan gas bumi.

“Kasus ini yang punya fasilitas ada beberapa (badan usaha), yang punya fasilitas akan kami beri (alokasi gas). Sesuai Peraturan Menteri (6/2016) saja,”

ujar Arcandra. Nantinya, bagi perusahaan gas yang tidak memiliki alokasi gas, dipersilakan negosiasi secara bisnis dengan pemilik alokasi.

Sehingga penyalur gas dalam satu ruas pipa dari hulu ke hilir dimungkinkan Iebih dari satu perusahaan. Syaratnya, badan usaha niaga gas ini memiliki pipa. Terkait hitungan ongkos angkut (toll fee) dan marjin dua badan usaha niaga ini diperbolehkan dinegosiasikan dengan konsumen. Pemerintah tidak membatasi marjin dan toll fee yang diperoleh. 

“Ada juga yang mengikuti Peraturan Menteri soal 7/11, jadi masing-masing beda solusinya,” tutur Arcandra.

Peraturan Menteri soal 7/11 yang dimaksud adalah Peraturan Menteri ESDM No. 58 Tahun 2017 tentang harga jual gas bumi melalui pipa pada kegiatan usaha hilir migas. Dalam regulasi ini, pemerintah membatasi biaya marjin paling besar 7% dari harga gas bumi dan tingkat pengembalian modal (internal rate of return/IRR) badan usaha 11%. Bila penyaluran gas melalui dua badan usaha niaga berfasilitas untuk menyentuh konsumen akhir, biaya niaga dibagi ke dua badan usaha tersebut.

Namun, tambah Arcandra, pemerintah tidak dapat memaksa badan usaha harus mengikuti ketentuan Peraturan Menteri 58/ 2017. Pasalnya, beleid ini baru berlaku 18 bulan lagi sejak diterbitkan.

“Pokoknya sesuai yang diniatkan, badan usaha juga tidak dirugikan,” ujarnya.

Penghapusan trader bertingkat merupakan amanat Peraturan Menteri 6/2016. Pasal 35 Ayat 2 Peraturan Menteri 6/2016 menyatakan bahwa pelaksanaan kegiatan usaha niaga gas bumi selain kepada pengguna akhir dapat dilaksanakan paling lama dua tahun sejak regulasi tersebut berlaku, tepatnya, batas waktu ini yakni 24 Februari 2018. Untuk perubahan PJBG dengan konsumen, Arcandra berharap dapat dilakukan secepatnya. 

“Kan sudah sepakat, harusnya cepat (revisi PJBG),” kata dia.

Ketentuan harga gas, jelasnya, baru seluruhnya mengikuti Peraturan Menteri 58/2017 ketika PJBG eksisting berakhir. Jika harga gas telah mengacu regulasi ini, pihaknya optimis harga gas dalam negeri ke masyarakat akan turun. Sayangnya, dia tidak merinci besaran penurunannya.

      Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Djoko Siswanto pernah mengungkapkan, badan usaha yang tidak ditunjuk pemerintah untuk menyalurkan gas akan dicabut izin usaha niaganya. Dengan hilangnya beberapa badan usaha dalam satu ruas pipa, dia optimis harga gas akan turun.

“Kalau filosofinya, trader bertingkat tidak ada, harga gas berkurang,” tutur Djoko. Pemberlakuan harga gas ini baru efektif setelah ada penyesuaian PJBG dengan konsumen.

Sebelumnya, Ketua Indonesia Natural Gas Trader Association (INGTA) Sabrun Jamil meminta pemerintah jangan lepas tangan dengan menyuruh badan usaha merampungkan secara bisnis. Pasalnya, badan usaha juga dituntut oleh karyawan dan bank selaku pemberi pinjaman. Selain itu, dalam beberapa kasus, terdapat badan usaha milik daerah (BUMD) yang terlibat.

“Menyelesaikannya tidak mudah, ada utang piutang, infrastruktur, karyawan. Kami berusaha menyelesaikan tapi masalah bisnis bukan perkara mudah. Kami sedang berunding dengan semua stakeholder,” tutur dia.

Sabrun mengusulkan jalan keluar lain dari kasus trader bertingkat ini, yakni dengan menunggu kontrak jual beli gas. Untuk sementara, pihaknya mengusulkan agar kontrak yang masih berlangsung tetap dihormati.

“Rata-rata kontraknya tidak lama lagi. Ada juga yang masih lama,” kata dia.

Investor Daily, Page-15, Friday, May 18, 2018

Gas Price Not Dropped

Natural gas prices can not be directly trimmed even though the problem of multilevel traders is over. A new decline will occur after the ex-gas ex-gas allocation contract is exhausted or at least 18 months after the Ministerial Regulation No. 58 of 2017 is issued.

Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said, overall the problem of multilevel traders has been completed without the need to revise the Regulation of the Minister of Energy and Mineral Resources No. 6 of 2016.

"The multilevel traders in the 10 cases yesterday have signed an agreement that the multilevel trader no longer exists. Later the process of gas transfer will be done in accordance with the provisions and takes time, "he said.

Arcandra said in the case of the multilevel trader, several companies already have gas infrastructure facilities. Ministry of ESDM also giving space to multi-level traders who have the infrastructure to continue the contract through to completion.

"For those who have the infrastructure we still love the opportunity to complete the contract. Later on, the problem of gas allocation and so on, they will do b-to-b [business-to-business] alone, "he said.

Meanwhile, multilevel traders who do not have the infrastructure will be revoked their business license by the Ministry of Energy and Mineral Resources. In the Ministerial Regulation of 6 years 2016 concerning Provisions and Procedures for the Determination of Allocation and Utilization and Natural Gas Price Article 34 does list approval of natural gas allocations and prices that have been approved before the rules are issued remain valid until the contract is completed.

Then, in article 35 it is mentioned, a natural gas trading company that has natural gas allocation, but does not sell to end users before the issuing rule can still carry on its business activities until the contract is completed.

NO BUDGET

Chairman of Indonesia Natural Gas Trader Association (INGTA) Sabrun Jamil also responded positively to the decision of the Ministry of ESDM. He Mentioned, without revision of Ministerial Regulation 6 of 2016, the stratified decision trader trader was quite positive.

"The problem is not as rigid as before, so there is still leniency for the settlement effort, especially for the multi-level trader who has the infrastructure," he said.

Arcandra also said, solution settlement of multilevel traders on 10 different cases. However, he did not specify the trader's company solution stratified. In total, 10 cases of natural gas-level traders consist of about 21 trader companies. Meanwhile, the completion of the problem of multilevel gas traders is not merely to directly reduce the selling price of natural gas to the final consumer.

Arcandra said, the process of reducing the price of natural gas will wait for the previous gas allocation contract is completed. Once the contract is completed, the trader gas earth will follow the provisions of Regulation of Minister of Energy and Mineral Resources No. 58 of 2017 related Gas Sale Price Through Pipe.

"In the Regulation of Minister of Energy and Mineral Resources No. 58 of 2017 there is a maximum time limit of 18 months after the rule is valid. So, we will point accordingly that provision alone, "he said.

ESDM Ministry also ensured the decrease of natural gas selling price after the tertiary trader is disciplined will be in accordance with the margin stipulated in Ministerial Regulation No.58 year 2017. In the Minister Regulation, it is mentioned that commercial margin is 7% of natural gas price, while internal rate of return (IRR) is 11% with US dollar rate.

"With that provision, the gas price margin also depends on how long the infrastructure built by the trader company," said Arcandra.

Industrial gas users expect gas prices to be around US $ 6 per MMBTU, while the average downstream gas price in Indonesia is around US $ 8 per MMBTU to above US $ 10 per MMBTU.

IN INDONESIA

Harga Gas Belum Langsung Turun

Harga gas bumi tidak dapat langsung terpangkas meski persoalan trader bertingkat selesai. Penurunan baru akan terjadi setelah kontrak alokasi gas eks trader bertingkat habis atau palinglama 18 bulan setelah Peraturan Menteri Nomor 58 tahun 2017 diterbitkan.

Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, secara keseluruhan persoalan trader bertingkat sudah selesai tanpa perlu melakukan revisi pada Peraturan Menteri ESDM Nomor 6 tahun 2016.

“Para trader bertingkat di 10 kasus kemarin sudah menandatangani persetujuan kalau trader bertingkat sudah tidak ada lagi. Nantinya proses pengalihan gas akan dilakukan sesuai dengan ketentuan dan membutuhkan waktu,” ujarnya.

Arcandra mengatakan pada kasus trader bertingkat itu, beberapa perusahaan sudah memiliki fasilitas infrastruktur gas. Kementerian ESDM pun memberikan ruang kepada trader bertingkat yang memiliki infrastruktur untuk melanjutkan kontrak sampai selesai.

“Bagi mereka yang memiliki infrastruktur masih kami kasih kesempatan menyelesaikan kontrak. Nantinya, masalah alokasi gas dan sebagainya, mereka akan melakukan b-to-b [business-to-business] sendiri saja,” ujarnya.

Adapun, trader bertingkat yang tidak memiliki infrastruktur akan dicabut izin usahanya oleh Kementerian ESDM. Dalam Peraturan Menteri No.6 tahun 2016 terkait Ketentuan dan Tata Cara Penetapan Alokasi dan Pemanfaatan serta Harga gas Bumi pasal 34 memang menuliskan persetujuan alokasi dan harga gas bumi yang telah disetujui sebelum aturan itu terbit tetap berlaku sampai kontrak selesai.

Lalu, pada pasal 35 disebutkan, badan usaha niaga gas bumi yang telah memiliki alokasi gas bumi, tetapi tidak melakukan penjualan kepada pengguna akhir sebelum aturan terbit tetap dapat melaksanakan kegiatan usahanya sampai kontrak selesai.

ADA KELONGGARAN

Ketua Indonesia Natural Gas Trader Asociation (INGTA) Sabrun Jamil pun merespons positif keputusan Kementerian ESDM tersebut. Dia Menyebutkan, tanpa revisi Peraturan Menteri 6 tahun 2016, keputusan penertiban trader bertingkat itu cukup positif.

“Soalnya tidak kaku seperti sebelumnya, jadi masih ada kelonggaran untuk upaya penyelesaiannya, terutama untuk trader bertingkat yang memiliki infrastruktur,” ujarnya.

Arcandra pun menuturkan, solusi penyelesaian trader bertingkat pada 10 kasus itu berbeda-beda. Namun, dia tidak merinci solusi perusahaan trader bertingkat tersebut. Secara keseluruhan, 10 kasus trader bertingkat gas bumi itu terdiri dari sekitar 21 perusahaan trader.  Sementara itu, rampungnya persoalan trader gas bertingkat pun tidak semata-semata langsung menekan harga jual gas bumi ke konsumen akhir.

Arcandra menuturkan, proses penurunan harga gas bumi akan menunggu kontrak alokasi gas sebelumnya selesai. Setelah kontrak selesai, trader gas

bumi akan mengikuti ketentuan Peraturan Menteri ESDM Nomor 58 tahun 2017 terkait Harga Jual Gas Bumi Melalui Pipa.

“Dalam aturan Peraturan Menteri ESDM 58 tahun 2017 itu ada batas waktu paling lama 18 bulan setelah aturan itu berlaku. Jadi, kami akan arahkan sesuai

ketentuan itu saja,” ujarnya.

Kementerian ESDM pun memastikan penurunan harga jual gas bumi setelah trader bertingkat ditertibkan akan sesuai dengan margin yang tertera pada Peraturan Menteri No.58 tahun 2017. Dalam Peraturan Menteri itu disebutkan margin niaga ditetapkan paling besar 7% dari harga gas bumi, sedangkan internal rate of return (IRR) paling besar 11% dengan hitungan kurs dolar AS.

“Dengan ketentuan itu, margin harga gas bumi pun juga bergantung kepada berapa panjang infrastruktur yang dibangun oleh perusahaan tradernya,” ujar Arcandra. 

Pihak industri pengguna gas bumi berharap harga gas bisa berada sekitar US$ 6 per MMBTU, sedangkan rata-rata harga gas hilir di Indonesia sekitar US$ 8 per MMBTU hingga di atas US$ 10 per MMBTU.

Bisnis Indonesia, Page-30, Friday, May 18, 2018

Upper Limit Bonus Signature Deleted

The Ministry of Energy and Mineral Resources revised the Ministerial Regulation or Regulation of the Minister of Energy and Mineral Resources No. 23 aohun 2018 related to Work Area Management Oil and Gas terminated by Regulation of the Minister of Energy and Mineral Resources No. 28 of 2018. The revised point is the removal of the upper limit of the signature bonus of oil and gas working area contract.

Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said the removal of the upper limit of the signature bonus was done because

in the calculation of the signature bonus value formula there could be a potential yield above US $ 250 million.

"So, the Minister of EMR can set the signature bonus of at least US $ 1 million without upper limit. Kan if the value of a big signature bonus is good for the country, "he said.

The signature bonus is the funds issued by the Cooperation Contract Contractor (KKKS) on the contract of oil and gas work area and entered into the state treasury. Previously, the Regulation of the Minister of Energy and Mineral Resources Number 23 of 2018 stated that the signature bonus for the working area to be terminated is in the range of US $ 1 million to US $ 2S0 million.

At that time, if the signature bonus calculation is only US $ 500,000 then it will be rounded to US $ 1 million, while the amount above US $ 250 million will be rounded to US $ 250 million. The regulation was revised and the signature bonus provisions to be at least US $ 1 million with no upper limit. Arcandra also ensured changes in the signature bonus provisions will not affect the level of upstream oil and gas investment.

"We already have the calculation formula, so everything is clear and transparent," he said.

Regulation of the Minister of Energy and Mineral Resources No. 23 of 2018 has been implemented on the establishment of new contracts termination work area 2018 and 2019. Signature bonuses from two periods of compensation and 11 oil and gas working areas amounted to US $ 53.79 million. The number of signature bonuses for the new contract of the tennination working area is higher than the auction result because the termination region already has clear production and reserve data.

This is different from the work area of ​​the auction results that signature bonus can be under US $ 1 million because it is still exploratory and early. The ESDM Ministry assesses that a larger level of fixed commitment is more important than signature bonuses. Arcandra admitted that large signature bonus money only goes to the state treasury, whereas if a high level of commitment is sure to encourage the exploration and productivity of the upstream oil and gas sector.

"Well, oil and gas exploration in Indonesia is still considered small. The strategy of reducing signature bonuses and adding them to commitments can certainly encourage exploration investment, "he said.

NOT A PROBLEM

Meanwhile, Executive Director of Indonesia Petroleum Association (IPA) Marjolijn Wajong assessed there was no problem related to the establishment of signature bonds on the new contract of termination work area.

"The government does have the right to determine the amount of the signature bonus," he said.

SKK Migas notes the exact number of commitments planned by the KKKS to new contracts in the termination work areas of considerable value. Head of SKK Migas Amien Sunaryadi also appreciated PT Pertamina (Persero), which prepared funds of about US $ 200 million for a definite commitment in the work area Jambi Merang which is terminated in 2019.

"The definite commitment to this new contract for the work area of ​​the game is great because the KKKS has an interest in maintaining the production level after switching to a new contract," he said.

The exact commitment amount of new contracts for termination work areas of US $ 865.44 million. The value is much greater than the exact commitment amount of 9 regions work of 2017 and 2018 results worth US $ 68.22 million. The exact commitment value of the new contract termination work area is likely to increase as there are about 22 termination working areas and the period from 2020 to 2026.

Moreover, the Rokan Block, the largest working area with capacity in Indonesia, will also be terminated in 2021. The exact commitment value of the working area with an average production of 260,000 barrels per day is potentially huge.

IN INDONESIA

Batas Atas Bonus Tanda Tangan Dihapus

Kementerian Energi dan Sumber Daya Mineral merevisi Peraturan Menteri atau Peraturan Menteri ESDM Nomor 23 aohun 2018 terkait Pengelolaan Wilayah Kerja Migas terminasi dengan Peraturan Menteri ESDM nomor 28 tahun 2018. Poin yang direvisi adalah penghapuson batas atas bonus tanda tangan kontrak wilayah kerja migas.

Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, penghapusan batas atas bonus tanda tangan dilakukan karena

dalam perhitungan formula nilai bonus tanda tangan bisa ada potensi hasil di atas US$ 250 juta.

“Jadi, Menteri ESDM bisa menetapkan tanda tangan bonus minimal US$ 1 juta tanpa batas atas. Kan kalau nilai bonus tanda tangan besar bagus juga buat negara,” ujarnya.

Bonus tanda tangan adalah dana yang dikeluarkan oleh Kontraktor Kontrak Kerja Sama (KKKS) atas kontrak wilayah kerja migas dan masuk ke kas negara. Sebelumnya, pada Peraturan Menteri ESDM Nomor 23 tahun 2018 disebutkan bonus tanda tangan untuk wilayah kerja yang akan terminasi berada pada rentang US$ 1 juta hingga US$ 2S0 juta.

Kala itu, kalau perhitungan bonus tanda tangan hanya US$ 500.000 maka akan dibulatkan menjadi US$ 1 juta, sedangkan besaran di atas US$ 250 juta akan dibulatkan menjadi US$ 250 juta. Peraturan itu pun direvisi dan ketentuan bonus tanda tangan menjadi minimal US$ 1 juta tanpa batas atas. Arcandra pun memastikan perubahan ketentuan bonus tanda tangan ini tidak akan berpengaruh kepada tingkat investasi hulu migas. 

“Kami sudah memiliki formula perhitungannya, jadi semuanya jelas dan transparan,” ujarnya.

Peraturan Menteri ESDM Nomor 23 tahun 2018 sudah diimplementasikan pada penetapan kontrak baru wilayah kerja terminasi 2018 dan 2019. Bonus tanda tangan dari dua periode temminasi yang terdiri dan 11 wilayah kerja migas itu senilai US$53,79 juta. Jumlah bonus tanda tangan untuk kontrak baru wilayah kerja tenninasi itu lebih tinggi daripada hasil lelang karena wilayah terminasi sudah memiliki produksi dan data cadangan yang jelas.

Hal itu berbeda dengan wilayah kerja hasil lelang yang bonus tanda tangannya bisa di bawah US$ 1 juta karena sifatnya masih eksplorasi dan awal. Kementerian ESDM menilai tingkat komitmen pasti yang lebih besar lebih penting daripada bonus tanda tangan. Arcandra mengakui, uang bonus tanda tangan yang besar hanya masuk ke kas negara, sedangkan kalau tingkat komitmen pasti yang tinggi bisa mendorong eksplorasi dan produktivitas sektor hulu migas.

“Nah, eksplorasi migas di Indonesia dinilai masih sedikit. Strategi mengurangi bonus tanda tangan dan menambahkannya kekomitmen pasti bisa mendorong investasi eksplorasi,” ujarnya.

BUKAN MASALAH

Sementara itu, Direktur Eksekutif Indonesia Petroleum Asociation (IPA) Marjolijn Wajong menilai tidak ada masalah terkait penetapan bonds tanda tangan pada kontrak baru wilayah kerja terminasi tersebut.

"Pemerintah memang memiliki hak untuk menentukan besaran bonus tanda tangan tersebut," ujarnya.

SKK Migas mencatat jumlah komitmen pasti yang direncanakan KKKS pada kontrak baru di wilayah kerja terminasi memiliki nilai yang cukup besar. Kepala SKK Migas Amien Sunaryadi pun mengapresiasi PT Pertamina (Persero) yang menyiapkan dana hingga sekitar US$200 juta untuk komitmen pasti di wilayah kerja Jambi Merang yang terminasi pada 2019.

“Komitmen pasti pada kontrak baru wilayah kerja teminasi ini besar karena KKKS punya kepentingan untuk menjaga tingkat produksi setelah beralih ke kontrak baru,” ujarnya.

Jumlah komitmen pasti kontrak baru 11 wilayah kerja terminasi senilai US$ 865,44 juta. Nilai itu jauh Iebih besar ketirnbang jumlah komitmen pasti dari 9 wilayah kerja hasil Ielang 2017 dan 2018 yang senilai US$ 68,22 juta. Nilai komitmen pasti dari kontrak baru wilayah kerja terminasi berpotensi bertambah besar karena masih ada sekitar 22 wilayah kerja terminasi dan periode 2020 sampai 2026.

Apalagi, Blok Rokan, wilayah kerja dengan kapasitas terbesar di Indonesia, juga akan terminasi pada 2021. Nilai komitmen pasti wilayah kelja dengan rata-rata produksi 260.000 barel per hari itu berpotensi sangat besar. 

Bisnis Indonesia, Page-30, Friday, May 18, 2018

Oil breaks US $ 80 per barrel

Oil prices touched $ 80 a barrel as supply tightened and demand continued to strengthen. The current price level has not been achieved since November 2014.

Goldman Sachs Group Inc. Company Bank reveals that a surge in US shale oil production could not replace Iran's oil decline after the US re-imposed sanctions on the world's third-largest producer of the crude exporting nation (OPEC). Oil prices then lifted. Oil prices have rallied to the highest level for more than 3 years.

On Tuesday, 17.07 GMT, Brent oil rose 0.90 points, or 1.1 percent, to settle at $ 80.18 a barrel, but returned to $ 79.91 a barrel afterwards. West Texas Intermediate oil trading rose 0.57 points or 0.80 percent to US $ 72.06 per barrel. The WTI price is now the highest level since trading in 2015. Meanwhile, in 2014, WTI had touched US $ 89.6 per barrel and decreased to the level of US $ 70s per banel in December. Commodity analyst at Kiwoom Securities Co. Ahn Yea Ha said US oil demand is still stable.

"Geopolitical uncertainties support prices above US $ 70 per barrel until tensions are reduced. We will continue to sell [WTI] oil at a price range below US $ 72, "he said, quoted by Bloomberg, Thursday (17/5).

Looking at the continued upward movement in oil prices, US financial institution Morgan Stanley then raised its Brent price forecast to $ 90 a barrel by 2020. Meanwhile, the International Energy Agency (IEA) lowered its forecast for global oil demand growth for 2018 from 1.5 million barrels per day to 1.4 million barrels per day. The IEA said oil demand was at an average of 99.2 million barrels per day by 2018.

Meanwhile, supply is currently at the level of 98 million barrels per day after the enactment of OPEC production trimming policy. The IEA estimates output growth outside OPEC will rise by 1.87 million barrels per day by 2018. The IEA shows a record of overseas demand for US crude along with declining oil and domestic fuel stocks.

"Investors are beginning to weigh whether the market sees trading to be tight during the summer when the driving season takes place in North America," said

Michael Lynch, President of Strategic Energy and Economic Research in Winchester, Massachusetts.

US PRODUCTION

US oil production has risen significantly, reaching 27% in the last 2 years and touching the production record of 10.72 million barrels per day. US production is bringing Uncle Sam's country is almost parallel to Russia as the top oil producer that pumps about 11 million barrels per day outside OPEC. The result of the surge in production, US crude oil exports in the global market skyrocketed.

Marex Spectron commodity futures broker reveals that a surge in US oil supplies is enough to affect the bearish position of oil futures contract developments.

"The US economic outlook is also bearish because of the deteriorating short-term credit conditions so [oil] is not priced well by the market," Marex Spectron reports. Brokers claim that the intensity of trade in US energy commodities will continue to decline, becoming bad news for futures trading in oil commodities.

IN INDONESIA

Minyak Tembus US$ 80 per Barel

Harga minyak menyentuh US$ 80 per barel karena pasokan yang semakin ketat dan permintaan terus menguat. Level harga saat ini belum pernah dicapai kembali sejak November 2014.

Bank Perusahaan Goldman Sachs Group Inc. mengungkapkan bahwa lonjakan produksi minyak serpih AS tidak bisa menggantikan penurunan minyak Iran setelah AS kembali memberlakukan sanksi pada produsen terbesar ketiga organisasi negara pengekspor minyak mentah (OPEC) itu. Harga minyak kemudian terangkat. Harga minyak telah reli ke level tertinggi selama lebih dan 3 tahun.

Pada perdagangan Kamis (17/5) pukul 17.07 WIB tercatat minyak Brent naik 0,90 poin atau 1,1% menyentuh US$80,18 per barel, namun kembali ke US$79,91 per barel setelahnya. Perdagangan minyak West Texas Intermediate mengalami kenaikan 0,57 poin atau 0,80% menjadi US$72,06 per barel. Harga WTI saat ini menjadi level teninggi sejak perdagangan 2015. Sementara itu pada 2014, WTI sempat menyentuh US$89,6 per barel dan menurun ke level US$70-an per banel pada Desember. Analis komoditas di Kiwoom Securities Co. Ahn Yea Ha mengatakan permintaan minyak AS masih stabil.

“Ketidakpastian geopolitik mendukung harga di atas US$70 per barel hingga ketegangan berkurang. Kami akan tetap menjual minyak [WTI] pada kisaran harga di bawah US$72,” ujarnya dikutip dari Bloomberg, Kamis (17/5).

Melihat pergerakan harga minyak yang terus menguat, lembaga keuangan AS Morgan Stanley kemudian menaikkan prediksi harga Brent menjadi US$ 90 per barel pada 2020. Sementara itu, Agen Energi Internasional (IEA) menurunkan prediksi penumbuhan permintaan minyak global untuk 2018 dari 1,5 juta barel per hari menjadi 1,4 juta barel per hari. IEA mengungkapkan, permintaan minyak berada pada rata-rata 99,2 juta barel per hari pada 2018.

Adapun, pasokan saat ini berada pada level 98 juta barel per hari setelah pemberlakuan kebijakan pemangkasan produksi OPEC. IEA memperkirakan pertumbuhan produksi di luar OPEC akan naik 1,87 juta barel per hari pada 2018. IEA menunjukkan adanya rekor permintaan luar negeri untuk minyak mentah AS disertai dengan menurunnya stok minyak serta bahan bakar domestik.

"Investor mulai menimbang apakah pasar melihat perdagangan akan ketat selama musim panas ketika musim berkendara berlangsung di Amerika Utara,” kata Michael Lynch, President Strategic Energy and Economic Research di Winchester, Massachusetts.

PRODUKSI AS

Produksi minyak AS telah mengalami kenaikan yang cukup signifikan, mencapai 27% dalam 2 tahun terakhir dan menyentuh rekor produksi sebanyak 10,72

juta barel per hari. Produksi AS tersebut membawa Negeri Paman Sam berada hampir sejajar dengan Rusia sebagai produsen minyak teratas yang memompa sekitar 11 juta barel per hari di luar OPEC. Hasil dari lonjakan produksi itu, ekspor minyak mentah AS di pasar global meroket.

Pialang berjangka komoditas Marex Spectron mengungkapkan bahwa lonjakan pasokan minyak AS cukup berpengaruh pada posisi bearish perkembangan kontrak minyak berjangka.

“Outlook ekonomi AS juga mengalami bearish karena kondisi kredit jangka pendek yang memburuk sehingga [minyak] tidak diberi harga yang pantas oleh pasar,” ungkap laporan Marex Spectron. Pialang menyatakan bahwa intensitas perdagangan komoditas energi AS akan terus berkurang, menjadi kabar buruk untuk perdagangan berjangka komoditas minyak.

Bisnis Indonesia, Page-16, Friday, May 18, 2018

Pertamina to follow Shell in seeking fuel price hike

State-owned energy giant Pertamina willisoon propose to the government new prices for its commercially sold gasoline products amid an upward trend in global crude oil prices that have exceeded US$70 per barrel. As of Wednesday the price of global benchmark Brent crude was $77.91 perbarrel, up from price as little as $44.82 per barrel in June last year.

Nicke Widyawati

Pertamina acting president director Nicke Widyawati confirmed on Wednesday that the company would propose a new price for its gasoline. However, it is still in internal discussions.

“We will propose it, but currently our main focus is to serve society ahead of Ramadhan,” she brielly said, referring to the Islamic fasting month, which starts

Thursday.

Separately, Pertamina corporate secretary Syahrial Mukhtar said the firm was in consultations with the government regarding an increase in its gasoline prices.

“We are part of the government; [gasoline prices] are a sensitive issue for society. Therefore, the government must take into consideration the effect [of a fuel price hike] on people’s purchasing power,” She said.

Meanwhile, PT Shell Indonesia has submitted its request for a fuel price hike to the government. Djoko Siswanto, the oil and gas director general at the Energy and Mineral Resources Ministry, confirmed on Tuesday but he did not disclose the amount of price adjustment sought by Shell. He indicated the government would announce its decision within two weeks.

Shell Indonesia

When asked for confirmation on Tuesday Shell Indonesia president director Darwin Silalahi refused to comment. Shell Indonesia downstream external relations and country social performance manager Sri Wahyu Endah could not be reached for comment on Wednesday. As of April, the government required all gasoline distributors to get approval from the government before increasing fuel prices. 

The new policy was set out in the revised Energy and Mineral Resources Ministry Regulation (MinReg)No. 39/2014 on the formulation of gasoline retail prices. The regulation, issued last month, is aimed at keeping inflation in check. It binds all gasoline distributors in the country including privately-owned ones like newcomer Vivo Energi Indonesia, a subsidiary of Vitol Group based in Switzerland, and Total Oil Indonesia, the local arm of Frances Total SA.

In the previous regulation, gasoline prices fluctuated in accordance with global oil prices and the rupiah exchange rate, with the government limiting the profit margin of all business entities to a range of 5 to 10 percent of the basic gasoline prices. Djoko from the energy ministry explained further that the ministry had limited such requests for price increases to one a month.

“We will evaluate the proposal for at least two weeks and then announce the result. The standard is that [fuel distributors] cannot take a margin of more

than 10 percent,” he said, adding that the government would use the Mean of Platts Singapore (MOPS) benchmark.

Jakarta Post, Page-13, Thursday, May 17, 2018

Oil Demand Slows

The strengthening of world crude oil prices in futures trading eased in line with rising oil supplies and the United States as a sign that demand for commodities was slowing. On the other hand, the Organization of Crude Oil Exporting Countries (OPEC) is continuing the deal on production cuts to reduce supply compliance. In addition, geopolitical factors in the form of US nuclear sanctions against Iran still greatly affect the movement of oil prices.

In trading Wednesday (16/5) at 20:08 pm, Brent oil futures prices fell 0.67 points or 0.85% US $ 77.76 per barrel. West Texas Intermediate (WTI) oil fell 0.38 points or 053 percent to US $ 70.93 a barrel. The physical market for crude oil declines because of the large supply of crude oil that has not been absorbed through contracts. In fact, the 50% rise in oil prices over the past year has prompted a number of leading companies such as ExxonMobil, Royal Dutch Shell, Chevron, BP and Total to increase production.

"Aggregate production has grown in a number of major producers," said research agency S & P Global, quoted by Reuters.

Meanwhile, crude oil cargo prices are at the lowest discount position for futures contracts in recent years. The reason is that traders are trying to find buyers for West Africa, Russia and Kazakhstan cargoes given the disruption of bottlenecks in oil pipelines in West Texas and Canada.

Under the American Petroleum Institute (API) report, the bottleneck in North America contributed to a 4.9 million barrel increase in US crude inventories, to 435.6 million barrels. Some analysts in the survey said that the crude market will remain tight until the end of the year if the US sanctions against Iran have been realized and the demand for oil has strengthened. In addition, rising oil prices also have an impact on other commodity markets.

"The increase in oil prices carries risks on other commodity prices," said Morgan Stanley report.

Meanwhile, the International Energy Agency (IEA) warned that global oil demand is likely to moderate this year as oil prices begin to approach US $ 80 per barrel and many major importing countries are no longer offering massive subsidies for fuel. In its monthly report, the IEA has cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from an earlier forecast of 1.5 million barrels per day.

"The report looks favored on the negative side. Demand for oil has been revised to be less for the second half of 2018, starting from April, "said PVM Oil Associates strategist Tamas Varga.

Earlier, United Arab Emirates Energy Minister Suhail Al Mazrouei said that 3 OPEC members Saudi Arabia, Kuwait and the United Arab Emirates had sufficient oil reserves to meet the needs of the global market.

"Do not worry about the supply, we think there will be no problems related to US sanctions to Iran," he said.

IN INDONESIA

Permintaan Minyak Melambat

Penguatan harga minyak mentah dunia dalam perdagangan berjangka mereda seiring dengan kenaikan pasokan minyak dan Amerika Serikat sebagai tanda bahwa permintaan komoditas itu melambat. Di sisi lain, organisasi negara pengekspor minyak mentah atau OPEC masih melanjutkan kesepakatan pemangkasan produksi untuk mengurangi kepenuhan pasokan. Selain itu faktor geopolitik berupa sanksi nuklir AS terhadap Iran masih sangat mempengaruhi pergerakan harga minyak.

Pada perdagangan Rabu (16/5) pukul 20.08 WIB, tercatat harga minyak Brent berjangka turun 0,67 poin atau 0.85% US$77.76 per barel. Minyak West Texas Intermediate (WTI) turun 0,38 poin atau 053% menjadi US$70,93 per barel. Pasar fisik untuk minyak mentah menurun karena pasokan minyak mentah banyak yang belum terserap lewat kontrak. Padahal, kenaikan harga minyak yang mencapai 50% selama setahun terakhir ini telah mendorong sejumlah perusahaan ternama seperti ExxonMobil, Royal Dutch Shell, Chevron, BP, dan Total untuk menambah produksinya.

“jumlah produksi agregat mengalami pertumbuhan pada sejumlah produsen utama,” ungkap riset lembaga pemeringkatan S&P Global, dikutip dari Reuters.

Sementara itu, harga kargo minyak mentah berada pada posisi diskon terendah untuk kontrak berjangka dalam beberapa tahun belakangan.

Pasalnya, pedagang berupaya mencari pembeli untuk kargo Afrika Barat, Rusia, dan Kazakhstan mengingat ada gangguan bottleneck pada saluran pipa minyak di Texas Barat dan Kanada.

Berdasarkan laporan American Petroleum Institute (API), bottleneck di Amerika Utara berkontribusi pada kenaikan persediaan minyak mentah AS

sebanyak 4,9 juta barel, menjadi 435,6 juta barel. Sejumlah analis dalam survei mengatakan bahwa pasar minyak mentah akan tetap mengetat hingga akhir tahun ini jika pembaman sanksi AS terhadap Iran sudah terealisasi dan permintaan minyak menguat. Selain itu, kenaikan harga minyak juga memberikan dampak pada pasar komoditas lain.

“Kenaikan harga minyak membawa risiko pada harga-harga komoditas lain,” ungkap laporan Morgan Stanley.

Adapun, Agen Energi Intemasional (IEA) pada mengingatkan bahwa permintaan minyak global kemungkinan akan moderat pada tahun ini, karena harga minyak mulai mendekati US$ 80 per barel dan banyak negara pengimpor utama tidak lagi menawarkan subsidi besar-besaran untuk bahan bakar. Pada laporan bulanannya, IEA tercatat telah memangkas prediksinya untuk pertumbuhan permintaan global menjadi 1,4 juta barel per hari untuk 2018, dari prediksi sebelumnya sebanyak 1,5 juta barel per hari.

“laporan tersebut terlihat berpihak pada sisi negatif. Permintaan minyak telah direvisi menjadi lebih sedikit untuk semester kedua 2018, terhitung sejak April,” kata strategis PVM Oil Associates Tamas Varga.

Sebelumnya, Menteri Energi Uni Emirat Arab Suhail Al Mazrouei mengatakan bahwa 3 anggota OPEC yakni Arab Saudi, Kuwait, dan Uni Emirat Arab memiliki cadangan minyak yang cukup untuk memenuhi kebutuhan pasar global.

“Jangan khawatir tentang pasokan, kami pikir tidak akan ada masalah terkait dengan hasil sanksi AS ke Iran,” ujarnya.

Bisnis Indonesia, Page-16, Thursday, May 17, 2018

Price Becomes Stimulus Exploration Activities

This is the right time for upstream oil and gas companies to intensify exploration. For the first time since the fall of oil prices by the end of 2014, oil prices are at 70 dollars per barrel. On the one hand, the government cut the contract of 74 oil and gas blocks in the last three years.

Head of Special Unit for Upstream Oil and Gas Business Activities (SKK Migas) Amien Sunaryadi said the current high oil price has the potential to increase revenue for upstream oil and gas companies. Therefore, he encouraged companies to intensify exploration for the discovery of new oil and gas reserves.

"High oil prices will help exploration. We are optimistic that next year's exploration will increase, "said Amien after signing the contract of Pekawai Block and West Yamdena Block in Jakarta.

Amien acknowledged, not all exploration can successfully find oil and gas reserves in significant amounts. In the last three years, there are 74 oil and gas block contracts terminated (termination). One reason is that the holder of the contract has been carrying out exploration, but has not got results.

"Another cause is that the company does not keep the promise to carry out exploration until the specified time limit. The reason is because they do not have enough funds. The majority are companies from Indonesia, "said Amien.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto, said that the investment value for exploration in both blocks is US $ 12.5 million or equivalent to Rp 172.5 billion. The second contract of the block was won by PT Saka Energi Indonesia, a subsidiary of PT Perusahaan Gas Negara Tbk.

"For Pekawai Block, geological and geophysical studies and one exploration well will be carried out," said Djoko. The West Yamdena Block is committed to geological and geophysical studies, including the acquisition of two-dimensional seismic data.

President Director of Saka Energi Indonesia Tumbur Parlindungan said that so far, oil and gas production has reached 56,000 barrels of oil equivalent per day (BOEPD). For Saka Energy, the use of profit-sharing schemes based on gross production for the Pekawai Block and West Yamdena Block is the first time in Indonesia.

IN INDONESIA

Harga Menjadi Stimulus Kegiatan Eksplorasi

Saat ini merupakan waktu yang tepat bagi perusahaan hulu minyak dan gas bumi untuk menggiatkan eksplorasi. Untuk pertama kalinya sejak jatuhnya harga minyak pada akhir 2014, harga minyak berada di level 70 dollar AS per barrel. Di satu sisi, pemerintah memutus kontrak 74 blok minyak dan gas bumi dalam kurun tiga tahun terakhir.

Kepala Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Amien Sunaryadi mengatakan, tingginya harga minyak saat ini berpotensi menambah pemasukan bagi perusahaan hulu migas. Karena itu, ia mendorong perusahaan untuk menggiatkan eksplorasi demi penemuan cadangan migas yang baru. 

”Harga minyak tinggi akan membantu eksplorasi. Kami optimistis eksplorasi tahun depan akan naik,” kata Amien seusai penandatanganan kontrak Blok Pekawai dan Blok West Yamdena di Jakarta.

Amien mengakui, tidak semua eksplorasi bisa sukses menemukan cadangan migas dalam jumlah signifikan. Dalam tiga tahun terakhir, ada 74 kon-

trak blok migas yang diputus (terminasi). Salah satu penyebabnya adalah pemegang kontrak sudah melaksanakan eksplorasi, tetapi tidak mendapat hasil. 

”Penyebab lainnya adalah perusahaan tersebut tidak menepati janji melaksanakan eksplorasi sampai batas waktu yang ditentukan. Penyebabnya karena mereka tak punya dana cukup. Mayoritas adalah perusahaan dari Indonesia,” ujar Amien.

Direktur Jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral Djoko Siswanto mengatakan, terkait penandatangan kontrak Blok Pekawai dan Blok West Yamdena, nilai investasi untuk eksplorasi di kedua blok tersebut 12,5 juta dollar AS atau setara Rp 172,5 miliar. Kontrak kedua blok tersebut dimenangi PT Saka Energi Indonesia, yang merupakan anak perusahaan PT Perusahaan Gas Negara Tbk. 

"Untuk Blok Pekawai, akan dilaksanakan studi geologi dan geofisika serta satu sumur eksplorasi. Adapun di Blok West Yamdena, komitmen yang dijalankan adalah studi geologi dan geofisika, termasuk akuisisi data seismik dua dimensi,” ucap Djoko.

Direktur Utama Saka Energi Indonesia Tumbur Parlindungan mengatakan, sejauh ini, produksi migas sudah mencapai 56.000 barrel setara minyak per hari (BOEPD). Bagi Saka Energi, penggunaan skema bagi hasil berdasar produksi bruto (gross split) untuk Blok Pekawai dan Blok West Yamdena adalah yang pertama kalinya di Indonesia.

Kompas, Page-17, Wednesday, May 16, 2018