Wish Benefits of Gross Split

Oil and Gas Contract
Exactly 12 days a regulation on the production sharing contracts or gross split production sharing contract signed by the Minister of Energy and Mineral Resources Ignatius Jonan. However, the breakthrough was yet to make businesses confident enough to bring fresh air to the competitiveness of the investment and add to the economic field. Tuah gross split is still awaited.
From the Fraser Institute report on Global Petroleum Survey published in December 2016, Indonesia, which has reserves of 23.01 billion barrels of oil equivalent (billion barrels of oil equivalent / bboe) are ranked 79 with a score of 45.83 in terms of policy perceptions index. Perception index established policies and 16 terms, like the terms of the fiscal, taxation, environmental regulation, law enforcement, the cost of regulatory compliance, protected areas, trade barriers, and labor regulations. Including quality of infrastructure, the quality of geological data base, availability of labor and abilities, land acquisition, political stability, security, overlapping and inconsistent regulations, and legal systems.
According to investors, the Indonesian red note there are negative perceptions associated with the regulation of overlapping and inconsistent, land acquisition and trade barriers. Meanwhile, investors assess politically, Indonesia is quite stable and not rnenghalangi interest in investing. Investors assume there are some things that hurt investment even make investors reluctant to invest in Indonesia, such as an obligation. using the rupiah currency in transactions in the country, restrictions on foreign workers, and the implementation of land and building tax (PBB) in the work area off the coast. Investors forced to use labor that is not suitably qualified and goods which are not within specification, which generally comes from China and not from Indonesia.
Indonesia ranked lower compared to other countries in Southeast Asia that have smaller reserves such as Malaysia (19.51 bboe) in the order of 41, Thailand (2.03 bboe) in the order of 42, and Vietnam (9.02 bboe) on the line to -38. For comparison, Thailand with an index of 67.01 is considered superior because the government does not oblige the investor to prioritize the use of labor also all material and equipment locally. Nevertheless, investors are finally using labor and local products because it is more attractive economically not because of regulatory demands.
Executive Director of the Indonesian Petroleum Association (IPA) Marjolijn Wajong said it had asked the government to conduct a comprehensive study whether this breakthrough puts Indonesia to the ranks of the most targeted country for investment. Further, he said that the government had to give an idea of how when the production sharing contract (PSC) gross split applied to the working area which still have to bear the burden of costs that can not be returned (sunk) and capital invested has not returned. The reason, he explained assess new picture when the working area began to produce oil or gas.
“Say’ve seen better economical, but whether it is competitive against other countries? A more detailed study, it is also necessary to work areas that are in the deep ocean, remote areas (frontier) are also working areas that exist in tertiary production stage. He called the study will give you an idea whether the PSC split gross able to compensate for the constraints of field development with the level of difficulty as it will be the development direction of the next few years.
On the other hand, he supported the government’s desire to encourage more efficient industry. However, it still requires the certainty that this breakthrough can boost economic scale projects rather than using the PSC cost recovery. “Because now even attractiveness for people to invest here was less than in the region around us,” he said.
TOO EARLY
Deputy Minister Arcandra Tahar admit may be still a weakness for these policies. Nevertheless, it is too early to judge or guess what will happen with the enactment of gross PSC split. For the new work area, interest in investment, exploration and production activities, he hopes gross PSC split could be a new supplement. However, be sure, he claimed to need to look at block Offshore North West Java (ONWJ), which became the first to apply the working area gross PSC split.
Director General of Oil and Gas IGN Wiratmaja Puja recognize Indonesian investment competitiveness remains low. Proven by offering 14 new work areas were conducted in mid 2016, has not yet signed a contract.
Although there has been a potential candidate to dump one of the seven areas of work offered directly, namely the working area that had previously been carried out collaborative studies. On offer schemes like this, usually investors who do study participants could be preferred when the bidding is done.
Of the three working areas of interest, namely Ebuny (offshore Southeast Sulawesi), Orrin (onshore-offshore West Papua) and West Kaimana (onshore-offshore West Papua) only one of which has now met the technical and financial aspects. In fact, the working area of the deals, the government give freedom to their own set of potential investors for the results (split), the proposed activities are also a signature bonus. The high signature bonuses in want of government which is about US $ 500 000 was to make investors have not glanced at the work area has to offer.
At the next auction, investors can still customize their own signature bonus to be paid and the government will provide a basic split (base split) between the government and the contractor that is 57:43 to 52:48 for the development of oil and gas. Furthermore, it can be changed with a variable component and progressive.
From the aspect of licensing, it has been simplified from 104 to 42 and became the four licensing only two permits in the upstream and four downstream permit. Thus, application of the gross PSC split is expected to have significant impact on upstream investment interest in the country. When compared, Indonesia ahead of Libya that use gross PSC split despite having differences. From the reservoir, Libya offers lower risk. However, other aspects such as security are even lower and made investors think twice to make Libya as investment objectives.
In terms of economics, he was not sure whether the economic field in Indonesia is better than other countries. At the very least, the government could provide incentives for fields that have a payback ratio (internal rate of return / IRR) of less than 12%.
Too early indeed when assessing gross split will dim the investment because the cost of government replaced the previous operation, is now the responsibility of the contractor. However, investors need to have certainty and comprehensive picture that can ensure that the breakthroughs continue in a long time.
       Because the cooperation contract was signed for 30 years with an extension period of up to 20 years, much longer than the presidential term that can only lead two consecutive periods during the ten years
IN INDONESIAN
 

Berharap Tuah dari Gross Split

Tepat 12 hari beleid tentang kontrak bagi hasil atau production sharing contract gross split ditandatangani Menteri Energi dan Sumber Daya Mineral Ignasius Jonan. Namun, terobosan itu belum juga membuat pelaku usaha cukup yakin membawa angin segar terhadap daya saing investasi dan menambah keekonomian lapangan. Tuah gross split pun masih dinanti.
Dari laporan Fraser Institute tentang Global Petroleum Survey yang diterbitkan pada Desember 2016, Indonesia yang memiliki cadangan 23,01 miliar barel setara minyak (billion barrel oil equivalent/bboe) berada di urutan 79 dengan skor 45,83 dalam hal indeks persepsi kebijakan. Indeks persepsi kebijakan dibentuk dan 16 hal, seperti syarat-syarat fiskal, sistem perpajakan, aturan lingkungan hidup, penegakan hukum, biaya untuk kepatuhan regulasi, area yang dilindungi, hambatan perdagangan, dan regulasi ketenagakerjaan. Termasuk juga kualitas infrastruktur, kualitas basis data geologi, ketersediaan tenaga kerja dan kemampuan, pembebasan lahan, kestabilan politik, keamanan, tumpang tindih dan inkonsistensi regulasi, dan sistem hukum.
Menurut investor, catatan merah Indonesia yakni masih terdapat persepsi negatif terkait dengan regulasi yang tumpang tindih dan inkonsisten, pembebasan lahan dan hambatan perdagangan. Sementara itu, investor menilai secara politik, Indonesia cukup stabil dan tak rnenghalangi minat berinvestasi. Investor menganggap terdapat beberapa hal yang mengurangi minat investasi bahkan membuat investor enggan menanamkan modal di Indonesia, seperti kewajiban. menggunakan mata uang rupiah dalam melakukan transaksi di dalam negeri, pembatasan tenaga kerja asing, dan penerapan pajak bumi dan bangunan (PBB) pada wilayah kerja lepas pantai. Investor terpaksa menggunakan tenaga kerja yang tak sesuai kualifikasi dan barang yang tak sesuai spesifikasi, yang umumnya berasal dari China dan bukan dari Indonesia.
Peringkat Indonesia lebih rendah dibandingkan dengan negara lain di Asia Tenggara yang memiliki cadangan lebih kecil seperti Malaysia (19,51 bboe) di urutan 41, Thailand (2,03 bboe) di urutan 42, dan Vietnam (9,02 bboe) pada jajaran ke-38. Sebagai pembanding, Thailand dengan indeks 67,01 dianggap lebih unggul karena pemerintah tak mewajibkan investor untuk mengutamakan penggunaan tenaga kerja juga seluruh material dan peralatan lokal. Kendati demikian, investor akhirnya menggunakan tenaga kerja dan produk lokal karena lebih menarik secara ekonomi bukan karena tuntutan regulasi.
Direktur Eksekutif Indonesia Petroleum Association (IPA) Marjolijn Wajong mengatakan pihaknya meminta agar pemerintah melakukan kajian komprehensif apakah terobosan ini menempatkan Indonesia ke jajaran negara yang paling dituju untuk menanamkan modal. lebih lanjut, dia menilai pemerintah pun harus memberikan gambaran bagaimana ketika production sharing contract (PSC) gross split diterapkan pada wilayah kerja yang masih harus menanggung beban biaya yang tak bisa dikembalikan (sunk cost) dan modal yang ditanamkan belum kembali. Pasalnya, dia menilai gambaran yang dijelaskan baru ketika wilayah kerja mulai menghasilkan minyak atau gas bumi.
“Katakanlah sudah dilihat keekonomiannya lebih bagus, tapi apakah itu cukup kompetitif terhadap negara lain? Kajian yang lebih detail, diperlukan pula untuk wilayah kerja yang berada di laut dalam, daerah terpencil (frontier) juga wilayah kerja yang ada pada tahapan produksi tersier. Dia menyebut kajian tersebut akan memberikan gambaran apakah PSC gross split bisa memberi kompensasi atas kendala pengembangan lapangan dengan tingkat kesulitan seperti itu yang akan menjadi arah pengembangan beberapa tahun mendatang.
Di sisi lain, dia mendukung keinginan pemerintah untuk mendorong agar industri lebih efisien. Namun, pihaknya masih memerlukan kepastian bahwa terobosan ini mampu menaikkan skala ekonomi proyek daripada menggunakan PSC cost recovery. “Karena sekarang pun attractiveness untuk orang berinvestasi di sini itu kurang dibandingkan dengan di region sekeliling kita ini,” katanya.
TERLALU DINI
Wakil Menteri ESDM Arcandra Tahar mengakui mungkin saja masih terdapat kelemahan atas kebijakan tersebut. Kendati demikian, terlalu dini untuk menilai atau menduga apa yang akan terjadi dengan diberlakukannya PSC gross split. Untuk wilayah kerja baru, minat investasi, kegiatan eksplorasi dan produksi, dia berharap PSC gross split bisa menjadi suplemen baru. Namun, secara pastinya, dia mengaku perlu melihat pada blok Offshore North West Java (ONWJ) yang menjadi wilayah kerja pertama yang menerapkan PSC gross split.
Direktur Jenderal Minyak dan Gas Bumi IGN Wiratmaja Puja mengakui daya saing investasi Indonesia masih rendah. Terbukti dengan penawaran 14 wilayah kerja baru yang dilakukan pada pertengahan 2016, belum satu pun yang ditandatangani kontraknya.
Meskipun telah terdapat satu calon potensial yang melego satu di antara tujuh wilayah kerja yang ditawarkan secara langsung, yakni wilayah kerja yang sebelumnya telah dilakukan kajian bersama. Pada skema penawaran seperti ini, biasanya investor yang melakukan kajian bisa menjadi peserta yang diutamakan saat penawaran dilakukan.
Dari tiga wilayah kerja yang diminati yaitu Ebuny (lepas pantai Sulawesi Tenggara), Orrin (darat-lepas pantai Papua Barat) dan West Kaimana (darat-lepas pantai Papua Barat) hanya satu yang kini telah memenuhi aspek teknis dan finansial. Padahal, pada penawaran wilayah kerja tersebut, pemerintah memberikan kebebasan kepada calon investor menetapkan sendiri bagi hasil (split), usulan kegiatan juga bonus tanda tangan. Tingginya bonus tanda tangan yang di inginkan pemerintah yakni sekitar US$ 500.000 ternyata membuat investor belum melirik wilayah kerja yang ditawarkan.
Pada lelang berikutnya, investor masih bisa menyesuaikan sendiri bonus tanda tangan yang harus dibayar dan pemerintah akan memberikan split dasar (base split) antara pemerintah dan kontraktor yakni 57:43 untuk pengembangan minyak dan 52:48 untuk gas. Selanjutnya, bisa berubah dengan komponen variabel dan progresif.
Dari aspek perizinan, pihaknya telah menyederhanakan dari 104 menjadi 42 dan menjadi empat perizinan saja yakni dua izin di hulu dan empat izin di hilir. Dengan demikian, penerapan PSC gross split diharapkan membawa dampak signifikan terhadap minat investasi hulu Tanah Air. Bila dibandingkan, Indonesia lebih unggul dari Libya yang menggunakan PSC gross split meskipun memiliki perbedaan. Dari sisi reservoir, Libya menawarkan risiko yang lebih rendah. Namun, aspek lainnya seperti keamanan justru lebih rendah dan membuat investor berpikir ulang untuk menjadikan Libya sebagai
tujuan investasi.
Dari sisi keekonomian, dia belum bisa memastikan apakah keekonomian lapangan di Indonesia lebih baik dari negara lainnya. Paling tidak, pemerintah bisa memberikan insentif bagi lapangan-lapangan yang memiliki rasio pengembalian modal (internal rate of return/IRR) kurang dari 12%.
Terlalu dini memang bila menilai gross split akan meredupkan investasi karena biaya operasi yang sebelumnya diganti pemerintah, kini menjadi tanggungan kontraktor. Namun, investor perlu mendapat kepastian dan gambaran menyeluruh yang bisa meyakinkan bahwa terobosan tersebut berlanjut dalam waktu yang lama.
Pasalnya, kontrak kerja sama diteken untuk 30 tahun dengan masa perpanjangan hingga 20 tahun, jauh lebih panjang dari masa jabatan presiden yang hanya bisa memimpin dua periode selama berturut-turut yakni sepuluh tahun
Bisnis indonesia, Page-1, Monday, Jan, 23, 2017
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