New scheme touted as speeding up output

The government expects the newly introduced gross-split sliding scale on upstream oil and gas projects to reduce the waiting period between discovery and first production, allowing both the government and operators to enjoy faster revenues. The new scheme is regulated by Energy and Mineral Resources Ministry Decree No. 8 of 2017 on the gross-split sliding scale. Unlike with the previously applied cost recovery scheme, the government will no longer reimburse companies for exploration and exploitation activities, hence the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) no longer needs to review investors’ annual budgets for upstream activities.
The ministry expects this to be a boon for contractors, as they will face less red tape and have more control over their activities and finances. “When we put the new regulation in force, we have high hopes that it can shorten the time frame by two to three years,” Deputy Energy and Mineral Resources Minister Arcandra Tahar said.
According to data from the ministry an average 15 years pass from the discovery of new oil and gas reserves to first production. This compares to an average five years during the heyday of Indonesia’s upstream business in the 1970s. Much of the lag between discovery and production is due to back-and-forth negotiations between contractors and SKK Migas.
Under that mechanism, contractors could spend between six months and a year just to prepare documents and negotiate with SKK Migas during the engineering, procurement, construction and installation (EPCI) phase, while the front end engineering design (FEED) could take an additional two years. If production started earlier, Arcandra said, then both the government and contractors could start raking in profits. “The sooner you start production the better value for money” he said.
Despite the governments enthusiasm about what it expects to be a shorter time to production, investors seem less concerned about the time span and more worried about whether the gross-split scheme will make complex projects more enticing, as the country’s current reserves face rapid depletion. “As a means for continuous improvement, we ask the government to conduct a comprehensive review in relation to the gross-split scheme for the development of deepwater, frontier, enhanced oil recovery and exploration projects, as that is where we are headed. How will these projects remain economically feasible while we have to shoulder the costs prior to production?” Indonesian Petroleum Association (IPA) executive director Marjolijn Wajong said.
Under the new scheme, the profit split between the government and contractors will “slide” up and down depending on several factors, including the status of the field, the location, depth and type of the reservoir, the amount of carbon dioxide, the use of local industrial content and the stage of production.
These variables will affect the base split, which the new regulation sets at a minimum 43 percent for companies in oil projects and 48 percent in gas projects. Meanwhile, under the cost recovery scheme, investors were only entitled to 15 percent of the profit of an oil project and 30 percent ofa gas project, with the rest going to the government.
Jakarta Post, Page-13, Saturday, Jan, 21, 2017

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

Manage East Natuna, Pertamina to Invite Partners

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Ministry of Energy and Mineral Resources (ESDM) furious with the development of East Natuna Block project is increasingly unclear. Therefore, the Ministry of Energy will provide the assigning of PT Pertamina to work on the East Natuna is estimated to reach Rp 165 trillion.
If the government gave the assignment to Pertamina, this means that the principles of the agreement or the principles of agreement (POA) exploration and exploitation of the East Natuna which was signed in 2011 and will end in 2018 null and void, result, stock-sharing agreement based on the POA also participate canceled. POA According to the agreement, Pertamina holds 35%, Esso Natuna Ltd. (a subsidiary of ExxonMobil) and PTT Thailand 35% 15% As well as Total EP latter holding a 15% retreat.
Director General of Oil and Gas Ministry of Energy, IGN Wiratmaja Puja states, with the assignment scheme, Pertamina welcome collaboration with Esso and PTT Thailand in the East Natuna Block. “Share not, go ahead later Pertamina proposed,” he said.
Pertamina will get a chance to do business to business talks with partners in the East Natuna Block. That’s why Esso Natuna and Thai PTT allowed to buy stocks. According to Pertamina’s upstream director, Syamsu Alam, by assignment, Pertamina may invite a partner in the East Natuna block at this time. “How to divide its share, could he asked to the minister.”
IN INDONESIAN

Kelola East Natuna, Pertamina Bisa Ajak Mitra

Kementerian Energi dan Sumber Daya Mineral (ESDM) geram dengan perkembangan proyek Blok East Natuna yang kian tidak jelas. Karena itu, Kementerian ESDM akan memberikan penugasan kepada PT Pertamina untuk menggarap proyek East Natuna yang ditaksir mencapai Rp 165 triliun.
Jika pemerintah memberi penugasan ke Pertamina, ini artinya prinsip-prinsip kesepakatan atau principles of agreement (POA) eksplorasi dan eksploitasi wilayah East Natuna yang telah di teken 2011 dan akan berakhir 2018 batal, Hasilnya, kesepakatan pembagian saham berdasarkan POA tersebut ikut batal juga. Sesuai kesepakatan POA, Pertamina memegang 35%, Esso Natuna Ltd (anak usaha ExxonMobil) 35% dan PTT Thailand 15% Serta Total EP
yang belakangan mundur menggenggam 15% .
Direktur Jenderal Migas Kementerian ESDM, IGN Wiratmaja Puja menyatakan, dengan skema penugasan, Pertamina dipersilakan bekerjasama dengan Esso dan PTT Thailand di Blok East Natuna. “Share belum, silakan nanti Pertamina mengusulkan,” katanya.
Pertamina akan mendapat kesempatan untuk melakukan pembicaraan secara business to business dengan mitra di Blok East Natuna. Karena itulah Esso Natuna dan PTT Thai diperkenankan membeli saham. Menurut Direktur Hulu Pertamina, Syamsu Alam, dengan penugasan, Pertamina boleh mengajak mitra yang ada di blok East Natuna saat ini. “Berapa bagi-bagi share-nya, bisa tanyanya ke Pak Menteri.”
Kontan, Page-14, Monday, Jan, 23, 2017

Gross Investment Returns Split into Attention

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Employers want to ensure the scheme did not make the split gross return on investment down

The Minister of Energy and Mineral Resources (ESDM) No. 8/2017 about Gross Production Sharing Contract Split still polemic. This time from the operator of oil and gas. They do not believe this scheme will be able to recoup the investment costs or the Internal Rate of Return (IRR) faster. They’d worry, this scheme will make their investment slow turning.
This contrasts with the belief Ministry of Energy and Mineral Resources (ESDM). Director General of Oil and Gas Ministry of Energy and Mineral Resources, IGN Wiratmaja Puja, stated, IRR upstream oil and gas with gross schemes split will depend on the characteristics of oil and gas reserves in Indonesia. Of course, this is different from other countries. But, “We hope more competitive because of the character of the reservoir is also different,” said Wiratmaja.
He compared the gross system in Indonesia which is split by the gross system split in Libya. In terms of the characteristics of an oil and gas stored in the bowels of the earth or reservoir Libya is superior because it is easy to attract investors. However, from the surface side, Indonesia is superior. Especially about security issues. By doing so, Indonesia has become more attractive for investments in upstream oil and gas with a gross system of this split.
Wiratmaja even guarantee a minimum of upstream oil and gas investment in Indonesia will get an IRR of 12%. However, if investors find oil and gas reserves in the field are good enough condition, they can earn up to 20% IRR. “Depending on the field that he can,” he said.
As an illustration, the Indonesian oil and gas field is currently mostly in marginal areas or in the sea. So the government set up an additional incentive in the form of a split in the scheme’s gross split. In order for IRR can be pursued. We love, the minimum he could IRR of 12%, “he said.
The government hopes the scheme gross split could make Indonesian oil and gas fields to attract investors. “Investors are rarely willing to here, the proof auction Work Area (WK) ‘there is no demand,” he said. In 2017, the government started offering split gross scheme. Wiratmaja hope that many investors who follow the auction oil and gas blocks in Indonesia. Director of Indonesian Petroleum Association (IPA) Marjolijn Wajong revealed, IPA is always included, almost at every meeting when the government will issue a new policy.
Hence, IPA supports the scheme’s gross split for efficiency in the oil and gas industry. “But we want to make sure the economic level does not go down with the current system,” he said. Marjolijn call, the current upstream oil and gas investment in Indonesia is less attractive compared to investments in other countries in the region. “Because gross split,” this has been enacted, as efforts to continue the improvement we ask study incentives mainly to the deep ocean, voliter and EOR (Enhanced Oil Recovery). In the future we want to go there. We were made better assessment.
He has not been able to give feedback about the minimum gross IRR split could be 12%. “I have never heard that the gross split, minimum IRR is 12%. Is in its Regulation No mention of it? I would first check, but in fact must exist in the Regulation of the Minister of Energy, he said.
Energy observer of ReforMiner Institute Pri Agung Rakhmanto rate, oil and gas contractors principle, the higher the IRR, the more they’re interested in. “IRR of 12% may be included economical for contractors, but relatively marginal. IRR 15% only include marginal,” said Pri Agung Rakhmanto.
He said, a simple way to compare with previous split gross scheme is the mirror of the IRR in existing oil and field gas already managed oil and gas contractors. “If by the results of their Existing be above 15% IRR her, then offered a split with a gross IRR of 12%, then yes definitely will not blindly accept
Note: Currently, the government only gives an IRR of 5% to Eni Indonesia as operator Cricket Field which is a deepwater field.
 
IN INDONESIAN
 

Pengembalian Investasi Gross Split Jadi Sorotan

Pengusaha ingin memastikan skema gross split tak membuat pengembalian investasi turun
  Peraturan Menteri Energi dan Sumber Daya Mineral (ESDM) No 8/2017 tentang Kontrak Bagi Hasil Gross Split masih memantik polemik. Kali ini dari operator minyak dan gas. Mereka tak yakin skema ini akan mampu mengembalikan biaya investasi atau Internal Rate of Return (IRR) lebih cepat. Mereka justru khawatir, skema ini akan membuat investasi mereka lambat balik.
Ini berbeda dengan keyakinan Kementerian Energi dan Sumber Daya Mineral (ESDM). Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM, IGN Wiratmaja Puja, menyatakan, tingkat IRR hulu migas dengan skema gross split akan sangat tergantung pada karakteristik cadangan migas Indonesia. Tentu saja, ini berbeda dengan negara-negara lain. Tapi, “Kami harap lebih kompetitif karena karakter reservoir-nya juga beda,” ujar Wiratmaja.
Dia membandingkan sistem gross split di Indonesia yang ini dengan sistem gross split di Libia. Dari segi karakteristik kolam minyak dan gas yang tersimpan di perut bumi atau reservoir Libia lebih unggul karena mudah sehingga menarik minat investor. Namun, dari sisi permukaan, Indonesia unggul. Apalagi soal masalah keamanan. Dengan begitu, Indonesia menjadi lebih menarik untuk masuknya investasi di hulu migas dengan sistem gross split ini.
Wiratmaja bahkan menjamin minimum investasi hulu migas di Indonesia akan mendapatkan IRR sebesar 12%. Namun, bila investor menemukan cadangan migas di lapangan yang kondisinya cukup baik, mereka bisa mendapatkan IRR hingga 20%. “Tergantung lapangan yang dia dapat,” katanya.
Sebagai gambaran, lapangan migas Indonesia saat ini mayoritas berada di wilayah marjinal atau laut dalam. Makanya pemerintah menyiapkan insentif berupa tambahan split dalam skema gross split ini. Supaya IRR-nya dapat di kejar. Kami kasih, minimum dia dapat IRR 12%,” ujarnya.
Pemerintah berharap skema gross split bisa membuat lapangan migas Indonesia menarik investor. “Investor jarang yang mau ke sini, buktinya lelang Wilayah Kerja (WK) ‘belum ada ada laku,” ujarnya. Pada tahun 2017 ini, pemerintah mulai menawarkan skema gross split. Wiratmaja berharap akan banyak investor yang mengikuti lelang blok migas Indonesia. Director of Indonesian Petroleum Association (IPA) Marjolijn Wajong mengungkapkan, IPA selalu disertakan, hampir di setiap rapat saat pemerintah akan mengeluarkan kebijakan baru.
Makanya, IPA mendukung skema gross split ini untuk efisiensi di industri migas. “Tapi kami ingin memastikan tingkat keekonomian tidak turun dengan sistem yang ada sekarang,” ujar dia. Marjolijn menyebut, saat ini investasi hulu migas di Indonesia memang kurang menarik dibandingkan dengan investasi di negara lain dalam satu kawasan. “Karena gross split,” ini sudah diundangkan, sebagai upaya continue improvement kami mohon kajian insentif terutama untuk laut dalam, voliter dan EOR (Enhanced Oil Recovery). Ke depannya kami mau kesana. Kami minta dibuat kajian lebih baik.
Dia belum bisa memberikan tanggapan soal gross split minimum IRR bisa 12%. “Saya belum pernah mendengar bahwa dengan gross split, minimum IRR adalah 12%. Apakah di Peraturan Menteri-nya ada menyebutkan hal itu? Saya akan periksa dulu, tetapi sebenarnya harus ada di Peraturan Menteri ESDM, kata dia.
Pengamat Energi dari ReforMiner Institute Pri Agung Rakhmanto menilai, kontraktor migas itu prinsipnya semakin tinggi IRR maka mereka akan semakin tertarik masuk. “IRR 12% mungkin termasuk ekonomis bagi kontraktor, tapi tergolong marginal. IRR 15% saja termasuk marginal,” kata Pri Agung Rakhmanto .
Dia mengatakan, cara sederhana membandingkan skema gross split dengan sebelumnya adalah berkaca pada IRR di lapangan migas eksisting yang sudah dikelola kontraktor migas. “Kalau dengan bagi hasil Eksisting mereka bisa di atas 15% IRR nya, lalu ditawari gross split dengan IRR 12%, ya pasti tidak akan kemudian begitu saja menerima
Catatan: Saat ini pemerintah hanya memberikan IRR 5% kepada Eni Indonesia sebagai operator Lapangan Jangkrik yang merupakan lapangan laut dalam.
Kontan, Page-14, Monday, Jan, 23, 2017

Pertamina East Natuna Block Commissioned Work

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The government assigned PT Pertamina to work on the East Natuna Block. Assignment granted because, even if found dating back more than 30 years ago, the development of these blocks are not started. Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan said the East Natuna Block which was formerly called Natuna D Alpha been discovered since 1970, or more than 30 years ago. Pertamina was given the task to work on this block already given more than 30 years never worked “Later Pertamina invite partners for this, so the result is more fair division of the country,” he said.

Director General of Oil and Gas Ministry of Energy and Mineral Resources Wiratmaja I Gusti Nyoman added, before being able to manage oil and gas blocks, oil and gas companies need to follow the auction. However, for the East Natuna Block, Pertamina directly can do without having to go through an auction. “Pertamina are welcome to cooperate with existing partners, perform TMR (technology and market review / assessment of technology and commercial) with Exxon Mobil and PTF Thailand,” he explained.

Until now, there has been no official division of participation rights in East Natuna Block between Pertamina and its partners. Later, Pertamina will propose a share split to the government. The division of shares between the three oil and gas companies can do business to business (B to B). “Later given the opportunity (to stock split), “he said. Exxon Mobil and PTT Thailand can buy shares owned Pertamina East Natuna Block.

Pertamina Upstream Director Syamsu Alam previously revealed, it is still working on TMR for East Natuna Block. The plan of this study will be completed in 2018. After that, the Consortium Pertamina and ExxonMobil and PTT Thailand will determine the next steps. “It was asked to advanced (completion TMR), but it seems also not easy,” he said.

He explained that the high content of carbon dioxide in the East Natuna Block, made the development of this block becomes complex both from the technological and commercial. Although the government wants to speed up its development, investors are unlikely to develop it at any cost or at risk with no return of capital. More realistic and there is certainty that all of the studies can be completed. For East Natuna, we do not just talk to the concept of development, but also to a buyer there whom and about what kind of commercial.

Previously, the development of East Natuna Block is planned to be done gradually. The plan, the first phase, the development of the block on the border of Indonesia started from workmanship structure AP dominant oil reserves. In the next phase, the new structure will be worked AL dominant gas with carbon dioxide content reaches 72%. However, this plan will be amended so that the development of structures AP and AL will be conducted simultaneously.

The government wants East Natuna Block accelerated development in order to maintain the sovereignty of Indonesia. Initially, this block PSC contract specifically for the development of the oil structure can be done in the last year and started production three years later. The resulting oil production is estimated at about 7,000 to 15 thousand barrels per day (bpd). Oil reserves in the East Natuna Block is estimated at about 46 million barrels. While gas reserves, 42 trillion cubic feet.

IN INDONESIAN

Pertamina Ditugaskan Garap Blok East Natuna

Pemerintah menugaskan PT Pertamina untuk menggarap Blok East Natuna. Penugasan diberikan lantaran, meski ditemukan sejak lebih dari 30 tahun lalu, pengembangan blok ini belum juga mulai. Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan mengatakan, Blok East Natuna yang dulunya disebut Blok Natuna D Alpha ditemukan sejak 1970an atau lebih dari 30 tahun lalu. Pertamina diberi tugas untuk menggarap blok ini mengingat sudah lebih dari 30 tahun tak kunjung dikerjakan “Nanti Pertamina ajak partner yang selama ini, sehingga pembagian hasilnya lebih fair untuk negara,” kata dia.

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM I Gusti Nyoman Wiratmaja menambahkan, sebelum dapat mengelola blok migas, perusahaan migas perlu mengikuti lelang. Namun, untuk Blok East Natuna ini, Pertamina langsung dapat mengerjakannya tanpa harus melalui lelang. “Pertamina dipersilakan bekerja sama dengan mitra eksisting, melakukan TMR (technology and market review/kajian teknologi dan komersial) dengan Exxon Mobil dan PTF Thailand,” jelasnya.

Sampai saat ini, belum ada pembagian resmi hak partisipasi di Blok East Natuna antara Pertamina dan mitra-mitra-nya. Nantinya, Pertamina yang akan mengusulkan pembagian saham ini kepada pemerintah. Pembagian saham antara ketiga perusahaan migas itu bisa dilakukan secara business to business (b to b). “Nanti dikasih kesempatan (untuk membagi saham),” ujarnya. Exxon Mobil dan PTT Thailand dapat membeli saham yang dimiliki Pertamina di Blok East Natuna.

Direktur Hulu Pertamina Syamsu Alam sebelumnya mengungkapkan, pihaknya masih mengerjakan TMR untuk Blok East Natuna. Rencananya kajian ini bakal selesai pada 2018. Setelah itu, Konsorsium Pertamina bersama ExxonMobil dan PTT Thailand baru akan menentukan langkah selanjutnya. “Waktu itu diminta dimajukan (penyelesaian TMR), tetapi kelihatannya juga tidak gampang,” tuturnya.

Dia menjelaskan, tingginya kandungan karbondioksida di Blok East Natuna, membuat pengembangan blok ini menjadi kompleks baik dari sisi teknologi dan komersial. Meski pemerintah ingin mempercepat pengembangannya, investor tidak mungkin mengembangkannya at any cost atau dengan risiko tanpa ada pengembalian modal. Lebih realistis dan ada, kepastian kalau semua studi bisa diselesaikan. Untuk East Natuna, kita tidak hanya bicara sampai konsep pengembangannya, tetapi juga sampai buyer di sana siapa dan kira-kira seperti apa komersialnya.

Sebelumnya, pengembangan Blok East Natuna rencananya dilakukan secara bertahap. Rencananya, pada tahap pertama, pengembangan blok di perbatasan Indonesia ini dimulai dari pengerjaan struktur AP yang dominan cadangan minyaknya. Pada tahap berikutnya, baru akan digarap struktur AL yang dominan gas dengan kandungan karbon dioksida mencapai 72%. Namun, rencana ini bakal diubah, sehingga pengembangan struktur AP dan AL akan dilakukan bersamaan.

Pemerintah menginginkan pengembangan Blok East Natuna dipercepat guna menjaga kedaulatan Indonesia. Awalnya, kontrak PSC blok ini yang khusus untuk pengembangan struktur minyak bisa dilakukan pada tahun lalu dan mulai produksi tiga tahun kemudian. Produksi minyak yang dihasilkan diperkirakan sekitar 7.000 sampai 15 ribu barel per hari (bph). Cadangan minyak di Blok East Natuna diperkirakan sekitar 46 juta barel. Sementara cadangan gasnya 42 triliun kaki kubik.

Investor Daily, Page-9, Monday, Jan, 23, 2017

Production Pertamina Potentially Up

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Production of oil and gas PT Pertamina of blocks in the country has the potential to rise. The increase in production came after eight blocks were soon out of contract handed to Pertamina. So far, the contribution of oil and gas production of Pertamina to national production by 24 percent. This figure is much lower than the average contribution of other state oil companies an average of 90 percent.

Blocks were submitted to Pertamina is Attaka block in East Kalimantan, South East Sumatra Block, Block East Kalimantan, Central Block in East Kalimantan and North Sumatra Block Offshore. In addition, Ogan Ogan JOB Block in South Sumatra, Sanga-Sanga block in East Kalimantan, and Tuban JOB-PPEJ Block in East Java were also submitted. Block Attaka contract expires in March 2018, while the contract period of seven other blocks discharged in 2018. “Our target is that there should be additional production (with the delivery of eight blocks).

However, we are still counting the addition of production, line concept for the new results using the gross split (for results based on the gross production of oil and gas), “said Vice President Corporate Communications Pertamina Wianda Pusponegoro.

According Wianda, Pertamina require government support the commercialization of the block scheme follows a submission it’s eight blocks managed by Pertamina in full. With the concept of gross revenue share split. Pertamina apply the principle of operation efficiency in the cultivation of the eight blocks. Pertamina also open up opportunities for cooperation with other companies to manage the blocks. “Up to 2025, Pertamina’s investment plans in the upstream sector reached 54 billion US dollars. That has included the proposed acquisition of oil and gas blocks that exist abroad, “said Wianda

Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said, with delivery of eight oil and gas blocks to Pertamina, the state-owned oil and gas company contributions are expected to be greater. According to Pertamina, Pertamina production contributes 24 percent to the equivalent of 650,000 barrels of oil equivalent per day (BOEPD). “Petronas, the Malaysian state oil and gas company, has been able to contribute 55 percent of the oil and gas production in the country. Contributions Pertamina should be even greater, “he said.

In a press release regarding the working visit of Minister Ignatius Jonan to Cepu last week, the government expects the lifting performance (production ready for sale) of oil in 2017 could exceed the benchmark Budget 2017 amounted to 815 000 barrels per day. According Jonan, oil lifting at least 2017 could reach 825,000 barrels per day

IN INDONESIAN

Produksi Pertamina Berpotensi Naik

Produksi minyak dan gas bumi PT Pertamina dari blok-blok di dalam negeri berpotensi naik. Kenaikan produksi terjadi setelah delapan blok yang segera habis masa kontraknya diserahkan kepada Pertamina. Sejauh ini, kontribusi produksi minyak dan gas bumi Pertamina terhadap produksi nasional sebesar 24 persen. Angka ini jauh lebih rendah dibandingkan dengan rata-rata kontribusi perusahaan minyak negara lain yang rata-rata 90 persen.

Blok yang diserahkan kepada Pertamina adalah Blok Attaka di Kalimantan Timur, Blok South East Sumatera, Blok East Kalimantan, Blok Tengah di Kalimantan Timur, dan Blok North Sumatera Offshore. Selain itu, Blok Ogan Komering JOB di Sumatera Selatan, Blok Sanga-Sanga di Kalimantan Timur, dan Blok Tuban JOB-PPEJ di Jawa Timur juga diserahkan. Kontrak Blok Attaka berakhir pada Maret 2018, sedangkan masa kontrak tujuh blok lainnya habis pada 2018. ”Target kami, harus ada penambahan produksi (dengan penyerahan delapan blok tersebut).

Namun, kami masih berhitung penambahan produksinya, sejalan konsep bagi hasil yang baru menggunakan gross split (bagi hasil migas berdasar produksi bruto),” ujar Vice President Corporate Communication Pertamina Wianda Pusponegoro.

Menurut Wianda, Pertamina memerlukan dukungan pemerintah mengenai skema komersialisasi blok tersebut menyusul di serahkannya delapan blok itu untuk dikelola Pertamina secara penuh. Dengan konsep bagi hasil gross split. Pertamina menerapkan prinsip efisiensi operasi dalam penggarapan delapan blok itu. Pertamina juga membuka peluang kerja sama dengan perusahaan lain untuk mengelola blok-blok tersebut. ”Sampai dengan 2025, rencana investasi Pertamina di sektor hulu mencapai 54 miliar dollar AS. ltu sudah termasuk rencana akuisisi blok-blok migas yang ada di luar negeri,” kata Wianda

Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, dengan penyerahan delapan blok migas kepada Pertamina, kontribusi perusahaan migas milik negara tersebut diharapkan lebih besar. Menurut data Pertamina, kontribusi produksi Pertamina sebesar 24 persen setara dengan 650.000 barrel setara minyak per hari (BOEPD).  ”Petronas, perusahaan migas negara Malaysia, sudah mampu berkontribusi 55 persen terhadap produksi migas di negara tersebut. Kontribusi Pertamina harus bisa lebih besar lagi,” katanya.

Dalam siaran pers mengenai kunjungan kerja Menteri ESDM Ignasius Jonan ke Blok Cepu pekan lalu, pemerintah mengharapkan capaian lifting (produksi siap jual) minyak tahun 2017 bisa melebihi patokan APBN 2017 yang sebesar 815.000 barrel per hari. Menurut Jonan, lifting minyak 2017 setidaknya bisa mencapai 825.000 barrel per hari

Kompas, Page-20, Monday, Jan, 23, 2017

Gross Split contract is believed to Accelerate Production

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Ministry of Energy and Mineral Resources convinced scheme for gross proceeds (gross split production sharing contract) will accelerate the production of oil and gas up to three years. Therefore, the government and the contractor does not need to cover the replacement cost of operation (cost recovery) that often makes the production of a protracted period. “Bureaucratic procurement system and debates during this time to be reduced,” said Deputy Minister of Energy Arcandra Tahar.
Arcandra explained, the time saved is for the preparation of the FEED (front end engineering design) as well as the stage of engineering, procurement, and construction. In the scheme of gross split, contractors can prepare such documents without a lengthy discussion with the Special Unit of Upstream Oil and Gas (SKK Migas). Since the 2000s, he said, the oil and gas contractors 15-16 years need time to suck the oil in the country. This includes finding stage backup / exploration to commercial production. In fact, when in 1970, the contractor takes five years.
Arcandra predict the time savings will make oil and gas investments more attractive. Split gross Regulation contained in the Minister of Energy No. 8 of 2017. For oil revenues between the state and the contractor to 57 percent and 43 percent. As for the state’s share of gas by 52 percent and the contractor got 48 percent. In conventional production sharing contracts, part of the country 85 percent oil and 65 percent gas. In the new scheme, part of the contractor can grow up to 5 percent if the development of the field considered uneconomical. Another factor is the global oil price fluctuations. But, if the production is abundant and the price exceeded $ 85 per barrel, the country received additional oil and gas revenue by 5 percent.
According Arcandra, the results are final, with no replacement in cutting operational costs (cost recovery). In the old contract, the amount of the average cost of replacement would make oil and gas portion of the government is reduced to 45 percent. “Based on the study of contract in 10 areas of work. (Section countries) could be 40 percent. “He promised to split the gross scheme will not harm the contractor.
 
IN INDONESIAN
 

Kontrak Gross Split Diyakini Percepat Produksi

Kementerian Energi dan Sumber Daya Mineral yakin skema bagi hasil kotor (gross split production sharing contract) akan mempercepat produksi minyak dan gas bumi hingga tiga tahun. Sebab, pemerintah dan kontraktor tidak perlu membahas biaya pengganti operasi (cost recovery) yang kerap membuat masa produksi berlarut-larut. “Sistem pengadaan yang birokratis dan debat yang terjadi selama ini menjadi berkurang,” kata Wakil Menteri Energi Arcandra Tahar.
Arcandra menjelaskan, waktu yang dihemat itu adalah untuk penyusunan FEED (front end engineering design) serta tahap rekayasa, pengadaan, dan konstruksi. Dalam skema gross split, kontraktor bisa menyusun dokumen tersebut tanpa diskusi panjang dengan Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas). Sejak 2000an, kata dia, kontraktor migas membutuhkan Waktu 15-16 tahun untuk menyedot minyak di Tanah Air. Termasuk di dalamnya tahap pencarian cadangan/eksplorasi hingga produksi komersial. Padahal, saat 1970, kontraktor hanya membutuhkan waktu lima tahun.
Arcandra memprediksi penghematan waktu bakal membuat investasi migas lebih menarik. Regulasi gross split termuat dalam Peraturan Menteri Energi Nomor 8 Tahun 2017. Bagi hasil minyak antara negara dan kontraktor menjadi 57 persen dan 43 persen. Sedangkan untuk gas porsi negara sebesar 52 persen dan kontraktor mendapat 48 persen. Dalam kontrak bagi hasil konvensional, bagian minyak negara 85 persen dan gas 65 persen. Dalam skema baru, bagian kontraktor bisa bertambah maksimal 5 persen jika pengembangan lapangan dinilai tidak ekonomis. Faktor lainnya adalah fluktuasi harga minyak dunia. Tapi, jika produksi melimpah dan harga melampaui US$ 85 per barel, negara mendapat tambahan hasil migas sebesar 5 persen.
Menurut Arcandra, bagi hasil tersebut sudah final, tanpa di potong biaya pengganti operasional (cost recovery). Dalam kontrak lama, besaran biaya pengganti rata-rata justru membuat porsi migas pemerintah berkurang sampai 45 persen. “Berdasarkan Studi dari kontrak di 10 wilayah kerja. (Bagian negara) bisa 40 persen.” Dia menjanjikan skema gross split tidak akan merugikan kontraktor.
Koran Tempo, Page-16, Monday, Jan, 23, 2017