The Director of Upstream Petroleum and Natural Gas Business Development said the government actually wants immediate activities in the East Natuna Block because of its strategic location.
According to him, with the activities there, it could show that the location was still part of Indonesia. The government has compiled a number of fiscal terms (fiscal terms) as well as a draft cooperation contract.
The contractor consortium has not yet agreed on this. The contractor consortium consists of ExxonMobil, PTT EP Thailand and PT Pertamina as the consortium leader.
PTT EP Thailand
Initially, the cooperation contract could be signed in September 2016 due to an oil structure that could be developed in advance. Tunggal mentioned that the consortium still needed studies to develop the oil structure and requested additional time.
It is targeted, only in November 2016, the study of the structure of oil has been completed. Single said after the study of the oil structure was completed, the drilling activities were targeted to be carried out in early 2017. Later there would only be one contract for production / PSC to develop the oil structure and gas structure.
While carrying out activities on the oil structure, the consortium can continue to study the Technology Market Review / TMR of its gas structure. PSC is possible for an addendum after TMR is completed so that the project can proceed according to economies of scale given the high costs due to the high gas content of carbon dioxide.
Fiscal terms offered include a profit-sharing scheme or a split between the government and the contractor. For oil management, the split is 60:40 or 60% the Government and 40% the contractor while the gas is 55:45 which is 55% for the government and 45% for the contractor.
The fiscal terms offer has been given in accordance with Pertamina's wishes. Because Pertamina said that acceleration could be done with more attractive fiscal terms.
The East Natuna Block has great potential but is located far from the market and contains high carbon dioxide. Based on ESDM Ministry data, the East Natuna Block holds a potential of 222 trillion cubic feet (Tcf) with only 46 Tcf of gas that can be produced. Because 72% of its composition is carbon dioxide.
Separation technology is also needed injection of carbon dioxide which can produce efficiently. For oil, there is potential, production of 15,000 barrels per day (BPD) which is expected by the Government to be developed first. That is what is still being discussed among the consortium because the development of gas with a large project alone is not necessarily appropriate to economies of scale, especially the development of smaller potential oil.
Wianda Pusponegoro
Pertamina Corporate Communication Wianda Pusponegoro said it was ready to sign the PSC. Large investment value is needed to prepare the facilities related to the development of the gas structure.
As the government wishes, a study of the market and gas development technology is accelerated so that activities can be carried out in the near future. It was initially targeted that TMR would be completed by the end of 2017, which would last for 18 months.
The consortium decided to accelerate with the completion target at the end of 2016. At first the deadline, at the end of 2017, to convey the results of the study, at the end of 2016, it would be.
Bisnis Indonesia, Page-9, Saturday, Oct 15, 2016.
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