PT Pertamina and consortium members, Exxon Mobil and PTT Thailand, are still evaluating the government's 40% split offer. However, Pertamina considered the offer to be very economical.
Pertamina Upstream Director Syamsu Alam said that his party and consortium members are still evaluating the offer and plans for developing the East Natuna Block.
the East Natuna Block
Moreover, to date, not all members have submitted proposals regarding the terms and conditions for the East Natuna Block contract. Pertamina and the consortium have not been able to agree on the terms and conditions offered by the government.
"From Pertamina's evaluation, this figure may still be economical, but only for the AR structure, while the AP structure awaits the results of TMR (technology and market review).
Syamsu explained that the evaluation took a very long time because the East Natuna Block development was carried out in stages. According to the plan, in the first phase, the development of the block on the Indonesian border will start from the work on the AP structure which has the dominant oil reserves. In the next stage, a gas-dominant AP structure with a carbon dioxide content of 72% will be worked out.
Syamsu once revealed that oil production in the East Natuna Block could be done faster than gas. This is because oil development does not need to determine who the buyers are and the method of transportation, as in the gas business.
He admitted that gas development took a very long time because Pertamina had to ensure that it was commercialized. So if you want to have activity in Natuna immediately and withdraw other oil and gas blocks to be active immediately, that can be done by developing oil first.
Moreover, the development of oil from oil and gas blocks in Natuna can later be carried out in an integrated manner. Currently, Pertamina and partners are working on a technology and market review / TMR for gas block production at the Indonesian border. Later, Fiscal for gas development will be based on the results of TMR which will be completed in 2017.
Previously, the Upstream Director of the Directorate General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM) Tunggal revealed that the government had conveyed all the terms and conditions of the East Natuna Block offered to Pertamina and the consortium.
Some of the offers are split and signature bonuses. The split offered can be up to 40% for Pertamina because it is in accordance with the applicable regulations.
"Only Pertamina and the consortium are willing to bid,".
Not only that, but the government also added a clause that the East Natuna Block production sharing contract / PSC could be revised once the TMR was completed. He said Pertamina partners were currently consulting with their head office regarding the government's offer.
"Exxon Mobil said that at the end of November it gave an answer. The acceleration of the development of the East Natuna Block is the government's desire ".
Director-General of Oil and Gas of the Ministry of Energy and Mineral Resources I Gusti Nyoman Wiratmaja Puja said that the acceleration of the development of the East Natuna Block was necessary to safeguard Indonesia's sovereignty. This is because there have been attempts by other countries to draw their borders beyond the borders of the archipelago.
We hope that in the next year it will be able to produce. Wiratmaja hopes that exploration activities can be carried out immediately in the East Natuna Block. Furthermore, this block can immediately produce around 7,000 to 15,000 barrels of oil per day (BPD). Oil reserves in the East Natuna Block are estimated at around 46 million barrels. Meanwhile, its gas reserves are 42 trillion cubic feet.
Investor Daily, Page-9, Thursday, Oct 22, 2016
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