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Thursday, January 19, 2017

This is the End of Regime Cost Recovery




Through the Regulation of the Minister of EMR N08 / 2017, the end of government cost recovery schemes


Adios regime operating cost recovery or cost recovery. Wednesday (18/1) the government released Regulation No. Minister 8/2017 on Production Sharing Contracts Gross Split. Valid from January 16, 2017, oil and gas production sharing contractors skyrocketed, but there is no replacement cost of operation.

Minister of Energy and Mineral Resources said Ignatius Jonan, with gross split, the government can reduce the burden on state revenue and expenditure budget (APBN). Operating costs are no longer charged to the state, but to the oil and gas contractors. Reflecting on 2016, actual cost recovery ceiling of US $ 8.4 billion, but swelled to US $ 11.4 billion. Without cost recovery undisturbed state budget again.

On the other hand, contractors benefit greatly if it can improve efficiency, said Jonan. With the publication of this rule, the government can encourage interest in upstream oil and gas investment. Investment licensing process does not have to wait a year or two years, as it needs the approval of SKK Migas, "he said.

In addition to cut licensing, investment inflows also pushed oil prices. Rules gross mentions split, when low oil prices, high production sharing contractors. According Jonan, if prices continue to rise, the greater the investment. If the price drops as the end of 2014 up to US $ 27 per barrel, passion down too. "We could not get anything, because oil prices are determined global market, we help of the regulations as directed by the President to make regulations that can make better investments, said Jonan.

Deputy Minister Arcandra Tahar claims, wear simulation scheme using a split gross profit-sharing contract plus cost recovery had been performed on 10 oil and gas contractors.

"Through the scheme as if the split gross revenue share low state. However, when using the results of cost recovery for a country still cut cost recovery as well, so only 45%," he said.

Pertamina president director Dwi Soetjipto said gross scheme actually split a tough challenge for operators of oil and gas blocks. He gave the example of the Offshore North West Java (ONWJ), if calculated in the rough for Pertamina results have been less. Pertamina will improve efficiency in order to cover the revenue shortfall should come, "he said.

Meanwhile, Director of the Indonesian Petroleum Association (IPA) Marjolijn Wajong said it could not give assurance about the effectiveness of the rule. Is it possible to bring in upstream oil and gas investment. "We see the market reaction when there is a tender block of oil and gas. According to him, the figures in the rules gross split does not stand alone, there must be something else that changed. It was the government's authority, they do not require the Indonesian Petroleum Association (IPA) to agree. So it's a decision government, said Marjolijn.

Regulation of the Minister of Energy and Mineral Resources No. 8/2017

New Terms For Gas Results

1. For the initial results (base split):
- Petroleum; 57% for the state and 43% for contractors
- Natural gas: 52% for the state and 48% for contractors

2. The variable component is:
Status Work Area
- Location Fields
- Depth Reservoir
- Type Reservoir
CO2 content
H2S content
The level of domestic component (DCL 30% -49% split correction contractor parts of 2%, 50% -69% 3% and 70% -100% and 4%).

3. Progressive Components are:
The price of oil. The evaluation is conducted every month by SKK Migas based on the calculation of Indonesian crude price (ICP).

Total cumulative production of oil and gas

4. For a field that does not reach a certain economic value, the minister may provide additional revenue share at most 5% to the contractor. Instead, the field exceeds a certain economic value, the minister may assign additional percentage revenue share at most 5% for the countries of the contractor.

5. The Contractor shall pay income tax in accordance with legislation

6. Operating costs already incurred the Contractor can be considered as an element of the income tax deduction Contractor.

7. The Contractor shall meet the needs of petroleum or natural gas for domestic needs by giving 25% of the production of oil and gas part of the Contractor. Price refers to the price of crude oil
Indonesia (ICP).

8. Control and supervision of the implementation of production sharing contracts gross split conducted SKK Migas


9. Cooperation contract that was signed before these regulations are established, shall remain in force until the expiration of the contract

IN INDONESIAN


Inilah Akhir Rezim Cost Recovery


Lewat Peraturan Menteri ESDM N08/2017, pemerintah akhiri skema cost recovery

Adios rezim pengembalian biaya operasi atau cost recovery. Rabu (18/1) pemerintah merilis Peraturan Menteri ESDM No. 8/2017 tentang Kontrak Bagi Hasil Gross Split. Berlaku mulai 16 Januari 2017, bagi hasil migas kontraktor melejit, tapi tidak ada lagi biaya penggantian operasi. 

Menteri ESDM Ignasius Jonan mengatakan, dengan gross split, pemerintah bisa mengurangi beban Anggaran Pendapatan dan Belanja Negara (APBN). Biaya operasi tak lagi dibebankan ke negara, tapi ke kontraktor migas. Berkaca dari tahun 2016, pagu cost recovery sebenarnya US$ 8,4 miliar, tapi membengkak menjadi US$ 11,4 miliar. Tanpa cost recovery APBN tak terganggu lagi. 

Di sisi lain, Kontraktor mendapatkan keuntungan besar jika bisa melakukan efisiensi, kata Jonan. Dengan terbitnya aturan ini, pemerintah bisa mendorong minat investasi hulu migas. Proses perizinan investasi tidak harus menunggu setahun atau dua tahun, karena perlu persetujuan SKK Migas,“ katanya.

Selain memangkas perizinan, masuknya investasi juga di dorong tingginya harga minyak. Aturan gross split ini menyebutkan, ketika harga minyak rendah, bagi hasil kontraktor tinggi. Menurut Jonan, jika harga naik terus, investasi semakin besar. Kalau harga turun seperti akhir tahun 2014 hingga sampai US$ 27 per barel, gairahnya turun juga. "Kita tidak bisa apa-apa, karena harga migas ditentukan pasar global, kami bantu dari regulasi sesuai arahan Presiden untuk membuat regulasi yang bisa membuat investasi semakin baik, kata Jonan.

Wakil Menteri ESDM Arcandra Tahar mengklaim, simulasi memakai skema gross split dengan memakai kontrak bagi hasil plus cost recovery sudah dilakukan terhadap 10 kontraktor migas.

"Melalui skema gross split seolah-olah bagi hasil negara rendah. Namun saat menggunakan cost recovery bagi hasil negara yang masih dipotong cost recovery juga, jadi hanya 45%," kata dia.

Direktur Utama Pertamina, Dwi Soetjipto mengatakan, skema gross split sebenarnya tantangan yang cukup berat bagi operator blok migas. la memberi contoh Blok Offshore North West Java (ONWJ), jika dihitung secara kasar bagi hasil Pertamina justru kurang. Pertamina akan melakukan efisiensi agar menutup kekurangan pendapatan yang seharusnya didapat," katanya. 

Sementara itu, Direktur Indonesia Petroleum Association (IPA) Marjolijn Wajong mengatakan, pihaknya belum bisa memberi kepastian soal efektivitas aturan itu. Apakah bisa mendatangkan investasi hulu migas. "Kita lihat reaksi pasar saat ada tender blok migas. Menurutnya, angka-angka dalam aturan gross split tak berdiri sendiri, harus ada hal lain yang diubah. Itu kewenangan pemerintah, mereka tidak memerlukan Indonesia Petroleum Association (IPA) untuk menyepakati. Jadi itu keputusan pemerintah, kata Marjolijn.

Peraturan Menteri ESDM No. 8/2017

Ketentuan Baru Bagi Hasil Migas

1. Bagi hasil awal (base split):
- Minyak bumi: 57% bagi negara dan 43% bagi kontraktor
- Gas bumi: 52% bagi negara dan 48% bagi kontraktor

2. Komponen variabel adalah:
Status Wilayah Kerja
- Lokasi Lapangan
- Kedalaman Reservoir
- Jenis Reservoir
Kandungan CO2
Kandungan H2S
Tingkat komponen dalam negeri (TKDN 30%-49% koreksi split bagian kontraktor sebesar 2%, 50%-69% sebesar 3% dan 70%-100% sebessar 4%).

3. Komponen progresif adalah:
Harga minyak bumi. Evaluasi dilakukan setiap bulan oleh SKK Migas berdasarkan perhitungan harga minyak mentah Indonesia (ICP).

Jumlah kumulatif produksi minyak dan gas bumi

4. Untuk lapangan yang tidak mencapai keekonomian tertentu, menteri dapat memberikan tambahan bagi hasil paling banyak 5% kepada kontraktor. Sebaliknya, lapangan yang melebihi keekonomian tertentu, menteri dapat menetapkan tambahan persentase bagi hasil paling banyak 5% untuk negara dari kontraktor.

5. Kontraktor wajib membayar pajak penghasilan sesuai ketentuan peraturan perundang-undangan

6. Biaya operasi yang telah dikeluarkan Kontraktor dapat diperhitungkan sebagai unsur pengurang pajak penghasilan Kontraktor. 

7. Kontraktor wajib memenuhi kebutuhan minyak bumi dan atau gas bumi untuk keperluan dalam negeri dengan menyerahkan 25% dari hasil produksi Migas bagian Kontraktor. Harga mengacu pada harga minyak mentah
Indonesia (ICP). 

8. Pengendalian dan pengawasan pelaksanaan kontrak bagi hasil gross split dilakukan SKK Migas

9. Kontrak kerjasama yang telah ditandatangani sebelum peraturan ini ditetapkan, dinyatakan tetap berlaku sampai berakhirnya masa kontrak

Kontan, Page-1, Thursday, Jan, 19, 2017

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