Without incentives, Pertamina EP Keep walking

The government decided not to provide incentives for the development of field-Tiung Jambaran Blue, Cepu, East Java. However, PT Pertamina EP Cepu, one alias participation rights holders participating interest (PI), still intends to develop. However, the intention may be not smooth, because ExxonMobil as the holder of 45% Pl, potentially incompatible. "If Exxon did not participate in this gas block, chances are there because they are somewhat mind if not given incentives so that the IRR is still below 16%," said President Director of PT Pertamina EP Cepu ardiansyah

Not to mention, the government has set the price of gas Jambaran-Tiung Blue amounted to US $ 7 per mmbtu. The price of gas is down from the original price of US $ 8 per mmbtu. Pertamina EP Cepu calculate the internal rate of return (IRR) Jambaran-Tiung Blue no incentive to reach 12% to 13%. Meanwhile, if the government incentives, rising to 16% IRR. Please note, the decline in gas prices as the Blue Tiung Jambaran-economic policy package volume III. The government promises gas price of certain industries such as fertilizer and petrochemical shrunk to US $ 6 per mmbtu.

Pertamina EP Cepu hopes to develop Jambaran-Tiung Blue began the first half of this year. Then, the target onstream in 2020 with a production volume of 172 MMSCFD of a production capacity of 830 MMSCFD. But before that, Pertamina EP Cepu had to accomplish three things. First, his business partner, namely ExxonMobil also have to agree on a development plan. There is a first agreement, which would project should go first because if the project is late, the economics change, "said Ardiansyah.

Second, Pertamina EP Cepu must sign a gas sales agreement (PJ BG) set by the government at US $ 7 per mmbtu earlier. Until now, the government has not given a letter of approval for the change of gas allocation. According to information, the prospective buyer of gas production Jambaran-Tiung Blue changed. From the beginning, PT Pupuk Kujang switch to PT Pertamina.

Third, Pertamina EP Cepu SKK Migas is still awaiting approval on the results of the tender engineering, procurement construction (EPC). Information only, the projected investment Jambaran-Tiung Blue reached US $ 2.056 billion, Details, US $ 279.5 million well costs and US $ 1.777 billion in production facilities

IN INDONESIAN

Tanpa Insentif, Pertamina EP Tetap Jalan

Pemerintah memutuskan tak memberi insentif untuk pengembangan lapangan Jambaran-Tiung Biru, Blok Cepu, Jawa Timur. Namun PT Pertamina EP Cepu, salah satu pemegang hak partisipasi alias participating interest (PI), tetap berniat mengembangkan. Hanya saja, niat tersebut bisa jadi tidak mulus, karena ExxonMobil sebagai pemegang 45% Pl, berpotensi tak sejalan. "Kalau Exxon tidak berpartisipasi di blok gas ini, kemungkinan ada karena mereka agak keberatan apabila tidak diberikan insentif sehingga IRR-nya masih di bawah 16%," kata Direktur Utama PT Pertamina EP Cepu Ardiansyah

Belum lagi, pemerintah telah menetapkan harga gas Jambaran-Tiung Biru sebesar US$ 7 per mmbtu. Harga gas tersebut turun dari harga semula US$ 8 per mmbtu. Pertamina EP Cepu menghitung, internal rate of return (IRR) Jambaran-Tiung Biru tanpa insentif mencapai 12% 13%. Sementara kalau dengan insentif pemerintah, IRR naik menjadi 16%. Perlu diketahui, penurunan harga gas Jambaran-Tiung Biru seiring kebijakan paket ekonomi jilid III. Pemerintah menjanjikan harga gas industri tertentu seperti pupuk dan petrokimia menyusut hingga US$ 6 per mmbtu.

Pertamina EP Cepu berharap, bisa mengembangkan Jambaran-Tiung Biru mulai semester I tahun ini. Lalu, target onstream tahun 2020 dengan volume produksi sebesar 172 mmscfd dari kapasitas produksi sebesar 830 mmscfd. Namun sebelum itu, Pertamina EP Cepu harus menyelesaikan tiga hal. Pertama, mitra bisnisnya, yakni ExxonMobil juga harus menyepakati rencana pengembangan. Ada kesepakatan dulu, yang pasti proyeknya harus jalan dulu karena kalau proyek terlambat, ke ekonomiannya berubah,” kata Ardiansyah.

Kedua, Pertamina EP Cepu harus menandatangani perjanjian jual beli gas (PJ BG) yang ditetapkan pemerintah sebesar US$ 7 per mmbtu tadi. Hingga kini, pemerintah belum memberikan surat persetujuan atas perubahan alokasi gas. Menurut informasi, calon pembeli produksi gas Jambaran-Tiung Biru berubah. Dari semula PT Pupuk Kujang beralih kepada PT Pertamina.

Ketiga, Pertamina EP Cepu masih menunggu persetujuan SKK Migas atas hasil tender engineering, procurement construction (EPC). Informasi saja, proyeksi investasi Jambaran-Tiung Biru mencapai US$ 2,056 miliar  Perinciannya, US$ 279,5 juta biaya sumur dan US$ 1,777 miliar fasilitas produksi

Kontan, Page-14, Friday, Jan, 13 , 2016