PT Pertamina and Exxon Mobil will determine the continuation of the project unitization Jambaran- Blue Tiung Field, and maximum March. Currently, both are finishing commercialization schemes are the obstacles to this project.
Jambaran- Blue Tiung Field
The unitization project Jambaran-Blue Tiung does not go the way because of the standards used by Pertamina and Exxon Mobil to assess the economics of different projects. Pertamina calculates the project is already economically on the return on capital (internal rate of return / IRR) below 16%, while Exxon Mobil wants above that level.
Senior Vice President Upstream Business Development Pertamina D. Tampubolon said it and Exxon Mobil are still trying to finalize the commercialization scheme or the economics of the project as directed by the government. Exxon Mobil even bring the legal party from its headquarters in Houston, United States.
The solution to this problem is targeted to be available at the end of March in order to remain able to achieve the production target (on stream) in 2020.
"If March is not finished, I'll be late. That we avoid. If such a solution is not found, we came back to the government, what next. Hopefully, see you.
He explained that there are several options were still being considered.
First, Pertamina and Exxon Mobil will finalize commercialization differences and then work on this project together.
Second, implement schemes with sole risk, where Exxon Mobil did not come to invest, do not bear the risk, and do not get results from the development of Project Jambaran-Blue Tiung.
Third, using the farm-out scheme in which Pertamina bought shares of Exxon Mobil in Jambaran Gas Field.
"But do not know which one fits, respectively pros (advantages) and cons (cons)," said D Tampubolon.
Scheme sole risk describes commonly used by oil and gas companies in exploring oil and gas blocks. However, in this scheme, Pertamina must bear its own investment and risk. While the stock purchase plan is even more complicated and takes a long time because of the need to remove the Jambaran field of cooperation contracts (production sharing contract / PSC) Cepu.
Recognized Denie, talks with Exxon Mobil have not been up to the discussion of this stock purchase plan. It also can not guarantee the use of schemes can accelerate the sole-risk project execution Jambaran-Tiung Blue. "In principle Exxon support (development Jambaran-Tiung Blue), then it is, he says let's find a scheme which could equally please. Not to know the scheme, "he said.
Meanwhile, regarding the problem of allocation of gas-Tiung Jambaran Blue, Pertamina Upstream Director Syamsu Alam states already been completed, He said he had received a letter of allocation from the Ministry of Energy and Mineral Resources (ESDM) that gas from the project was 100% for Pertamina. Exxon has also agreed with this allocation.
"It is indeed eager Exxon gas Pertamina taker her feel more secure because yes," he said.
Ready to Fund
If you must work-Tiung Jambaran Project Blue itself, Alam admitted that it is ready. A subsidiary of Pertamina, which manages the project, PT Pertamina EP Cepu, had been conducting a study if it should undertake the project without a partner. However, the study did not proceed. Including if it should buy shares of Exxon Mobil, which is ready.
"We have to do the farm if it is, of course, with a fair value," he said.
It wants, there must be certainty about Project Blue Jambaran-Tiung no later than this year as well. Because if not, the project will be delayed and the economic value of the project will go down. If there is a decision, it was a promising first gas production that can be realized in 2020 or as soon as later in 2019.
Pertamina EP Cepu (PEPC)
Earlier, President Director of Pertamina EP Cepu (PEPC) Ardiansyah said Jambaran-Tiung Project Blue must be a way for the economic value is not further eroded. Any delay in the production schedule of the year IRR dropped calls resulted in more value and 2%.
This is because the cooperation contract expires in 2035. This year, Pertamina EP Cepu has set aside about US $ 100 million to continue construction projects Jambaran Field unitization-Tiung Blue. The budget is not too large because of the activities carried out this year have not been a lot of construction activities. Activities conducted namely construction engineering (engineering), the preparation, and the release of a small portion of land required.
Pertamina EP Cepu still plans can kick off the project earlier this year. Jambaran gas field-Blue Tiung can produce gas up to 320 million cubic feet per day (million standard cubic feet per day / MMSCFD). However, with a carbon dioxide content of 30%, the clean gas can be used for just about 180-185 MMSCFD.
Investor Daily, Page-9, Monday, Feb 13, 2017
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