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Wednesday, April 19, 2017

Upstream Oil and Gas Investment Down


Oil and Gas Blocks Out of Contract

Despite upstream investment realization of oil and gas during the first quarter / 2017 fell 32%, the government is still optimistic that this year's investment target of US $ 13.80 billion can be achieved.

Realized investment in upstream oil and gas in the quarter I / 2017 US $ 1.90 billion, down 32% compared with the same period last year of US $ 2.80 billion. In addition, factors that will run out of oil and gas block contracts in 2017 and 2018 is expected to be a pressure factor upstream oil and gas investment.

Because the cooperation contract (PSC) typically reduces production and exploration activities for the contract will expire. Based on data from the Ministry of Energy and Human Resources (ESDM), there are eight working areas of oil and gas that will be out of contract in 2017 and 2018. The eight blocks of oil and gas will run out of the contract, among others, Block Attaka, Tuban Block, Block Ogan Ogan , Sanga-Sanga, Block South East Sumatra, Central Block, Block Offshore North Sumatra and East Kalimantan block.

In addition, there is a block, the contract was completed on 31 December 2017. The Mahakam block is transferred from Total E & P lndonesie to PT Pertamina. Block located in East Kalimantan, it does not use the scheme for gross proceeds (gross split).

Meanwhile, eight blocks that will be out of contract in 2017 and 2018 will use the scheme replacing the split gross profit-sharing scheme operational costs that can be restored (cost recovery).

Secretary of the Special Unit of Upstream Oil and Gas (SKK Migas) Agustyono Budi said the upstream oil and gas investment target this year has been adjusted to the plan of activities set SKK Migas and cooperation contracts (KKSK) last year.

Thus, the factor of the expiration of the contract period of eight working areas of oil and gas has been used since the establishment of the Work Plan and Budget (Work Plan and Budget / WP & B) 2017. 

       Therefore, if the realization of investment upstream oil and gas by the end of 2017 remains low, it is caused by factors technical not been accounted for. In addition, the change of contract type of cost recovery scheme to split the gross effect on the Offshore North West Java in early 2017 has not shown any change in the activities of the original plan.

Based on data from SKK Migas, the realization of oil and gas upstream activities until the end of February 2017, PSC has been the realization of a production area drill 19 development wells, 119 re-work activities (work-over), and 4,350 wells care (well service).

Meanwhile, exploration PSC has conducted a seismic survey, two non-seismic surveys, drilling five exploratory wells, and the drilling of exploration wells rework. In addition, the realization of upstream oil and gas investment in the January-March 2017 reached US $ 1.90 billion, or 14% of the target of US $ 13.80 billion.

Realized investment in upstream oil and gas is made up of US $ 51.80 billion, of the block and the rest is U $ 100 million of exploration blocks. "Targeted investments this year in accordance with the work plan that was created last year. So due to some work area runs out of the contract will not affect the achievement of this year," he said

Until now, he said, all the activities are still going according to plan. Although the revised WP & B done in June 2017, he called the contractor proposes no changes in informal activities. Therefore, he is optimistic that this year's investment target could be achieved.

"The submission of the revised WP & B usually starts in June and now no one has filed an informal basis," he said. 

    Meanwhile, oil production targets ready for sale (lifting) As of March 31, 2017 reached 787 800 barrels per day (bpd), or 96.7%, and the budget target as many as 815 000 bpd. the lifting suppressor factors include weather conditions and constraints on the transport process.

The problem, in terms of production, the realization of the end of March reached 815.6 thousand barrel per day. On the other hand, the realization of lifting gas until the end of March 2017 reached 6503 million cubic feet per day (MMSCFD) or 101% of the target of 6,440 MMSCFD.

Guaranteed

Director General of Oil and Gas Ministry of Energy and Mineral Resources Wiralmaja Puja I Gusti Nyoman said it wants to guarantee a return on investment contractor until the end of the contract as stipulated in the Regulation of the Minister of Energy and Mineral Resources No. 26/2017 on Investment Cost Recovery Mechanism In the Upstream Oil and Gas.

Before it goes into administration, the costs incurred to maintain production must be calculated. After that, the new contractor calculates the economic field with the addition of such costs. If the field is not good economics, the new contractor can propose additions to the result (split) to the government.

Refers to the Minister of Energy and Mineral No. 8/2017 on Contracts Gross Split, work areas that are not extended its cooperation contract, it automatically switches from gross scheme of cost recovery be split. When the oil and gas fields have low economic scale, the government has the right to increase the revenue share of up to 5% PSC.

"The direction is straight, anyone contractors, such as signature bonus payment must return unrecovered cost to maintain production.

IN INDONESIAN
BLOK MIGAS HABIS KONTRAK

Investasi Hulu Migas Turun


Kendati realisasi investasi hulu minyak dan gas bumi selama kuartal I/2017 turun 32%, pemerintah masih optimistis Target penanaman modal tahun ini US$ 13,80 miliar dapat tercapai.

Realisasi investasi hulu migas pada kuartal l/2017 US$1,90 miliar turun 32% dibandingkan dengan realisasi periode yang sama tahun lalu US$2,80 miliar. Selain itu, faktor blok migas yang akan habis kontrak pada 2017 dan 2018 diperkirakan menjadi faktor penekan investasi hulu migas.

Pasalnya, kontraktor kontrak kerja sama (KKKS) biasanya mengurangi kegiatan produksi dan eksplorasi karena kontrak akan berakhir. Berdasarkan data Kementerian Energi dan Sumber Daya Manusia (ESDM) , ada delapan wilayah kerja minyak dan gas bumi yang akan habis masa kontraknya pada 2017 dan 2018.

     Kedelapan blok migas yang akan habis kontrak itu antara lain yaitu Blok Attaka, Blok Tuban, Blok Ogan Komering, Blok Sanga-Sanga, Blok South East Sumatera, Blok Tengah, Blok North Sumatera Offshore, dan Blok East Kalimantan. 

Selain itu, ada Blok Mahakam yang kontraknya selesai pada 31 Desember 2017. Blok Mahakam dialihkan dari Total E&P lndonesie ke PT Pertamina. Blok migas yang berlokasi di Kalimantan Timur itu tidak menggunakan skema bagi hasil kotor (gross split).

Sementara itu, delapan blok yang akan habis kontrak pada 2017 dan 2018 tersebut akan menggunakan skema gross split menggantikan skema bagi hasil biaya operasional yang dapat dikembalikan (cost recovery). 

Sekretaris Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Budi Agustyono mengatakan, target investasi hulu migas pada tahun ini telah disesuaikan dengan rencana kegiatan yang ditetapkan SKK Migas dan kontraktor kontrak kerja sama (KKSK) pada tahun lalu. 

Dengan demikian, faktor berakhirnya masa kontrak delapan wilayah kerja migas tersebut telah diperhitungkan sejak penetapan Rencana Kerja dan Anggaran (Work Plan and Budget/WP&B) 2017. Oleh karena itu, jika realisasi investasi hulu migas hingga akhir 2017 tetap rendah, hal itu disebabkan oleh faktor teknis yang belum diperhitungkan. 

     Selain itu, pergantian jenis kontrak dari skema cost recovery ke gross split yang berlaku pada Blok Offshore North West Java pada awal 2017 belum menunjukkan adanya perubahan kegiatan dari rencana semula. 

Berdasarkan data SKK Migas, realisasi kegiatan hulu migas hingga akhir Februari 2017, KKKS wilayah produksi sudah merealisasikan pengeboran 19 sumur pengembangan, 119 kegiatan kerja ulang (work over), dan 4.350 perawatan sumur (well service).

Sementara itu, KKKS eksplorasi telah melakukan satu survei seismik, dua survei non-seismik, lima pengeboran sumur eksplorasi, dan satu pengeboran kerja ulang sumur eksplorasi. Selain itu, realisasi investasi hulu migas selama Januari-Maret 2017 baru mencapai US$1,90 miliar atau 14% dari target US$13,80 miliar. 

Realisasi investasi hulu migas itu terdiri dari US$51,80 miliar dari blok produksi dan sisanya U$100 juta dari blok eksplorasi. "Target investasi tahun ini sesuai dengan rencana kerja yang telah dibuat tahun lalu. Jadi terkait beberapa wilayah kerja yang habis kontrak itu tidak akan memengaruhi capaian pada tahun ini,” ujarnya 

Hingga saat ini, katanya, semua kegiatan masih berjalan sesuai rencana. Kendati revisi WP&B dilakukan pada Juni 2017, dia menyebut belum ada kontraktor yang mengusulkan perubahan kegiatan secara informal. Oleh karena itu, dia optimistis target investasi tahun ini bisa tercapai.

“Pengajuan revisi WP&B biasanya dimulai Juni dan sekarang belum ada yang mengajukan secara informal," katanya. Sementara itu, target produksi minyak siap jual (lifting) Hingga 31 Maret 2017 mencapai 787.800 barel per hari (bph) atau 96.7% dan target APBN sebanyak 815.000 bph. Faktor penekan lifting tersebut antara lain kondisi cuaca dan kendala pada proses pengangkutan.

Pasalnya, dari sisi produksi, realisasi sampai akhir Maret sudah mencapai 815.600 bph. Di sisi lain, realisasi lifting gas sampai akhir Maret 2017 mencapai 6.503 juta kaki kubik per hari (MMscfd) atau 101% dari target 6.440 MMscfd. 

DI JAMIN

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM I Gusti Nyoman Wiralmaja Puja mengatakan pihaknya ingin menjamin pengembalian investasi kontraktor hingga masa akhir kontrak seperti yang diatur dalam Peraturan Menteri ESDM No. 26/2017 tentang Mekanisme Pengembalian Biaya Investasi Pada Kegiatan Usaha Hulu Migas.

Sebelum dialihkan pengelolaannya, biaya yang dikeluarkan untuk mempertahankan produksi harus dihitung. Setelah itu, kontraktor yang baru menghitung keekonomian lapangan dengan penambahan biaya tersebut. Bila keekonomian lapangan kurang bagus, kontraktor baru itu dapat mengusulkan penambahan bagi hasil (split) kepada pemerintah. 

Mengacu pada Peraturan Menteri ESDM No. 8/2017 tentang Kontrak Gross Split, wilayah kerja yang tidak di perpanjang kontrak kerja samanya, secara otomatis beralih dari skema cost recovery menjadi gross split. Bila lapangan migas memiliki skala ekonomi rendah, pemerintah memiliki hak untuk menambah bagi hasil KKKS hingga 5%.

“Arahnya langsung, siapapun kontraktornya, pembayarannya seperti signature bonus harus mengembalikan unrevovered cost untuk menjaga produksi.

Bisnis Indonesia, Page-30, Tuesday, April, 18, 2017

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