In recent years, upstream oil and gas investment in Indonesia is in declining trend. In addition to the oil price factor, certainty of rules in the sector is also a consideration for investors investing in the sector.
From year to year oil and gas production in Indonesia continues to decline. The price of oil that continues to slip more and more causes upstream oil and gas activities in the country more lethargic.
Substitution of national leadership from Susilo Bambang Yudhoyono to Joko Widodo still not able to change the condition of upstream oil and gas business in Indonesia. It is not surprising that Fraser Institute institutions place Indonesia under Timor Leste and even Papua New Guinea in an attractive country for upstream oil and gas investment in the Oceania region.
The classic problem with no solution in this business is a matter of return on investment in upstream oil and gas and business certainty. Especially lately, the government hobby to change the rules of oil and gas business. Two things become the main reference of investors if they want to invest in upstream oil and gas.
For global oil companies, before deciding to invest in Indonesia it will definitely compare the two conditions with other countries. Understandably, this upstream oil and gas investment requires very thick money and the rate of return takes a long time.
Syamsu Alam, Upstream Director of PT Pertamina acknowledged the condition. But on the other hand, upstream oil and gas investment in the country is still attractive. This is evident from the presence of several oil and gas fields ready for exploration. "The investment climate will be attractive if the clear regulation and return of investment are also adequate.The classic issue is still disturbing investors investing in this sector," he said.
Freeing investors
Yanto Sianipar, Senior Vice President, Policy, Government and Public Affairs of Chevron Indonesia revealed the same thing. When will invest, the company from Uncle Sam's country must see many things. One of the crucial things is from the certainty of investing in upstream oil and gas.
So according to Yanto, many things of concern. "As regulation, certainty of implementation, contract, law, become one accumulation of concern that we should consider when investing in Indonesia,"
Marjolijn Wajong, Executive Director of Indonesia Petroleum Association (IPA) stated that the government's attention under President Joko Widodo in oil and gas sector is still lacking. This is reflected in the state's income in the oil and gas sector that is leaning down, besides the impact of the world oil price.
Actually, the government is no less trying to boost the oil and gas business in the country. The Ministry of Energy and Mineral Resources (ESDM) has issued various regulations. "A lot of good rules, but still less competitive, this should be improved," said Marjolijn.
An energy observer from the Reforminer Institute, Pri Agung Rakhmanto, considers that domestic oil and gas upstream investment is not competitive rather than domestically because there are crucial issues to be addressed. Ie about the uncertainty of the rules of the game in this sector. He showed the revision of the Oil and Gas Law which is still not completed yet.
Then still added to the issue of taxation because there is Government Regulation No. 79 of 2010 on cost recovery. "Then the old bureaucracy, the decision-making process, the licensing is not simple either at the center or in the regions," said Pri Agung
The government itself, according to Pri Agung cautiously respond to these conditions. This is evidenced by the re-emergence of a number of rules in the upstream sector of oil and gas. One is about the gross split scheme. However Pri Agung criticized the rule, because it could burden the upstream oil and gas investors. Moreover, the condition of oil prices is still not fully awake.
He suggested, one of the rules of the base split is not actually applied rigidly, but based on negotiations. According to him, the split range for government royalty is between 30-35% only.
The second solution is the government must be consistent. If you want to use a gross split scheme similar to law and royalty, the government should quit the production sharing contract (PSC) scheme. The final solution does not force investors to use the gross split scheme. The goal is to make investors comfortable. "So the investor can choose, the current rules are conditioned to no choice," said Pri Agung.
IN INDONESIAN
Bisnis Hulu Migas Terbentur Aturan
Beberapa tahun terakhir, investasi hulu migas di Indonesia dalam tren menurun. Selain faktor harga minyak, kepastian aturan di sektor tersebut juga menjadi pertimbangan bagi para investor menanamkan modal di sektor tersebut.
Dari tahun ke tahun produksi minyak dan gas bumi Indonesia terus menurun. Harga minyak yang terus terpeleset semakin menyebabkan kegiatan hulu migas di tanah air semakin lesu.
Pergantian kepemimpinan nasional dari Susilo Bambang Yudhoyono ke Joko Widodo masih belum mampu mengubah kondisi bisnis hulu migas di Indonesia. Tidak heran bila lembaga Fraser Institute menempatkan Indonesia di bawah Timor Leste bahkan Papua Nugini dalam urutan negara yang atraktif bagi investasi hulu migas di kawasan Oseania.
Masalah klasik yang tidak ada kunjung solusi di bisnis ini adalah soal pengembalian investasi di hulu migas dan kepastian berbisnis. Apalagi belakangan ini, pemerintah hobi mengubah aturan bisnis migas. Dua hal menjadi acuan utama investor bila ingin berinvestasi di hulu migas.
Bagi perusahaan minyak global, sebelum memutuskan berinvestasi di Indonesia sudah pasti akan membandingkan kedua kondisi tersebut dengan negara lain. Maklum, investasi hulu migas ini membutuhkan uang sangat tebal dan tingkat imbal hasil membutuhkan waktu panjang.
Syamsu Alam, Direktur Hulu PT Pertamina mengakui kondisi tersebut. Tapi di sisi lain, investasi hulu migas di tanah air masih menarik. Hal ini terbukti dari masih adanya beberapa lapangan migas yang siap eksplorasi. "lklim investasi akan menarik bila regulasi clear dan return of invesment juga memadai. Isu klasik memang masih mengganggu investor berinvestasi di sektor ini," katanya
Membebaskan investor
Yanto Sianipar, Senior Vice President, Policy, Government and Public Affairs Chevron Indonesia mengungkapkan hal senada. Tatkala akan berinvestasi, perusahaan asal negeri Paman Sam tersebut harus melihat banyak hal. Salah satu hal krusial adalah dari sisi kepastian berinvestasi di hulu migas.
Jadi menurut Yanto, banyak hal yang menjadi perhatian. "Seperti regulasi, kepastian pelaksanaan, kontrak, undang-undang, menjadi satu akumulasi concern yang harus kami pertimbangkan bila berinvestasi di Indonesia,"
Marjolijn Wajong, Direktur Eksekutif Indonesia Petroleum Association (IPA) justru menyebutkan, perhatian pemerintah di bawah pimpinan Presiden Joko Widodo di sektor migas masih kurang. Ini tercermin dari pendapatan negara di sektor migas yang condong turun selain memang imbas lesunya harga minyak dunia.
Sebenarnya, pemerintah tidak kurang berupaya mendongkrak bisnis migas di tanah air. Kementerian Energi dan Sumber Daya Mineral (ESDM) sudah menerbitkan beragam aturan. "Banyak aturan bagus, tapi tetap kurang kompetitif, ini yang harus ditingkatkan," tegas Marjolijn.
Pengamat energi dari Reforminer Institute, Pri Agung Rakhmanto, menilai, tidak kompetitifnya investasi hulu migas di dalam negeri daripada di dalam negeri karena ada masalah krusial yang harus dibenahi. Yakni soal ketidakpastian aturan main disektor ini. Ia menunjukan revisi Undang Undang Migas yang hingga kini masih belum rampung.
Lalu masih ditambah lagi dengan persoalan perpajakan karena ada Peraturan Pemerintah Nomor 79 tahun 2010 tentang cost recovery. "Kemudian birokrasi lama, proses pengambilan keputusan, perizinan tidak sederhana baik di pusat maupun di daerah," kata Pri Agung
Pemerintah sendiri, menurut Pri Agung bersikap hati-hati merespons kondisi tersebut. Ini terbukti dengan munculnya kembali sejumlah aturan di sektor hulu migas. Salah satunya adalah tentang skema gross split. Namun Pri Agung mengkritisi aturan tersebut, karena bisa memberatkan investor hulu migas. Apalagi kondisi harga minyak memang masih belum sepenuhnya siuman.
Ia menyarankan, salah satu aturan yakni base split sebenarnya tidak diterapkan secara kaku, tapi berdasarkan negosiasi. Menurutnya, rentang split untuk royalti pemerintah di antara 30-35% saja.
Solusi kedua adalah pemerintah harus konsisten. Jika ingin menggunakan skema gross split yang mirip dengan law and royalty, pemerintah harus keluar dari skema production sharing contract (PSC). Solusi terakhir, tidak memaksakan investor menggunakan skema gross split. Tujuannya adalah agar para investor nyaman. "Jadi invostor bisa memilih, peraturan yang sekarang itu mengkondisikan untuk tidak ada pilihan," tegas Pri Agung.
Kontan, Page-12, Wednesday, May, 17, 2017
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