The implementation of production sharing contract (PSC) of gross split scheme is considered unattractive for oil and gas projects with high investment requirement. Efficiency is not expected to significantly boost the project economy.
Director of Operations of PT Medco Energi Internasional Ronald Gunawan said the implementation of gross split contract on oil and gas field with small investment makes the project more attractive than using cost recovery contract. However, it has data showing that the implementation of gross split contracts on oil and gas blocks with high investment needs, making the project not reach the economy.
We see, for PSC-PSC which is oil and investment profile is not too high, it (gross split) okay. But for PSC oil or gas with high investment profile, it is quite far (gross split) with PSC, "he said during a workshop session on Gross Split Contract and Return of Investment of Upstream Oil and Gas Activities in Jakarta on Monday (8/5) .
Nevertheless, he acknowledges that in his simulation has not included the assumption of the cutting time of oil and gas project work. The Gross Split Scheme eliminates the length of the procurement period pursuant to the Working Guidance Manual (PTK) No.007 in the Special Unit for Upstream Oil and Gas Business Unit (SKK Migas).
However, even with the efficiency, the economy of this large oil and gas project is also not very attractive. We make the plot and it's big enough, it can not be opened here. So even if there is efficiency, it is not realistic anymore (the economics of the project), "said Ronald.
For that, he assessed the need for further gross split with the government about the implementation of this contract of oil and gas gross split. Primarily, both the government and oil and gas contractors, need to equate any assumptions used in looking at the impact of gross split contracts on the oil and gas block.
There may be certain things that both parties have that miss. Moreover, the company has a long-term plan, in addition to the provisions in the contract, which should be included as an assumption in the simulation. Executive Director of Indonesian Petroleum Association (IPA) Marjolijn Majong also expressed the same thing. Although not directly involved, it receives information that many oil and gas projects are uneconomical when simulated using a gross split scheme contract. Therefore, it encourages contractors to conduct direct dialogue, in detail with the government about the results of the calculation.
"If indeed there are many who do not enter the economy, is there any room to change the Ministerial Regulation (Gross Split) to be more attractive?"
Another thing he worries about is the implementation of a new tax regime by applying the gross split contract. This development is called making oil and gas companies tend to wait until the arrangement is clear before finally deciding to use gross split.
Calculate Efficiency
Concerning these responses, Vice Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar asserted that the efficiency of time side of oil and gas project work as a result of gross split implementation should be included in the simulation by oil and gas company. Because this time savings have a big impact on the company's cash flow.
Time efficiency is referred to as the procurement of goods carried out by oil and gas companies themselves. There is by doing independent procurement efforts how much impact saving cost him. If not included, gross split is supposing food without salt, tasteless. Precisely the power of gross split it from there.
It has made the calculation of time efficiency of 10 oil and gas fields in Indonesia. From the Ministry of Energy and Mineral Resources data, the time frame of the development of working area when using gross split is faster than if using cost recovery contract.
In the simulation at Tangguh Square, Papua (BP), the duration of previewed pre-engineering design (Pre-FEED) of 105 months was cut to 83 months, at Banyu Urip Field (ExxonMobil Cepu Limited) from 152 months to 120 months, (Tiara Biru), 86 months to 73 months, 84 months of cricket field (ENI) to 71 months, and Bangka Field (Chevron) from 106 months to 83 months.
Then, the time savings were also seen in the simulation at Donggi Square (Pertamina EP) from 104 months to 91 months, Matindok Field (Pertamina EP) from 88 months to 73 months, Senoro Field (JOB Medco Tomori) 130 months and to 116 months, Block A (Medco) 136 months to 118 months, and Kepodang Field (Petronas) from 134 months to 113 months.
If it is lacking (split it), there is an additional 5% split bumper through the Ministry of Energy and Mineral Resources, "said Arcandra With an investment of US $ 10 billion, split can be obtained equivalent to US $ 500 million.
Nevertheless, he admits that additional acceleration is still needed from the permit handling side. Unfortunately, there are still ministries or other institutions related to upstream oil and gas operations that must be followed by regulations such as the Ministry of Environment and Forestry. One by one, we are aware of many of the old licenses, for that to be sought the way how permits are accelerated. Then, educate all the other ministries, We hope the same understanding.
IN INDONESIAN
Menggunakan Gross Split, Proyek Migas Besar Kurang Menarik
Penerapan kontrak kerja sama (production sharing contract/PSC) skema bagi hasil kotor (gross split) dinilai kurang menarik untuk proyek minyak dan gas dengan kebutuhan investasi tinggi. Efisiensi diperkirakan tidak akan signifikan mendongkrak keekonomian proyek.
Direktur Operasi PT Medco Energi Internasional Ronald Gunawan mengatakan, penerapan kontrak gross split pada lapangan migas dengan investasi kecil, memang membuat proyek menjadi lebih menarik daripada menggunakan kontrak cost recovery. Namun, pihaknya memiliki data-data yang menunjukkan bahwa penerapan kontrak gross split pada blok migas dengan kebutuhan investasi tinggi, membuat proyek tidak mencapai keekonomian.
Kami lihat, untuk PSC-PSC yang memang oil dan investment profile tidak terlalu tinggi, itu (gross split) oke. Tetapi untuk PSC oil atau gas yang investment profile-nya tinggi, itu cukup jauh (selisih keekonomian) gross split dengan PSC,” kata dia dalam sesi workshop tentang Kontrak Gross Split dan Pengembalian Investasi Kegiatan Hulu Migas di Jakarta, Senin (8/5).
Meski demikian, dia mengakui bahwa dalam simulasi yang dilakukannya belum memasukkan asumsi adanya pemangkasan waktu pengerjaan proyek migas. Skema Gross Split menghilangkan panjangnya jangka waktu pengadaan barang (procurement) sesuai Pedoman Tata Kerja (PTK) No.007 di Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas).
Namun, bahkan dengan adanya efisiensi, keekonomian proyek migas besar ini juga tidak terlalu menarik. Kami bikin plot-nya dan itu cukup besar, tidak bisa dibuka di sini. Jadi kalaupun ada efisiensi, tidak realistik lagi (keekonomian proyeknya),” kata Ronald.
Untuk itu, dirinya menilai perlu adanya gross split lebih lanjut dengan pemerintah soal penerapan kontrak migas gross split ini. Utamanya, baik pemerintah maupun kontraktor migas, perlu menyamakan asumsi-asumsi apa saja yang dipakai dalam melihat dampak kontrak gross split terhadap ke ekonomian blok migas.
Mungkin ada certain thing yang both parties ada yang miss. Apalagi perusahaan memiliki rencana jangka panjang, selain ketentuan dalam kontrak, yang harus dimasukkan sebagai asumsi dalam simulasi. Direktur Eksekutif Indonesian Petroleum Association (IPA) Marjolijn Majong juga mengemukakan hal yang sama. Meski tidak terlibat langsung, pihaknya menerima informasi bahwa banyak proyek migas tidak ekonomis ketika disimulasi menggunakan kontrak skema gross split. Karenanya, pihaknya mendorong kontraktor untuk melakukan dialog langsung, secara rinci dengan pemerintah soal hasil hitungan tersebut.
“Kalau memang betul banyak yang tidak masuk keekonomiannya, apakah ada ruang untuk mengubah Peraturan Menteri (Gross Split) menjadi lebih menarik?"
Hal lain yang dikhawatirkannya adalah adanya rencana penerapan rezim pajak baru dengan berlakukan kontrak gross split. Perkembangan ini disebutnya membuat perusahaan migas cenderung menunggu sampai pengaturannya jelas sebelum akhirnya memutuskan untuk menggunakan gross split.
Hitung Efisiensi
Atas berbagai tanggapan itu, Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar menegaskan, efisiensi dari sisi waktu pengerjaan proyek migas sebagai hasil penerapan gross split seharusnya dimasukkan dalam simulasi yang dilakukan perusahaan migas. Pasalnya, penghematan waktu ini berdampak cukup besar terhadap arus kas perusahaan.
Efisiensi waktu disebutnya sebagai hasil pengadaan barang dilakukan sendiri oleh perusahaan migas. Ada dengan melakukan procurement mandiri ada usaha-usaha berapa impact saving cost-nya. Kalau tidak dimasukkan, gross split itu ibaratnya makanan tanpa garam, hambar. Justru kekuatan gross split itu dari situ.
Pihaknya telah membuat perhitungan efisiensi waktu dari 10 lapangan migas di Indonesia. Dari data Kementerian ESDM, tata waktu pengembangan wilayah kerja saat menggunakan gross split justru lebih cepat dibandingkan jika memakai kontrak cost recovery.
Pada simulasi di Lapangan Tangguh, Papua (BP), durasi kajian desain rinci awal (pre front engineering design/ Pre-FEED) 105 bulan terpangkas menjadi 83 bulan, di Lapangan Banyu Urip (ExxonMobil Cepu Limited) dari 152 bulan menjadi 120 bulan, Lapangan jambaran-Tiung Biru (Pertamina EP Cepu) 86 bulan menjadi 73 bulan, Lapangan Jangkrik (ENI) 84 bulan menjadi 71 bulan, dan Lapangan Bangka (Chevron) dari 106 bulan menjadi 83 bulan.
Kemudian, penghematan waktu juga terlihat pada simulasi di Lapangan Donggi (Pertamina EP) dari 104 bulan menjadi 91 bulan, Lapangan Matindok (Pertamina EP) dari 88 bulan menjadi 73 bulan, Lapangan Senoro (JOB Medco Tomori) 130 bulan dan menjadi 116 bulan, Blok A (Medco) 136 bulan menjadi 118 bulan, serta Lapangan Kepodang (Petronas) dari 134 bulan menjadi 113 bulan.
Kalau masih kurang (split-nya), ada bemper tambahan split 5% melalui dikresi Menteri ESDM," ujar Arcandra. Dengan investasi US$ 10 miliar, bisa didapatkan split setara US$ 500 juta.
Meski demikian, diakuinya masih diperlukan percepatan tambahan dari sisi pengurusan izin, Sayangnya, masih terdapat kementerian atau institusi Iain yang berkaitan dengan kegiatan operasi hulu migas yang harus diikuti aturannya seperti Kementerian Lingkungan Hidup dan Kehutanan. Satu per satu, kami sadari banyak izin yang lama, untuk itu harus dicari caranya bagaimana izin dipercepat. Kemudian, edukasi semua kementerian lain, Kami harap sama pengertiannya.
Investor Daily, Page-9, Tuesday, May, 9, 2017
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