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Thursday, June 15, 2017

Behind the Decrease in Upstream Oil and Gas Investment



Entrepreneurs asked the government to review again the Gross Split policy in the national oil and gas project in mid-May. Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan had stated the main cause of the decline of investment in the upstream oil and gas sector in the country. He told The Indonesian Petroleum Association (IPA) Convention and Exhibition forum that it was due to the decline in world oil prices.

Based on the Data of Upstream Oil and Gas Business Executing Working Unit, there has been a drastic reduction in investment figures in the last five years. In 2013, the investment figure reached 20.384 billion US dollars. Next in 2014, about 20.380 billion US dollars. Then, in 2015 was in the range of 15.34 billion US dollars. Continued a year later about 11.58 billion US dollars. So far in 2017 only reached 1.236 billion US dollars.

"If the price of oil rises to 60 or 70 US dollars, maybe the spirit is different," said Jonan, at the JCC Building, in mid-May.

The Ministry of Energy and Mineral Resources has just announced the price of Indonesia Crude Price (ICP) in May 2017 of 47.09 US dollars per barrel. This figure is decreased when compared to ICP in April, which amounted to 49.56 US dollars. He explained, the average ICP from January to May is approximately 50 US dollars or more precisely 49.90 US dollars.

With oil prices in this range, according to Jonan becomes an extraordinary challenge for the government in attracting investors. He considered, upstream corporation oil and gas increasingly difficult to run its business activities. In fact, management in the sector is very important for the economy of the country. "Exploration is declining, and so we can not manage the price Efficiency for the management of upstream oil and gas industry is very important," said the former Minister of Transportation.

The government, according to Jonan, is trying to excite his business. One of them is by speeding up the permissions. Previously in 2015, a total of 104 licensing activities upstream oil and gas. Then, in 2016 is trimmed to 42 permissions. Currently left to six permits.

The simplification of permits in the upstream oil and gas sector is in the Minister of Energy and Mineral Resources Regulation No. 29 of 2017 on Licensing on Oil and Gas Business Activities. He is determined to discuss this with all relevant stakeholders. "I will start talking with the relevant ministries to support this more quickly," he said.

Not limited to the simplification of licensing, the government proactively seek cooperation partners. In early June 2017, Jonan and his team visited China offering investments in the upstream oil and gas sector. He visited the offices of three state-owned enterprises, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC). "I invite them to invest in Indonesia," he said.

Daniel Wieczynski sees crisis in the upstream oil and gas industry of the country. He said if there is no exploration activities of oil and gas production will decline. Yet if you look at gross domestic product in Asia, Indonesia contributes as much as 45 percent. That means many companies actually want to invest in Indonesia.

But if in fact investor interest declines, it asks policy makers to create a rule that allows developers to enter. That way, he thinks long-term investment will come. Daniel believes the decline in world oil prices is not the cause of the decline of upstream oil and gas investment in Indonesia. He cited how his company continued to expand into neighboring countries during such oil trends.

"If the price of oil is low, it's not a problem because Exxon has a big project in Vietnam and Malaysia, just bought a factory in Papua New Guinea and Singapore." This is a big investment, this is just one member of IPA, "he said.

Nevertheless, Daniel assessed the Indonesian economy still looks positive. This is marked by economic growth reaching 5.01 percent in 2016. He hopes the government to make changes to create a competitive investment climate.

"We want the government to provide a good investment climate, do benchmarking, a policy that allows upstream oil and gas so that long-term investment can be invested here," he said.

Transparent Policy

The Indonesian Employers' Association (Apindo) asked the government to review the Gross Split policy in national oil and gas projects transparently. Chairman of Apindo Hariyadi Sukamdani admitted hearing of complaints from oil and gas businessmen about this agreement. He hopes this policy is not just trial and error because the time to do business continues. He reminded how the oil and gas business as one of the backbone in maintaining energy security. He asked the government to create a policy that affects investors' interest.

"So, there must be a clear statement and we have to tell the government how to attract investors.Is our policy really interesting, I do not see that.Results now, investor response is very low," said Hariyadi asserted.

Energy Observer Pri Agung Rakhmanto said the Gross Split scheme is not attractive to investors. He saw through the policy, the government wants to do business with a contract using the smallest cost. In this rule the government gets a 57 percent split base (excluding taxes). Meanwhile, the contractor gets the rest.

Based on EMR Ministry Data, the base split can be adjusted based on 12 components, divided into two groups. First, 10 variable components, field status, field location (onshore and offshore), reservoir depth, availability of supporting infrastructure, reservoir type and carbondoxide content.

Then the content of Hydrogen Sulfide, petroleum weight, the level of domestic components, and the production stage. Furthermore, two progressive components, namely oil prices and cumulative production.

Gross Split makes operating costs more efficient, as all are borne by contractors. Thus, naturally the contractor will make savings. Deputy Minister of Energy and Mineral Resources Arcandra Tahar repeatedly stressed, it opened a discussion room for anyone who questioned about this policy.

Arcandra assesses progress will not be seen if all the processes have been assessed failed. The government is ready to conduct an important review of the parties who criticize the data substance is clear and accurate in the discussion.

IN INDONESIA

Dibalik Penurunan Investasi Hulu Migas


Pengusaha meminta pemerintah mereview lagi kebijakan Gross Split dalam proyek migas nasional pada pertengahan Mei lalu. Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan sempat menyatakan penyebab utama penurunan investasi di sektor hulu minyak dan gas bumi di Tanah Air. Ia dalam forum The Indonesian Petroleum Association (IPA) Convention and Exhibition mengatakan hal itu akibat merosotnya harga minyak dunia.

Berdasarkan Data Satuan Kerja Pelaksana Kegiatan Usaha Hulu Migas, terjadi penurunan drastis angka investasi dalam lima tahun terakhir. Pada 2013, angka investasi mencapai 20,384 miliar dolar AS. Berikutnya pada 2014, sekitar 20,380 miliar dolar AS. Kemudian, pada 2015 berada di kisaran 15,34 miliar dolar AS. Berlanjut setahun berselang sekitar 11,58 miliar dolar AS. Sejauh ini pada 2017 baru mencapai 1,236 miliar dolar AS. 

"Kalau harga minyak naik hingga 60 atau 70 dolar AS, mungkin semangatnya beda," kata Jonan, di Gedung JCC, pada pertengahan Mei lalu.

Kementerian ESDM baru saja mengumumkan besaran harga minyak mentah Indonesia (Indonesia Crude Price/ ICP) pada Mei 2017 sebesar 47,09 dolar AS per barel. Angka tersebut menurun jika dibandingkan ICP bulan April, yakni sebesar 49,56 dolar AS. Ia menerangkan, rata-rata ICP Januari-Mei kurang lebih 50 dolar AS atau lebih tepatnya 49,90 dolar AS.

Dengan harga minyak di kisaran demikian, menurut Jonan menjadi tantangan luar biasa bagi pemerintah dalam menarik investor. Ia menilai, korporasi hulu migas makin kesusahan menjalankan kegiatan bisnisnya. Padahal, pengelolaan di sektor tersebut sangat penting bagi ekonomi Tanah Air. "Eksplorasi makin turun, dan sebagainya kita tidak bisa mengelola harga. Efisiensi untuk pengelolaan industri hulu migas sangat penting sekali," kata mantan Menteri Perhubungan ini.

Pemerintah menurut Jonan berupaya menggairahkan kegiatan bisnisnya. Salah satunya dengan mempercepat perizinan. Sebelumnya pada 2015, total ada 104 perizinan kegiatan hulu migas. Kemudian, pada 2016 dipangkas menjadi 42 perizinan. Saat ini tersisa menjadi enam izin.

Penyederhanaan izin-izin di sektor hulu migas ini ada di dalam Peraturan Menteri ESDM Nomor 29 Tahun 2017 tentang Perizinan Pada Kegiatan Usaha Migas. Ia bertekad membahas seputar hal ini dengan semua stakeholder terkait. "Saya akan mulai bicara dengan kementerian-kementerian terkait untuk mendukung ini lebih cepat," ujarnya.

Tidak sebatas pada penyederhanaan perizinan, pemerintah proaktif mencari partner kerja sama. Pada awal Juni 2017, Jonan dan tim mengunjungi China menawarkan investasi di sektor hulu migas. Ia menyambangi kantor tiga BUMN negeri Tirai Bambu, yakni China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec), dan China National Offshore Oil Corporation (CNOOC). "Saya mengundang mereka untuk berinvestasi di Indonesia," ujarnya.

Daniel Wieczynski melihat krisis di industri hulu migas Tanah Air. Ia menyatakan jika tidak ada kegiatan eksplorasi produksi migas akan menurun. Padahal jika melihat pada produk domestik bruto di level Asia, Indonesia menyumbang sebanyak 45 persen. Itu artinya banyak perusahaan sebenarnya ingin berinvestasi di Indonesia.

Namun jika pada faktanya minat investor menurun, ia meminta pembuat kebijakan membuat aturan yang memudahkan pengembang masuk. Dengan cara itu, menurutnya investasi jangka panjang akan datang. Daniel berpendapat merosotnya harga minyak dunia bukan penyebab penurunan investasi hulu migas di Indonesia. Ia mencontohkan bagaimana perusahaannya tetap berekspansi ke negara-negara tetanggai di saat tren minyak seperti itu.

"Kalau harga minyak rendah, itu bukan masalahnya karena Exxon ada proyek besar di Vietnam dan Malaysia, baru saja membeli satu pabrik di Papua Nugini dan Singapura. Ini investasi yg cukup besar. ini baru satu anggota IPA," ujarnya. 

Kendati demikian, Daniel menilai perekonomian Indonesia masih terlihat positif. Hal ini ditandai dengan pertumbuhan ekonomi mencapai 5,01 persen pada 2016. Ia berharap pemerintah melakukan perubahan demi menciptakan iklim investasi yang kompetitif.

"Kami ingin pemerintah berikan iklim investasi yang baik, lakukan benchmarking, kebijakan yang memudahkan hulu migas sehingga investasi jangka panjang dapat ditanamkan di sini," ujarnya.

Kebijakan Transparan

Asosiasi Pengusaha Indonesia (Apindo) meminta pemerintah menelaah lagi kebijakan Gross Split dalam proyek migas nasional secara transparan. Ketua Umum Apindo Hariyadi Sukamdani mengaku mendengar keluhan dari pelaku bisnis migas tentang perjanjian ini. Ia berharap kebijakan ini bukan sekadar trial and error karena waktu berbisnis terus berjalan. Ia mengingatkan bagaimana bisnis migas sebagai salah satu tulang punggung dalam menjaga ketahanan energi. Ia meminta pemerintah membuat kebijakan yang berdampak pada ketertarikan investor.

"Jadi, sebetulnya harus ada pernyataan yang jelas dan kita harus sampaikan ke pemerintah bagaimana caranya menarik investor. Apakah kebijakan kita sudah betul-betul menarik, saya tidak melihat seperti itu. Hasilnya sekarang, tanggapan investor sangat rendah," kata Hariyadi menegaskan.

Pengamat Energi Pri Agung Rakhmanto menilai skema Gross Split tidak menarik bagi investor. Ia melihat melalui kebijakan tersebut, pemerintah ingin berbisnis dengan kontrak menggunakan biaya sekecil-kecilnya. Dalam aturan ini pemerintah mendapatkan base split 57 persen (belum termasuk pajak). Sementara, kontraktor memperoleh sisanya. 

Berdasarkan Data Kementerian ESDM, base split dapat disesuaikan berdasarkan 12 komponen, terbagi dalam dua golongan. Pertama, 10 komponen variabel, status lapangan, lokasi lapangan (onshore dan offshore), kedalaman reservoir, ketersediaan infrastruktur pendukung, jenis reservoir dan kandungan karbondoksida.

Kemudian kandungan Hidrogen Sulfida, berat jenis minyak bumi, tingkat komponen dalam negeri, dan tahapan produksi. Selanjutnya dua komponen progresif, yakni harga minyak dan kumulatif produksi.

Gross Split membuat biaya operasi bisa lebih efisien, karena semua ditanggung kontraktor. Dengan demikian, secara alami kontraktor tersebut akan melakukan penghematan. Wakil Menteri ESDM Arcandra Tahar berkali-kali menegaskan, pihaknya membuka ruang diskusi bagi siapa pun yang mempertanyakan seputar kebijakan ini. 

Arcandra menilai progres tidak akan terlihat jika semua proses itu sudah dinilai gagal. Pemerintah siap melakukan review yang penting pihak yang mengkritik memiliki substansi data yang jelas dan akurat dalam pembahasan.

Republika, Page-16, Monday, June 12, 2017

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