Enough Incentives?

The Ministry of Energy and Mineral Resources is intensively promoting incentives in the upstream oil and gas sector. The incentives are regulated in the issuance of Government Regulation No. 27 of 2017 which is the result of amendment to Government Regulation No. 79/2010 on Refundable Operating Costs and the Treatment of Income Tax in Upstream Oil and Gas Business Fields. Is that incentive enough?

The government said the issuance of Government Regulation No. 27/2017 is a big leap in the midst of challenges of upstream oil and gas industry in Indonesia and around the world which is getting heavier due to the crash of oil prices since late 2014. This Government Regulation is also referred to as government response to complaints submitted by contractors Oil and gas operating in Indonesia.

Tax incentives in Government Regulation No. 27/2017 include the abolition of import duty, Value Added Tax, Sales Tax on Luxury Goods (PPnBM), as well as the full abolition of Land and Building Tax (PBB). Special period of exploitation, still given based on economic considerations.

Previously, the government imposed a Land and Building Tax levy on upstream oil and gas exploration activities, including offshore exploration. These charges are complained of the Indonesian Petroleum Association because exploration is a search stage, not a risky production. The reason is, if exploration does not find oil, the cost that has been spent to be borne by the contractor. Already out trillions of rupiah, not producing oil, but still subject to Land and Building Tax. Once the contractor objected.

Upstream oil and gas business climate in Indonesia is sluggish. Oil prices that had touched above 100 dollars per barrel in early 2014, are slowly falling dramatically, even now less than 50 US dollars per barrel. This situation forces contractors to tighten their investments and apply efficiency.

Some contractors even returned the exploration block commitments to the government on the grounds that it is not economical. In ranking the easiness of investing in upstream oil and gas sector, Indonesia's position is not exactly good. Auction Oil and gas working areas in 2016, both conventional and non-conventional, do not get a single winner alias not in interest. In short, this business is no longer attractive, if it does not want to be called bleak.

In addition to the issuance of Government Regulation No. 27/2012, the government has also issued a response in the form of a revenue sharing model from the previous concept of cost recovery to gross split (profit sharing based on gross production). The concept of gross split is called government more efficient and attractive for investment.

Nevertheless, the government should not forget about the complexity of licensing that the contractor complained about. Based on data in 2015, there are 373 types of licenses to be dealt with by contractors, both at the central and regional levels. The Ministry of Energy and Mineral Resources has cut permits, from the original 42 species, to only six types. The spirit of change at the central level is positive, but not necessarily in the regions.

One of the things that the contractor still complains about, due to the poor coordination of central and regional, is the matter of land acquisition. Dozens of oil and gas contractors caught on this issue, either due to licensing in devious areas, to overlapping issues

The solution to the downturn of investment in upstream oil and gas sector must be integrated, from central to regional. The contribution of state revenues following the multiple effects of this sector can not be taken lightly. The government is on the right track although it still needs proof.

IN INDONESIA

Cukupkah Insentif?

Kementerian Energi dan Sumber Daya Mineral sedang gencar mempromosikan insentif di sektor hulu minyak dan gas bumi. Insentif itu diatur dalam penerbitan Peraturan Pemerintah Nomor 27 Tahun 2017 yang merupakan hasil perubahan Peraturan Pemerintah No 79/2010 tentang Biaya Operasi yang dapat Dikembalikan dan Perlakuan Pajak Penghasilan di Bidang Usaha Hulu Minyak dan Gas Bumi.  Cukupkah insentif itu?

Pemerintah menyebut, penerbitan Peraturan Pemerintah No 27/2017 ini sebagai sebuah lompatan besar di tengah tantangan industri hulu migas Indonesia dan di seluruh dunia yang semakin berat akibat keterpurukan harga minyak sejak akhir 2014. Peraturan Pemerintah ini juga disebut sebagai respons pemerintah terhadap keluhan yang disampaikan kontraktor migas yang beroperasi di Indonesia.

Insentif perpajakan dalam Peraturan Pemerintah No 27/2017 antara lain penghapusan bea masuk, Pajak Pertambahan Nilai, Pajak Penjualan atas Barang Mewah (PPnBM), serta penghapusan penuh Pajak Bumi dan Bangunan (PBB). Khusus periode eksploitasi, masih diberikan berdasarkan pertimbangan keekonomian.

Sebelumnya, pemerintah menerapkan pungutan Pajak Bumi dan Bangunan dalam kegiatan eksplorasi hulu migas, termasuk eksplorasi yang dilakukan di lepas pantai. Pungutan ini dikeluhkan Asosiasi Perminyakan Indonesia lantaran eksplorasi adalah tahap pencarian, bukan produksi yang penuh risiko. Pasalnya, jika eksplorasi tidak menemukan minyak, ongkos yang sudah telanjur dibelanjakan menjadi tanggungan kontraktor. Sudah keluar triliunan rupiah, tidak menghasilkan minyak, tetapi masih dikenakan Pajak Bumi dan Bangunan. Begitu keberatan kontraktor.

Iklim bisnis hulu migas di Indonesia sedang lesu. Harga minyak yang sempat menyentuh di atas 100 dollar AS per barrel di awal 2014, secara perlahan turun drastis, bahkan kini kurang dari 50 dollar AS per barrel. Situasi ini memaksa kontraktor mengetatkan Investasi dan menerapkan efisiensi.

Beberapa kontraktor bahkan mengembalikan komitmen blok eksplorasi kepada pemerintah dengan alasan tidak ekonomis. Dalam pemeringkatan kemudahan berinvestasi di sektor hulu migas, posisi Indonesia tidak bisa dibilang bagus. Lelang Wilayah kerja migas pada 2016, baik konvensional maupun non-konvensional, tidak mendapat satu pun pemenang alias tidak di minati. Ringkasnya, bisnis ini tidak lagi menarik, kalau tidak ingin disebut suram.

Selain penerbitan Peraturan Pemerintah No 27/2012 pemerintah juga sudah mengeluarkan respons berupa perubahan model bagi hasil dari sebelumnya berkonsep cost recovery menjadi gross split (bagi hasil berdasar produksi bruto). Konsep gross split disebut pemerintah lebih efisien dan menarik untuk investasi.

Meski demikian, pemerintah tidak boleh lupa mengenai kerumitan perizinan yang dikeluhkan kontraktor. Berdasarkan data di 2015, ada 373 jenis perizinan yang harus diurus kontraktor, baik di pusat maupun daerah. Kementerian ESDM sudah memangkas izin, dari semula 42 jenis, menjadi hanya enam jenis. Semangat perubahan di tingkat pusat sudah positif, tetapi belum tentu di daerah.

Salah satu hal yang masih dikeluhkan kontraktor, akibat buruknya koordinasi pusat dan daerah, adalah soal pembebasan lahan. Belasan kontraktor migas tersangkut masalah ini, baik karena perizinan di daerah yang berbelit-belit, hingga masalah yang tumpang tindih

Jalan keluar mengatasi kelesuan investasi sektor hulu migas harus terpadu, mulai dari pusat sampai daerah. Kontribusi penerimaan negara berikut efek berganda dari sektor ini tidak bisa dianggap sepele. Pemerintah sudah berada di jalur yang tepat meskipun masih perlu pembuktian. 

Kompas, Page-17, Friday, July 21, 2017