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Friday, July 7, 2017

Investing in Upstream is not enthusiastic



Upstream oil and gas investment in Indonesia is getting less attractive. Of this year's investment target of 13.8 billion US dollars, the realization until the end of June 2017 only 3.98 billion US dollars or about 29 percent. Low oil prices are still considered to be the cause of the sluggish investment.

"The realization of this investment is an unexpected progress. We are not very happy with this condition, "said Head of Special Unit for Upstream Oil and Gas Business Activities (SKK Migas) Amien Sunaryadi in the presentation of the first semester-2012 performance Thursday (6/7) in Jakarta.

Citing data from the Ministry of Energy and Mineral Resources, the realization of upstream oil and gas investment in Indonesia in 2015 was recorded at 15.34 billion US dollars. Furthermore, the realization in 2016 fell to 11.15 billion US dollars. The deterioration of upstream oil and gas investment triggered a fall in oil prices from 100 dollars per barrel in 2014 to around 50 dollars per barrel recently.

"The desire of upstream oil and gas investment is very dependent on economic value. Current oil prices are causing investors to doubt. This also has an impact on investment for the development of the Oil and Gas Working Area. So, the main factor is the price, "said Amien.

When touched on by journalists whether the slack in investment was due to the latest regulation on gross splits issued by the government earlier this year, Amien denied. According to him, the regulation of the new gross split has been published. The upheaval of the upstream oil and gas investment climate in Indonesia occurred several years ago before the gross split was put into effect.

The state revenue target of upstream oil and gas business this year amounted to 10.91 billion US dollars with the realization until the end of June 2017 amounted to 6.48 billion US dollars. Nevertheless, the projected recovery cost this year is estimated to reach 10.49 billion US dollars. Actual cost recovery until the end of June was 4.87 billion US dollars.

Separately, Executive Director of ReforMiner Institute Komaidi Notonegoro said, in addition to the world oil price, upstream oil and gas regulation in Indonesia contributed to the investment climate.

IN INDONESIA

Investasi di Hulu Lesu


Investasi hulu minyak dan gas bumi di Indonesia semakin tidak menarik. Dari target investasi tahun ini sebesar 13,8 miliar dollar AS, realisasi sampai akhir Juni 2017 hanya 3,98 miliar dollar AS atau sekitar 29 persen. Harga minyak yang rendah masih dianggap menjadi penyebab lesunya investasi tersebut. 

”Realisasi investasi ini adalah kemajuan yang tidak diharapkan. Kami kurang begitu gembira dengan kondisi ini,” kata Kepala Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Amien Sunaryadi dalam paparan kinerja semester I-2012 Kamis (6/7), di Jakarta.

Mengutip data dari Kementerian Energi dan Sumber Daya Mineral, realisasi investasi hulu migas Indonesia pada 2015 tercatat sebesar 15,34 miliar dollar AS. Selanjutnya, realisasi di 2016 turun menjadi 11,15 miliar dollar AS. Kemerosotan investasi hulu migas dipicu kejatuhan harga minyak dari 100 dollar AS per barrel pada 2014 menjadi sekitar 50 dollar AS per barrel akhir-akhir ini.

”Keinginan investasi hulu migas sangat bergantung pada nilai keekonomian. Harga minyak saat ini menyebabkan investor ragu. Ini juga berdampak pada investasi untuk pengembangan Wilayah Kerja Migas. Jadi, faktor utamanya adalah harga,” ujar Amien. 

Ketika disinggung wartawan apakah lesunya investasi turut disebabkan regulasi terbaru mengenai gross split (skema bagi hasil berdasar produksi bruto) yang diterbitkan pemerintah diawal tahun ini, Amien membantah. Menurut dia, regulasi soal gross split baru sudah diterbitkan. Kelesuan iklim investasi hulu migas di Indonesia sudah terjadi beberapa tahun lalu sebelum gross split diberlakukan.

Adapun target penerimaan negara dari bisnis hulu migas tahun ini sebesar 10,91 miliar dollar AS dengan realisasi sampai akhir Juni 2017 sebesar 6,48 miliar dollar AS. Meski demikian, proyeksi besaran biaya operasi yang dipulihkan (cost recovery) tahun ini diperkirakan mencapai 10,49 miliar dollar AS. Realisasi cost recovery sampai akhir Juni adalah 4,87 miliar dollar AS.

Secara terpisah, Direktur Eksekutif ReforMiner Institute Komaidi Notonegoro mengatakan, selain faktor harga minyak dunia, regulasi hulu migas di Indonesia turut berkontribusi terhadap iklim investasi.

Kompas, Page-18, Friday, July 7, 2017

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