Gross Split Rules Revised

The Ministry of Energy and Mineral Resources is amending several points in Ministerial Regulation no. 8/2017 on the Gross Profit Sharing Contracts issued in January 2017.

In the first half of 2017, the ESDM Ministry has issued 50 regulations in the form of Ministerial Regulation, six of which are revised. After revising some of the rules such as Regulation of the Minister of Energy and Mineral Resources No. 11/2017 on Gas Price for Electricity Sector up to the points in the power purchase agreement, it is now turn Minister of Energy and Mineral Resources Regulation no. 8/2017 which entered the stage of revision discussion.

Deputy Minister of Energy and Mineral Resources Arcandra Tahar said that his side conducted an evaluation based on suggestions from business actors. This suggestion is important because the government is offering a new working area to investors. This year, the government offers 15 new blocks with seven conventional oil and gas blocks offered through direct offerings.

The seven blocks are Andaman I, Andaman II, South Tuna, Merak Lampung, Pekawai, West Yamdena, and Kasuri III. Other oil and gas blocks are Cokkol, East Tanimbar, Mamberamo, Jambi I and Jambi II shale gas blocks and methane gas blocks of Raja, Bungamas and West Air Komering coal, offered through regular auctions.

Oil and gas block

The government's offer is expected to end on the signing of a new contract. This auction opportunity is even more important because of the auction last year there has been no new cooperation contract signed. For that reason, the government revised some points in the 7-month-old rule to be more investment-friendly.

Through Minister of Energy and Mineral Resources Regulation no. 8/2017, the government implements a gross split share contract for new contracts. The government offers a gross revenue share between the government and contractors for oil development of 57:43 and 52:48 for gas.

Unlike the current contract of cooperation, gross split eliminates the operating cost recovery factor so that the profit received by the contractor has calculated the operating costs until oil and gas are produced.

The government also sets additional revenue-sharing for contractors tailored to the challenges in the field such as development sites, infrastructure availability to impurities such as mud or carbon dioxide. In addition to variables, factors of oil price levels and cumulative production will be a factor in the progressive revenue share.

"We evaluate, we listen to input from KKKS [Contractor Cooperation Contract]," he said, Tuesday (22/8).

Based on the proposed business actors, there are some guarantees for changes in the gross split rules. First, it has conducted a comprehensive study of the project from exploration to production phase so that in the stage of submission of the Plan of Development (PoD) plan is not only the first PoD submission that gets incentive, but the next PoD.

"For that we listen, we love the incentive in the second PoD," he said.

Secondly, based on the analysis done, it is important to ensure that the investment value seen from the present is at least equal to or greater than the current contract. Third, the gross split contract with this improvement will result in the same investment returns even greater than the existing contract.

IN INDONESIA

Aturan Gross Split Direvisi

Kementerian Energi dan Sumber Daya Mineral sedang mengubah beberapa poin dalam Peraturan Menteri No. 8/2017 tentang Kontrak Bagi Hasil Kotor yang diterbitkan pada Januari 2017.

Pada paruh pertaMa 2017, Kementerian ESDM telah menerbitkan 50 peraturan berupa Peraturan Menteri, enam di antaranya merupakan hasil revisi. Setelah merevisi beberapa aturan seperti Peraturan Menteri ESDM No. 11/2017 tentang Harga Gas untuk Sektor Ketenagalistrikan hingga poin-poin dalam perjanjian pembelian listrik, kini giliran Peraturan Menteri ESDM No. 8/2017 yang masuk tahap pembahasan revisi.

Wakil Menteri ESDM Arcandra Tahar mengatakan bahwa pihaknya melakukan evaluasi berdasarkan saran dari pelaku usaha. Saran ini menjadi penting kanena pemerintah sedang menawarkan wilayah kerja baru kepada investor. Pada tahun ini, pemerintah menawarkan 15 blok baru dengan tujuh blok migas konvensional ditawarkan melalui penawaran langsung. 

Ketujuh blok tersebut yakni Andaman I, Andaman II, South Tuna, Merak Lampung, Pekawai, West Yamdena, dan Kasuri III. Blok migas lainnya adalah Tongkol, East Tanimbar, Mamberamo, blok gas serpih (shale gas) Jambi I dan Jambi II rerta blok gas metana batu bara Raja, Bungamas, dan West Air Komering ditawarkan melalui lelang reguler.

Tawaran pemerintah diharapkan agar bisa berakhir pada penandatanganan kontrak baru. Kesempatan lelang ini pun semakin penting karena dari lelang tahun lalu belum ada kontrak kerja sama baru yang diteken. Dengan alasan itu, pemerintah merevisi beberapa poin dalam aturan yang telah berusia 7 bulan itu agar lebih ramah investasi.

Melalui Peraturan Menteri ESDM No. 8/2017, pemerintah menerapkan kontrak bagi hasil kotor atau gross split bagi kontrak baru. Pemerintah menawarkan bagi hasil secara kotor antara pemerintah dan kontraktor untuk pengembangan minyak sebesar 57:43 dan 52:48 untuk gas.

Berbeda dengan kontrak kerja sama yang berlaku saat ini, gross split menghilangkan faktor pengembalian biaya operasi sehingga bagi hasil yang diterima kontraktor telah menghitung biaya operasi hingga minyak dan gas dihasilkan. 

Pemerintah pun menetapkan tambahan bagi hasil bagi kontraktor yang disesuaikan dengan tantangan di lapangan seperti lokasi pengembangan, ketersediaan infrastruktur hingga kandungan zat pengotor seperti lumpur atau karbondioksida. Selain variabel, faktor tingkat harga minyak dan kumulatif produksi akan menjadi faktor dalam bagi hasil progresif.

"Kita evaluasi, kita mendengarkan masukan dari KKKS [kontraktor Kontrak Kerja Sama],” ujarnya, Selasa (22/8).

Berdasarkan usulan pelaku usaha, terdapat beberapa jaminan perubahan dalam aturan gross split. Pertama, pihaknya telah melakukan kajian secara komprehensif masa proyek dari tahap eksplorasi hingga produksi sehingga pada tahap pengajuan rencana pengembangan lapangan (Plan of Development/ PoD) tidak hanya penyampaian PoD yang pertama yang mendapat insentif, melainkan PoD berikutnya. 

"Untuk itu kita dengarkan, kita kasih insentif di PoD kedua," katanya.

Kedua, berdasarkan analisis yang dilakukan, penting untuk menjamin nilai investasi yang dilihat dari saat ini paling tidak sama atau lebih dari kontrak yang berlaku saat ini. Ketiga, kontrak gross split dengan perbaikan ini nantinya akan menghasilkan rasio pengembalian investasi yang sama bahkan lebih besar dari kontrak yang sudah ada. 

 Bisnis Indonesia, Page-32, Wednesday, August 23, 2017