ExxonMobil Release Done October

The finalization of the transfer of rights to ExxonMobil Cepu Limited as the Jamabaran-Tiung Biru Field partner to PT Pertamina EP Cepu is targeted for completion in October 2017.

President Director of PT Pertamina EP Cepu (PEPC) Adriansyah said the negotiations with ExxonMobil have been completed. Currently still in the administrative stage of ExxonMobil's internal residence at headquarters in the United States. He called the longest time to complete the administration for three weeks.

"Three weeks is the longest because we are waiting for this to board Exxon [board of directors]," he said after attending the ground breaking event of Jambaran-Tiung Biru Field in Bojonegoro on Monday (25/9).

After the transfer of management rights is formally completed, then the gas purchase agreement (PJBC) with PT Perusahaan Listrik Negara (PLN) can be signed. The reason is that the transfer of management rights contains aspects of taxation. Thus, PJBG needs to wait for the transfer of rights process.

The project is a merger of two fields and two different working areas. Jambaran Field is part of the work area of ​​Cepu and Tiung Biru Field which is part of Pertamina EP work area. In Cepu Block, ExxonMobil Cepu Limited (EMCL) becomes operator and controls 20.5% of participating interest, Ampolex 24.5%, Pertamina EP Cepu (PEPC) 45%, and some 10% BUMD.

Meanwhile, in the project, PEPC becomes operator and with EMCL each has 41, 4% share. Regional-owned enterprises (BUMD) has a share of 9.2% and the remaining 8% controlled by Pertamina EP. When the transfer of management rights is over, PEPC will control 82.8% of the rights to manage the Jambaran-Tiung Biru field.

According to him, for every transaction of rights will lead to taxation. As for, since the beginning of negotiations with EMCL, the tax value to be borne has been calculated. However, it is necessary to ascertain the amount of tax to be paid in order to avoid any more impacts on the gas sale price.

"Transactions of this size we can not allocate taxes based on our assumptions because if the slip difference can be very significant. Therefore we need official documents so there is certainty of the amount of tax to be paid, "he said

TRANSITION RULES

Adriansyah considers that the tax problem is not the main one in the process of transferring the right to manage in the Jambaran-Tiung Biru project. The issue of drilling responsibilities and subsurface data should also be regulated.

"Tax is not the main thing. Many other issues relate to managing technical activities such as drilling and subsurface data that need more complex transition rules, "he said.

The transfer of rights is carried out under a sole risks scheme, ie the partners disclaim their rights and obligations on the project even though the project is a field and two different working areas. Although the risk will be borne alone, he hopes that the gas sale price will no longer change and the agreement in the form of heads of agreement (HoA) signed in August and the project can be completed on schedule.

Otherwise, the project's economy continues to decline even though to continue the project PEPC has received a 5% profit-sharing share so the contractor gets 45%. Separately, Vice President of Public & Government Affairs ExxonMobil Cepu Limited Erwin Maryoto said that the key points in the negotiations have been reached. Currently, entering the final stage for the administration process.

"All that matters important is done all just the legal language that is being finalized."

IN INDONESIA

Pelepasan ExxonMobil Selesai Oktober

Finalisasi pengalihan hak kelolaPT ExxonMobil Cepu Limited sebagai mitra Lapangan Jamabaran-Tiung Biru kepada PT Pertamina EP Cepu ditargetkan selesai pada oktober 2017.

Direktur Utama PT Pertamina EP Cepu (PEPC) Adriansyah mengatakan negosiasi dengan ExxonMobil telah tuntas. Saat ini masih dalam tahap administrasi di internal ExxonMobil yang berada di kantor pusat di Amerika Serikat. Dia menyebut waktu paling lama untuk penyelesaian administrasi selama tiga pekan.

"Tiga minggu paling lama karena kita menunggu ini masuk ke board [direksi] Exxon,” ujarnya usai menghadiri acara peletakan batu pertama Lapangan Jambaran-Tiung Biru di Bojonegoro, Senin (25/9).

Setelah pengalihan hak kelola selesai secara formal, barulah perjanjian jual beli gas (PJBC) dengan PT Perusahaan Listrik Negara (PLN) bisa diteken. Alasannya, pengalihan hak kelola tersebut mengandung aspek perpajakan. Dengan demikian, PJBG perlu menanti proses pengalihan hak kelola.

Proyek tersebut merupakan penggabungan dua lapangan dan dua wilayah kerja berbeda. Lapangan Jambaran merupakan bagian dari wilayah kerja Cepu dan Lapangan Tiung Biru yang menjadi bagian dari wilayah kerja Pertamina EP. Pada Blok Cepu, ExxonMobil Cepu Limited (EMCL) menjadi operator dan menguasai saham partisipasi sebesar 20,5 %, Ampolex 24,5%, Pertamina EP Cepu (PEPC) 45%, dan beberapa BUMD 10%.

Sementara itu, dalam proyek itu, PEPC menjadi operator dan bersama EMCL masing-masing memiliki porsi 41 ,4%. Badan usaha milik daerah (BUMD) itu memiliki saham 9,2% dan sisanya sebanyak 8% dikuasai oleh Pertamina EP. Bila peralihan hak kelola usai, PEPC akan menguasai 82,8% hak kelola atas Iapangan Jambaran-Tiung Biru.

Menurutnya, untuk setiap transaksi hak kelola akan menimbulkan perpajakan. Adapun, sejak awal negosiasi dengan EMCL, nilai pajak yang harus ditanggung sudah dihitung. Namun, perlu dipastikan jumlah pajak yang harus dibayarkan agar tidak ada lagi pembahan yang berdampak pada harga jual gas.

“Transaksi sebesar ini kan kita tidak bisa mengalokasikan pajak berdasarkan asumsi kita karena kalau meleset selisihnya bisa sangat signifikan. Karena itu kita butuh dokumen resmi sehingga ada kepastian jumlah pajak yang harus dibayar,” ujarnya 

ATURAN TRANSISI

Adriansyah menilai bahwa masalah pajak bukanlah yang utama dalam proses peralihan hak kelola dalam proyek Jambaran-Tiung Biru. Masalah tanggung jawab pengeboran dan data bawah permukaan juga harus diatur.

“Tax bukanlah hal yang utama. Banyak isu lain terkait alih kelola kegiatan teknis seperti drilling [pengeboran] dan data subsurface yang perlu aturan-aturan transisi yang lebih kompleks,” katanya.

Pengalihan hak kelola dilakukan dengan skema sole risks, yakni mitra melepas hak dan kewajibannya atas proyek tersebut meskipun proyek merupakan lapangan dan dua wilayah kerja berbeda. Kendati risiko nantinya ditanggung sendiri, dia berharap agar harga jual gas tidak lagi mengalami perubahan dan kesepakatan berupa heads of agreement (HoA) yang diteken pada Agustus dan proyek bisa selesai sesuai jadwal yang ditetapkan. 

Bila tidak, keekonomian proyek terus turun meskipun untuk melanjutkan proyek tersebut PEPC telah mendapat tambahan bagi hasil sebesar 5% sehingga kontraktor mendapat bagian 45%. Secara terpisah, Vice President Public & Government Affairs ExxonMobil Cepu Limited Erwin Maryoto mengatakan bahwa poin-poin penting dalam negosiasi telah tercapai. Saat ini, masuk tahap final untuk proses administrasi. 

“Semua yang penting penting sudah selesai semua hanya bahasa hukumnya yang sedang difinalisasi."

Bisnis Indonesia, Page-28, Thursday, Sept 28, 2017