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Tuesday, September 12, 2017

Gross Split Higher Return Guarantee



The Ministry of Energy and Mineral Resources (ESDM) has revised the ministerial regulation on oil and gas revenue sharing. The  government provides eight incentives to oil and gas contractors for investment in upstream oil and gas more attractive. Executive Director  of Reforminer Institute Komaidi Notonegoro rate, the revision of the rules on gross split gives a positive sentiment for the oil and gas  investment climate. The difference lies in the velocity side of the money that the contractor earns.

Nevertheless, the new regulation provides a better guarantee of the internal rate of return (IRR) that still attracts investors to  explore new oil and gas fields.

"It is not as fast as cost recovery, but if the new regulation says that the IRR will be positive, I think the contractor can guarantee the  profit," said Komaidi.

The government and contractors should indeed benefit from oil and gas investment. From the government side, state revenues  increase, while contractors still benefit from investment in upstream oil and gas sector to continue to explore new oil fields.

"If you only see the exploitation side of the source of tax revenue and do not think about the interests of investors, tax revenues from oil  and gas will remain slow" Komaidi said.

The government has indeed calibrated 12 oil and gas fields to provide higher IRR. The lowest IRR rate was set at 2.1 percent to  a high of 15.7 percent. The addition of IRR is done through a larger gross split scheme of 6.5 percent of the old gross split.

Thus, the average IRR obtained in the new gross split is 28.8 percent, the IRR is higher than the average IRR when using a cost  recovery system that is only 24.8 percent.

President of the Indonesian Petroleum Association (IPA) Christina Verchere appreciated the revision of the rule. According to  Christina, oil and gas investment is closely related to the business climate, legal certainty, and competitive fiscal issues.

The decline in the profitability of oil and gas business makes investors more selective in investing their capital. Only oil and gas  projects with competitive returns will be done. With the change in the rules of profit sharing, Christina believes the competitiveness of oil  and gas industry in Indonesia is increasing.

Appreciation is also given for incentive increment to contractors in addition to progressive split (in gas prices), as well as a  progressive split increase in the early stages of production. Christina also appreciated the incentives for the development of the field  beyond the initial plan of development.

"We are also pleased that the option of contract type for PSC extension is still maintained," he added.

IPJ Executive Director Marjolijn Wajong assessed that the new scheme of gross split is more interesting than ever before.  However, contractors are still recalculating when compared to cost recovery.

"Every field is different, some are better, some are lower, some are big," Marjolijn said.

IN INDONESIA

Gross Split Jamin Return Lebih Tinggi


Kementerian Energi dan Sumber Daya Mineral (ESDM) telah merevisi peraturan menteri tentang bagi hasil migas. Pemerintah  memberikan delapan insentif kepada kontraktor migas agar investasi di hulu migas lebih menarik. Direktur Eksekutif Reforminer Institute  Komaidi Notonegoro menilai, revisi aturan tentang gross split tersebut memberikan sentimen positif bagi iklim investasi migas. Perbedaan terletak pada sisi perputaran uang yang diperoleh kontraktor.

Meski demikian, peraturan baru itu memberikan jaminan tingkat pengembalian biaya investasi (internal rate of return/IRR)  yang Iebih baik sehingga masih menarik investor untuk melakukan eksplorasi lapangan migas baru.

"Memang (balik modal dengan metode gross split) tidak secepat cost recovery. Tapi, kalau di peraturan baru dikatakan bahwa IRR akan  positif, saya kira kontraktor sudah dapat jaminan akan untung,” kata Komaidi.

Pemerintah dan kontraktor memang harus diuntungkan dalam investasi migas. Dari sisi pemerintah, penerimaan negara  bertambah, sedangkan kontraktor tetap mendapat keuntungan dari investasi di sektor hulu migas agar tetap mau mengeksplorasi Iadang  minyak baru.

"Kalau hanya melihat sisi eksploitasi yang menjadi sumber penerimaan pajak dan tidak memikirkan kepentingan investor, penerimaan  pajak dari migas akan tetap lambat" kata Komaidi.

Pemerintah memang telah melakukan kalibrasi terhadap 12 lapangan migas untuk memberikan IRR yang lebih tinggi. Tingkat  IRR terendah ditetapkan 2,1 persen hingga yang tertinggi 15,7 persen. Penambahan IRR dilakukan melalui skema gross split yang lebih  besar 6,5 persen dari gross split lama.

Dengan begitu, rata-rata IRR yang didapatkan pada gross split baru sebesar 28,8 persen, IRR tersebut lebih tinggi dibandingkan  rata-rata IRR saat menggunakan sistem cost recovery yang hanya 24,8 persen.

Presiden Indonesian Petroleum Association (IPA) Christina Verchere mengapresiasi revisi aturan tersebut. Menurut Christina,  investasi migas terkait erat dengan iklim usaha, kepastian hukum, dan persoalan fiskal yang kompetitif.

Penurunan tingkat keuntungan dari bisnis migas membuat investor semakin selektif menanamkan modalnya. Hanya proyek  migas dengan imbal hasil kompetitif yang akan dikerjakan. Dengan perubahan aturan tentang bagi hasil tersebut, Christina meyakini daya  saing industri migas di Indonesia semakin meningkat. 

Apresiasi juga diberikan untuk kenaikan insentif kepada kontraktor penambahan progressive split (dalam harga gas), serta  kenaikan progressive split pada tahap awal produksi. Christina juga mengapresiasi adanya insentif untuk pengembangan Iapangan di Iuar  rencana pengembangan (plan of development) awal. 

"Kami juga senang opsi tipe kontrak untuk PSC perpanjangan masih dipertahankan,” imbuhnya.

Direktur Eksekutif IPA Marjolijn Wajong menilai, skema baru gross split lebih menarik dibandingkan sebelumnya. Namun,  kontraktor masih melakukan kalkulasi ulang jika dibandingkan dengan cost recovery. 

"Setiap lapangan pasti berbeda. Ada yang Iebih bagus, ada yang lebih rendah, ada yang besar" kata Marjolijn.

Jawa Pos, Page-6, Monday, Sept 11, 2017

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