7 contract immediately signed
The internal rate of return (IRR) of the oil and gas block using the gross spree contract refers to the Minister of Energy and Mineral Resources Regulation No. 52/2017, no less competitive than referring to cost recovery contract. The IRR rate is predicted to rise by 6.55%. Following the issuance of this new regulation, seven oil and gas contracts were signed shortly in early October.
EMR Deputy Minister of Energy and Mineral Resources, Arcandra Tahar, said that in simulations that have been conducted on several oil and gas blocks, the actual results show that IRR gross split contract is better than cost recovery. This condition is much better than when the gross split contract is still referring to the old rule, namely Ministerial Regulation 8/20 2017. In this simulation seen, once the reference is changed to Ministerial Regulation 52/2017, IRR oil and gas blocks rose significantly.
In some oil and gas blocks, the IRR increase is about 2-5%. However, there are also oil and gas blocks in the IRR this drastically up by 12%. However, this oil and gas IRR averaged an increase of 6.55%.
"We modified one of the progressive split components, namely the cumulative oil and gas production. Then, add new component of progressive split, that is price We also improve split variable based on field characteristic he said.
This refinement is called to answer the complaints and suggestions of oil and gas companies. Referring to Ministerial Regulation 8/2017, the contractor's split of the initial five years is far below the contract with the cost recovery scheme, from about 90% to 80%. Although, the contractor's allocation in the gross split contract will then be better than cost recovery in subsequent years.
"We have to make the contractor's share in the first five years not much different from the cost recovery system and after that be better than cost recovery," said Arcandra.
He specifies that there are eight points of improvement in Ministerial Regulation 52 / 2017. In detail, on the cumulative factor of production there is an additional split up to 10%, from the split production phase can rise up to 10%, the existence of a plan of development (POD 2) split 3%, from split hyodgers sulphide (H2S) split could increase to 5%, and infrastructure availability factor could boost split up to 4%.
Not only that, the additional split as an impact of oil and gas price movements is calculated based on the formula. This makes the oil and gas company a chance to get an additional 11.25% split on oil prices of US $ 40 per barrel and 5% when its gas price is only US $ 5 per million British thermal units (mmbtu).
"We also open the split limit that can be given from ministerial discretion so that oil and gas blocks can be developed economically" he said.
This is to avoid any oil and gas blocks that the government wants to develop, but can not be economical after all incentives are given. World Bank Mining Expert Bryan C Land revealed that the economy of the oil and gas blocks is significant if the gross split contract refers to Ministerial Regulation 8/20 2017. However, the revised beleid has made the IRR and nett present value (NPV) of oil and gas blocks no worse than contract costs recovery, even in some cases can be higher.
Of course it remains to be seen whether efficiency is successful, but at least incentives are available, "he said. Only, he saw that the implementation of gross split contract would be difficult to implement. The current gross split system is too complicated and its implementation may not be as expected. Especially with the unique condition of each oil and gas block and additional split through the minister's discretion, then it is possible that each contract should be renegotiated when POD is submitted.
"Then, the revision of this fiscal regime needs to be followed by improvements in the non-fiscal regime if Indonesia wants to attract more upstream oil and gas investment," said Bryan.
Wait for Taxation
Chairman of the Indonesian Petroleum Association (IPA) Christina Verchere states, changes in Ministerial Regulation 52/2017 quite enhance Indonesia's competitiveness in the oil and gas sector. However, it is waiting for certainty and clarity about the mechanism of taxation that will be applied in this gross split contract. It asked the government to be careful in preparing this taxation mechanism so as not to arise uncertainty.
"In the end, gross split and taxation contracts will have an impact on investors' economics," he said.
Arcandra said, the economic model used to compile the gross split tax refers to Government Regulation No. 27 of 2017. However, PP 27/2017 itself only regulates taxation on oil and gas contract cost recovery. The latest progress in the preparation of the tax-free beleid of the gross split is the Ministry of Finance will invite the IPA.
"The IPA will be invited to dialogue about the proposal we have submitted to the Ministry of Finance and convey its views," he said.
In his proposal, his party said that IPA wants a tax mechanism that is not much different from PP 27 / 2017. In line with Christina, President Director of PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi also ask for tax certainty.
According to him, by using Ministerial Regulation 52/2017, the termination block assigned to his side is quite economical. It is noted that there is no tax treatment and asset rental cost equal to Offshore North West Java (ONWJ) Block.
"This means that the tax remains 36.25% consisting of PPH, if the VAT and PBB remain," he said.
While the asset lease pegged 3-5% multiplied fair value plus 70% discount. Previously, Pertamina through PT Pertamina Hulu Energi has signed offshore oil contracts Offshore North Westjava using a gross split contract. However, this block contract refers to the old regulation, Ministerial Regulation 8/2017.
After the contract was signed earlier this year, the split block has been revised to be higher because to boost its economy, from 57.5% to 73.5% for oil and 62.5% to 81% for gas. Together with the split increase, Pertamina Hulu Energi becomes more aggressive in its investment.
Ready to Sign Contract
Gunung Sarjono added that his side is ready to sign the termination block contract assigned to him. It has submitted a proposal for the development of these blocks to the ESDM Ministry. Then, with the issuance of Ministerial Decree 52/2017, the five blocks handed over to PHE have already reached a sufficient economy.
"So there is an additional split 67% (with Ministerial Regulation 52/2017) .If we see from the contractor take and NPV better," he said, his side will also continue to make efficiency.
He said the economy of the oil and gas block with the scheme of gross split contract can be achieved in two ways. First, the contractor makes efficiency. Secondly, if a split addition of vaxiabel split and progressive split can not boost the economy, the contractor may request an additional which is a ministerial discretion.
As is known, the government commissioned Pertamina to manage eight working areas that will expire the contract. The eight working areas are Tuban Block, East Java (JOB Pertamina-PetroChina East Java); Ogan Komering Block, South Sumatera (JOB Pertamina- Talisman); Sanga-Sanga Block, East Kalimantan (Saka Energy, Southeast Sumatra Block (SES), Lampung (CNOOC SES Limited); Central Block, East Kalimantan (Total E & P Indonesie); Attaka Block, East Kalimantan (Chevron), East Kalimantan Block (Chevron ) and North Sumatra Offshore Block, Aceh (Pertamina).
PHE will manage five blocks, namely Tuban Block, Ogan Komering, South-east Sumatra, Lampung and North Sumatra Offshore. The other two blocks will be managed by a new subsidiary of PT Pertamina, PT Pertamina Hulu Indonesia (PHI). The entire block, said Gunung, will be signed in the near future. "The eight blocks are targeted (signature contract) in late September or early October," he explained.
Head of Special Unit for Oil and Gas Business Activities (SKK Migas) Amien Sunaryadi said that currently there is only one block using the gross split contract. In the future, oil and gas block with cost recovery contract will decrease due to switch to gross split.
IN INDONESIA
IRR Proyek Migas Diperkirakan Naik Hingga 6,55 %
Tingkat pengembalian modal (internal rate of return/IRR) blok migas yang menggunakan kontrak gross sp/it mengacu Peraturan Menteri ESDM No 52/2017, tidak kalah kompetitif jika dibandingkan mengacu kontrak cost recovery. Tingkat IRR diprediksi bisa naik sekitar 6,55%. Pasca terbitnya aturan baru ini, tujuh kontrak migas segera diteken pada awal Oktober.
Wakil Menteri ESDM Arcandra Tahar mengatakan, dalam simulasi yang telah dilakukan pada beberapa blok migas, hasil simulai justru menunjukkan IRR kontrak gross split lebih baik dibandingkan dengan cost recovery. Kondisi ini jauh lebih baik dibandingkan ketika kontrak gross split masih mengacu aturan lama, yakni Peraturan Menteri 8/ 2017. Pada simulasi ini terlihat, begitu acuannya diubah menjadi Peraturan Menteri 52/ 2017, IRR blok migas naik signifikan.
Di beberapa blok migas, kenaikan IRR sekitar 2-5%. Namun, ada juga blok migas yang dalam siMulasi ini IRR-nya naik drastis hingga 12%. Namun, IRR blok migas ini rata-rata naik 6,55%.
“Kami memodifikasi salah satu komponen progressive split, yakni kumulatif produksi migas. Kemudian, menambah komponen baru progressive split, yaitu harga Kami juga memperbaiki variabel split berdasarkan karakteristik lapangan kata dia.
Perbaikan ini disebutnya untuk menjawab keluhan dan saran perusahaan migas. Pasalnya, mengacu Peraturan Menteri 8/ 2017, bagi hasil (split) kontraktor pada lima tahun awal memang jauh di bawah kontrak dengan skema cost recovery, yakni dari sekitar 90% ke 80%. Walaupun, jatah kontraktor dalam kontrak gross split ini kemudian akan lebih baik dibanding cost recovery di tahun-tahun berikutnya.
“Kami harus membuat bagi hasil kontraktor pada lima tahun pertama tidak beda jauh dengan sistem cost recovery dan setelah itu menjadi lebih baik dari cost recovery,” ujar Arcandra.
Dia merinci, terdapat delapan poin perbaikan dalam Peraturan Menteri 52/ 2017. Rincinya, pada faktor kumulatif produksi terdapat tambahan split hingga 10%, dari fase produksi split bisa naik hingga 10%, adanya rencana pengembangan lanjutan (plan of development/ POD 2) menambah split 3%, dari kandungan hirodgen sulfida (H2S) split bisa meningkat sampai 5%, dan faktor ketersediaan infrastruktur bisa mendongkrak split hingga 4%.
Tidak hanya itu, tambahan split sebagai dampak pergerakan harga minyak dan gas dihitung berdasarkan formula. Hal ini membuat perusahaan migas berkesempatan mendapat tambahan split 11,25% pada harga minyak US$ 40 per barel dan 5% ketika harga gas miliknya hanya US$ 5 per juta british thermal unit (mmbtu).
“Kami juga membuka batasan split yang bisa diberikan dari diskresi menteri sehingga blok migas bisa dikembangkan secara ekonomis" tuturnya. Hal ini untuk menghindari adanya blok migas yang pemerintah ingin kembangkan, namun tidak bisa ekonomis setelah semua insentif diberikan.
Ahli Pertambangan Bank Dunia Bryan C Land mengungkapkan, keekonomian blok migas turun signifikan jika kontrak gross split mengacu pada Peraturan Menteri 8/ 2017. Namun, revisi beleid yang dilakukan telah membuat IRR dan nett present value (NPV) blok migas tidak lebih buruk dari kontrak cost recovery, bahkan dalam beberapa kasus bisa lebih tinggi.
Tentu saja masih harus diperhatikan apakah efisiensi berhasil dilakukan, tetapi setidaknya insentif sudah tersedia,” ujarnya. Hanya saja, dia melihat bahwa penerapan kontrak gross split bakal sulit di implementasikan. Sistem gross split saat ini terlalu rumit dan penerapannya bisa jadi tidak sesuai harapan. Terlebih dengan kondisi unik setiap blok migas dan tambahan split melalui diskresi menteri, maka ada kemungkinan setiap kontrak harus direnegosiasi ketika POD diajukan.
“Kemudian, revisi rezim fiskal ini perlu diikuti dengan perbaikan di rezim non-fiskal jika Indonesia ingin menarik lebih banyak investasi hulu migas,” tegas Bryan.
Tunggu Perpajakan
Ketua Indonesian Petroleum Association (IPA) Christina Verchere menyatakan, perubahan dalam Peraturan Menteri 52/2017 cukup meningkatkan daya saing Indonesia di sektor migas. Namun, pihaknya menunggu kepastian dan kejelasan soal mekanisme perpajakan yang akan diterapkan dalam kontrak gross split ini. Pihaknya meminta pemerintah berhati-hati dalam menyusun mekanisme perpajakan ini agar tidak timbul ketidakpastian.
“Pada akhirnya, kontrak gross split dan perpajakan akan berdampak pada keekonomian investor,” kata dia.
Arcandra menuturkan, model ekonomi yang digunakannya untuk menyusun pajak gross split mengacu pada Peraturan Pemerintah No 27 Tahun 2017. Namun, PP 27/2017 sendiri hanya mengatur perpajakan pada kontrak migas cost recovery. Progres terbaru penyusunan beleid pajak gross split ini yakni Kementerian Keuangan akan mengundang IPA.
“IPA akan diajak berdialog tentang proposal yang telah kami masukkan ke Kementerian Keuangan dan menyampaikan pandangannya,” tuturnya.
Dalam proposalnya, pihaknya menyampaikan bahwa IPA menginginkan mekanisme pajak yang tidak jauh berbeda dengan PP 27/ 2017. Senada dengan Christina, Presiden Direktur PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi juga meminta kepastian perpajakan.
Menurutnya, dengan menggunakan Peraturan Menteri 52/ 2017, blok terminasi yang ditugaskan ke pihaknya sudah cukup ekonomis. Hal ini dengan catatan tidak ada perlakuan pajak dan biaya sewa aset sama dengan Blok Offshore North West Java (ONWJ).
“Artinya tax tetap 36,25% yang terdiri dari PPH, kalau PPN dan PBB tetap,” ujarnya.
Sementara sewa aset dipatok 3-5% dikali fair value ditambah diskon 70%. Sebelumnya, Pertamina melalui PT Pertamina Hulu Energi telah meneken kontrak migas Blok Offshore North Westjava menggunakan kontrak gross split. Namun, kontrak blok ini mengacu pada peraturan lama, yakni Peraturan Menteri 8/2017.
Pasca kontrak diteken awal tahun, split blok ini telah direvisi menjadi lebih tinggi lantaran untuk mendongkrak keekonomiannya, yakni dari 57,5% menjadi 73,5% untuk minyak dan 62,5% menjadi 81% untuk gas. Bersama dengan kenaikan split, Pertamina Hulu Energi menjadi lebih agresif dalam investasi.
Siap Teken Kontrak
Gunung Sarjono menambahkan pihaknya siap meneken kontrak blok terminasi yang ditugaskan kepadanya. Pihaknya telah mengirimkan proposal rencana pengembangan blok-blok ini kepada Kementerian ESDM. Kemudian, dengan terbitnya Peraturan Menteri 52/2017, lima blok yang diserahkan pengelolaannya ke PHE sudah mencapai keekonomian yang mencukupi.
"Jadi ada tambahan split 67% (dengan Peraturan Menteri 52/ 2017). Ini kalau kami lihat dari contractor take maupun NPV lebih bagus,” kata dia, Pihaknya juga akan terus melakukan efisiensi.
Dikatakannya, keekonomian blok migas dengan skema kontrak gross split ini dapat dicapai dengan dua cara. Pertama, kontraktor melakukan efisiensi. Kedua, jika memang tambahan split dari vaxiabel split dan progressive split tidak dapat mendongkrak keekonomian, kontraktor dapat meminta tambahan yang merupakan diskresi menteri.
Seperti diketahui, pemerintah menugaskan Pertamina untuk mengelola delapan wilayah kerja yang akan habis masa kontraknya. Delapan wilayah kerja tersebut yakni Blok Tuban, Jawa Timur (JOB Pertamina-PetroChina East Java); Blok Ogan Komering, Sumatera Selatan (JOB Pertamina-Talisman); Blok Sanga-Sanga, Kalimantan Timur (Saka Energi; Blok Southeast Sumatera (SES), Lampung (CNOOC SES Limited); Blok Tengah, Kalimantan Timur (Total E&P Indonesie); Blok Attaka, Kalimantan Timur (Chevron), Blok East Kalimantan (Chevron) dan Blok North Sumatera Offshore, Aceh (Pertamina).
PHE akan mengelola lima blok, yaitu Blok Tuban, Ogan Komering, South-east Sumatera, Lampung, dan North Sumatera Offshore. Sementara dua blok lainnya akan dikelola anak usaha PT Pertamina yang baru, yakni PT Pertamina Hulu Indonesia (PHI). Seluruh blok tersebut, kata Gunung, akan diteken kontraknya dalam waktu dekat “Delapan blok itu targetnya (tanda tangan kontrak) akhir September atau awal Oktober,” jelasnya.
Kepala Satuan Kerja Khusus Pelaksana Kegiatan Usaha Minyak dan Gas Bumi (SKK Migas) Amien Sunaryadi mengatakan, saat ini memang hanya satu blok yang menggunakan kontrak gross split. Ke depannya, blok migas dengan kontrak cost recovery akan semakin berkurang karena beralih ke gross split.
Investor Daily, Page-7, Monday, Sept 11, 2017.
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