Regulation revision on oil and gas contract scheme for gross split, ie Minister of Energy and Mineral Resources (ESDM) Decree No. 52 of 2017 began to get a positive response from investors. This is evidenced by the increasing number of enthusiasts auction of oil and gas blocks conducted by the government. However, in the long run, downstream domestic downstream industries are considered much more attractive.
"The last status for auction 10 conventional working areas, already 19 bid documents are accessed. The 10 blocks of oil and gas are entirely in demand by oil and gas companies, "said the Director General of Oil and Gas of the ESDM Ministry Ego Syahrial in a short message, in Jakarta last weekend.
According to Ego, after the issuance of Ministerial Decree 52/2017, Ego said, the number of enthusiasts of oil and gas block auction has been increased. He hopes, the company participants of this auction can survive and eventually signed a contract.
"We all want the upstream oil and gas industry to revive," he added.
As is known, the rate of return of capital (internal rate of return / IRR) of oil and gas blocks is predicted to rise about 6.55% according to Ministerial Regulation 52/2017. In the simulation that has been done, it appears that 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 that in this simulation the IRR soared to 12%. However, this oil and gas IRR averaged 6.55% increase.
"We modified one of the progressive split components, namely the cumulative oil and gas production. Then, add a new component of progressive split, ie price. We are also improving split variables based on field characteristics "said EMR Deputy Minister of Energy and Mineral Resources Arcandra Tahar in the Launch of Ministerial Regulation 52/2017, not long ago.
He specifies, 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) adds a 3% split, from the split hyodgen sulfide (H2S) split may increase up to 5%, and the availability of infrastructure could boost the split by 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 get an additional 11.25% split on oil price of US $ 40 per barrel and 5% when its gas price is only US $ 5 per million british thermal unit (mmbtu).
"We also open the split limit that can be given from the minister's 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.
Regarding the presence of this Ministerial Regulation, the government extended the auction period of conventional and non-conventional oil and gas blocks until the end of November.
"The auction is extended to allow sufficient time [for companies] to learn the new Ministerial Regulation," Ego said.
"There is no difference in auction deadline for conventional and non-conventional oil and gas blocks, direct bidding schemes or regular. It has set a limit on access to tender documents extended until November 20, 2017. Meanwhile, for the entry of documents of participation, oil and gas companies are given flexibility until November 27.
Initially, the government set a deadline for access to the auction document of the unconventional oil and gas block on September 7 and the entry of documents of participation on 14 September. For conventional oil and gas blocks, initially the document access deadline is set July 10 for a direct offer and extended to September 11th. As for the regular auction of conventional oil and gas blocks, initially there is no extension of time, ie document access no later than 15 September.
The 15 oil and gas blocks that are auctioned consist of 10 conventional oil and gas blocks and five non-conventional oil and gas blocks. A total of 10 blocks of oil and gas have the potential of oil reserves of about 830 million barrels and 22 trillion cubic feet of gas. While oil potential for five non-conventional oil and gas blocks is about 640 million barrels and gas 17 trillion cubic feet.
For conventional oil and gas blocks auctioned through direct offerings are the Andaman I and Iaman Block II offshore Aceh, South Tuna offshore Natuna, Merak Lampung offshore and Banten-Lampung mainland, Pekawai offshore East Kalimantan, West Yamdena off beaches and mainland Maluku, and Kasuri III in West Papua.
While offered with regular auctions namely Block Tongko offshore Natuna, East Tanimbar off the coast of Maluku, and Mamberano on the mainland and off Papua monitor.
Furthermore, three non-conventional oil and gas blocks auctioned through direct offerings are MNK Jambi I in Jambi, MNK II in Jambi and Sumatra, and GMB West Air Komering in South Sumatra. Finally, GMB Raja and GMB Bungamas in South Sumatra are offered through regular auctions.
Based on records, beginning after the auction opened, not many companies participated. After the announcement of the opening of the auction, up to July, there are only 12 tender documents accessible. Then, after being extended for the first time, the accessed document grew to 17.
IN INDONESIA
Revisi Aturan Gross Split Mulai Diminati Investor
Revisi peraturan soal kontrak migas skema bagi basil kotor (gross split), yakni Peraturan Menteri Energi dan Sumber Daya Mineral (ESDM) No 52 Tahun 2017 mulai mendapat respons positif dari investor. Hal ini terbukti dengan bertambahnya jumlah peminat Ielang blok migas yang dilakukan pemerintah. Namun dalam jangka panjang, industri hilir migas (down stream) di dalam negeri dinilai jauh Iebih menarik.
“Status terakhir untuk lelang 10 wilayah kerja konvensional, sudah 19 bid document yang diakses. Ke-10 blok migas tersebut seluruhnya diminati oleh perusahaan migas,” kata Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Ego Syahrial dalam pesan singkatnya, di Jakarta akhir pekan lalu.
Menurut Ego, pasca diterbitkannya Peraturan Menteri 52/ 2017, Ego menuturkan, jumlah peminat blok migas yang dilelang ini telah bertambah. Dia berharap, perusahaan peserta lelang ini bisa bertahan dan akhirnya menandatangani kontrak.
“Kita semua ingin agar industri hulu migas bangkit kembali,” tambahnya.
Seperti diketahui, tingkat pengembalian modal (internal rate of return/IRR) blok migas diprediksi bisa naik sekitar 6,55% mengacu Peraturan Menteri 52/ 2017 . Pada simulasi yang telah dilakukan, tampak bahwa 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 melejit 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 Wakil Menteri ESDM Arcandra Tahar dalam Peluncuran Peraturan Menteri 52/ 2017, belum lama ini.
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.
Terkait hadirnya Peraturan Menteri ini, pemerintah pun memperpanjang jangka waktu lelang blok migas konvensional dan non-konvensional sampai dengan akhir November.
“Lelang diperpanjang untuk memberikan waktu yang cukup [bagi perusahaan] untuk mempelajari Peraturan Menteri yang baru,” kata Ego.
"Tidak ada perbedaan batas waktu lelang bagi blok migas konvensional dan non-konvensional, skema penawaran langsung maupun reguler. Pihaknya menetapkan batas akses dokumen lelang diperpanjang sampai dengan 20 November 2017. Sementara, untuk pemasukan dokumen partisipasi, perusahaan migas diberi keleluasaan waktu sampai dengan 27 November.
Awalnya, pemerintah menetapkan batas waktu akses dokumen lelang blok migas non-konvensional pada 7 September dan pemasukan dokumen partisipasi pada 14 September. Untuk blok migas konvensional, awalnya batas waktu akses dokumen ditetapkan 10 Juli untuk penawaran langsung dan diperpanjang menjadi 11 September. Sementara untuk lelang reguler blok migas konvensional, awalnya tidak ada perpanjangan waktu, yakni akses dokumen paling lambat 15 September.
Ke-15 blok migas yang dilelang ini terdiri dari 10 blok migas konvensional dan lima blok migas non-konvensional. Sebanyak 10 blok migas konvensional ini memiliki potensi cadangan minyak sekitar 830 juta barel dan gas 22 triliun kaki kubik. Sementara potensi minyak untuk lima blok migas non-konvensional sekitar 640 juta barel dan gas 17 triliun kaki kubik.
Untuk blok migas konvensional yang dilelang melalui penawaran langsung adalah Blok Andaman I dan Andaman II di lepas pantai Aceh, South Tuna di lepas pantai Natuna, Merak Lampung di lepas pantai dan daratan Banten-Lampung, Pekawai di lepas pantai Kalimantan Timur, West Yamdena di lepas pantai dan daratan Maluku, dan Kasuri III di Papua Barat.
Sementara yang ditawarkan dengan lelang reguler yakni Blok Tongko di lepas pantai Natuna, East Tanimbar di lepas pantai Maluku, dan Mamberano di daratan dan lepas pantau Papua.
Selanjutnya, tiga blok migas non-konvensional dilelang melalui penawaran langsung adalah MNK Jambi I di Jambi, MNK II di Jambi dan Sumatera, serta GMB West Air Komering di Sumatera Selatan. Terakhir, GMB Raja dan GMB Bungamas di Sumatera Selatan ditawarkan melalui lelang reguler.
Berdasarkan catatan, awal setelah lelang dibuka, tidak banyak perusahaan yang ikut berpartisipasi. Setelah diumumkan pembukaan lelang, sampai Juli, tercatat baru ada 12 dokumen lelang yang diakses. Kemudian, setelah diperpanjang untuk pertama kalinya, dokumen yang diakses bertambah menjadi 17 buah.
Investor Daily, Page-11, Monday, Sept 18, 2017
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