The government needs to resolve the uncertainty factor despite the revision of the profit sharing contract by extending the space for the addition of profit sharing or split for the contractor.
The ESDM Ministry is tired of issuing the Regulation of the Minister of Energy and Mineral Resources N0. 52/2017 on Amendment to Regulation of the Minister of Energy and Mineral Resources No. 8/2017 on the Gross Split Revenue Contract.
Bryan C Land, Lead Extractives Specialist of World Bank, said the government still needs to take care of other aspects that make the certainty factor trying to decrease.
"I affirm together with the fiscal changes, other non-fiscal aspects are also very important. So, we heard from the question and answer session that oil and gas companies are right about the condition if more and more conditions are solved, the better and it is the same challenge for every country, "he said in a socialization session on Friday (8/9).
In the socialization session, business actors questioned the tax imposition mechanism because the profit sharing did not include the taxes borne by the contractor. Whereas all the costs on the gross split contract include all taxes issued can no longer be returned through the cost recovery scheme because the division of government and contractor parts is done before netto.
In addition, the space for the addition of a share of the ministerial discretion that is no longer restricted is considered uncertain because it is based on the minister's unknown considerations of what factors influence it. Another factor of uncertainty is also included in the list of questions that is about there is no higher rule regarding gross split contracts.
The question arises because a gross split contract that is only regulated in the form of a ministerial regulation may change when there is a ministerial change. However, Land insists the government has made improvements with the previous scheme.
And the 12 field that became the reference, the application of gross split only gives an additional rate of return on investment (internal rate of return / IRR). With the lowest IRR addition range of 2.1% to the highest of 15.7%, the average IRR addition through the new gross split scheme is 6.5% greater than the old gross split.
Under the scheme, the average IRR obtained in the new gross split is 28.8% or higher than the IRR average in the production sharing contract (PSC) cost recovery of 24.8%.
Based on data from Wood Mackenzie, IRR in Indonesia with a gross split of 22.3% and PSC cost recovery 24.8%. The data shows the scheme is no better than other countries such as Australia with 30.4%, Papua New Guinea 38.2%, Ireland 40.3% and England 41, S%.
"Other countries with the same investment climate are working to make more interesting provisions. So we have to see, "he said.
LICENSE
Energy observer from Trisakti University, Pri Agung Rakhmanto, said that the government needs to solve ease of doing business problems to improve the investment climate. He calls for improvement in licensing, bureaucracy, regulatory consistency and respect for sanctity of contract.
According to him, this change is still too small impact because it only uses the previous condition ie Minister of Energy and Mineral Resources Regulation no. 8/2017 as a comparison.
"To get to the stage of attracting and bringing in more investment, I think still need to prove and solve the things or other problems that become the key ease of doing business," he said.
As is known, the government adds split weight and new variables that can improve the economy through Minister of Energy and Mineral Resources Regulation no. 52/2017. In addition, additional revenue-sharing was obtained in the initial phase of development when the contractor has not been able to enjoy the production. Then, the additional space for the results of the minister's discretion is no longer limited to 5%.
President of the Indonesian Petroleum Association (IPA) Christina Verchere expects the revision to bring fresh air to investment in the upstream oil and gas sector.
However, he considered the work of the government has not been completed because the final share obtained by the contractor does not include tax. According to him, the uncertain tax factor can wobble the government's efforts to improve the economics of field development through the addition of profit sharing.
"We ask that the mechanism of taxation be clarified and ask the government not to increase the space of other uncertainty that could be contrary to the positive performance that has been done on the gross split," he said.
Meanwhile, PT Pertamina Hulu Energi (PHE) President Director, Gunung Sardjono Hadi, said that the improvements are quite helpful, especially in the management of block of contracts assigned to Pertamina.
If there are changes in the conditions that make the economics of the development of the shrinkage field, two things to be done are cost efficiency as well as additional proposals split from ministerial discretion.
"the Room two, under our control is cost efficiency, the second we can ask for additional [from the minister's discretion]," he said.
Meanwhile, proposals for new contracts on eight contract-deprived working areas have been submitted to the government. According to him, the new contract is targeted to be signed at the end of September or early October this year.
"It means that the eight blocks are targeted by the end of September or early October [contract signature]," he said.
IN INDONESIA
Ada Faktor Ketidakpastian
Pemerintah perlu menyelesain Faktor ketidakpastian kendati sudah melakukan revisi aturan kontrak bagi hasil dengan memperluas ruang penambahan bagi hasil atau split bagi kontraktor.
Kementerian ESDM lelah mengeluarkan Peraturan Menteri ESDM N0. 52/2017 tentang Perubahan atas Peraturan Menteri ESDM No. 8/2017 tentang Kontrak Bagi Hasil Gross Split.
Bryan C Land, Lead Extractives Specialist World Bank, mengatakan pemerintah masih perlu membereskan aspek lainnya yang membuat faktor kepastian berusaha menurun.
“Saya menegaskan bersamaan dengan perubahan fiskal, aspek nonfiskal lain juga sangat penting. Jadi, kami mendengar dari sesi tanya jawab, perusahaan-perusahaan migas benarnya tentang kondisi jika semakin banyak kondisi itu diselesaikan, akan semakin baik dan hal itu merupakan tantangan yang sama bagi setiap negara,” ujarnya dalam sesi sosialisasi, Jumat (8/9).
Dalam sesi sosialisasi, pelaku usaha mempertanyakan soal mekanisme pengenaan pajak karena bagi hasil yang diperoleh belum termasuk pajak yang ditanggung kontraktor. Padahal seluruh biaya pada kontrak gross split termasuk seluruh pajak yang dikeluarkan tidak lagi bisa dikembalikan melalui skema cost recovery karena pembagian bagian pemerintah dan kontraktor dilakukan secara kotor.
Selain itu, ruang penambahan bagi hasil dari diskresi menteri yang kini tidak lagi dibatasi pun dianggap tidak pasti karena didasarkan dari pertimbangan menteri yang tidak diketahui apa saja faktor yang mempengaruhinya. Faktor ketidakpastian lainnya yang juga masuk dalam daftar pertanyaan yakni mengenai ada tidak aturan yang lebih tinggi mengenai kontrak gross split.
Pertanyaan itu muncul karena kontrak gross split yang hanya diatur dalam bentuk peraturan menteri bisa saja berubah ketika ada pergantian menteri. Namun, Land menegaskan pemerintah telah melakukan perbaikan dengan skema sebelumnya.
Dan 12 lapangan yang menjadi acuan, penerapan gross split hanya memberikan tambahan angka pengembalian investasi (internal rate of return/IRR). Dengan rentang penambahan IRR terendah sebesar 2,1 % hingga yang tertinggi 15,7 %, rata-rata penambahan IRR melalui skema gross split baru lebih besar 6,5 % dari gross split lama.
Dengan skema itu, rerata IRR yang didapatkan pada gross split baru sebesar 28,8% atau lebih tinggi dari rerata IRR pada kontrak bagi hasil produksi (production sharing contract/PSC) cost recovery yakni 24,8%.
Berdasarkan data Wood Mackenzie, IRR di Indonesia dengan gross split lama sebesar 22,3% dan PSC cost recovery 24,8%. Data itu menunjukkan skema itu tidak lebih baik dari negara lain seperti Australia dengan 30,4%, Papua Nugini 38,2%, Irlandia 40,3% dan Inggris 41,S%.
“Negara-negara lain dengan iklim investasi yang sama sedang berupaya membuat ketentuan- ketentuan yang lebih menarik. Jadi kami harus melihat," katanya.
PERIZINAN
Pemerhati energi dari Universitas Trisakti Pri Agung Rakhmanto menilai pemerintah perlu menyelesaikan masalah kemudahan berusaha (ease of doing business) untuk bisa memperbaiki iklim investasi. Dia menyebut perlu ada perbaikan pada perizinan, birokrasi, konsistensi peraturan dan menghormati kontrak yang berjalan (sanctity of contract).
Menurutnya, perubahan ini masih terlalu kecil dampaknya karena hanya menggunakan kondisi sebelumnya yakni Peraturan Menteri ESDM No. 8/2017 sebagai pembanding.
“Untuk sampai ke tahap menarik dan mendatangkan investasi lagi, menurut saya masih perlu pembuktian dan penyelesaian hal-hal atau masalah lain yang menjadi kunci ease of doing business,” katanya.
Seperti diketahui, pemerintah menambah bobot split dan variabel baru yang bisa meningkatkan keekonomian melalui Peraturan Menteri ESDM No. 52/2017. Selain itu, tambahan bagi hasil pun didapatkan di fase awal pengembangan ketika kontraktor belum bisa menikmati hasil produksi. Kemudian, ruang tambahan bagi hasil dari diskresi menteri pun tidak lagi dibatasi sebesar 5%.
Presiden Indonesian Petroleum Association (IPA) Christina Verchere mengharapkan revisi itu membawa angin segar terhadap investasi di sektor hulu minyak dan gas bumi.
Namun, dia menilai kerja pemerimah belum usai karena bagi hasil akhir yang didapatkan kontraktor belum termasuk pajak. Menurutnya, faktor pajak yang belum pasti bisa menggoyah upaya pemerintah untuk memperbaiki keekonomian pengembangan lapangan melalui penambahan bagi hasil.
“Kami meminta agar mekanisme perpajakan diperjelas dan meminta pemerintah agar tidak menambah ruang ketidakpastian lainnya yang bisa bertentangan dengan kinerja positif yang telah dilakukan pada gross split,” tuturnya.
Sementara itu, Presiden Direktur PT Pertamina Hulu Energi (PHE) Gunung Sardjono Hadi mengatakan perbaikan itu cukup membantu khususnya dalam pengelolaan blok habis kontrak yang ditugaskan kepada Pertamina.
Bila terdapat perubahan kondisi yang membuat keekonomian pengembangan lapangan susut, dua hal yang akan dilakukan yakni efisiensi biaya juga usulan tambahan split dari diskresi menteri.
“Roomnya dua, yang under control kita adalah cost efficiency, yang kedua kita bisa minta tambahan [dari diskresi menteri],” katanya.
Adapun, proposal untuk kontrak baru pada delapan wilayah kerja yang habis kontrak telah disampaikan kepada pemerintah. Menurutnya, kontrak baru ditargetkan bisa diteken pada akhir September atau awal Oktober tahun ini.
"Artinya delapan blok itu targetnya akhir September atau awal Oktober [tanda tangan kontrak]," tuturnya.
Bisnis Indonesia, Page-28, Monday, Sept 11, 2017
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