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Wednesday, November 22, 2017

Gross Split Makes Slight Investment



The Ministry of Energy and Mineral Resources (ESDM) is missteping its policy. At a time when oil prices fell in January instead of issuing contracts for the results of gross split is not popular. As a result, the auction held until November 2017 no one is interested.

Upstream oil and gas investment this year is very unattractive. This is seen from the auction of oil and gas blocks that have been done by the Ministry of Energy and Mineral Resources (ESDM) since last May 2017. The auction has been extended three times, because no one is interested.

Oil and Gas Director General of the Ministry of Energy and Mineral Resources Ego Syahrial said that his party has delayed the submission deadline of 15 blocks of oil and gas until December 31, 2017. Previously, the oil and gas block auction is targeted for completion on 27 November.

"We postpone until December 31, 2017 so that there is enough time, he reasoned, postponed the auction time as investors are still waiting for the certainty of the Government Regulation (PP) regulation on gross split taxation.

Energy Observer Pri Agung Rakhmanto explained that the current upstream oil and gas investment climate in Indonesia has not improved, especially since the scheme of the contract for the gross split by Minister of Energy and Mineral Resources No 8/2017 issued in January. The date is the deadline for submission of the auction document.

He reasoned, delayed auction time as investors are still waiting for the certainty of the Government Regulation (PP) draft on gross split taxation.

"Since the implementation of the gross split scheme, the condition is not getting better and it is increasingly not conducive because it adds to the uncertainty that exists," said Pri Agung Monday (20/11).

According to Pri Agung, the uncertainty increases because of the economic count that changes with the new type of gross split contract.

"Investors or contractors should recalculate their investment plans and portfolios," he said.

In addition, investment uncertainty in the upstream oil and gas sector is also emerging as a result of gross split contracts still require other provisions that have not been proven until now. For example in the case of tax rules for sharing contracts for gross split.

"So, if the auction is to be extended later, it is not a matter of a proper or inappropriate step, but it clearly indicates that the upstream oil and gas investment climate is not conducive to attract investment," he explained.

IN INDONESIA


Gross Split Membuat Investasi Suram


Kementerian Energi dan Sumber Daya Mineral (ESDM) salah langkah dalam mengambil kebijakan. Di saat harga minyak turun pada Januari lalu malah menerbitkan kontrak bagi hasil gross split yang tidak popular. Hasilnya, lelang yang diselenggarakan sampai November 2017 tidak ada yang berminat.

Investasi hulu migas tahun ini sangat tidak menarik. Ini terlihat dari lelang blok migas yang sudah dilakukan Kementerian Energi dan Sumber Daya Mineral (ESDM) sejak Mei 2017 lalu. Lelang sudah tiga kali diperpanjang, lantaran tidak ada yang berminat.

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM, Ego Syahrial mengatakan pihaknya kembali menunda batas penyerahan dokumen lelang 15 blok migas sampai 31 Desember 2017. Sebelumnya, lelang blok migas ditargetkan selesai pada 27 November.

"Kita tunda sampai 31 Desember 2017 agar ada waktu yang cukup. Dia beralasan, ditundanya waktu lelang karena para investor masih menunggu kepastian rancangan Peraturan Pemerintah (PP) mengenai perpajakan gross split.

Pengamat Energi Pri Agung Rakhmanto menerangkan, iklim investasi hulu migas Indonesia saat ini belum juga membaik, terutama sejak adanya skema kontrak bagi hasil gross split melalui Peraturan Menteri ESDM No 8/2017 yang diterbitkan Januari lalu. Tanggal itu merupakan batas waktu penyerahan dokumen lelang.

Dia beralasan, tertundanya waktu lelang karena para investor masih menunggu kepastian rancangan Peraturan Pemerintah (PP) mengenai perpajakan gross split.

"Sejak diberlakukan skema gross split, kondisinya tidak semakin membaik dan justru semakin tidak kondusif karena menambah ketidakpastian yang ada," ujar Pri Agung Senin (20/11).

Menurut Pri Agung, ketidakpastian bertambah karena adanya hitungan keekonomian yang berubah dengan adanya kontrak jenis baru gross split. 

"Investor atau kontraktor harus menghitung ulang lagi rencana-rencana dan portofolio investasi mereka," ujarnya.

Selain itu, ketidakpastian investasi di sektor hulu migas juga muncul akibat kontrak gross split masih memerlukan aturan-aturan lain yang terbukti sampai sekarang belum selesai. Misalnya dalam hal aturan pajak untuk kontrak bagi hasil gross split.

"Jadi, kalau kemudian lelang harus diperpanjang, ini bukan masalah langkah ini tepat atau tidak tepat. Tetapi hal itu mengindikasikan dengan jelas, iklim investasi hulu migas memang belum kondusif untuk menarik investasi" terangnya.

Kontan, Page-14, Wednesday, Nov 22, 2017

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