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Wednesday, November 22, 2017

Waiting for Oil and Gas Block Auction Solution



This year, the government offers 15 oil and gas working areas consisting of 10 conventional blocks and five non-conventional oil and gas blocks. A total of seven conventional oil and gas blocks are offered directly, namely Andaman l Block (offshore Aceh), Andaman ll (offshore Aceh), South Tuna (offshore Natuna), Merak Lampung [offshore and Banten-Lampung mainland), Pekawai ( offshore of East Kalimantan], West Yamdena (offshore and mainland Maluku), and Kasuri III Block (mainland West Papua).

Three conventional oil and gas blocks are offered through regular auctions, the Tongkol Block (offshore Natuna), East Tanimbar (offshore Maluku), and Mamberamo (mainland and offshore Papua). For non-conventional oil and gas blocks offered through direct offer of MNK Jambi l, Onshore Jambi (Shale Hydrocarbon); MNK Jambi II, Onshore Jambi 81 South Sumatera (Shale Hydrocarbon); CMB West Air Komering, Onshore South Sumatra (Coal Bed Methane / CBM).

Map of Working Area Oil adn Gas Block

However, until the end of 2017, 15 working areas (WK) offered are not immediately in demand by investors. Whereas the auction process has started since July 2017. The government, then again extended the auction deadline until August 9, 2017 with the reason of waiting for regulation about gross split.

In its development, the government again extended the auction until September 11, 2017. By reason of the revision of the Regulation of the Minister of Energy and Mineral Resources about gross split, the Ministry of ESDM again extended the auction time until 20 November 2017. In fact, again the government again extended the auction until December 31, 2017.

About not interested in investor interest is not just recently experienced. In the 2008/2009 period, the government also had doubts because of the 16 blocks offered, only five blocks won the winner.

At the time, it was mentioned that the government's plan to limit state expenditure on cost recovery claims made the regular auction of oil and gas working area in stage 2008/2009 was quiet.

Director General of Oil and Gas at the time, Evita Herawati Legowo, cited global economic conditions, low oil prices during the offering and technical conditions of the offered block, which investors said lacked oil and gas content.

Referring to global economic conditions in 2017 and 2018, the world economy can not yet be said to enter the acceleration period. Meanwhile, commodity prices, controlled by crude oil, are still slowing so expect prices back to the golden level of commodities like 'Waiting for Godot' a story that illustrates hope that does not end soon.

Brent crude oil prices hit a high of US $ 146.08 per barrel on July 3, 2008. Now the price of oil has fallen more than 57% and held at US $ 62.70 per barrel.

Meanwhile, the price of WTI crude oil has also dropped 50.29% from the highest point of US $ 113.93 per barrel on April 24, 2011, to US $ 56.27 per barrel.

In relation to the economic value of oil and gas blocks offered, the government is realistic without having to sell cheaply. Because the auction will contribute to the increase of oil and gas production in the future.

Based on data from SKK Migas, up to semester l / 2017 there are 277 oil and gas blocks, down compared to 2012 as many as 308 blocks. On the other hand, oil and gas block contracts that will be exhausted during the period 2017-2025 as much as 30 blocks.

Government efforts to revise ESDM Ministerial Regulation no. 35/2008 on the Procedures for the Determination and Supply of Working Areas of Oil and Gas to facilitate the auction process of the oil and gas block actually shows a commitment to be friendly with investors.

However, this is not enough because oil and gas contract schemes are now changing from cost recovery to gross split. Although the gross split scheme allows the Cooperation Contract Contractor to carry out its own procurement system so that it becomes simple and efficient, investors still need clarity about the tax system.

The tax code for contract scheme for gross split oil and gas is what investors are waiting for. The Ministry of Energy and Mineral Resources once promised the tax regulation will be completed in November.

In fact, the 15-block oil and gas auction is delayed until the end of the year which means there is still a different view among government agencies. Being cautious is clearly needed. Nevertheless, the government should also quickly provide solutions to investors in the downward trend of the national oil and gas reserve ratio.

IN INDONESIA


Menanti Solusi Lelang Blok Migas


Pada tahun ini, pemerintah menawarkan 15 Wilayah kerja migas yang terdiri atas 10 blok konvensional dan lima blok migas non-konvensional. Sebanyak tujuh blok migas konvensional yang ditawarkan secara langsung, yaitu Blok Andaman l (lepas pantai Aceh), Andaman ll (lepas pantai Aceh), South Tuna (lepas pantai Natuna), Merak Lampung [lepas pantai dan daratan Banten-Lampung), Pekawai (lepas pantai Kalimantan Timur], West Yamdena (lepas pantai dan daratan Maluku), dan Blok Kasuri III (daratan Papua Barat).

Tiga blok migas konvensional ditawarkan melalui lelang reguler, yaitu Blok Tongkol (lepas pantai Natuna), East Tanimbar (lepas pantai Maluku), dan Mamberamo (daratan dan lepas pantai Papua). Untuk blok migas nonkonvensional yang ditawarkan melalui penawaran langsung yaitu MNK Jambi l, Onshore Jambi (Shale Hydrocarbon); MNK Jambi ll, Onshore Jambi 81 Sumatera Selatan (Shale Hydrocarbon); CMB West Air Komering, Onshore Sumatera Selatan (Coal Bed Methane/CBM).

Namun, hingga menjelang berakhirnya Tahun 2017, 15 Wilayah kerja (WK) yang ditawarkan tersebut tidak segera diminati oleh investor. Padahal proses lelang sudah dimulai sejak Juli 2017. Pemerintah, kemudian kembali memperpanjang batas waktu lelang hingga 9 Agustus 2017 dengan alasan menunggu regulasi tentang gross split. 

Dalam perkembangannya, pemerintah kembali memperpanjang lelang hingga 11 September 2017. Dengan alasan adanya revisi Peraturan Menteri ESDM tentang gross split, Kementerian ESDM kembali memperpanjang waktu lelang hingga 20 November 2017. Nyatanya, lagi-lagi pemerintah kembali memperpanjang lelang hingga 31 Desember 2017.

Tentang tidak tertariknya minat investor sebenarnya bukan baru-baru ini saja dialami. Pada periode 2008/2009, pemerintah juga pernah ragu karena dari 16 blok yang ditawarkan, hanya lima blok yang mendapatkan pemenang.

Saat itu disebut-sebut rencana pemerintah membatasi pengeluaran negara atas klaim cost recovery membuat lelang reguler wilayah kerja migas tahap ll 2008/2009 sepi peminat.

Dirjen Migas saat itu, Evita Herawati Legowo, menyebutkan kondisi ekonomi global, rendahnya harga minyak saat penawaran serta kondisi teknis dari blok yang ditawarkan, yang menurut investor tidak memiliki kandungan minyak dan gas, menjadi penyebab.

Merujuk pada kondisi ekonomi global pada 2017 dan 2018, perekonomian dunia memang belum dapat dikatakan memasuki masa akselerasi. Adapun, harga komoditas, yang dikendalikan oleh minyak mentah pun, masih lambat melaju sehingga berharap harga kembali pada level keemasan komoditas ibarat ‘Menunggu Godot’ sebuah kisah yang menggambarkan harapan yang tidak segera berakhir.

Harga minyak mentah berjenis Brent pernah mencapai titik tertinggi di level US$ 146,08 per barel pada 3 Juli 2008. Kini harga minyak tersebut sudah turun lebih dari 57% dan bertahan pada level US$ 62,70 per barel.
Adapun, harga minyak mentah jenis WTI juga sudah turun 50,29%, dari titik tertinggi US$ 113,93 per barel pada 24 April 2011, menjadi US$ 56,27 per barel. 

Terkait dengan nilai keekonomian blok migas yang ditawarkan, pemerintah bersikap realistis tanpa harus menjual murah. Pasalnya, lelang itu akan berkontribusi terhadap peningkatan produksi migas ke depan.

Berdasarkan data SKK Migas, hingga semester l/2017 terdapat 277 blok migas, turun dibandingkan dengan 2012 sebanyak 308 blok. Di sisi lain, kontrak blok migas yang akan habis selama periode 2017- 2025 sebanyak 30 blok.

Upaya pemerintah untuk merevisi Peraturan Menteri ESDM No. 35/2008 tentang Tata Cara Penetapan dan Penawaran Wilayah Kerja Minyak dan Gas Bumi untuk mempermudah proses lelang blok migas sebenarnya sudah menunjukkan komitmen untuk bersahabat dengan investor. 

Namun itu tidak cukup karena skema kontrak migas kini berubah dari cost recovery menjadi gross split. Walaupun skema gross split memungkinkan Kontraktor Kontrak Kerja Sama untuk melakukan sistem pengadaan sendiri sehingga menjadi sederhana dan efisien, investor tetap butuh kejelasan soal sistem perpajakannya.

Aturan perpajakan untuk skema kontrak bagi basil migas gross split inilah yang sedang ditunggu oleh investor. Kementerian ESDM pernah menjanjikan aturan perpajakan bakal rampung pada November.

Faktanya, lelang 15 blok migas ditunda hingga akhir tahun yang artinya masih ada perbedaan pandangan antar instansi pemerintah. Bersikap hati-hati jelas dibutuhkan. Meski demikian, pemerintah juga harus cepat memberikan solusi kepada investor di saat tren menurunnya rasio cadangan migas nasional.

Bisnis Indonesia, Page-2, Wednesday, Nov 22, 2017

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