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Thursday, June 21, 2018

Glimmer of Hope in Upstream Oil and Gas



The investment passion around oil and gas that previously faded is believed to increase in the first half of 2018,
crude oil prices.

Executive Director of Indonesia Petroleum Association (IPA) Marjolijn Wajong said that oil price hike is one of the drivers of investment in the oil and gas sector, especially for the exploitation work areas that have started spraying oil. According to him, the upstream oil and gas investment has not been seen directly in the first half of this year.

"signs of commencement upstream oil and gas investment will begin to be felt in the third quarter and fourth quarter. The upward trend will begin to appear at the end of the third quarter, "Marjolijn said.

For unexploded exploration work areas, Wajong said the period of rising oil prices will only have an impact on the spirit of finding new reserves.

"Because the exploration process takes years," She said

Based on data from the Upstream Oil and Gas Upstream Business Unit (SKK Migas), the realization of upstream oil and gas investment in January-May 2018 amounted to US $ 3.7 billion or 26 percent of the 2018 target of US $ 14.2 billion.

Data from the Ministry of Energy and Mineral Resources noted that the total upstream oil and gas investment is starting to decline from US $ 20.37 billion in 2013 to US $ 10.26 billion in 2017. Wajong believes that the new phase is usually starting to prepare investment planning in the first half of 2015 so that investment in the sector is still low . 
    
     So far, the increase in oil prices since the beginning of this year has contributed positively to the state revenues from the oil and gas sector. The realization of state revenue from the oil and gas sector during the period of January to May 2018 reached US $ 6.9 billion or 58% of this year's target of US $ 11.9 billion. Head of SKK Migas Amien Sunaryadi said the construction of operating facilities could increase oil and gas investment.

"One of the POD [plan of development, Merakes has been completed and has an investment value of US $ 1.05 he said.

Head of Program and Communication Division of SKK Migas Wisnu Prabowo Taher stated that the low level of realization of oil and gas investment is triggered by seasonal factors. Generally, in the first half of the planned programs are still waiting for the schedule of operations. So, like drilling schedule, waiting for rig preparedness, and land preparation. We have not put it into investment because there is no cost incurred, "he said.

Wisnu estimates that drilling and other activities are more intensive in the second half of 2018 than in the previous semester. According to him, the level of oil and gas investment will potentially increase after the Ministry of ESDM gives certainty of new contract on termination block. In total, 2018 has signed a total commitment of 2017 and 2018 direct appointment schemes, as well as new contracts of oil and gas blocks terminated 2018 and 2019 worth US $ 933.66 million. Throughout the year, Indonesia has recorded a definite commitment with a total value of US $ 933.66 million.

INVESTMENT MOMENTUM

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources Djoko Siswanto also said that oil and gas investment trends are starting to stretch in the second half of 2018, especially in the third and fourth quarters. Oil and gas investment will also be raised by the auction of work area and a definite commitment from the new contract block whose contract is over. 

      Djoko stressed that world oil price hike should be a big momentum for oil and gas contractors to start investing. Meanwhile, members of Commission VII of the House of Representatives Kurtubi considered legal protection in the form of law does not support upstream oil and gas investment even though oil prices continue to rise. Currently, the revision of Law no. 22/2001 on Oil and Gas is still not completed in the Legislation Board.

"If, we [Commission VII] have completed it, but stopped at the Legislation almost a year," he said.

Kurtubi said the lack of legal protection that makes investors hesitate to invest in Indonesia. According to him, the government can issue a Law Enforcement Regulation (Perppu) to speed up the revision of the legal protection.

"In addition, the issue of licensing and tax collection during the exploration period became another problem that made oil and gas investment not too attractive."

IN INDONESIA

Secercah Harapan di Hulu Migas


Gairah investasi di sekitar minyak dan gas bumi yang sebelumnya meredup diyakini meningkat pada semester ll/201 8, menyusul terus naiknya
harga minyak mentah dunia.

Direktur Eksekutif Indonesia Petroleum Asociation (IPA) Marjolijn Wajong mengatakan kenaikan harga minyak menjadi salah satu pendorong gairah investasi sektor migas, khususnya untuk wilayah kerja eksploitasi yang sudah mulai menyemburkan minyak. Menurutnya, gairah investasi hulu migas memang belum terlihat langsung pada semester pertama tahun ini.

“tanda-tanda investasi hulu migas akan mulai terasa pada kuartal ketiga dan kuartal keempat. Tren kenaikan akan mulai nampak pada akhir kuartal ketiga," kata Marjolijn.

Untuk wilayah kerja eksplorasi yang belum berproduksi, Wajong menyatakan periode kenaikan harga minyak hanya akan berdampak pada semangat dalam mencari cadangan baru. 

“Soalnya proses eksplorasi membutuhkan waktu bertahun-tahun,” ujarnya

Berdasarkan data Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas), realisasi investasi hulu migas periode Januari-Mei 2018 senilai US$3,7 miliar atau 26% dari target 2018 senilai US$14,2 miliar.

Data Kementerian ESDM mencatat total investasi hulu migas mulai turun, dari US$ 20,37 miliar pada 2013 menjadi tinggal US$10,26 miliar pada 2017. Wajong meyakini  biasanya baru tahap mulai menyiapkan perencanaan investasi pada semester I 2015 sehingga investasi di sektor itu masih rendah. 

    Sejauh ini, peningkatan harga minyak sejak awal tahun ini telah berkontribusi positif terhadap pendapatan negara dari sektor migas. Realisasi penerimaan negara dari sektor migas selama periode Januari-Mei 2018 mencapai US$ 6,9 miliar atau 58% dari target tahun ini US$ 11,9 miliar. Kepala SKK Migas Amien Sunaryadi mengatakan pembangunan fasilitas operasi dapat menaikkan investasi migas.

"Salah satu POD [plan of development, Merakes sudah rampung dan memiliki nilai investasi US$1,05   ujarnya.

Kepala Divisi Program dan Komunikasi SKK Migas Wisnu Prabowo Taher menyatakan rendahnya tingkat realisasi investasi migas dipicu faktor musiman. Umumnya, pada paruh pertama program-program yang direncanakan masih menunggu jadwal operasi. Jadi, seperti jadwal pengeboran, menunggu kesiapan rig, dan persiapan lahan. Kami belum memasukkannya menjadi investasi karena memang belum ada biaya yang dikeluarkan,” ujarnya.

Wisnu memperkirakan pengeboran dan aktivitas lainnya lebih gencar digarap pada semester II/2018 dibandingkan dengan semester sebelumnya. Menurutnya, tingkat investasi migas berpotensi bertambah setelah Kementerian ESDM memberikan kepastian kontrak baru pada blok terminasi. 

     Secara total, pada 2018 sudah ditandatangani total komitmen pasti dari lelang 2017 dan 2018 skema penunjukan langsung, serta kontrak baru blok migas terminasi 2018 dan 2019 senilai US$ 933,66 juta. Sepanjang tahun berlalu, Indonesia sudah mencatatkan komitmen pasti dengan total nilai US$ 933,66 juta.

MOMENTUM INVESTASI

Dirjen Migas Kementerian ESDM Djoko Siswanto juga mengatakan tren investasi migas mulai ada tanda-tanda pada semester II/2018, terutama kuartal ketiga dan kuartal keempat. Investasi migas pun bakal bisa dinaikkan dengan adanya lelang wilayah kerja dan komitmen pasti dari kontrak baru blok yang kontraknya sudah berakhir. 

     Djoko menegaskan kenaikan harga minyak mentah dunia semestinya menjadi momentum besar para kontraktor migas untuk mulai mengeluarkan investasi. Sementara itu, anggota Komisi VII Dewan Perwakilan Rakyat Kurtubi menilai perlindungan hukum berupa undang-undang belum mendukung investasi hulu migas meskipun harga minyak terus naik. Saat ini, revisi Undang-Undang No. 22/2001 tentang Migas masih belum selesai di Badan Legislasi. 

“Kalau, kami [Komisi VII] sudah merampungkannya, tapi berhenti di badan Legislasi hampir setahun,” ujarnya.

Kurtubi mengatakan tidak kuatnya perlindungan hukum itu membuat investor pun ragu menanamkan modalnya di Indonesia. Menurutnya, pemerintah bisa mengeluarkan Peraturan Pengganti Undang-undang (Perppu) untuk mempercepat revisi perlindungan hukum tersebut.

“Selain itu, persoalan perizinan dan pungutan pajak pada masa eksplorasi pun jadi masalah lain yang membuat investasi migas belum terlalu menarik.” 

Bisnis Indonesia, Page-1, Friday, June 8, 2018

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