Ministry of Energy and Mineral Resources reduce the value of oil and gas investment to halt cost recovery
The Ministry of Energy and Mineral Resources (ESDM) is very happy. The ultra-deep-sea jumbo gas project in Indonesia aka Deepwater Development (IDD) II in Gendalo-Gehem Field in Makassar Strait will begin operation. In fact, the cost of developing a large project that can be cut very large.
IDD Chevron Phase I in Bangka Field has been operating since 2016. While the certainty of IDD Phase II is still being discussed. Although Chevron previously sent a proposal to develop Gendalo-Geehem with a value of US $ 12 billion. However, as oil prices fell, the project was delayed. Now it continues as oil prices begin to rise to US $ 70 per barrel.
EMR Deputy Minister of Energy and Mineral Resources Arcandra Tahar said Chevron proposed cost-cutting at the Gendalo-Gehem IDD project with a cost cut amount of less than 50% of the previous development plan proposal
"But significant, and big out cost it," he said, Friday (8/6).
With IDD Gendalo-Gehem's investment-cost cuts, the country's cost recovery costs for the project are also reduced. Understandably Chevron's deep-sea gas project is still using the cost recovery revenue scheme. Unfortunately, Arcandra did not want to expose the value of the trimmed investment even though she knew.
However, Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto, said the Gendalo-Gehem project cost could be only US $ 10 billion. With this cost cut, the ESDM Ministry will review Chevron's proposed development (POD) plan.
According to the plan, ESDM Minister Ignasius Jonan will issue a decision regarding the development of the Gendalo-Gehem project by the end of June 2018. In April 2018, through Gendalo-Gehem pre-front end engineering and Design (prefeed) which started in December 2017, Chevron claims to have produced optimization of development concepts and basic design simplification.
The optimization shows significant capital development and operational cost reduction. Other cuts are not Chevron's IDD investment cut. Arcandra evidently urged Eni Spa to be the operator of the East Sepinggan Block Merest Field to cut its project investment by US $ 200 million to US $ 1.03 billion. From the previous US $ 1.23 billion.
Then, there is also the investment cuts in the project Jambaran-Tiung Biru field in Block Cepu. ExxonMobil as Pertamina EP Cepu's partners objected to the cut of US $ 550 million to US $ 1.55 billion compared to the initial plan of US $ 2.1 billion. Arcandra said then, EXXonMobil was not willing to finally get EXXonMobil shares bought by Pertamina EP Cepu.
"I said that if the shares are sold to Pertamina, if Pertamina does not want to, I auction, finally they will," he said.
Investment cuts in Jambaran-Tiung Biru make gas prices down.
"So the gas price goes in PLN's economy," he said.
Then, about the project from the original Masela US $ 21 billion to US $ 16 billion, according to Arcandra, from the pruning of the country saving Rp 70 trillion. However, Masela's project recently asked for additional LNG production, so its invention value increased to US $ 18 billion.
"Yes it may increase, but output is up about 30% due to the addition of LNG production," said Arcandra.
IN INDONESIA
Nilai Investasi Proyek Baru Chevron Bisa Ditekan
Kementerian ESDM mengurangi nilai investasi migas untuk mengerem cost recovery
Kementerian Energi dan Sumber Daya Mineral (ESDM) senang sekali. Proyek gas skala jumbo ultra laut dalam alias Indonesia Deepwater Development (IDD) Tahap II di Lapangan Gendalo-Gehem di Selat Makasar akan mulai beroperasi. Bahkan, biaya pengembangan proyek besar itu bisa dipangkas sangat besar.
IDD Chevron Tahap I di Lapangan Bangka sudah beroperasi sejak tahun 2016. Sementara kepastian IDD Tahap II masih terus dibahas. Walaupun sebelumnya Chevron pernah mengirim proposal pengembangan Gendalo-Geehem dengan nilai US$ 12 miliar. Tetapi, karena harga minyak jatuh, proyek itu tertunda. Kini dilanjutkan karena harga minyak mulai naik ke US$ 70 per barel.
Wakil Menteri ESDM Arcandra Tahar menyebutkan, Chevron mengajukan pemotongan biaya di proyek IDD Gendalo-Gehem dengan jumlah pemotongan biaya kurang dari 50% dari proposal rencana pengembangan sebelumnya
"Tapi signifikan, dan besar out cost-nya," ujarnya, Jumat (8/6).
Dengan pemangkasan investasi IDD Gendalo-Gehem otomatis biaya cost recovery negara untuk proyek tersebut juga berkurang. Maklum proyek gas laut dalam Chevron ini masih memakai skema bagi hasil cost recovery. Sayang, Arcandra tidak ingin membeberkan nilai dari investasi yang terpangkas itu meskipun dia tahu. Tetapi, Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM, Djoko Siswanto yang menyebut biaya proyek Gendalo-Gehem bisa menjadi hanya US$ 10 miliar. Dengan pemotongan biaya tersebut, Kementerian ESDM akan mengkaji plan of development (POD) yang diajukan Chevron.
Rencananya, Menteri ESDM Ignasius Jonan akan memberikan keputusan terkait pengembangan proyek Gendalo-Gehem pada akhir Juni 2018. Pada April 2018 lalu, melalui pre-front end engineering and Design (prefeed) Gendalo-Gehem yang telah dimulai pada Desember 2017, Chevron mengklaim telah menghasilkan optimalisasi konsep pengembangan dan dasar penyederhanaan rancangan.
Optimalisasi tersebut menunjukkan pengembangan modal dan pengurangan biaya operasional yang signifikan. Pemotongan yang lain bukan investasi IDD Chevron saja yang terpotong. Arcandra ternyata pernah mendesak Eni Spa sebagai operator Lapangan Merakes Blok East Sepinggan untuk memangkas investasi proyeknya sebesar US$ 200 juta menjadi US$ 1,03 miliar. Dari sebelumnya US$ 1,23 miliar.
Lalu, ada juga pemangkasan investasi di proyek Lapangah Jambaran-Tiung Biru di Blok Cepu. Saat itu ExxonMobil sebagai mitra Pertamina EP Cepu keberatan dengan pemangkasan US$ 550 juta menjadi US$ 1,55 miliar dibandingkan dengan rencana awal US$ 2,1 miliar. Kata Arcandra saat itu, EXXonMobil tidak bersedia sampai pada akhirnya saham EXXonMobil dibeli Pertamina EP Cepu.
"Saya katakan kalau begitu sahamnya jual ke Pertamina, kalau Pertamina juga tidak mau, saya lelang. Akhirnya mereka mau," kata dia.
Pemangkasan investasi di Jambaran-Tiung Biru membuat harga gas bisa turun.
"Sehingga harga gas masuk di keekonomlian PLN," ujar dia.
Lalu, tentang proyek Masela dari semula US$ 21 miliar menjadi US$ 16 miliar, menurut Arcandra, dari pemangkasan itu negara hemat Rp 70 triliun. Namun belakangan proyek Masela meminta penambahan produksi LNG, sehingga nilai invegstasinya bertambah menjadi US$ 18 miliar.
“Iya mungkin bertambah, tapi output naik sekitar 30% karena penambahan produksi LNG," Kata Arcandra.
Kontan, Page-14, Wednesday, June 20, 2018
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