PT Pertamina EP Cepu (PEPC), a subsidiary of PT Pertamina (Persero), has budgeted an investment of US $ 591 million in 2020 to continue work on the Jambaran-Tiung Biru Field Unitization Project. The company is targeting the oil and gas project to start flowing gas by 2021.
Jamsaton Nababan
Pertamina EP Cepu President Director Jamsaton Nababan said, up to November 2019, the Jambaran-Tiung Biru Project construction had reached 47.3%, faster than the 46.5% plan.
The Jambaran-Tiung Biru Project
In 2020 it will continue to work on this project by completing well drilling and construction of a gas processing facility (GPF). For this reason, he prepares a larger investment budget in 2020.
"Next year's PEPC investment budget will be US $ 591 million, including GPF, drilling and land acquisition," he said.
This investment budget is up 78.55% compared to this year's allocation of US $ 331. While the realization of the use of this year's investment budget until November 2019 is the US $ 297 million.
This year, the company has started drilling four wells in Jambaran East. It has completed the 12-1 / 4-inch hole route at the JAM-3 and JAM-5 wells. Now it is still carrying out JAM-8 drilling. After that, there will be optimization or re-entry of the existing well, JAM-4. Next, he will work on the JAM-6 Well and the JAM-7 Well in Central Jambaran.
"We will start drilling the two wells again in 2020," Jamsaton said.
The drilling work will begin with the removal of the rig from Blora Regency, Central Java from July to September 2020. PEPC is working with local police to oversee its journey. He added, related to the work on GPF, the mobilization of heavy equipment in the form of selexol 2 absorbers and was completed in early December 2019. In total, the execution of this GPF has exceeded the target.
"The actual GPF works are already 43.5%, while in the planning it is 42.6%," he said.
However, shipments of heavy vehicle equipment will continue in 2020. The GPF contractor, the Industrial Engineering Consortium, Japan Gas Corporation, and Japan Gas Indonesia (RJJ) conducted intense coordination with relevant agencies and security forces in the mobilization of the equipment. Because the super-heavy transport vehicles will cross five bridges in three districts, namely Gresik, Lamongan, and Bojonegoro.
Previously, the five bridges had been previously strengthened by the RJJ Consortium. For project funding, Jamsaton stated that it had obtained syndicated commitments from 12 banks worth the US $ 1.8 billion. However, it is certain that the funds received by his party amounted to the US $ 1.6 billion.
The existence of this difference is because there is an additional estimate of gas production of 20 million cubic feet per day / MMSCFD that has not been sold as a result of the absence of government allocations. However, it is certain that the funding needs are safe considering the total investment needs for the Jambaran-Tiung Biru Project are the only US $ 1.55 billion.
"It means, we don't need to use our own money, all are money lenders.
"There are also no guarantees to lenders, there is nothing we mortgaged because what was sold was the performance or economics of the project," Jamsaton stressed.
Of the 12 banks that provided loans, he said four of them were domestic banks, namely BRI, Mandiri, BTPN, and BNI. In this funding, MUFG Bank is the financial advisor, facility agent, and lead arranger.
This funding agreement has a unique hybrid financing structure, which combines conventional financing and, for the first time, Islamic financing under the Trustee Borrowing scheme. Each section (tranche), conventional and sharia, provides project financing facilities with two tenors, namely 10 and 15 years.
Gas production generated by the JTB Project of 192 mmscfd will be channeled through the Gresik-Semarang transmission pipeline. With JTB gas reserves of 2.5 trillion cubic feet (TCF), JTB is expected to have a multiplier effect, specifically to overcome the gas supply deficit in Central and East Java. The JTB project is projected to also increase state revenue from the US $ 3.61 billion during the contract period.
Net Income Increases
In addition to working on and operating the Jambaran-Tiung Biru Project, PEPC also holds a 45% participating interest in the Cepu Block. From the block that has produced this oil, Jamsaton projects that its performance will remain brilliant next year.
Although PEPC's oil production is targeted to be stable at 96.16 thousand barrels per day (BPD) and the price of Indonesian crude oil (Indonesian Crude Price / ICP) drops to US $ 68.02 per barrel, the company's profit is targeted to increase.
"In 2020, the net profit is the US $ 852 million. This year, the projected net profit is the US $ 845 million," he said.
Meanwhile, next year's oil price assumption is the US $ 68.02 per barrel, lower than this year's US $ 74.56 per barrel assumption. This is in line with the average realization of oil prices up to November 2019 yesterday at the US $ 68.52 per barrel.
In 2020, it also budgeted an operating cost of US $ 157 million or higher than this year of US $ 150 million. Regarding production, the PEPC oil allotment is calculated assuming the Cepu Block oil production target next year will be 214 thousand BPD. The target is down slightly compared to this year which is called Jamsaton around 217 thousand BPD.
In 2019, from the PEPC production target of 96.16 thousand BPD, the realization up to November was 97.87 thousand BPD. With this production achievement, PEPC became Pertamina's upstream subsidiary with the largest oil production contribution.
"PEPC's financial performance this year is still very good and can still be according to plan. Even the APBN production target has been achieved. The benefits have also been achieved," he said.
Until last November, it had posted a net profit of US $ 790 million. While according to the state budget, the Cepu Block production target is 216 thousand BPD. To achieve the net profit target, Jamsaton explained, his party would increase oil production in the Cepu Block to be higher than the target.
Increased production is by continuing to complete the revised environmental impact analysis (EIA) with a maximum production of 235 thousand BPD. In addition, it will minimize the cessation of planned and unplanned operations.
Net Income Increases
In addition to working on and operating the Jambaran-Tiung Biru Project, PEPC also holds a 45% participating interest in the Cepu Block. From the block that has produced this oil, Jamsaton projects that its performance will remain brilliant next year.
Although PEPC's oil production is targeted to be stable at 96.16 thousand barrels per day (BPD) and the price of Indonesian crude oil (Indonesian Crude Price / ICP) drops to US $ 68.02 per barrel, the company's profit is targeted to increase.
"In 2020, the net profit is the US $ 852 million. This year, the projected net profit is the US $ 845 million," he said.
Meanwhile, next year's oil price assumption is the US $ 68.02 per barrel, lower than this year's US $ 74.56 per barrel assumption. This is in line with the average realization of oil prices up to November 2019 yesterday at the US $ 68.52 per barrel.
In 2020, it also budgeted an operating cost of US $ 157 million or higher than this year of US $ 150 million. Regarding production, the PEPC oil allotment is calculated assuming the Cepu Block oil production target next year will be 214 thousand BPD. The target is down slightly compared to this year which is called Jamsaton around 217 thousand BPD.
In 2019, from the PEPC production target of 96.16 thousand BPD, the realization up to November was 97.87 thousand BPD. With this production achievement, PEPC became Pertamina's upstream subsidiary with the largest oil production contribution.
"PEPC's financial performance this year is still very good and can still be according to plan. Even the APBN production target has been achieved. The benefits have also been achieved," he said.
Until last November, it had posted a net profit of US $ 790 million. While according to the state budget, the Cepu Block production target is 216 thousand BPD. To achieve the net profit target, Jamsaton explained, his party would increase oil production in the Cepu Block to be higher than the target.
Increased production is by continuing to complete the revised environmental impact analysis (EIA) with a maximum production of 235 thousand BPD. In addition, it will minimize the cessation of planned and unplanned operations.
IN INDONESIA
2020, PEPC Keluarkan Investasi US$ 591 Juta
PT Pertamina EP Cepu (PEPC), anak usaha PT Pertamina (Persero), menganggarkan dana investasi sebesar US$ 591 juta pada tahun 2020 untuk melanjutkan pengerjaan Proyek Unitisasi Lapangan Jambaran-Tiung Biru. Perusahaan menargetkan proyek migas tersebut dapat mulai mengalirkan gas pada 2021.
Direktur Utama Pertamina EP Cepu Jamsaton Nababan mengatakan, hingga November 2019 lalu, pengerjaan Proyek Jambaran-Tiung Biru telah mencapai 47,3%, lebih cepat dari perencanaan 46,5%.
Pada tahun 2020 pihaknya masih akan melanjutkan pengerjaan proyek ini dengan merampungkan pengeboran sumur dan pembangunan fasilitas pemrosesan gas (gas processing facility/GPF). Untuk itu, pihaknya menyiapkan anggaran investasi yang lebih besar pada 2020.
"Anggaran investasi PEPC pada tahun depan itu US$ 591 juta, termasuk GPF, drilling, dan land acquisition," kata dia.
Anggaran investasi ini naik 78,55% dibanding alokasi tahun ini yang sebesar US$ 331. Sementara realisasi pengunaan anggaran investasi tahun ini hingga November 2019 yakni sebesar US$ 297 juta.
Di tahun ini, pihaknya telah memulai pengeboran empat sumur di Jambaran East. Pihaknya telah merampungkan trayek lubang 12-1/4 inch pada sumur JAM-3 dan JAM-5. Kini pihaknya masih melaksanakan pengeboran JAM-8. Setelah itu akan dilakukan optimasi atau re-entry sumur yang telah ada, yakni JAM-4. Berikutnya, pihaknya akan mengerjakan Sumur JAM-6 dan Sumur JAM-7 yang berada di Jambaran Central.
"Kami akan memulai lagi pengeboran dua sumur tersebut pada tahun 2020," ujar Jamsaton.
Pekerjaan pengeboran ini akan dimulai dengan pemindahan rig dari Kabupaten Blora Jawa Tengah pada Juli hingga Semptember 2020. PEPC bekerja sama dengan Polsek setempat untuk mengawal perjalanannya. Dia menambahkan, terkait pengerjaan GPF, mobilisasi alat berat berupa alat absorber 2 dana selexol, telah selesai pada awal Desember 2019 lalu. Secara total, pengerjaan GPF ini telah melampaui target.
"Pengerjaan GPF actual sudah 43,5%, sementara dalam perencanaan 42,6%," tuturnya.
Namun, pengiriman peralatan kendaraan berat ini masih akan berlanjut di tahun 2020. Kontraktor GPF, Konsorsium Rekayasa Industri, Japan Gas Corporation, dan Japan Gas Indonesia (RJJ) melakukan koordinasi intens dengan dinas terkait dan aparat pengamanan dalam mobilisasi alat tersebut. Pasalnya, kendaraan pengangkutan super berat ini akan melintasi lima jembatan di tiga kabupaten, yakni Kabupaten Gresik, Lamongan, dan Bojonegoro.
Sebelumnya, kelima jembatan ini sudah diperkuat terlebih dahulu oleh Konsorsium RJJ. Untuk pendanaan proyek, Jamsaton menyatakan bahwa pihaknya telah memperoleh komitmen sindikasi dari 12 bank senilai US$ 1,8 miliar. Namun, dana yang dipastikan telah diterima pihaknya yakni sebesar US$ 1,6 miliar.
Adanya selisih ini lantaran terdapat estimasi tambahan produksi gas 20 juta kaki kubik per hari /MMSCFD yang belum terjual sebagai dampak belum adanya alokasi dari pemerintah. Meski demikian, kebutuhan pendanaan dipastikannya aman mengingat total kebutuhan investasi untuk Proyek Jambaran-Tiung Biru hanya US$ 1,55 miliar.
"Artinya, kami tidak perlu menggunakan uang sendiri, semuanya uang lenders.
Tidak ada juga jaminan ke lenders, tidak ada yang kami gadaikan karena yang dijual performance atau keekonomian proyeknya," tegas Jamsaton.
Dari 12 bank yang memberikan pinjaman, dikatakannnya empat diantaran merupakan bank dalam negeri, yaitu BRI, Mandiri, BTPN, dan BNI. Dalam pendanaan ini, MUFG Bank menjadi penasihat keuangan, facility agent, dan lead arranger.
Kesepakatan pendanaan ini memiliki struktur pembiayaan hybrid yang unik, yaitu menggabungkan pembiayaan konvensional dan, untuk pertama kalinya, pembiayaan syariah di bawah skema Trustee Borrowing (pinjaman wali amanat). Tiap bagian (tranche), konvensional dan syariah, memberikan fasilitas pembiayaan proyek dengan dua tenor, yaitu 10 dan 15 tahun.
Produksi gas yang dihasilkan oleh Proyek JTB sebesar 192 mmscfd nantinya akan dialirkan melalui Pipa transmisi Gresik-Semarang. Dengan cadangan gas JTB sebesar 2,5 triliun kaki kubik (TCF), JTB diharapkan dapat memberikan multiplier effect , khususnya untuk mengatasi defisit pasokan gas di Jawa Tengah dan Jawa Timur. Proyek JTB diproyeksikan juga akan meningkatkan pendapatan negara dari US $3,61 miliar selama masa kontrak.
Laba Bersih Naik
Selain mengerjakan dan mengoperatori Proyek Jambaran-Tiung Biru, PEPC juga memegang hak partisipasi sebesar 45% di Blok Cepu. Dari blok yang telah memproduksi minyak ini, Jamsaton memproyeksikan kinerjanya akan tetap cemerlang pada tahun depan.
Walaupun produksi minyak bagian PEPC ditargetkan stabil sebesar 96,16 ribu barel per hari (bph) dan harga minyak mentah Indonesia (Indonesian Crude Price/ICP) turun menjadi US$ 68,02 per barel, laba perusahaan justru ditargetkan naik.
"Pada 2020, laba bersih targetnya US$ 852 juta. Tahun ini proyeksi laba bersih US$ 845 juta," kata dia.
Sementara itu, asumsi harga minyak pada tahun depan US$ 68,02 per barel, lebih rendah dari asumsi tahun ini US$ 74,56 per barel. Hal ini sejalan dengan realisasi rerata harga minyak hingga November 2019 kemarin sebesar US$ 68,52 per barel.
Pada tahun 2020, pihaknya juga menganggarkan biaya operasi sebesar US$ 157 juta atau lebih tinggi dari tahun ini US$ 150 juta. Terkait produksi, jatah minyak PEPC dihitung dengan asumsi target produksi minyak Blok Cepu pada tahun depan sebesar 214 ribu bph. Target tersebut turun sedikit jika dibandingkan tahun ini yang disebut Jamsaton sekitar 217 ribu bph.
Di tahun 2019 ini, dari target produksi bagian PEPC 96,16 ribu bph, realisasi hingga November kemarin sudah 97,87 ribu bph. Dengan capaian produksi ini, PEPC menjadi anak usaha hulu Pertamina dengan kontribusi produksi minyak terbesar.
"Kinerja keuangan PEPC tahun ini masih sangat bagus masih bisa sesuai rencana. Bahkan target produksi APBN pun sudah dicapai. Keuntungan juga tercapai," tutur dia.
Hingga November lalu, pihaknya telah membukukan laba bersih sebesar US$ 790 juta. Sementara sesuai APBN, target produksi Blok Cepu sebesar 216 ribu bph. Untuk mencapai target laba bersih, Jamsaton menjelaskan, pihaknya akan meningkatkan produksi minyak di Blok Cepu menjadi lebih tinggi dari target. Peningkatan produksi yakni dengan terus merampungkan revisi analisis dampak lingkungan (Amdal) dengan produksi maksimal 235 ribu bph. Selain itu, pihaknya akan meminimalkan penghentian operasi terencana maupun tidak terencana.
"Serta kami akan berusaha melakukan efisiensi biaya operasi," ujar dia.
Investor Daily, Page-9, Thursday, Dec 19, 2020
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