Two Upstream Oil and Gas Projects Delayed

The Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) stated that there are two upstream oil and gas projects whose operating schedule is expected to retreat to the first quarter of 2020, namely the Bukit Tua Phase 3 and Buntal projects. In fact, the two projects are targeted to be operational by the end of this year along with four other oil and gas projects.

SKK Migas Deputy for Operations Julius Wiratno said the setback of the two oil and gas projects affected the performance of oil and gas production ready for sale this year. However, Julius did not explain how deep the impact was on production performance until the end of 2019.

"The Buntal-5 project is definitely backing down because the drilling rig is late entering Indonesia. The Bukit Tua Phase 3 project may also shift to 2020, but we are still recovering, "he said.

The Puffer-5 project was undertaken by Medco E&P Natuna Ltd with an investment of US $ 33 million. The project is targeted to produce 45 million cubic feet of gas per day (MMscfd). The Bukit Tua Phase 3 project in the Ketapang Block, worked on by Petronas Carigali Ketapang II Ltd with an investment of US $ 1,5 million. 

Petronas

    Bukit Tua Phase 3 is estimated to produce 3.82 barrels of oil per day (bpd) and 31 MMscfd of gas. Previously, according to SKK Migas data the Buntal-5 project was expected to operate in November 2019, while the Bukit Tua Phase 3 project would operate in December 2019.

"The rest of the project will be operational this year," said Julius.

Four other projects, namely the Bison-Iguana-Gajah Putri project, were carried out by Premiere Oil Natuna Sea BV with an investment of US $ 171 million. The project will produce 163 MMscfd of gas. The project project by PT Medco E&P Indonesia is estimated to produce 10 MMscfd. The investment value is US $ 11 million.

PetroChina International Jabung Ltd

The Harvest Project is carried out by PetroChina International Jabung Ltd with an investment of US $ 17 million. Its production is estimated at 2,000 bpd. 

the Cepu Block

    The Full Well Stream Kedung Keris Project in the Cepu Block was undertaken by ExxonMobil Cepu Limited (EMCL) with a production of 3,800 bpd. the project investment reached US $ 72 million. Even though there are projects that are backing down, Julius said there are also projects that can be accelerated.

ExxonMobil Cepu Limited (EMCL)

"We are trying to speed up the Big Bamboo Project to increase oil and gas production in 2019. Additional Bamboo Besar oil and gas fields are around 2,700-3,000 bpd," he added.

The smooth running of these projects will affect the realization of upstream oil and gas investment which is still difficult to reach the target. SKK Migas estimates that this year's upstream oil and gas investment will only reach Rp168.97 trillion US $ 12 billion. The figure only rose slightly compared to the realization of 2018 worth US $ 11.98 billion.

This relatively stagnant achievement also makes this year's oil and gas investment target of US $ 14.79 billion difficult to achieve. Based on ESDM Ministry data, the realization of upstream oil and gas investment has indeed been under pressure in the past 4 years. One of the most noticeable decreases in upstream oil and gas investment and exploration.

IN INDONESIA

Dua Proyek Hulu Migas Tertunda

Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) menyatakan ada dua proyek hulu migas yang jadwal operasinya diperkirakan mundur ke kuartal I/ 2020, yakni proyek Bukit Tua Phase 3 dan Buntal. Padahal, kedua proyek tersebut ditargetkan dapat beroperasi pada akhir tahun ini bersama dengan empat proyek migas lainnya. 

Deputi Operasi SKK Migas Julius Wiratno mengatakan kemunduran dua proyek migas tersebut memengaruhi kinerja produksi siap jual atau lifting migas tahun ini. Namun, Julius tidak menjelaskan sedalam apa dampaknya terhadap kinerja produksi hingga akhir 2019.

“ Proyek Buntal-5 pasti mundur karena drilling rig-nya telat masuk ke Indonesia. Proyek Bukit Tua Phase 3 juga mungkin akan geser ke 2020, tetapi masih sedang kami recovery,” tuturnya.

Proyek Buntal-5 dikerjakan oleh Medco E&P Natuna Ltd dengan nilai investasi US$ 33 juta. Proyek ini ditargetkan menghasilkan gas sebanyak 45 juta kaki kubik per hari (MMscfd). Adapun proyek Bukit Tua Phase 3 di Blok Ketapang, digarap oleh Petronas Carigali Ketapang II Ltd dengan investasi US$1 5 juta. 

    Bukit Tua Phase 3 diperkirakan dapat menghasilkan minyak 3.82 barel per hari (bph) dan gas 31 MMscfd. Sebelumnya, menurut data SKK Migas proyek Buntal-5 diperkirakan beroperasi pada November 2019, sementara proyek Bukit Tua Phase 3 beroperasi pada Desember 2019.

“Sisa proyek akan beroperasi pada tahun ini,” tutur Julius.

Empat proyek lainnya, yakni proyek Bison-Iguana-Gajah Putri dikerjakan oleh Premiere Oil Natuna Sea BV dengan nilai investasi US$ 171 juta. Proyek tersebut akan memproduksi gas sebanyak 163 MMscfd. Proyek Temelat oleh PT Medco E&P Indonesia diperkirakan dapat berproduksi 10 MMscfd. Nilai investasinya US$11 juta. 

Proyek Panen dikerjakan oleh PetroChina International Jabung Ltd dengan investasi US$17 juta. Produksinya diperkirakan mencapai 2.000 bph. Untuk Proyek Full Well Stream Kedung Keris di Blok Cepu dikerjakan oleh ExxonMobil Cepu Limited (EMCL) dengan produksi 3.800 bph. investasi proyek tersebut mencapai US$72 juta. Meskipun ada proyek yang mundur, Julius mengatakan ada juga proyek yang dapat dipercepat.

“ Proyek Bambu Besar kami coba speed up untuk menambah produksi migas di 2019. Tambahan lapangan minyak dan gas Bambu Besar kira-kira 2.700-3.000 bph,” tambahnya.

Adapun kelancaran proyek-proyek tersebut akan berpengaruh pada realisasi investasi hulu migas yang masih sulit mencapai target. SKK Migas memperkirakan investasi hulu migas tahun ini hanya mencapai Rp168,97 tiriliun US$12 miliar. Angka tersebut hanya naik sedikit dibandingkan dengan realisasi 2018 senilai US$ 11,98 miliar.

Capaian yang relatif stagnan ini sekaligus membuat target investasi migas tahun ini senilai US$14,79 miliar sulit tercapai. Berdasarkan data Kementerian ESDM, realisasi investasi hulu migas memang berada dalam tekanan dalam 4 tahun terakhir. Salah satu penurunan investasi hulu migas paling terlihat dan sisi eksplorasi.

Bisnis Indonesia, Page-20, Friday, Nov 15, 2019