IATMI : Gross Split Tidak Menarik bagi Investor Baru

    Ikatan Ahli Teknik Perminyakan Indonesia (IATMI) menilai skema bagi hasil “gross split” yang rencananya diterapkan pemerintah pada 2017 tidak akan menarik minat investor baru. Skema ini cocoknya untuk kontrak perpanjangan yang sudah 30-an tahun. Kalau untuk kontrak baru, skema ini sama sekali tidak menarik,” kata Sekjen IATMI Hadi Ismoyo. Hadi menampik pernyataan pemerintah yang menyebut skema baru tersebut akan menarik banyak investor. Menurut dia, penganut skema “gross split” seperti India justru minim dilirik investor.

    Kalau diterapkan di kontrak baru, bisa menyebabkan investor besar ‘wait and see’, tidak melakukan apapun. Hadi menyebut dari sekitar 3 miliar dolar yang dihabiskan untuk kegiatan eksplorasi di wilayah timur Indonesia, banyak kontraktor yang mendapatkan hasil nihil. Menurut pria yang bekerja untuk Petrogas Jatim Utama itu, Indonesia tidak memiliki basis data yang baik. Ditambah lagi, skema baru bagi para investor baru dinilai tidak cocok diimplementasikan.

    Investor kalau ditambah asumsi begini, terlebih untuk wilayah kerja baru, sangat tidak cocok. Ketua Komite Tetap Hubungan Kelembagaan & Regulasi Sektor Energi dan Migas Kadin Indonesia Firlie Ganinduto mengatakan skema “gross split” harus dilihat secara keseluruhan untuk menilainya menarik atau tidak di mata investor. Firlie menuturkan, untuk mengubah sistem kontrak migas dari Undang-Undang Nomor 8 Tahun 1971 tentang Perusahaan Pertambangan, Minyak dan Gas Bumi Negara menjadi UU Nomor 22 Tahun 2001 tentang Migas dibutuhkan hingga lebih dari 10 tahun bagi investor agar mereka nyaman dengan regulasi yang baru. “Kalau 'gross split’ diimplementasi dan sistemnya beda dengan PSC (production sharing contract), yang kami takutkan butuh waktu lagi bagi investor agar nyaman dengan regulasi baru,” katanya.

    Kepala Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Amien Sunaryadi rnenilai, dengan adanya skema baru ini tidak akan berpengaruh terhadap fungsi SKK Migas sebagai pengawas. Pasalnya, ketentuan itu ditterapkan untuk kontrak baru. “Saat ini masih ada 85 kontrak wilayah kerja eksploitasi yang berlaku, di mana hingga 2025 kontrak kerja yang expired yang kemudian akan diberlakukan gross split hanya berjumlah 35 kontrak. Jadi masih ada 50 wilayah kerja lama yang masih menggunakan skema cost recovery, ”katanya. Ia mengaku, masih akan banyak pekerjaan yang dilakukan SKK Migas dalam mengawasi kontrak ke depan kan. Misalnya saja rencana kerjanya, untuk mengawasi kontrak yang sudah didapatkan atau dan sisi kesehatan dan keamanan lingkungannya

IN ENGLISH

IATMI: Gross Split Not Attractive for New Investors

    Petroleum Engineering Association of Indonesia (IATMI) assessing the profit-sharing scheme "gross split" which is scheduled implemented by the government in 2017 will not attract new investors. This scheme is fitting for a contract renewal that has been 30 years. If for a new contract, this scheme is not at all interesting, "said the Secretary General Hadi IATMI Ismoyo. Hadi dismissed the government statement that calls the new scheme will attract many investors. According to him, the adherents of the scheme "gross split" like India actually minimal ogled investors.

    If applied in the new contract, could lead to large investors 'wait and see', not doing anything. Hadi calls of about 3 billion dollars spent on exploration activities in the eastern region of Indonesia, many contractors who get zero results. According to the man who worked for Petrogas Jatim Utama, Indonesia does not have a good data base. Plus, a new scheme for new investors considered as unsuitable implemented.

    Investors that plus assumption of this, especially for new work areas, is not very suitable. Chairman of the Standing Committee of Institutional Relations and Regulation of Energy and Gas Sector Kadin Indonesia Firlie Ganinduto said the scheme "gross split" should be seen as a whole to attract votes or not in the eyes of investors. Firlie said, to change the system of oil and gas contracts of Law No. 8 of 1971 on Mining Companies, Oil and Gas State into Law No. 22 of 2001 on Oil and Gas takes up more than 10 years for investors that they were comfortable with the new regulations. "If 'gross split' implemented and the system is different from the PSC (production sharing contract), we feared it took longer for investors to be comfortable with the new regulations," he said.

    Head of the Special Unit of Upstream Oil and Gas (SKK Migas) Amien Sunaryadi rate, with the new scheme will not affect the function of SKK Migas as a supervisor. Because the provision was ditterapkan for a new contract. "Currently there are 85 working area of ​​exploitation contracts in force, where until 2025 expired labor contracts which will then be enforced gross split amounted to only 35 contracts. So there are still 50 work areas that are still using the old scheme of cost recovery, "he said. He claimed, would still much work done SKK Migas in overseeing the contract to the next. For example, a work plan, to oversee the contracts that have been obtained or health and safety and the environment

Investor Daily, Page-9, Wednesday, Dec,14,2016

Pertamina Minati Saham Repsol di Aljazair

    PT Pertamina berminat membeli saham Repsol SA di Aljazair, khususnya di blok migas di mana Pertamina juga memegang kepemilikan saham. Saat ini Pertamina dan Repsol sama-sama memegang saham di Blok 405A. Wakil Direktur Utama Pertamina Ahmad Bambang mengatakan, Repsol berniat menjual seluruh saham yang dimiliki menyusul kerugian yang harus ditanggung sebagai dampak penurunan harga minyak dunia. Jika saham yang dilepas di blok migas dimana Pertamina memegang saham, perseroan berniat mengambilnya.

    Bambang tidak merinci berapa besar saham yang diminati dan di lapangan migas mana yang akan diambil Pertamina. Saat ini, Pertamina dan Repsol memegang saham Blok 405A di Aljazair. Blok ini memiliki tiga lapangan, yakni Lapangan Menzel Lejmat North (MLN), EMK, dan Ourhoud. Di Lapangan MLN, Pertamina memegang saham 65% sekaligus menjadi operator. Sementara Repsol memiliki saham 35%. Selanjutnya, di Lapangan Ourhoud, Pertamina memiliki saham 3,73% dan Repsol 2,01%.

    Lapangan ini termasuk super giant field dengan cadangan diperkirakan lebih dari 2 miliar barel. Sementara di Lapangan EMK, Pertamina dan Repsol masing-masing memiliki saham sebesar 16,9% dan 9,1%. Lapangan EMK juga termasuk lapangan dengan cadangan migas besar dan telah berproduksi pada 2013. Saat ini produksi migas Pertamina dari seluruh aset di Aljazair sekitar 41 ribu barel setara minyak per hari (barrel oil equivalent per day/ boepd).

    Terkait dana yang dibutuhkan, Bambang menyebut tidak menjadi hambatan. Pertamina memiliki dana yang cukup mengingat kinerja tahun ini cukup cemerlang dengan laba sekitar US$ 2,83 miliar sampai September lalu. Sebelumnya, Pertamina menargetkan produksi migas dari Aljazair ditargetkan bisa meningkat menjadi 200 ribu barel per hari (bph) pada 2018-2019. Tambahan produksi untuk mengejar target itu Salah satunya diharapkan dari akuisisi aset baru.

    Akuisisi ini bisa melalui kerja sama dengan perusahaan migas pelat merah Aljazair, Sonatrach, maupun membeli hak partisipasi.  Direktur Keuangan Pertamina Arif Budiman menuturkan, perseroan menganggarkan dana sekitar US$ 5-6 miliar untuk investasi tahun depan. Sekitar 60-70% dari anggaran tersebut akan digunakan untuk bisnis hulu migas, termasuk akuisisi blok migas di dalam dan di luar negeri “Sudah (menghitung akuisisi) , tetapi tidak diasumsikan akusisi dengan nilai besar,” kata dia.

    Akuisisi saham Repsol di Aljazair disebutnya belum dihitung dalam anggaran investasi tahun depan tersebut. Sehingga, lanjut dia, anggaran investasi bisa saja meningkat jika ada rencana akuisisi baru lagi. Namun, besaran dana untuk akuisisi ini belum dapat dipastikan. Pasalnya, penambahan blok baru ini memiliki skema macam-macam. Kini Pertamina masih terus membahas rencana akuisisi ini dengan pihak terkait. “Kami lihat dulu skemanya, apakah akuisisi atau mereka memberikan wilayah kerjanya,” jelas Arif.

    Hal ini termasuk untuk rencana ekspansi ke Iran dimana Direktur Utama Pertamina Dwi Soetjipto sedang membicarakan masalah ini dengan National Iranian Oil Company (NIOC). Blok migas yang pasti diambil melalui akuisisi, sebutnya, adalah yang berlokasi di Rusia. Pertamina kini tengah mengevaluasi dua blok migas di Rusia, yakni Lapangan The Northern Tip of Chayvo dan Lapangan Russkoye. Di Lapangan The Northern Tip of Chayvo, Pertamina bisa mengambil saham sampai 20%, sementara di Lapangan Russkoye sampai 37,5%. Ada beberapa aset yang sedang due diligence. Semoga selesai pada Februari atau Maret 2017. Kemungkinan akan diakuisisi kalau memang itu menguntungkan,” papar Arif.

IN ENGLISH

Pertamina Keen on Repsol shares in Algeria

    PT Pertamina is interested in buying a stake Repsol SA in Algeria, particularly in the oil and gas blocks in which Pertamina also holds an equity interest. Currently, Pertamina and Repsol together hold a stake in Block 405A. Deputy CEO Ahmad Bambang said, Repsol intends to sell all shares held following the losses to be incurred as a result of the decline in world oil prices. If the shares released in the oil and gas blocks, of which the holding of shares, the company intends to take it.

    Bambang did not specify how much stock is in demand and in oil and gas fields which will be taken by Pertamina. Currently, Pertamina and Repsol stock holding block 405A in Algeria. This block has three fields, namely Fields Menzel Lejmat North (MLN), EMK, and Ourhoud. Field MLN, Pertamina holds a 65% stake as well as a carrier. While Repsol has a 35% stake. Furthermore, in the Field Ourhoud, Pertamina has a 3.73% stake and Repsol 2.01%.

    This field includes the super giant field with estimated reserves of more than 2 billion barrels. While at the EMK, Pertamina and Repsol each own a stake of 16.9% and 9.1%. EMK field also includes field with large oil and gas reserves have already been produced in 2013. Currently, Pertamina oil and gas production of all assets in Algeria approximately 41 thousand barrels of oil equivalent per day (barrel oil equivalent per day / boepd).

    Related funds are needed, Bambang call is not a barrier. Pertamina has sufficient funds in view of this year's performance is quite brilliant with a profit of approximately US $ 2.83 billion up to September. Previously, Pertamina is targeting oil and gas production of Algeria is targeted to increase to 200 thousand barrels per day (bpd) in 2018 to 2019. Additional production to achieve the target it One of them is expected from the acquisition of new assets.

    This acquisition could be through cooperation with state-owned Algerian oil and gas company, Sonatrach, and purchased participation rights. Pertamina Finance Director Arif Budiman said, the company has budgeted approximately US $ 5-6 billion for investment next year. Approximately 60-70% of the budget will be used for the upstream oil and gas business, including the acquisition of oil and gas blocks inside and outside the country "Already (counting acquisitions), but not assumed acquisition with great value," he said.

    Acquisition of shares of Repsol in Algeria calls have not been counted in the investment budget of the next year. Thus, he added, the investment budget could be increased if there is a new acquisition plan again. However, the amount of funds for this acquisition could not be ascertained. Because the addition of this new block has all kinds of schemes. Now Pertamina still continue to discuss the potential transaction with related parties. "We check out his scheme, whether acquisitions or they leave their working area," said Arif.

    This includes the expansion plan in Iran where Pertamina president director Dwi Soetjipto were discussing this issue with the National Iranian Oil Company (NIOC). Oil and gas blocks which must have been taken through the acquisition, he said, is located in Russia. Pertamina is now evaluating two oil and gas blocks in Russia, namely Fields The Northern Tip of Chayvo and Russkoye field. Field The Northern Tip of Chayvo, Pertamina could take a stake up to 20%, while in the Russkoye field to 37.5%. There are some assets that are due diligence. Hopefully completed in February or March 2017. There may be acquired if it was profitable, "said Arif.

Investor Daily, Page-9. Wednesday, Dec,14,2016

Sinergi BUMN Solusi Efisiensi Biaya Energi

    Kementerian Badan Usaha Milik Negara (BUMN) mendorong BUMN di sektor energi untuk bersinergi guna menekan biaya produksi sehingga lebih efisien. Sinergi BUMN juga dibutuhkan untuk mewujudkan ketahanan energi nasional. Di acara Pertamina Energy Forum 2016, Menteri BUMN Rini Soemarno meminta PT Pertamina bersinergi dengan PT PLN dan PT Perusahaan Gas Negara
(PGN) untuk dapat meningkatkan efisiensi dan kesejahteraan masyarakat.

    Dengan ada sinergi antara Pertamina dan PLN misalnya diharapkan biaya listrik akan menjadi lebih murah dan harga yang sama di seluruh Indonesia, begitu juga dengan biaya bahan bakar minyak (BBM) yang lebih efisien dan murah,”kata Rini Soemarno. Dia menegaskan, sinergi akan mendorong tercipta efisiensi dan biaya energi primer sehingga dampaknya biaya produksi menjadi lebih rendah. Rini juga mendorong Pertamina mengoptimalkan sumber energi domestik, menggali potensi cadangan minyak dalam negeri dan terus berkomitmen mengembangkan sumber energi baru dan terbarukan.

    Dia juga mendorong Pertamina melakukan ekspansi usaha di luar negeri dengan perhitungan yang matang. Terkait pembentukan induk usaha (holding) energi, Rini mengatakan, saat ini prosesnya tengah difinalisasi. Holding energi diperkirakan rampung  pada akhir tahun ini atau paling lambat awal tahun depan. "Dengan holding ini, saya yakin Pertamina dan PGN akan semakin kuat ke depan.

    Ketua Tim Gugus Tugas Holding BUMN Wianda Pusponegoro mengatakan, Pertamina dan PGN tengah melakukan sinkronisasi dan sosialisasi intemal menjelang pembentukan holding. Proses tersebut akan dilanjutkan ke seluruh pemangku kepentingan  sehingga holding BUMN migas bisa cepat terealisasi. Setelah resmi diumumkan pemerintah, nanti holding BUMN migas bisa segera bergerak merealisasikan beberapa langkah yang telah disiapkan dalam mendukung perbaikan tata kelola sektor migas.

    Pembentukan holding diharapkan meningkatkan gerak korporasi sehingga BUMN tidak terjebak dengan hambatan yang kerap ada dalam lingkup birokrasi suatu negara. Selain itu, holding juga diharapkan bisa menyinergikan semua operasi dua BUMN tersebut dalam satu kendali perencanaan dan kegiatan operasional sehingga akan lebih efektif dan efisien.

IN ENGLISH

Cost Synergy Energy Efficiency Solutions

    The Ministry of State-Owned Enterprises (SOEs) to encourage state-owned enterprises in the energy sector to work together in order to reduce production costs and be more efficient. Synergy is also necessary to achieve national energy security. In the event Pertamina Energy Forum 2016, SOE Minister Rini Soemarno asked PT Pertamina synergy with PT PLN and PT Perusahaan Gas Negara
(PGN) to improve the efficiency and the welfare of society.

    With a synergy between Pertamina and PLN for example, expected cost of electricity will become cheaper and the same price throughout Indonesia, as well as the cost of fuel oil (BBM) that is more efficient and cheaper, "said Rini Soemarno. He emphasized that the synergy created will encourage efficiency and primary energy costs so the impact on production costs will be lower. Rini also encourage Pertamina optimize domestic energy sources, explore potential oil reserves in the country and continue to be committed to develop new and renewable energy sources.

    He also encouraged Pertamina to expand its business abroad by calculation. Related to the formation of the holding company (holding) energy, Rini said the current process is being finalized. Holding the energy expected to be completed by the end of this year or early next year. "By holding this, I am sure Pertamina and PGN will be stronger in the future.

    Chairman of the Task Force SOE Holding Wianda Pusponegoro said, Pertamina and PGN conducting internal synchronization and socialization towards the establishment of a holding. The process will proceed to all stakeholders so that the state-owned holding gas can be quickly realized. After officially announced by the government, state-owned holding gas can later move soon realize the steps which have been prepared in support improved governance of oil and gas sector.

    Formation of a holding corporation is expected to increase motion so that SOEs are not stuck with the barriers that often exist within the scope of a state bureaucracy. In addition, the holding is also expected to synergize all operations of the two state-owned enterprises in the control of the planning and operational activities that would be more effective and efficient.

Koran Sindo, Page-19, Wednesday, Dec,14,2016

Bormindo Menggarap Bisnis Perawatan Sumur Minyak

    PT Ancora Indonesia Resources Tbk melalui anak perusahaannya, PT Bormindo Nusantara tengah fokus menggarap bisnis perawatan Sumur minyak. Ancora berharap, mendulang kenaikan pendapatan dari sumbangan bisnis perawatan sumur minyak. Pertumbuhan bisnis pengeboran dan industri perawatan, bisa jadi tidak berubah.

    Untuk perawatan sumur bisa naik 2%-3%, tapi pengeboran malah bisa minus," ujar Wiharto Hemowo, Direktur Independen PT Ancora Indonesia Resources Tbk. Dia menilai, bisnis perawatan sumur minyak membutuhkan biaya lebih kecil dibandingkan eksplorasi. Peluang ini terbuka, karena di Indonesia masih banyak sumur tua yang masih bisa dimanfaatkan.

    Dengan perawatan yang baik, diharapkan bisa mengambil kandungan minyak di sekitar sumur. "Selain konsumsi lokal, sedikit minyak itu untuk ekspor. Itu yang bisa menggerakkan perusahaan seperti Bormindo ini," ungkapnya. Dalam bisnis perawatan sumur minyak, perusahaan membidik wilayah Jawa dan Sumatera.

    Saat ini, paling banyak perawatan sumur berada di Riau. Dia menjelaskan, komposisi pendapatan (year to date) sampai September 2016, dari perawatan sumur minyak sebesar 56%, sisanya dari pengeboran. "Kami juga masih menunggu tender jasa pengeboran yang akan dikeluarkan oleh beberapa perusahaan," terangnya.

IN ENGLISH

Bormindo Working on Oil Well Care Business

    PT Ancora Indonesia Resources Tbk through its subsidiary, PT Nusantara Bormindo central focus work on oil well maintenance business. Ancora hope, gain a revenue increase of donations oil well maintenance business. Drilling business growth and industrial maintenance, it could be unchanged.

    For treatment of wells could be up 2% -3%, but drilling could even minus, "said Wiharto Hemowo, Independent Director of PT Ancora Indonesia Resources Tbk. He assessed the business of oil well maintenance costs are smaller than exploration. This opportunity is open, because in Indonesia still many old wells that can still be exploited.

    With good care, expected to take the oil content around the well. "In addition to local consumption, less oil was exported. That could stir Bormindo company like this," he said. In oil well maintenance business, companies aiming Java and Sumatra.

    Currently, most treatments wells located in Riau. He explained, the composition of income (year to date) until September 2016, on the treatment of oil wells by 56%, the remainder of the drilling. "We are also still waiting for drilling services tender to be issued by a few companies," he explained.

Kontan, Page-14, Wednesday, Dec,14,2016

Pertamina Ready to Buy 35% Stake in Repsol in Menzel

     PT Pertamina continues to conduct oil and gas field acquisitions overseas. After the acquisition of four oil and gas fields in Iran and the planned acquisition of two oil and gas fields in Russia, the latest news circulated. Pertamina plans to acquire Repsol shares at Menzel Lejmat North (MLN) field, Algeria.

     Vice President Director of Pertamina Ahmad Bambang revealed, there is a chance Pertamina increase share ownership or participating interest in oil and gas field in Algeria.

    This is because Repsol intends to sell its stake in the oil and gas field.

"Repsol is willing to sell, we are negotiating the field now." Repsol's finance is at a loss, so it's selling, it's negotiating, "he said.

    With the purchase of Repsol shares Pertamina has a whole or 100% stake in one of the MLN Field. Currently Pertamina's stake in MLN is 65% and Repsol 35%.

    For a flashback, Pertamina purchased 65% of the shares in MLN, 3.37% Ourhoud (OHD) and 16.9% EMK Field from ConocoPhillips Algeria Limited (COPAL) with a total acquisition value of US $ 1.75 billion or approximately Rp 17.5 trillion.

    The capacity of oil production facilities in this MLN field reaches 50 million barrels per day (mbopd) and an oil storage tank of 120 thousand barrels of oil. Another asset in Algeria is on the OHD field. Pertamina has a stake of about 3.37%. The rest are Sonatrach 36.15%, Cepsa 39.75%, Anadarko 9, 18% ENI 4.59%, Maersk 4.59%, and Talisman 2.10%.

    Then Pertamina also has a stake in EMK Field at 16.9%. The rest is held by Sonatrach 37.74%, Anadarko 18.3%, Talisman 9.10%, ENI 9.065%, and Maersk 9.05%. Capacity of production facilities 2x65 million barrels per day (mbbpd). Total of three oil fields capable of providing oil production to Pertamina of 41,000 barrels per day.

    Arief Budiman, Finance Director of Pertamina, added that Pertamina's investment in next year is between US $ 5 billion -1133; 6 Billion. The plan, the investment fund will be used for upstream investment of 60% -70%. The amount of such investment is outside the fund for the acquisition of oil and gas fields abroad. One of the oil and gas field acquisition budgets that has not been calculated in the investment budget next year is the acquisition of Repsol MLN's stake in Algeria.

    Energy observer Komaidi Notonegoro said Pertamina's acquisition pattern such as Petronas, which gets a lot of production from abroad, gets 65% to 70% from abroad.

"Pertamina seems to be headed there. Our production reserves are declining. If Pertamina glances out there is nothing wrong, "he said.

    He said, financially, Pertamina is certainly ready. The turnover of money in Pertamina is almost Rp 1,000 trillion. But with the acquisition plan abroad of course there are other costs that are efficient, so that can be allocated to it.

"The choice is that. The others walked as usual. There are funding out like bonds and other funding, "he said.

     Issuing an international bond is an effort to keep the downstream sector unencumbered. Another way is the arrangement of the portfolio, eg selling more 12 kg of LPG.

    

IN INDONESIA

Pertamina Siap Beli  35% Saham Repsol di Menzel

     PT Pertamina terus melakukan aksi akuisisi lapangan-lapangan migas di luar negeri. Setelah melakukan akuisisi empat lapangan migas di Iran dan rencana akuisisi dua lapangan migas di Rusia, kabar terbaru beredar. Pertamina berencana melakukan akuisisi saham Repsol di lapangan Menzel Lejmat North (MLN), Aljazair. 

     Wakil Direktur Utama Pertamina Ahmad Bambang mengungkapkan, ada peluang Pertamina menambah kepemilikan saham atau participating interest di lapangan migas di Aljazair.

    Hal ini karena Repsol berniat menjual kepemilikan sahamnya di lapangan migas tersebut. 

"Repsol mau jual, kami sedang negosiasi lapangan yang sekarang. Keuangan Repsol sedang rugi, jadi mau jual, sedang negosiasi," katanya. 

    Dengan pembelian saham Repsol tersebut menjadikan Pertamina memiliki keseluruhan atau 100% saham di salah satu Lapangan MLN tersebut. Saat ini saham Pertamina di MLN sebesar 65% dan Repsol 35%.

    Sekadar kilas balik, Pertamina membeli 65% saham di MLN, 3,37% Ourhoud (OHD) dan 16,9% Lapangan EMK dari ConocoPhillips Algeria Limited (COPAL) dengan nilai total akuisisi US$ 1,75 miliar atau sekitar Rp 17,5 triliun.

    Kapasitas fasilitas produksi minyak di lapangan MLN ini mencapai 50 juta barel per hari (mbopd) dan tangki penyimpanan minyak sebesar 120 thousand barrels of oil. Aset lain di Aljazair ada di lapangan OHD. Pertamina memiliki saham sekitar 3,37%. Sisanya Sonatrach 36,15%, Cepsa 39,75%, Anadarko 9, 18% ENI 4,59%, Maersk 4,59%, dan Talisman 2,10%.

    Lalu Pertamina juga memiliki saham di Lapangan EMK sebesar l6,9%. Sisanya dipegang Sonatrach 37,74%, Anadarko 18,3%, Talisman 9,10%, ENI 9,065%, dan Maersk 9,05%. Kapasitas fasilitas produksi 2x65 juta barel per hari (mbbpd). Total dari tiga lapangan minyak yang mampu memberikan produksi minyak ke Pertamina sebanyak 41.000 barel per hari. 

    Arief Budiman, Direktur Keuangan Pertamina, menambahkan, investasi Pertamina di tahun depan antara US$ 5 Miliar -1133; 6 Miliar. Rencananya, dana investasi itu akan digunakan untuk investasi hulu 60%-70%.  Jumlah investasi tersebut di luar dana untuk akuisisi lapangan-lapangan migas di luar negeri. Salah satu anggaran akuisisi lapangan migas yang belum dihitung dalam anggaran investasi tahun depan adalah akuisisi saham Repsol Lapangan MLN di Aljazair tersebut. 

    Pengamat Energi Komaidi Notonegoro mengatakan, pola akuisisi Pertamina seperti Petronas, yang banyak mendapat produksi dari luar negeri, yang mendapatkan bagian 65% sampai 70% dari luar negeri. 

“Pertamina sepertinya mengarah ke sana. Cadangan produksi kita menurun. Kalau Pertamina melirik ke luar tidak ada salahnya," kata dia.

    Dia mengatakan, secara keuangan, Pertamina tentu saja siap. Perputaran uang di Pertamina hampir Rp 1.000 triliun. Namun dengan rencana akuisisi keluar negeri tentu saja ada biaya-biaya lain yang diefisienkan, sehingga bisa dialokasikan ke sana. 

“Pilihannya itu. Yang lain berjalan seperti biasanya. Ada pendanaan keluar seperti bond dan pendanaan lain," ujar dia. 

     Mengeluarkan bond internasional adalah upaya agar sektor hilir tidak terbebani. Cara lain adalah penataan portofolio, misal menjual lebih banyak elpiji 12 kg.

Kontan, Page-14, Wednesday, Dec,14,2016

Irak Sepakat Pangkas Produksi Minyak

    Kesepakatan pemangkasan produksi minyak oleh negara-negara pengekspor minyak yang tergabung dalam OPEC kian solid. Terbaru, Menteri Perminyakan Irak Jabar al-Luaibi menegaskan akan mematuhi resolusi OPEC pada pertemuan di Wina, Austria lalu. Seperti diberitakan Routers, Senin (12/12), al-Luaibi menegaskan bahawa pihaknya kini sedang mengkaji sejumlah skenario dalam pemangkasan produksi di sejumlah ladang minyaknya.

    Salah satu yang sedang dipertimbangkan adalah penurunan produksi ladang minyak 'di Kirkuk "Pemangkasan yang pasti akan sejalan dengan kesepakatan kami di OPEC," terang al-Luaibi, kepada Reuters. Pemangkasan bisa saja dilakukan lrak dengan menginstruksikan international oil company (IOC) atawa perusahaan minyak asing yang beroperasi di wilayah lrak Selatan agar menurunkan produknya.

    Hal ini digagas karena di Wilayah tersebut juga akan dilakukan pemeliharaan terjadwal. "Beberapa IOC memiliki kewajiban perawatan Adi beberapa tempat. Ini merupakan waktu yang tepat untuk pengurangan produksi," tutur al-Luaibi. Irak menjanjikan akan ada perubahan mulai tahun depan. Irak ingin menjaga kepentingan jangka panjangnya, sekaligus tetap merangkul perusahaan minyak asing yang beroperasi di wilayahnya.

    Sesuai kesepakatan OPEC, Irak diminta mengurangi produksi minyak hariannya menjadi 4,56 juta barel per hari. Sementara produksi minyak Irak saat ini berada di kisaran 4,8 juta bare] per hari. Adapun secara total, OPEC akan memangkas produksinya sebanyak 1,2 juta barel per hari. Irak pun setuju atas kesepakatan OPEC tersebut demi terciptanya persatuan antar negara-negara anggota OPEC.

    Dari sini diharapkan tercapai keseimbangan harga minyak dan juga jumlah pasokan. "Kami berharap, pengurangan produksi bisa dikompensasi dengan kenaikan harga," imbuh al-Luaibi. Sebagai gambaran, kebijakan jangka panjang Irak hingga tahun 2020 menetapkan target produksi minyak 5,5 juta - 6 juta barel per hari. Selanjutnya pada tahun 2030, kemungkinan besar jumlah produksi meningkat menjadi 9 juta.

IN ENGLISH

Iraq Agrees to Cut Oil Production

    The deal cuts oil production by oil-exporting countries who are members of OPEC increasingly solid. The latest, Iraqi Oil Minister Jabar al-Luaibi said he would comply with the resolution at the OPEC meeting in Vienna, Austria last. As reported Routers, Monday (12/12), al-Luaibi THAT insists his side are now reviewing a number of scenarios in a cutback in production in a number of oil fields.

    One that is being considered is a decrease in the production of oil fields' in Kirkuk "Trimming certainly be in line with our agreement in OPEC," said al-Luaibi, told Reuters. Pruning can be done by instructing Iraqis international oil company (IOC) nor the foreign oil companies operating in the territory of South Iraqis in order to lower products.

    This is initiated as in the region will also be carried out scheduled maintenance. "Some IOC has a duty of care Adi some places. This is the right time to cut production," said al-Luaibi. Iraq promised there would be a change from next year. Iraq wants to maintain its long-term interests, while still embracing the foreign oil companies operating in its territory.

    According to the agreement of OPEC, Iraq asked to reduce his daily oil production 4.56 million barrels per day. While Iraq's oil production is in the range of 4.8 million bare] per day. As for the total, OPEC will cut production by 1.2 million barrels per day. Iraq agreed on the OPEC agreement for the creation of unity among member countries of OPEC.

    From here is expected to achieve a balance in oil prices and also the amount of supply. "We hope that the production cuts could be offset by price increases," added al-Luaibi. As an illustration, long-term policy of Iraq until 2020 set a production target of 5.5 million - 6 million barrels per day. Subsequently in 2030, most likely the amount of production increased to 9 million.

Kontan, Page-3, Wednesday, Dec,14,2016

Holding Migas Segera Terbentuk

    Pembentukan induk usaha BUMN sektor minyak dan gas bumi antara PT Pertamina dan PT Perusahaan Gas Negara masuk tahap final penyelesaian revisi Peraturan Pemerintah No. 44/2005 tentang Tata Cara Penyertaan dan Penata usahaan Modal Negara di BUMN dan Perseroan Terbatas. Menteri Badan Usaha Milik Negara (BUMN) Rini Soemarno berharap agar beleid tersebut bisa tuntas sebelum akhir tahun atau paling lambat pada awal 2017 agar sinergi antara emiten gas berkode saham PGAS dengan unit bisnis Pertamina yakni melalui PT Pertamina Gas bisa sejalan.

    Pertamina dan PGN terus melakukan sinkronisasi jelang pembentukan induk usaha atau holding di sektor minyak dan gas bumi. Proses sosialisasi internal di Pertamina dan PT Perusahaan Gas Negara (PGN) akan dilanjutkan ke seluruh pemangku kepentingan di sektor migas sehingga induk usaha BUMN migas bisa cepat terealisasi. “Setelah resmi diumumkan pemerintah, nanti holding BUMN migas bisa segera bergerak merealisasikan beberapa langkah yang telah disiapkan dalam mendukung perbaikan tata kelola sektor migas,” kata Wianda Pusponegoro, Ketua Tim Gugus Tugas Holding BUMN.

    Rencana pembentukan holding memang dinantikan dan diharapkan dapat meningkatkan gerak korporasi dari BUMN sehingga tidak terjebak dengan keterlambatan yang kerap ada dalam lingkup birokrasi suatu negara, Selain itu, holding juga diharapkan bisa “ menyinergikan semua operasi kedua BUMN tersebut dalam satu kendali perencanaan dan kegiatan operasional sehingga akan lebih efektif dan efisien Wakil Ketua Komite Tetap Kadin Bidang Industri Hulu dan Petrokimia Achmad Widjaja mengatakan, saat sudah resmi berjalan, holding migas diharapkan bisa segera merealisasikan konsolidasi antara Pertamina dan PGN yang kerap kali bersaing dalam konsesi dan pelanggan gas.

    Anggota Dewan Energi Nasional Syamsir Albduh mengatakan, secara prinsip tujuan pembentukan holding ada lima. Pertama, meningkatkan penciptaan nilai pasar perusahaan. Kedua, meningkatkan keunggulan kompetitif. Ketiga, meningkatkan posisi tawar. Keempat, menciptakan sinergi secara optimal. Kelima, melakukan rasionalisasi perusahaan yang mempunyai value creation yang rendah. Pembentukan holding bukan tujuan, tetapi alat untuk mencapai tujuan perusahaan yang berdaya saing dan berdaya cipta tinggi.

IN ENGLISH

Gas Holding Formed Soon
    The formation of the holding company of state-owned enterprises of oil and gas sector between PT Pertamina and PT Perusahaan Gas Negara enter the final stage of completion revision of Government Regulation No. 44/2005 on Procedures for Inclusion Playground State Capital in the state company and Company Limited. Minister for State Owned Enterprises (SOEs) Rini Soemarno hope that such a regulation could be completed before the end of the year or at the latest in early 2017 so that the synergy between gas issuers coded company with business units Pertamina PGAS namely through PT Pertamina Gas could be in line.

    Pertamina and PGN continued to synchronize ahead of the formation of the holding company or a holding in the oil and gas sector. Internal socialization process in Pertamina and PT Perusahaan Gas Negara (PGN) will proceed to all stakeholders in the oil and gas sector so that the parent company SOE oil and gas can be quickly realized. "After officially announced by the government, state-owned holding gas can later move soon realize some steps that have been prepared in support of improved governance of oil and gas sector," said Wianda Pusponegoro, Chairman of the Task Force Team Holding SOE.

    Plan for the establishment of a holding was anticipated and is expected to increase the movement of corporations from SOEs so as not to get stuck with the delays that often exist within the bureaucracy of a country, moreover, the holding also expected to "synergize all of the second operation of state enterprises in the control of the planning and operational activities that will more effective and efficient Vice Chairman of the Standing Committee of Kadin Upstream and Petrochemicals Achmad Widjaja said, when it is officially running, holding oil and gas is expected to soon realize a consolidated between Pertamina and PGN are often competing in the concession and gas customers.

    National Energy Board Member Albduh Siregar said that in principle the goal of establishing a holding five. First, increasing the company's market value creation. Second, increase competitive advantage. Third, improve the bargaining position. Fourth, create synergies optimally. Fifth, rationalizing the company that has a low value creation. Formation of a holding not a destination, but a means to achieve its goals of competitive and inventive high.

Bisnis Indonesia, Page-30, Wednesday, Dec,14,2016

Risau Skema Baru

    Pasalnya, melalui skema gross split, kontraktor kontrak kerja sama (KKKS) akan memiliki keleluasaan dalam menentukan teknologi yang dianggap paling efisien. Sementara itu, kemampuan industri dalam negeri dalam menyediakan kebutuhan hulu migas secara ekonomis masih diragukan. Alhasil, kurangnya daya saing tersebut bisa menekan industri dalam negeri.

    Wakil Ketua Umum Kamar Dagang dan Industri Indonesia Bidang Energi dan Migas Bobby Gafur Umar mengatakan saat ini belum ada sosialisasi yang menjelaskan rencana tersebut kepada para pelaku usaha, khususnya yang bergerak di industri penunjang hulu migas. Hal tersebut akhirnya menimbulkan kekhawatiran.

    Kadin, menurutnya, mendukung rencana pemerintah untuk menerapkan skema gross split dengan syarat ada pengawasan yang ketat dari regulator. Di Indonesia TKDN [tingkat kandungan dalam negeri] masih sulit karena keekonomiannya belum bisa dibandingkan dengan negara-negara, besar. Contohnya pipa dari dalam negeri bisa jauh lebih mahal dibandingkan China, belum lagi kena pajak sana-sini," jelasnya.

    Oleh karena itu, dia menekankan pentingnya keterlibatan pemerintah untuk memastikan industri penunjang hulu migas dalam negeri tidak terpukul. Fierlie Ganinduto, Ketua Komite Tetap Hubungan Kelembagaan dan Regulasi Sektor Energi Migas Kadin, menambahkan berdasarkan diskusi yang telah dilakukan pihaknya dengan Wakil Menteri ESDM Arcandra Tahar, ada beberapa ketentuan yang dianggap mampu mendorong peningkatan TKDN.

    Menurutnya, variabel penentu besaran split tersebut memang bertujuan untuk merangsang peningkatan TKDN. Namun, peran pemerintah dalam pengawasan tetap harus ada supaya implementasi di lapangan sesuai dengan kontrak. “Perlu benang merah bagaimana cara pengawasannya ini lebih penting dari sanksi yang sifatnya post audit,” katanya.

    Ketua Dewan Pimpinan Bidang Industri Gabungan Usaha Penunjang Energi dan Migas Willem Siahaya mengatakan skema gross split memungkinkan KKKS untuk mencari subkontraktor yang paling efisien. ,Sangat mungkin sub-kontraktor yang dipilih bukan berasal dari dalam negeri. “Kalau kita lepas saja pada KKKS, hancur kita.” Pemerintah menargetkan Peraturan Menteri ESDM mengenai gross split dapat terbit pada Januari 2017.

    Skema gross split dinilai dapat mempercepat proses kontrak kerja sama migas dengan kontraktor sehingga sektor hulu minyak dan gas akan lebih atraktif dan akhirnya akan menaikkan produksi minyak. Selain itu skema baru juga menjadi solusi untuk menekan dana yang dialokasikan setiap tahun dalam APBN untuk penggantian biaya operasi hulu migas (cost recovely). Arcandra mengatakan mekanisme gmss split sedang dibahas secara detail, khususnya terkait bagi hasil antara pemerintah dan KKKS.

    Yang jelas, dia menjamin mekanisme tersebut akan tetap mengutamakan kepentingan negara, termasuk TKDN. Setelah aturannya ada, setiap kontrak baru akan pakai gross split. Kepala Biro Komunikasi, Iayanan Informasi Publik, dan Kerja Sama Kementerian ESDM Sujatmiko mengatakan kementerian telah menyampaikan rencana perubahan mekanisme bagi hasil tersebut kepada Indonesian Petroleum Association (IPA).

    Direktur Riset Hulu Migas Asia Pasifik Wood Mackenzie Andrew Harwood mengatakan penerapan kontrak bagi hasil gross split belum tentu memacu investasi hulu. Pasalnya, dia memperkirakan pada 2017 belum ada peningkatan investasi yang cukup signifikan karena masih terdapat permasalahan seperti ketidakpastian usaha dan kebijakan yang membuat pelaku usaha memilih ulang plioritas investasi. Untuk itu Harwood masih menanti pola gross split seperti apa yang akan diterapkan.

    Bila penerapan tersebut tak membuat pelaku usaha bisa mendapat pengembalian investasi yang cukup, kemungkinan perubahan tersebut tak akan berpengaruh terhadap iklim investasi. Sebaliknya, bila penerapan gross split bisa mengurangi hambatan administrasi pengajuan anggaran dan persetujuan kontrak, kemungkinan hal itu bisa membantu pelaku usaha. “Kendala utama di lndonesia bukan hanya terkait aspek fiskal, melainkan panjangnya proses birokrasi,” ujarnya  Anggota Komisi VII DPR Satya Yudha meminta agar pemerintah mengkaji lebih lanjut sebelum skema baru diterapkan.

IN ENGLISH

Worried New Scheme
    Because, through a gross scheme split, cooperation contracts (PSC) will have the flexibility to determine the most efficient technology. Meanwhile, the ability of the domestic industry in providing the needs of upstream oil and gas economically questionable. As a result, the lack of competitiveness could suppress domestic industry.

    Vice Chairman of the Indonesian Chamber of Commerce and Industry of Energy and Oil and Gas Field Bobby Gafur Umar said that there is currently no employees to explain the plan to the entrepreneurs, especially those engaged in supporting upstream oil and gas industry. This ultimately raises concerns.

    Chamber of Commerce, he said, supports the government's plan to implement the scheme on condition that there is gross split strict supervision of the regulator. In Indonesia DCL [local content] is still difficult because of its economic value can not be compared with other countries, great. Examples of domestic pipe can be much more expensive than in China, not to mention taxable here and there, "he explained.

    Therefore, he stressed the importance of government involvement to ensure the supporting upstream oil and gas industry in the country is not hit. Fierlie Ganinduto, Chairman of the Standing Committee of Institutional Relations and Regulation of Oil and Gas Energy Sector Chamber of Commerce, added that based on discussions that have done it with the Deputy Minister of Energy and Mineral Resources Arcandra Tahar, there are some provisions that are considered able to encourage increased DCL.

    According to him, the determinant variable quantity split is intended to stimulate an increase in DCL. However, the government's role in supervision should still be there so that implementation on the ground in accordance with the contract. "It should be a common thread how this oversight is more important than the sanctions that are post audit," he said.

    Chairman of the Executive Board of the Joint Industry Sector Supporting Business of Energy and Oil and Gas Willem Siahaya said gross split scheme allows PSC to seek the most efficient subcontractors. , It may be sub-contractors who have not come from within the country. "If we take off alone on a PSC, ruined us." The government expects gross Regulation of Minister of the split can be issued in January 2017.

    Scheme gross split votes can accelerate the process of oil and gas cooperation contract with the contractor so that the upstream oil and gas sector will be more attractive and ultimately to increase oil production. Besides the new scheme is also a solution to suppress the funds allocated every year in the state budget for the replacement of upstream oil and gas operating costs (cost recovely). Arcandra said GMSS split mechanism was discussed in detail, particularly related to profit sharing between the government and PSC.

    Clearly, he guaranteed that the mechanism will keep the interests of the state, including the DCL. Once the rules are there, every new contract will be made gross split. Head of Communications, Public focal and Cooperation of the Ministry of Energy Sujatmiko said the ministry has submitted the plan to change the mechanism for the results to the Indonesian Petroleum Association (IPA).

    Gas Upstream Research Director Asia Pacific Wood Mackenzie Andrew Harwood said that the implementation of production sharing contracts gross split is not necessarily spur investment upstream. The reason, he estimates that in 2017 there has been no significant increase in investment because still there are problems such as uncertainty for businesses and policies that make businesses reselect plioritas investment. Harwood is still waiting for the gross pattern split as to what would be applied.

    If the application does not make businesses can get enough return on investment, it is likely these changes will not affect the investment climate. Conversely, if the application of the gross split could reduce administrative barriers budget submission and approval of the contract, the possibility it could help business. "The main obstacle in Indonesia is not only related to fiscal aspects, but the long bureaucratic process," said House Commission VII member Satya Yudha asked the government to examine further before new schemes are applied.

 Bisnis Indonesia, Page-1, Wednesday, Dec,14,2016

MENIMBANG SISTEM BAGI HASIL MIGAS YANG PAS

    Belakangan ini, Kementerian ESDM menggulirkan rencana mengubah sistem bagi hasil migas dari production sharing contract (kontrak Bagi Hasil/KBH) menjadi gross split (GS). Seperti diungkapkan Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar, yang dikutip beberapa media beberapa waktu lalu, alasan penggantian sistem bagi hasil adalah meningkatkan efisiensi kontraktor kontrak kerjasama (KKKS) dengan menghilangkan cost recovery dan meningkatkan keuntungan negara dengan tidak meninggalkan fungsi kontrol.

    Pada pelaksanaannya nanti, besarnya GS akan bersifat fleksibel, di antaranya tergantung kondisi cadangan migas, lokasi, hingga teknologi yang digunakan. Sekilas, sistem kontrak yang diusulkan terlihat jauh lebih baik dan sistem KBH yang saat ini berjalan dan bisa meningkatkan pendapatan negara dari sektor migas. Tetapi benarkah? Kalau kita melihat kembali teori mendesain sistem kontrak migas, ada beberapa faktor utama yang menjadi dasar pertimbangan, antara lain besarnya keterlibatan negara yang diinginkan dalam usaha hulu migas.

    Pertimbangan lainnya adalah besarnya potensi cadangan migas yang dimiliki serta kemajuan industri pendukung migas, dan tingkat ketergantungan keuangan negara terhadap pendapatan dari sektor migas. Semakin besar campur tangan negara, bagian pendapatannya akan semakin besar dan akan kurang menarik buat investor. KBH adalah contoh kontrak dengan keterlibatan negara yang besar dan sistem konsesi adalah contoh sebaliknya.

    Sistem GS seperti yang saat ini diusulkan pada dasarnya adalah sama dengan sistem konsesi/royalti, di mana negara mendapatkan bagian penerimaan dari royalti, pajak dan fee lainnya. KKKS bertanggung jawab penuh terhadap hal-hal teknis operasional dan biaya operasi yang ditimbulkan. Sampai saat ini belum ada contoh negara yang menerapkan sistem konsesi/royalti, di mana pemerintah ikut mengkontrol kegiatan operasional seperti dalam sistem KBH.

    Bisa saja pemerintah membuat, aturannya, tetapi apakah ada investor yang akan tertarik? Pemikiran bahwa cost recovery cenderung dibesar-besarkan adalah kesimpulan yang terlalu dini untuk dijadikan alasan pergantian sistem. Dalam konsep KBH, KKKS juga akan ikut menanggung beban cost recovery yang dibesar-besarkan. Contohnya, jika pendapatan kotor adalah 120 dan biaya operasi 20, maka pendapatan bersihnya adalah 100, yang kemudian dibagi menjadi 85 untuk bagian negara dan 15 bagian KKKS.

    Tetapi jika biaya operasi membengkak menjadi 40, maka pendapatan bersih berkurang menjadi 80 dan bagian KKKS akan berkurang menjadi 12. Pendapatan pemerintah akan berkurang dan demikian pula KKKS. Lalu jika cost recovery dianggap tidak efisien, apakah yang menjadi pembandingnya? Apakah Kementerian ESDM memiliki perbandingan lifting cost (biaya yang dibutuhkan untuk mengangkat 1 barel minyak ke permukaan) Indonesia dibandingkan negara lain? Atau perbandingan lifting cost di negara yang menerapkan sistem KBH vs GS? Kemudian jika KBH diganti menjadi GS, apakah cost recovery (yang berakibat langsung terhadap lifting cost) akan menjadi turun? Cost recovery yang tinggi tidak otomatis menunjukan ketidakefisienan kinerja KKKS mengingat mayoritas lapangan-lapangan migas di Indonesia sudah beroperasi lebih dan 20 tahun.

    Analoginya, mobil tua membutuhkan biaya perawatan lebih tinggi. Selain itu jangan lupa bahwa selama ini ada beberapa kebijakan pemerintah yang berlawanan dengan usaha KKKS menurunkan lifting oost, seperti pelarangan pengurangan pegawai di saat harga minyak dunia- terpuruk. Disinilah sebenamya keunggulan KBH dibandingkan dengan konsesi/royalti karena pemerintah memiliki keleluasan untuk mengejar dampak multiplier effect buat masyarakat. Contohnya, seperti yang sudah diterapkan terhadap proyek pengembangan Blok Masela dengan kewenangannya mengkontrol manajemen usaha hulu migas.

    Justifikasi lain yang dikemukakan untuk menerapkan GS adalah potensi bagian penerimaan negara yang lebih baik dari KBH. Dari tingkat risiko investor, hal ini justru berlawanan arah. GS memiliki resiko ketidakpastian (baik dalam masa ekplorasi atau setelah tahap pengembangan) yang lebih besar meskipun bisa diktukar dengan penambahan klausul kontrak seperti adanya penyesuaian pembagian pendapatan berdasarkan besarnya cadangan yang ditemukan, biaya untuk mengembangkannya atau jumlah produksi yang dihasilkan. Dalam perhitungan ke ekonomian, risiko ini akan menjadi komponen biaya yang akan dimasukkan investor dalam menawar lelang kontrak wilayah kerja pertambangan baru.

    Investor akan meminta bagi hasil yang lebih besar untuk kompensasi biaya tersebut yang tentu saja akan mengurangi bagi hasil negara. Dalam sistem KBH, risiko investor hanya terjadi saat proses eksplorasi. Oleh karena itu investor ‘bisa menerima' jika bagian penerimaannya lebih kecil jika dibandingkan sistem konsesi/ royalti. Beberapa publikasi dapat menjadi referensi perbandingan besarnya penerimaan negara di seluruh sistem kontrak migas dunia.

    Contohnya, yaitu laporan Government Accountability Office ke Komite Energy & Natural Resources USA pada Mei 2007, yang menunjukkan total persentase penerimaan AS dari Gulf of Mexico sebesar 42%, UK Shallow Water (40,77%), Joint Development Area Thailand-Malaysia ((»4.3%), Malaysia Deep Water (67,4%), China offshore (74,1 %), Indonesia Onshore (80,13%), dan Indonesia Offshore (71,01 %). Referensi lainnya, yaitu SPE Paper 77912 berjudul Fiscal Regimes Competitiveness Comparison of Oil and Gas Producing Countries in the Asra Pacific Region: Australia, China, Indra, Indonesia and Malaysia yang berkesimpulan bahwa dari sisi investor, model kontrak yang paling disukai adalah China, India, Malaysia dan Indonesia.

    Hal ini sangat wajar karena seperti yang dibahas sebelumnya, persentase bagian negara Indonesia jauh lebih besar dari negara lain sehingga kurang menarik buat investor. Laporan Indonesia Petroleum Association, Mei 2009 yang berjudul Gross Sharing with Additional Payments: An Altemative to PSC Non-Cost Recovery to Overcome Increasing Cost Recovery Issues juga menyatakan bahwa sistem GS akan memiliki kesulitan untuk menarik investor di wilayah kerja pertambangan baru karena memiliki risiko ketidakpastian yang lebih tinggi.
Akibatnya pemerintah harus menurunkan porsi bagi hasilnya untuk menarik investor.

    Lalu, apakah sistem GS layak diterapkan? Kalau memang tujuan Kementerian ESDM saat ini adalah untuk menarik investor dan meningkatkan iklim investasi, bisa jadi GS atau sistem royalti/kontrak seperti yang diterapkan negara lain, seperti AS, Norwegia, dan Eropa layak dipertimbangkan. Termasuk juga mempertimbangkan risiko rasio penerimaan negara dan fungsi kontrol yang berkurang.

    Tujuan yang akan dicapai, sistem yang akan diterapkan, dan alasan yang dikemukakan hendaklah harus saling mendukung dan konsisten untuk menghindari kebingungan publik. Karena bisa saja persentase bagian negara mungkin hanya 50% dari pendapatan 200. Namun porsi itu tentu lebih baik jika dibandingkan dengan sistem yang hanya memberikan perentase 80% dari pendapatan 100.

    Selain itu disarankan juga untuk fokus kepada hal-hal langsung yang lebih esensial seperti penyederhanaan birokrasi perizinan, memetakan lifting cost KKKS di seluruh Indonesia, dan bersinergi untuk menurunkannya serta mengurangi pelontaran isu-isu yang tidak perlu Selamat bekerja untuk Pak Menteri & Wakil Menteri!

IN ENGLISH

CONSIDERING GAS SYSTEM REVENUE SHARING THE PAS

    Recently, the Ministry of Energy and Mineral Resources rolling plan to change the system for oil and gas from the production sharing contract (Contract Sharing / KBH) to gross split (GS). As expressed by the Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar, who quoted some media some time ago, the reason for the replacement of profit-sharing system is to improve the efficiency of the contractor cooperation contract (PSC) by eliminating the cost recovery and increase state benefits by not leaving the control function ,

    In practice later, the magnitude of the GS will be flexible, depending on the condition of which oil and gas reserves, the location, to the technology used. At first glance, the proposed contract system looks much better and KBH system that is currently running and could increase state revenues from oil and gas sector. But is it true? If we look back oil and gas contract system design theory, there are several key factors which form the basis of consideration, among others, the desired amount of state involvement in upstream oil and gas.

    Another consideration is the amount of potential oil and gas reserves owned and progress in supporting oil and gas industry, and the level of the country's financial dependence on revenue from oil and gas sector. The greater the intervention of the state, the greater part of their income and would be less attractive for investors. KBH is an example of a contract with the involvement of a large country and the concession system is an example of the opposite.

    GS system as currently proposed in essence is the same as the concession system / royalties, where countries get a share of revenue from royalties, taxes and other fees. PSC is fully responsible for technical matters of operational and operating costs incurred. Until now there has been no examples of countries that apply the system of concession / royalties, where the government took control of operational activities in the system KBH.

    Only the government can make, the rules, but if there are investors who would be interested? Thought that cost recovery is likely to be exaggerated conclusions too early for any reason the turn of the system. In the concept of KBH, PSC will also bear the burden of cost recovery are exaggerated. For example, if the gross income is 120 and 20 operating costs, the net income is 100, which is then divided into 85 to parts of the country and 15 parts KKKS.

    But if the operating costs swelled to 40, net income was reduced to 80 and part of PSC's will be reduced to 12. The Government revenues will be reduced and so are the PSC. So if cost recovery is considered inefficient, what is the comparison? Does the Ministry of Energy has a ratio of lifting cost (cost required to lift the first barrel of oil to the surface) Indonesia compared to other countries? Or comparisons lifting cost in countries that implement KBH vs GS system? Then if KBH changed to GS, whether cost recovery (direct result of the lifting cost) will be down? High cost recovery does not automatically indicate inefficiencies in the performance of PSC since the majority of oil and gas fields in Indonesia and has been operating over 20 years.

    Analogues, old cars require higher maintenance costs. Also do not forget that during this time there are several government policies contrary to the PSC's efforts to lower lifting Oost, such as the prohibition of layoffs in the world- as oil prices slumped. KBH is where the actual advantages compared with concession / royalties because the government has the flexibility to pursue impact multiplier effect for society. For example, as has been applied to development projects Masela with the authority to control the management of upstream oil and gas.

    Another justification put forward to implement the GS is a potential part of the country a better acceptance of KBH. From the level of risk investors, this is precisely the opposite direction. GS has a risk of uncertainty (either during or after the exploration stage of development) is great although it could diktukar with the addition of a contractual clause as an adjustment of revenue sharing based on the size of the reserve is found, the cost to develop it or the amount of output produced. In the calculation to the economy, this risk will be a cost component will be put investors in a bid auction new contract mining work areas.

    Investors will ask for a bigger payoff for compensation of such costs which of course would reduce state revenue sharing. In the system KBH, investors risk only occurs when the exploration process. Therefore, investors 'accept' if acceptance section is smaller than the concession system / royalties. Some publications can be a reference comparison of the magnitude of the reception countries around the world system of oil and gas contracts.

    For example, the Government Accountability Office report to the Committee on Energy & Natural Resources USA in May 2007, which shows the total percentage of US acceptance of the Gulf of Mexico by 42%, UK Shallow Water (40.77%), Joint Development Area Thailand-Malaysia (( »4.3%), Malaysia Deep Water (67.4%), offshore China (74.1%), Indonesia Onshore (80.13%), and Indonesia Offshore (71.01%). other references, namely SPE Paper 77 912 Fiscal regimes titled Competitiveness Comparison of Oil and Gas Producing Countries in the Asra Pacific Region: Australia, China, Indra, Indonesia and Malaysia which concluded that on the side of investors, the most preferred contract model is China, India, Malaysia and Indonesia.

    It is very reasonable because as discussed earlier, the percentage parts of the Indonesian state is much larger than the other countries making it less attractive for investors. Report of Indonesia Petroleum Association, May 2009 entitled Gross Sharing with Additional Payments: An Altemative to PSC Non-Cost Recovery to Overcome Increasing Cost Recovery Issues also stated that the GS system will have difficulty attracting investors in the mining area recently because it has the risk of uncertainty higher. As a result, the government should lower portion of the proceeds to attract investors.

    Then, if the GS system is feasible? If indeed the Ministry of Energy goal now is to attract investors and improve the investment climate, it could be GS or the royalty system / contract as applied to other countries, like the US, Norway, and Europe is worth considering. Included also consider the risk ratio of revenues and control functions are reduced.

    Objectives to be achieved, the system will be applied, and the reasons stated must be of mutually supportive and consistent to avoid public confusion. Because it can be a percentage parts of the country may be only 50% of the revenue portion 200. However, it is certainly better than the system that only provides 80% of the revenue perentase 100.

    In addition it is also advisable to focus on things more immediately essential services such as simplification of bureaucratic licensing, map out lifting cost KKKS throughout Indonesia, and work together to bring it down and reduce hurling issues that do not need Congratulations to work for the Minister and Deputy Minister!

 Bisnis Indonesia, Page-1, Wednesday, Dec,14,2016

Establishment of Energy Holding Pending

    BUMN Minister Rini Soemarno estimates that the formation of two holding companies, namely energy BUMN and mining BUMN, is likely to be postponed to in the first quarter of 2017.

"We are still trying to establish an energy holding and a mining holding to be realized in 2016.

     However, even if it is not achieved in the end, it will be forced to resign to the first quarter of 2017, ”said Rini after the launch of the coastal community empowerment program and the beach cleaning of Kampung Nelayan on Teluk Penyu Beach, Cilacap, Central Java.

    On the sidelines of PT Pertamina's 59th Anniversary celebration, Rini explained that so far the formation of an energy and mining BUMN holding is still in the process of being finalized.

"Still being discussed. We hope that the Minister of Finance will communicate to provide information to the DPR. "

    Holding BUMN Oil and Gas will unite two large companies, namely PT Pertamina and PT PGN Tbk with Pertamina to be designated as the holding company.

Media Indonesia, Page-17, Tuesday, Dec 13,2016.