Oil, Gas Blocks at Risk as Contracts Expire

    Indonesia’s infamous red tape and lack of transparency have led to reluctance among oil and gas companies to continue investing in the upstream industry, leaving state oil and gas firm Pertamina to take charge. A recently released report by energy research group Wood Mackenzie states that up to 35 production sharing contracts (PSCS) worth around US$10 billion will expire in the next decade. The PSCs amount to over 1 million barrels of oil equivalent per day (boepd) of this year’s production.

    Wood Mackenzie upstream oil and gas analyst John Utama told The Jakarta Post that uncertainty remains one of the biggest barriers to up-stream investment in Indonesia, with its lack of transparent guidelines on PSC extensions and clarification on the abandonment and site restoration obligations for expiring PSC. The lack of interest is clear in several offers the government has made in the past year; when the Energy and Mineral Resources Ministry put 14 conventional oil and gas blocks up for tender, with seven up for direct offers and the remaining up for open bidding.

    Since then, only three direct appointment blocks were picked up, while the remaining seven attracted no offers. Utama claimed that many companies currently investing in the Indonesian oil and gas sector cannot justify further investment in the country due to more prospective options abroad. They have other investment options that offer more attractive returns or with lower risk levels. In the exploration bid rounds launched in recent years, interest has been limited, even though Indonesia has made efforts to improve the fiscal terms on offer,” he said. “The results imply the attractiveness of the fiscal terms does not surpass the geological or regulatory risks associated with doing business in Indonesia.

    The decreasing trend of investments in the upstream oil and gas sector is not new, with last year’s investments in exploitation fields dropping by 20 percent to $15.1 billion from the previous year. Meanwhile, investment in exploration fields only amounted to $ 515 million last year due to sluggish growth in global oil prices. The trend continues as the Up-stream Oil and Gas Regulatory Special Task Force (SKK Migas) reported that a measly $ 367 million was invested in exploration activities in the first half of this year, equal to only 6.4 percent of the total investment of $5.7 billion in the oil and gas industry.

    Wood Mackenzie’s report states that Pertamina will play a key role in expiring assets with strategic value to the country given its interest in meeting aggressive near to mid term production targets, reaching 2.2 million boepd in 2025. Mature projects such as Mahakam in East Kalimantan, Corridor in South Sumatra and Jabung in Jambi, which account for over 80 percent of expiring PSCS. already have extensive infrastructure in place and the potential to deliver stable cash How. According to an existing regulation issued in 2015, Pertamina has

Jakarta Post, Page-13, Tuesday, Dec,20,2016

Pertamina Tambah Impor LPG Iran 500 Ribu Ton

    PT Pertamina telah meneken kontrak dengan National Iranian Oil Company (NIOC) untuk tambahan impor gas minyak cair/LPG sebesar 500 ribu metrik ton pada tahun depan. Selain LPG, Pertamina juga mengimpor minyak mentah sebanyak 1 juta barel. Direktur Utama Pertamina Dwi Soetjipto mengatakan, perusahaan sebenarnya telah mengimpor LPG dari Iran pada tahun ini. Impor ini dilanjutkan pada tahun depan untuk volume sebesar 500 ribu metrik ton atau setara dengan 12 kargo. Awal Januari nanti mulai pengiriman. Tetapi kan sudah mulai beberapa (kargo) spot di tahun ini,” kata dia.

    Impor LPG ini merupakan hasil kesepakatan antara Pemerintah Indonesia dan Iran pada awal 2016 yang ditindak lanjuti penandatangan pokok perjanjian (head of agreement/HoA) oleh Pertamina dan NIOC. Dalam HOA tersebut disepakati jual beli LPG Pertamina dengan NIOC untuk tahun 2016 dan 2017 dengan total volume 600 ribu metrik ton. Pada 2016, Pertamina telah mengimpor sekitar 80 ribu metrik ton. Tak hanya LPG, Dwi menuturkan, pihaknya juga telah sepakat mengimpor minyak mentah dari Iran. Kesepakatan ini tinggal diformalkan dalam bentuk kontrak.

    Rencananya, Pertamina akan mengimpor sebesar 1 juta barel terlebih dahulu untuk diuji coba di Kilang Cilacap, Jawa Tengah. “Untuk diuji coba untuk lihat hasil yield-nya. Ini bisa dinegosiasikan untuk (kontrak) jangka panjang,” tambah dia. Uji coba akan dilakukan pada kuartal pertama 2017. Pertamina juga sedang mencoba impor gas minyak cair (liquefied natural gas/LNG) dari Iran. Pasalnya, harga gas di Iran terhitung cukup rendah. Apalagi, selama ini Iran belum pernah mengekspor LNG. “Sekarang belum bisa, nanti kalau sudah ada fasilitasnya barangkali bisa ekspor,” tutur Dwi.

    Impor gas dan minyak diperlukan mengingat kebutuhan dalam negeri terus meningkat setiap tahunnya. Untuk minyak mentah dan LPG, Indonesia memang harus terpaksa impor lantaran produksi dalam negeri tidak dapat menutup kebutuhan. Untuk gas alam, Indonesia diperkirakan butuh impor mulai 2019-2020 nanti. Tak hanya kerja sama hilir, Dwi menegaskan, Pertamina juga berminat masuk ke blok migas di Iran. Sejak Agustus lalu, perusahaan migas pelat merah ini telah melakukan evaluasi pada dua blok, yakni Ab-Teymour dan Mansouri (Bangestan - Asmari).

    Pertamina bertekad menjadi operator blok migas di Iran. “Ini disambut baik Presiden Iran supaya segera disampaikan proposal (rencana pengembangan blok migas). Paling lambat Februari 2017 akan kami serahkan,” ujarnya. Direktur Hulu Pertamina Syamsu Alam menambahkan, pihaknya sebenarnya menginginkan ada kesepakatan yang ditanda tangani pada kunjungan ke Iran pekan lalu. Namun, lantaran kajian untuk proposal belum selesai, Pertamina sepakat menunda adanya penandatangan kesepakatan sampai proposal diserahkan pada Februari nanti.

    Yang mereka minta adalah Pertamina harus bisa menunjukkan kemampuan teknis dan (skema) finansialnya menarik,” kata dia. Setelah proposal diserahkan pada Februari nanti, NIOC disebutnya akan mengevaluasi apakah tawaran Pertamina cukup bagus bagi mereka. Pasalnya, perusahaan migas yang berminat masuk di dua lapangan tersebut bukan hanya Pertamina saja. Walaupun, Iran lah yang awalnya menawarkan kedua blok ini kepada Pertamina.

    Di Iran sendiri, lanjutnya, Pertamina berminat menjadi operator walaupun tidak memegang hak partisipasi 100%. “Jadi bentuknya kerja sama, tidak purely PSC seperti di sini. Kemungkinan service contract tetapi kita bisa dapat entitlement (minyak) ,” kata Alam. Menurut Alam, Blok Ab-Teymour dan Mansouri memiliki cadangan hingga 3 miliar barel dan produksi ratusan ribu barel per hari. Pertamina menyambut tawaran Iran untuk masuk blok ini lantaran keduanya masuk dalam daftar blok yang ingin diakuisisi, yakni telah menghasilkan minyak. Pertamina menargetkan, jika NIOC sepakat, kontrak pengerjaan blok migas itu dapat ditanda tangani pada 2017.

IN ENGLISH

Add Pertamina LPG Import Iran 500 Thousand Tons

    PT Pertamina has signed a contract with the National Iranian Oil Company (NIOC) for additional imports of liquefied petroleum gas / LPG amounted to 500 thousand metric tons in the next year. Besides LPG, Pertamina also imports crude oil by 1 million barrels. Pertamina President Director Dwi Soetjipto said, the company actually has to import LPG from Iran this year. These imports continued on next year's volume of 500 thousand metric tons, equivalent to 12 cargoes. Beginning January starts shipping. But it's already started some (cargo) spot this year, "he said.

    LPG imports is the result of an agreement between the Government of Indonesia and Iran in early 2016 followed up the principal signatories of the agreement (head of agreement / HoA) by Pertamina and NIOC. In the HOA selling LPG Pertamina agreed with NIOC for the years 2016 and 2017 with a total volume of 600 thousand metric tons. In 2016, Pertamina has imported about 80 thousand metric tons. Not only LPG, Dwi said, it also has agreed to import crude oil from Iran. This agreement was formalized in the form of a contract to stay.

    The plan, Pertamina will import 1 million barrels in advance to be tested in Cilacap, Central Java. "To be tested to see results it yields. This can be negotiated for (contract) long term, "he added. The trial will be conducted in the first quarter of 2017. Pertamina also trying to import liquefied petroleum gas (liquefied natural gas / LNG) from Iran. Because the price of gas in Iran comparatively quite low. Moreover, so far Iran has not been exporting LNG. "Now you can not, when you get there trimmings may be able to export," said Dwi.

    Imports of gas and oil is required in view of the domestic demand continues to increase every year. For crude oil and LPG, Indonesia had to be forced to import because domestic production can not cover the needs. For natural gas, Indonesia is estimated to import started later 2019-2020. Not only cooperation downstream, Dwi asserted, Pertamina is also interested in joining to the oil and gas block in Iran. Since last August, oil and gas company red plate has conducted an evaluation of the two blocks, namely the Ab-Teymour and Mansouri (Bangestan - Asmari).

    Pertamina is committed to becoming operator of oil and gas blocks in Iran. "It welcomed the President of Iran to immediately submitted a proposal (plan of development of oil and gas blocks). No later than February 2017 we will proceed, "he said. Pertamina Upstream Director Syamsu Alam added, it actually wants there is a deal which was signed on a visit to Iran last week. However, because the study for the proposal has not been completed, Pertamina agreed to delay their signatories to the accord until the proposal submitted in February.

    All they ask is Pertamina must be able to demonstrate technical proficiency and (scheme) financial interest, "he said. After the proposal submitted in February, NIOC calls will evaluate whether the bid Pertamina good enough for them. Because oil and gas company that is interested in joining the two field not only Pertamina only. Although, Iran was the one who originally offered the two blocks to Pertamina.

    In Iran itself, he added, Pertamina is interested in becoming an operator though it holds 100% participating interest. "This would be essentially the same work, not purely PSC as here. Possible service contract but we could be entitlement (oil), "Alam said. According to Alam, Block Ab-Teymour and Mansouri has reserves of up to 3 billion barrels and production of hundreds of thousands of barrels per day. Pertamina welcomed Iran's offer to sign this block because both are included in the list of blocks that want to be acquired, which has produced oil. Pertamina targets, if NIOC agreed, contract processing oil and gas blocks that can be signed in 2017.

Investor Daily, Page-9, Tuesday, Dec,20,2016

Pemerintah Dorong lndustri Migas Efisien dengan Gross Split

    Pemerintah menginginkan semua industri Semakin etisien ke depannya, termasuk industri migas. Salah satu upaya efisiensi diperoleh dengan menerapkan kontrak kerja sama dengan skema gross split (bagi hasil kotor). Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan mengatakan kontrak kerja sama (production sharing contract/ PSC) dengan skema biaya investasi yang dapat dikembalikan (cost recovery) sudah ditinggalkan banyak negara.

    Pasalnya, lantaran biayanya diganti negara, skema ini membuat negara sulit mendorong kontraktor kontrak kerja sama (KKKS) lakukan efisiensi. Skema gross split dimana tidak ada cost recovery diharapkan mendorong KKKS semakin efisien dalam berbisnis. “Arahan Presiden semua industri harus efisien, gross split ini arahan Presiden. Ini (industri migas) harus sebisa mungkin efisien,” kata dia. Skema gross split membuat perusahaan migas menentukan sendiri biaya yang sesuai untuk satu proyek yang harus di tanggungnya.

    Sehingga, perusahaan migas akan berbisnis mengikuti cost list yakni memakai jasa atau teknologi yang paling murah, hingga Semakin efisien. Negara juga tidak lagi diributkan dengan perdebatan biaya yang pas untuk satu proyek migas tertentu. “Orientasi SKK Migas berubah dari memerika biaya menjadi fokus ke produksi dan eksplorasi migas. Karena itu yang diperlukan oleh negara,” tutur Jonan. Wakil Menteri ESDM Arcandra Tahar menambahkan, skema gross split yang disusun pemerintah juga memberikan kepastian hitungan bagi hasil.

    Pasalnya, penentuan bagi hasil akan ditentukan oleh variabel-variabel tertentu. Penentuan split akan dilakukan pada tiga tahap, sebelum eksplorasi, sesudah ditemukan cadangan migas, dan setelah produksi. “Pada awal, kami akan tentukan base split terlebih dahulu,” ujarnya. Base split ini kini masih dihitung oleh pemerintah. Selanjutnya setelah perusahaan migas memenangkan blok migas, pemerintah akan melihat lokasi blok migas, jenis migas, dan adanya zat ikutan lain (impurities).

    Blok yang berlokasi di lepas pantai, masuk di laut dalam, merupakan blok migas nonkonvensional, atau mengandung impurities seperti CO2 dan H2S, akan mendapat tambahan porsi split. Sebaliknya blok migas di darat, merupakan blok migas konvensional, atau tidak mengandung impurities, tak akan dapat tambahan split. Kemudian masuk ke fase produksi, tambahan split ditentukan apakah produksinya fase primary (belum ada upaya injeksi untuk meningkatkan produksi), secondary, atau tertiery.

Ini nanti muncul variable split,” jelasnya. Pemerintah, lanjut dia, akan memasukkan faktor harga minyak dan besaran produksi migas untuk hitungan split di progressif split. Insentif split akan diberikan jika produksi migas cukup kecil. Untuk harga minyak, ketika harga minyak rendah, KKKS akan mendapat tambahan split sebagai insentif. Sebaliknya, jika harga minyak melambung tinggi, maka tidak akan ada tambahan atau bahkan split akan dikurangi. “Jadi tidak ada lagi keuntungan terlalu besar bagi KKKS ketika harga minyak sangat tinggi,” tegas Arcandra.

    Jonan dan Arcandra menampik, skema gross split akan merugikan industri penunjang igas dalam negeri. Untuk memastikan perusahaan migas menggunakan barang dan jasa dalam negeri, pihaknya juga akan memberikan insentif split. Perusahaan migas yang memakai barang dan jasa dalam negeri akan memperoleh split yang lebih besar. Semakin besar Tingkat Kandungan Dalam Negeri (TKDN) , semakin besar split nya. “Jadi gross split ini semestinya justru akan membuka pasar yang lebih besar bagi pelaku industri migas dalam negeri,” kata dia.

    Wakil Ketua Komisi VII DPR RI Satya Wira Yudha mengingatkan pemerintah agar skema grosssplit ini tunduk pada penguasaan negara atas kekayaan migas. Pemerintah harus memastikan masih ada kendali dalam bisnis migas yang dijalankan dengan skema gross split ini. Penghitungan bagi hasil juga harus diperhatikan secara cermat. “Bagi hasil saat ini 85:15 ini kalau di gross kan berapa bagian negara. Kemudian bagaimana kalau biaya membengkak,” ujarnya. Jonan menambahkan, skema gross split hanya diberlakukan untuk kontrak baru, yakni kontrak blok baru atau perpanjangan kontrak blok eksisting. Hal ini sebagai bukti bahwa pemerintah menghormati kontrak migas yang sudah ada. Kontrak PSC dengan skema cost recovery masih akan berlaku sampai kontrak selesai.

IN ENGLISH

Government Encourages Oil and Gas Industry of the Gross Efficient Split

    The government wants all etisien future industry, including the oil and gas industry. One of the efforts the efficiencies gained by implementing a cooperation contract with gross schemes split (for gross proceeds). Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan said cooperation contracts (production sharing contract / PSC) scheme refundable investment costs (cost recovery) has been abandoned many countries.

    The reason is, because it costs the state to be replaced, this scheme makes it difficult country to encourage cooperation contract (PSC) did efficiency. Scheme gross split where there is no cost recovery is expected to encourage more efficient PSC in business. "Tutorial president all industries should be efficient, this split gross direction of the President. This (oil and gas) should be streamlined as much as possible, "he said. Scheme gross split makes oil companies decide the appropriate fee for a project that should be in tanggungnya.

    Thus, the oil companies will do business following the mailing cost to use the services or technology that is the most expensive, up more efficiently. The state also no longer fuss with the debate right cost for a particular oil and gas projects. "The orientation of SKK Migas changed from check to charge into the focus to the production and exploration of oil and gas. Because it is required by the state, "said Jonan. Deputy Minister Arcandra Tahar added, gross schemes split the government arranges also provide certainty for the results count.

    Because the determination of the result will be determined by certain variables. Determination of the split will be carried out in three stages, before the exploration, after being discovered oil and gas reserves, and after production. "At the start, we will specify the split first base," he said. Base this split is still counted by the government. Furthermore, after the oil and gas companies won oil and gas blocks, the government will see the location of oil and gas blocks, the type of oil and gas, and other follow-up their substances (impurities).

    Block located offshore, entered in the deep sea, a non-conventional oil and gas blocks, or contains impurities such as CO2 and H2S, will get an extra portion of the split. Instead onshore oil and gas blocks, a conventional oil and gas blocks, or does not contain impurities, there will be additional split. Then go into the production phase, additional split is determined whether the primary production phase (there has been no effort injection to increase production), secondary, or tertiery.

    It later emerged variable split, "he explained. The government, he added, would be included for the price of oil and the amount of oil and gas production to count split in the progressive split. Split incentives will be granted if the oil and gas production is quite small. For the price of oil, when oil prices are low, will get an extra PSC split as an incentive. Conversely, if oil prices soar, then there will be no additional or even a split would be reduced. "So there is no longer an advantage too great for PSC when oil prices are very high," said Arcandra.

    Jonan and Arcandra dismiss, the scheme will harm the split gross igas domestic supporting industries. To ensure that oil and gas companies using domestic goods and services, it will also provide incentives split. Oil and gas companies that use goods and services in the country will get a bigger split. The greater the content from local industry (DCL), the greater its split. "So this split gross properly it will open up a larger market for oil and gas industry players in the country," he said.

    Vice Chairman of Commission VII of the House of Representatives Satya Wira Yudha reminded the government to grosssplit scheme is subject to state control over the oil and gas wealth. The government should make sure they control the oil and gas business which is run by the scheme's gross split. Calculation of the results should also be considered carefully. "For the moment the result is that at 85:15 the gross how many parts of the country. Then how about the cost to swell, "he said. Jonan added, gross split scheme only applied to new contracts, namely a contract to a new or existing contract extension block. This is a proof that the government honor existing oil and gas contracts. PSC contract with cost recovery scheme will still be valid until the contract is completed.

Investor Daily, Page-9, Tuesday, Dec,20,2016

Gross Split Lebih Berkeadilan

    Pemerintah menilai kontrak bagi hasil grass split akan memberikan keadilan bagi pemerintah dan kontraktor minyak dan gas bumi dibandingkan dengan skema pengembalian biaya aperasi atau cost recovery. Pemerintah berencana memberlakukan skema bagi hasil kotor (gross split) pada awal 2017. Namun, skema itu hanya berlaku untuk kontrak baru, sedangkan kontrak migas yang masih berjalan tetap menggunakan skema cost recovery.

    Menteri Energi dan sumber Daya Mineral (ESDM) Ignasius Jonan mengatakan, pemerintah ingin ada perubahan kebijakan fiskal untuk mendorong perhitungan yang lebih adil di sektor hulu migas. Kegiatan industri migas, katanya, harus lebih efisien agar dapat bertahan di tengah tekanan harga minyak. Dia berharap agar penerapan kontrak bagi hasil (production sharing contract/PSC) gross split bisa menggenjot kegiatan di hulu migas.

    Pasalnya, kontraktor akan menghitung sendiri biaya operasi yang dikeluarkan untuk menghasilkan migas tanpa melalui proses panjang untuk memperoleh persetujuan di SKK Migas. Jonan menambahkan, pemerintah akan fokus dalam pengendalian produksi dan pengawasan kegiatan yang direncanakan agar terealisasi sesuai target yang telah disepakati oleh kontraktor kontrak kerja sama (KKKS).

    Kegiatan yang perlu diawasi misalnya aspek keselamatan dan pengeboran. Skema gross split merupakan model bagi hasil kotor antara pemerintah dan KKKS tanpa ada. Skema gross split merupakan model baqi hasil kotor antara pemerintah dan KKKS tanpa ada biaya yang dikembalikan (cost recovery). biaya yang dikembalikan (cost recovery). Melalui skema gross split, pemerintah dan kontraktor langsung membagi bagiannya masing-masing.

    Pemerintah akan mendapatkan bagi hasil dan pajak dari kegiatan hulu migas tanpa menanggung biaya operasi dan investasi yang dikeluarkan kontraktor untuk menghasilkan minyak dan gas. Jonan menegaskan, secara umum penerapan bagi hasil kotor itu akan mendorong pelaku usaha mencari formula biaya yang paling efisien. Kontraktor akan memilih jasa dan barang dengan harga lebih efisien.

    Peluang tersebut, katanya, harus dimanfaatkan industri penunjang di dalam negeri untuk turut berperan karena tingkat kandungan dalam negeri (TKDN) akan menjadi salah satu variabel yang memengaruhi bagi hasil (split) antara kontraktor dan pemerintah. “Kalau gunakan TKDN berapa persen, insentifnya berapa. Misal 30% [TKDN], splitnya tambah 4%. Jadi riil, kalau sekarang ini kan [penerapan TKDN] setengah maksa.

    Menurutnya, penghapusan cost recovery untuk kontrak baru tidak akan menghapus fungsi pengawasan dari SKK Migas. Skema gross split hanya akan berlaku untuk kontrak baru dan blok migas yang sudah habis kontrak. Sementara itu, blok lama yang belum habis kontrak masih tetap menggunakan skema cost recovery. Dari sekitar 85 wilayah kerja, pada 2025 akan ada sekitar 35 blok migas yang habis. Blok migas yang habis kontrak itu akan beralih dari PSC cost recovery menjadi PSC gross split.

    Dengan demikian, masih ada sekitar 50 kontrak blok  migas yang menerapkan PSC cost recovery. Wakil Menteri ESDM Arcandra Tahar mengatakan, dalam penerapannya, pihaknya akan menetapkan titik dasar pemberian bagi hasil terhadap sebuah wilayah kerja. Setelah itu, terdapat beberapa pertimbangan yang akan mempengaruhi prosi bagi hasil antara pemerintah dan kontraktor.

    Pertama, aspek lokasi blok migas. Blok migas darat (onshore) tidak akan mendapatkan tambahan bagi hasil. Sementara itu, lokasi blok migas di laut dalam akan mendapatkan tambahan bagi hasil.

    Kedua, aspek geologi yakni konvensional dan nonkonvensional. Dari kegiatan pengembangan migas konvensional atau kegiatan dari lapisan di bawah permukaan tanah yang tersusun dari air, gas, dan minyak tak akan menambah split kontraktor. Sementara itu, kegiatan pengembangan migas nonkonvensional seperti hidrokarbon yang diperoleh dari rekahan batu bara akan memberi nilai tambah terhadap porsi bagi hasil yang diterima KKKS.

    Ketiga, aspek komposisi hidrokarbon. Jika hidrokarbon mengandung zat ikutan (impurities) seperti karbondioksida (CO2) dan hidrogen sulfida (H2S), porsi bagian kontraktor bisa bertambah karena membutuhkan fasilitas pemisahan tambahan.

Keempat, aspek, penggunaan TKDN yang lebih tinggi akan mengerek porsi pendapatan KKKS. Kelima, aspek fase produksi tersulit yang membutuhkan upaya lebih juga akan menaikkan bagian kontraktor. Arcandra menambahkan, aspek harga minyak juga akan menjadi pertimbangan dalam pemberian bagi hasil pemerintah dan kontraktor.

    Dia mencontohkan, jika harga minyak rendah, kontraktor mendapat bagian lebih tinggi. Sebaliknya, bila harga minyak tinggi, pemerintah memperoleh bagian lebih besar. Menurutnya, penerapan skema gross split tidak akan berpengaruh secara langsung terhadap penaikan produksi dan cadangan migas terbukti.

    Namun, skema itu diharapkan dapat mendongkrak kegiatan eksplorasi. Wakil Ketua Umum Kadin lndonesia Bidang Energi dan Migas Bobby Gafur Umar berharap agar kebijakan fiskal apapun yang diterapkan pemerintah mampu mendorong pertumbuhan ekonomi bukan sekadar menambah penerimaan negara.

    Dengan demikian, kegiatan apapun yang dilakukan akan memberikan dampak positif optimal terhadap industri dalam negeri. Sumber migas harus digunakan sebagai economic driver [penggerak perekonomian] dan bukan hanya revenue driver [penggerak penerimaan] sehingga dapat memunculkan multiplier effect [efek pengganda] dari pengelolaan migas.

IN ENGLISH

Gross Split is more Fair

    The government considers split grass production sharing contract will provide justice for the government and oil and gas contractors compared to the cost recovery scheme aperasi or cost recovery. The government plans to introduce a scheme for gross proceeds (gross split) at the beginning of 2017. However, the scheme applies only to new contracts, while the oil and gas contracts that are still running to keep using the cost recovery scheme.

    Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan said the government wanted no change in fiscal policy to encourage a fairer calculation in the upstream oil and gas sector. Activities of the oil and gas industry, he said, must be more efficient in order to survive in the midst of pressure on oil prices. He hoped that the implementation of production sharing contracts (production sharing contract / PSC) could boost the gross split in the upstream oil and gas activities.

    Because the contractor will calculate its own operating costs incurred to produce oil and gas without going through a lengthy process to obtain approval in SKK Migas. Jonan added, the government will focus on production control and supervision of the activities planned to be realized according to the agreed targets by cooperation contracts (PSC).

    Activities that need to be monitored for example aspects of safety and drilling. Scheme gross split a model for gross proceeds between the government and PSC without. Scheme gross split a model Baqi gross proceeds between the government and PSC without fee refunded (cost recovery). refundable fee (cost recovery). Through the split gross scheme, the government and the contractor immediately divide their share.

    The government will get the results and taxes from oil and gas upstream activities without the operating costs and investment incurred contractors to produce oil and gas. Jonan confirms, in general the application for gross proceeds that would encourage businesses looking for the most cost efficient formula. The contractor will choose goods and services with prices more efficiently.

    These opportunities, he said, should be used to support the industry in the country to play a role for local content (local content) will be one of the variables that affect the outcome (split) between the contractor and the government. "If you use the DCL what percentage, how much incentive. For example 30% [DCL], splitnya added 4%. So real, now that it's [the application DCL] half the force.

    According to him, the elimination of cost recovery for the new contract will not remove the oversight function of SKK Migas. Split gross scheme will apply only to new contracts and oil and gas blocks that have finished their contracts. Meanwhile, the old block unexpired contracts still use cost recovery scheme. Of the approximately 85 working areas, by 2025 there will be about 35 blocks of oil and gas are depleted. Depleted oil and gas block contracts will shift from PSC PSC gross cost recovery be split.

    Thus, there are still about 50 oil and gas blocks that implement contracts PSC cost recovery. Deputy Minister Arcandra Tahar said, in his application, it will establish the basic point of administration for the results of a working area. After that, there are some considerations that will affect prosi profit sharing between the government and the contractor.

    First, the location aspects of oil and gas blocks. Oil and gas blocks of land (onshore) will not get additional revenue. Meanwhile, the location of oil and gas blocks in the deep sea will get additional revenue.

    Secondly, the geological aspects of conventional and non-conventional. Of conventional oil and gas development activities or the activities of layers in the subsurface is composed of water, gas, and oil will not add split contractor. Meanwhile, non-conventional oil and gas development activities such as hydrocarbons obtained from coal fracture will give added value to the share of revenue received KKKS.

    Third, aspects of the hydrocarbon composition. If the follow-up hydrocarbons contain substances (impurities) such as carbon dioxide (CO2) and hydrogen sulfide (H2S), upper portion could increase due to the contractor requires additional separation facilities.

    Fourth, the aspect, the use of a higher level of local content will hoist PSC's share of revenue. Fifth, the most difficult aspects of the production phase will also require more effort to raise part of the contractor. Arcandra added aspect of oil prices also will be a consideration in the provision for the results of the government and the contractor.
   
    He gave an example, if oil prices are low, the contractor gets higher part. Conversely, when high oil prices, the government gained a larger share. According to him, the implementation of the scheme gross split will not directly affect production enhancement and proven oil and gas reserves.

    However, the scheme is expected to boost exploration activities. Vice Chairman of the Indonesian Chamber of Energy and Oil and Gas Field Bobby Gafur Umar hoped that any fiscal policy implemented by the government will facilitate economic growth rather than simply add to state revenues.

    Thus, any activity undertaken will provide optimal positive impact on the domestic industry. Oil and gas sources should be used as an economic driver [for economic growth] and not just revenue driver [mover reception] so as to bring a multiplier effect [the multiplier effect] of oil and gas management.

Bisnis Indonesia, Page-30,Tuesday, Dec,20,2016

Gross Scheme Split in Oil and Gas Contract

   

    Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan had planned schema changes contract oil and gas (oil) of production sharing contract (PSC) split into a gross scheme. Not only planned course, Jonan even been set into force of the new scheme in early January 2017 for new oil and gas contracts. However, after briefly being debated in public and questioned by the House of Representatives, Deputy Minister (Deputy Minister) EMR Arcandra Tahar hurriedly asked the Parliament to be patient.

    According to the Deputy Minister, the concept of gross split scheme is under review by the Ministry of Energy and Mineral Resources with the Special Unit of the Upstream Oil and Gas (SKK Migas). Gross split scheme is a form of cooperation contracts in the upstream oil and gas sector is set for the results of the government and the contractor based on the gross production of oil and gas produced. Gross split is a modification of the scheme PSC, which eliminate cost recovery in exchange for enlarging the part the result of the contractor 85/15 becomes 50/50.

    Gross split, that discourse Jonan, is actually not a new mechanism that contract at all, because it never applied to the PSC scheme of the first generation. PSC scheme that first generation establishes the proportion of 65/35 revenue share, without cost recovery. Then on the second generation of the determination of the PSC, the government raises the cost recovery of 40%. The third generation of the PSC, the government changed the amount of the cost recovery of 40% increased to full cost recovery, 100% borne by the government in proportion to the results of 85/15, which applies today.

    The main considerations for the government to change the cost recovery of 40% rising to 100% at the time was to attract investors in making investment in Indonesian oil and gas fields, in order to increase production of oil and gas lifting. In addition to more modest, the determination of the proportion of the gross revenue share split is also more accurate, can achieve 50/50 as a whole, because the result set from the gross production. While the determination of the results of the PSC with the cost recovery more complicated and inaccurate.

    Because the determination of 85/15 revenue share is calculated from the net profit after deduction of cost recovery and the taxes paid by the government. The impact, for the determination of the results fall right not 85/15, but reduced to 71/29. Changes in the proportion that caused the calculation for the result of gross production revenue net of cost recovery and the tax borne by the government. Along with eliminating cost recovery in gross split scheme, the government could save cost recovery which is charged to the state budget for the current year in large numbers, reaching US $ 10.4 billion in the 2017 state budget.

    Implementation of the scheme can also force the split gross 141 contractors to make savings and efficiency, as all capital expenditures (capex) and operating costs (operational expenditure) borne by the contractor, with no reimbursement from the government in the form of cost recovery. In the scheme of the PSC with the cost recovery of capital expenditure and operational expenditure is part of cost recovery should be replaced by the Government, if the contractor discovered oil and gas.

    With the replacement, contractors tend to be wasteful and inefficient, and often the determination of cost recovery into a mode of fraud that cost the state. Although the gross scheme split more beneficial for the country, but its application should not be hasty. In addition, the concept of gross split should be studied in depth, its implementation must be gradual.

    Beginning with a pilot scheme of gross split on oil and gas lands managed by PT Pertamina. The trial for the first time can be applied to the contract the Offshore North West Java (ONWJ) on the North Coast of Java, which will be fully managed and operated by Pertamina upon termination of the contract on January 18, 2017. As she waited for the test results, the government needs to do dissemination to potential investors, both national and foreign oil and gas investors.

    The goal, in addition to providing an overview as contractors to make savings and efficiency, as all capital expenditures (capex) and operating costs (operational expenditure) borne by the contractor, with no reimbursement from the government in the form of cost recovery. In the scheme of the PSC with the cost recovery of capital expenditure and operational expenditure is part of cost recovery should be replaced by the Government, if the contractor discovered oil and gas.

    With the replacement, contractors tend to be wasteful and inefficient, and often the determination of cost recovery into a mode of fraud that cost the state. Although the gross scheme split more beneficial for the country, but its application should not be hasty. In addition, the concept of gross split should be studied in depth, its implementation must be gradual. Beginning with a pilot scheme of gross split on oil and gas lands managed by PT Pertamina.

    The trial for the first time can be applied to the contract the Offshore North West Java (ONWJ) on the North Coast of Java, which will be fully managed and operated by Pertamina upon termination of the contract on January 18, 2017. As she waited for the test results, the government needs to do dissemination to potential investors, both national oil and gas investors. and foreign.

    The goal, in addition to providing a comprehensive picture, also to obtain a response from investors regarding the application of GMSS split. In the midst of investing their decline in oil and gas fields in Indonesia, along with the decline in world oil prices, not to the implementation of the scheme GMSS split even further lower investor interest in investing, who already feel comfortable using PSC scheme.

    To minimize resitensi investors' gross scheme split, perhaps the government at an early stage should not impose gross schemes use split as the sole mechanism of oil and gas contracts, which replaces the PSC scheme as a substitution scheme. However, the government can offer a gross scheme split as one of the options scheme, which complements the PSC as a complementary option scheme.

    Of course, the selection of one of these options by applying some to the terms, among them: the amount of potential oil and gas reserves, the level of difficulty in the exploration and exploitation, the sophistication of the technology used, and the location of oil and gas fields, between land and sea.

    With still provides two alternative options as a complementary scheme, the government provides the flexibility for investors to decide the chosen schemes in investing in oil and gas fields in Indonesia. With such flexibility, application of gross split is not solely consider saving factor Budget allocation for cost recovery, but also provide alternative options that can be selected for each investor.

    Do not let the savings considerations in the application of cost recovery scheme split precisely gross blunders that can reduce the interest of investors to invest, leading to lifting the target set in the 2017 state budget will not be achieved.

IN INDONESIAN

Skema Gross Split dalam Kontrak Migas

     Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan telah merencanakan perubahan skema kontrak minyak dan gas (migas) dari production sharing contract (PSC) menjadi skema gross split. Tidak hanya merencanakan saja, Jonan bahkan sudah menetapkan berlakunya skema baru itu pada awal Januari 2017 untuk kontrak migas yang baru. Namun, setelah sempat menjadi polemik di publik dan dipertanyakan oleh DPR, Wakil Menteri (Wamen) ESDM Arcandra Tahar buru-buru meminta DPR bersabar.

     Menurut Wamen, konsep skema gross split sedang ditinjau oleh Kementerian ESDM dengan Satuan Khusus Pelaksana Kegiatan Usaha Hulu Migas (SKK Migas). Skema gross split merupakan bentuk kontrak kerja sama di sektor hulu migas yang menetapkan bagi hasil antara pemerintah dengan kontraktor berdasarkan hasil produksi bruto migas yang dihasilkan. Gross split merupakan modifikasi dari skema PSC, yang menghapuskan cost recovery dengan imbalan memperbesar bagi hasil bagian kontraktor dari 85/15 menjadi 50/50.

     Gross split, yang diwacanakan Jonan, sesungguhnya bukan merupakan mekanisme kontrak yang baru sama sekali, karena pemah diterapkan pada skema PSC generasi pertama. Skema PSC generasi pertama itu menetapkan proporsi bagi hasil 65/35, tanpa cost recovery. Lalu pada generasi kedua penetapan PSC, pemerintah memunculkan cost recovery sebesar 40%. Generasi ketiga PSC, pemerintah mengubah besaran cost recovery dari 40% naik menjadi full cost recovery, 100% ditanggung oleh pemerintah dengan proporsi bagi hasil 85/ 15, yang berlaku hingga sekarang.

     Pertimbangan utama bagi pemerintah untuk mengubah cost recovery dari 40% naik menjadi 100% pada waktu itu adalah untuk menarik minat investor dalam melakukan investasi di lahan migas Indonesia, agar dapat menaikan lifting produksi Migas. Selain lebih sederhana, penetapan proporsi bagi hasil dalam gross split juga lebih akurat, bisa mencapai 50/50 secara utuh, lantaran bagi hasil ditetapkan dari hasil produksi bruto. Sedangkan penetapan bagi hasil dalam PSC dengan cost recovery lebih rumit dan tidak akurat.

     Pasalnya, penetapan bagi hasil 85/15 diperhitungkan dari net profit setelah dikurangi cost recovery dan pajak yang ditanggung pemerintah. Dampaknya, penetapan bagi hasil jatuhnya tidak tepat 85/15, melainkan susut menjadi 71/29. Perubahan proporsi itu disebabkan perhitungan bagi hasil dari pendapatan produksi bruto setelah dikurangi cost recovery dan pajak yang ditanggung oleh pemerintah. Sejalan dengan menghapuskan cost recovery dalam skema gross split, pemerintah bisa menghemat pengeluaran cost recovery yang selama ini dibebankan pada APBN tahun berjalan dalam jumlah yang besar, mencapai US$ 10,4 miliar pada APBN 2017.

    Penerapan skema gross split dapat juga memaksa 141 kontraktor untuk melakukan penghematan dan efisiensi, karena semua pengeluaran investasi (capital expenditure) dan biaya operasi (operational expenditure) ditanggung kontraktor, tanpa ada penggantian dari pemerintah dalam bentuk cost recovery. Dalam skema PSC dengan cost recovery capital expenditure dan operational expenditure merupakan bagian dari cost recovery yang harus diganti oleh Pemerintah, jika kontraktor menemukan Migas.

    Dengan penggantian tersebut, kontraktor cenderung boros dan tidak efisien, bahkan sering kali penetapan cost recovery menjadi modus penyelewengan yang merugikan negara. Kendati skema gross split lebih menguntungkan bagi negara, tetapi penerapannya tidak boleh gegabah. Selain, konsep gross split harus dikaji secara mendalam, penerapannya pun harus dilakukan secara bertahap.

    Diawali dengan uji coba skema gross split pada lahan migas yang dikelola oleh PT Pertamina. Uji coba tersebut untuk pertama kalinya bisa diterapkan pada kontrak Blok Offshore North West Java (ONWJ) di Pantai Utara Pulau Jawa, yang sepenuhnya akan dikelola dan dioperasikan oleh Pertamina pada saat berakhirnya kontrak pada 18 Januari 2017. Sambil menungu hasil uji coba, pemerintah perlu melakukan sosialisasi kepada investor potensial, baik investor migas nasional maupun asing.

    Tujuannya, selain memberikan gambaran secara kontraktor untuk melakukan penghematan dan efisiensi, karena semua pengeluaran investasi (capital expenditure) dan biaya operasi (operational expenditure) ditanggung kontraktor, tanpa ada penggantian dari pemerintah dalam bentuk cost recovery. Dalam skema PSC dengan cost recovery capital expenditure dan operational expenditure merupakan bagian dari cost recovery yang harus diganti oleh Pemerintah, jika kontraktor menemukan Migas.

    Dengan penggantian tersebut, kontraktor cenderung boros dan tidak efisien, bahkan sering kali penetapan cost recovery menjadi modus penyelewengan yang merugikan negara. Kendati skema gross split lebih menguntungkan bagi negara, tetapi penerapannya tidak boleh gegabah. Selain, konsep gross split harus dikaji secara mendalam, penerapannya pun harus dilakukan secara bertahap. Diawali dengan uji coba skema gross split pada lahan migas yang dikelola oleh PT Pertamina.

    Uji coba tersebut untuk pertama kalinya bisa diterapkan pada kontrak Blok Offshore North West Java (ONWJ) di Pantai Utara Pulau Jawa, yang sepenuhnya akan dikelola dan dioperasikan oleh Pertamina pada saat berakhirnya kontrak pada 18 Januari 2017. Sambil menungu hasil uji coba, pemerintah perlu melakukan sosialisasi kepada investor potensial, baik investor migas nasional. maupun asing.

    Tujuannya, selain memberikan gambaran secara komprehensif, juga untuk memperoleh respons dari investor terkait dengan penerapan gmss split. Di tengah penurunan invetasi pada lahan migas di Indonesia, seiring dengan penurunan harga minyak dunia, jangan sampai penerapan skema gmss split justru semakin menurunkan minat investor melakukan investasi, yang sudah merasa nyaman dengan menggunakan skema PSC.

    Untuk meminimkan resitensi investor terhadap skema gross split, barangkali pemerintah pada tahap awal tidak boleh memaksakan penggunaan skema gross split sebagai satu-satunya mekanisme kontrak migas, yang menggantikan skema PSC sebagai substitution scheme. Namun, pemerintah bisa menawarkan skema gross split sebagai salah satu opsi skema, yang melengkapi opsi PSC sebagai complementary scheme.

    Tentunya, pemilihan salah satu opsi tersebut dengan menerapkan beberapa persayaratan, di antaranya: besaran potensi cadangan migas, tingkat kesulitan dalam eksplorasi dan eksploitasi, kecanggihan teknologi yang digunakan, dan lokasi lahan migas, antara di darat dan di laut dalam.

    Dengan masih memberikan altematif dua opsi sebagai complementary scheme, pemerintah memberikan fleksibilitas bagi investor untuk memutuskan skema yang diplih dalam melakukan investasi di lahan migas Indonesia. Dengan fleksibilitas tersebut, penerapan mekanisme gross split tidak semata-mata mempertimbangkan faktor penghematan alokasi APBN untuk cost recovery, tetapi juga memberikan altematif opsi yang bisa diplih oleh investor.

    Jangan sampai pertimbangan penghematan cost recovery dalam penerapan skema gross split justru blunder yang dapat menurunkan minat investor untuk berinvestasi, sehingga menyebabkan target lifting yang ditetapkan pada APBN 2017 tidak akan tercapai.

Bisnis Indonesia, Page-2,Tuesday, Dec,20,2016

Jonan: Fokus Cadangan dan Efisiensi KKKS

    Kementerian Energi dan Sumber Daya Mineral (ESDM) fokus menambah cadangan migas yang terus menurun. Tahun depan Menteri ESDM Ignasius Jonan akan berupaya meningkatkan cadangan migas. Merujuk BP Statistical Review of World Enefrgy, cadangan minyak Indonesia akhir tahun 2015 tinggal 3,6 miliar barel. Padahal tahun 1995 mencapai 5 miliar barel. Selain berkonsentrasi menggenjot cadangan migas, Jonan juga menargetkan efisiensi produksi migas.

    Ia juga siap mengubah aturan demi mencapai target tersebut. "Targetnya dua, eksplorasi agar cadangan baru naik dan kedua itu efisiensi. Kalau ada yang tidak efisien, peraturannya diperbaiki entah Peraturan Menteri atau Peraturan Pemerintah. Salah satu Cara yang sedang dipersiapkan Kementerian ESDM untuk mencapai target tersebut adalah aturan gross split. Jonan menyatakan; gross split yang merupakan arahan Presiden Joko Widodo ini akan membuat produksi migas Kontraktor Kontrak Kerjasama (KKKS) menjadi lebih efisien.

    Dengan efisiensi, Jonan tidak khawatir tingkat komponen dalam negeri (TKDN) menjadi minim. Sebab, efisiensi justru membuat KKKS mencari harga barang yang lebih murah di dalam negeri. "Kalau berusaha efisien, pasti kesempatan pasar dalam negeri lebih besar karena lebih murah," imbuh Jonan. , Di sisi lain, pemerintah juga akan menyiapkan insentif yang masuk bagi hasil KKKS yang menggunakan TKDN. Akan banyak insentif dalam penerapan gross split Januari 2017 nanti. Jonan mencontohkan jika menggunakan TKDN sebesar 30%, diberi insentif 4%.

    Wakil Menteri ESDM Arcandra Tahar menambahkan, selain insentif TKDN pemerintah akan memberikan tambahan split dari risiko-risiko produksi migas, seperti proyek migas di laut dalam bisa menambah split 4%. Bisa juga split ditambah, jika lapangan migas adalah non konvensional, ini ada tambahan 5%. Selain itu ada juga risiko reservoir yang mengandung H20 atau H2O, juga mendapatkan tambahan splitt dari 1%-5%, tergantung banyaknya kandungan H2S dan CO2. Harga minyak turut jadi pertimbangan. Ketika harga minyak rendah misalnya US$ 30 per barel, ada tambahan split sebesar 5%. Jika harga minyak naik, split dikurangi. Jika harga minyak US$ 120 per barel, split berkurang 2%. Kemudian production taste, misalnya yang secondary dapat split 2% "Jadi kita tambahkan semua. Nanti akan muncul angka.

IN ENGLISH

Jonan: Backup and Efficiency Focus KKKS
    Ministry of Energy and Mineral Resources (ESDM) focus on adding oil and gas reserves continue to decline. Next year the Minister Ignatius Jonan will work to improve oil and gas reserves. Referring to the BP Statistical Review of World Enefrgy, Indonesia's oil reserves by 2015 lived 3.6 billion barrels. Whereas in 1995 reached 5 billion barrels. In addition to concentrating boost oil and gas reserves, Jonan also targets the efficiency of oil and gas production.

    He is also prepared to change the rules in order to achieve these targets. "The target of two, to discover that new reserves rise and both the efficiency. If there is not efficient, the rules are fixed either regulation or government regulation. One way is being prepared in the Ministry of Energy to achieve these targets is the rule gross split. Jonan states; gross split which is the direction of the President Joko Widodo will make oil and gas production Cooperation Contract (PSC) becomes more efficient.

    With efficiency, Jonan not worry about the level of domestic component (DCL) becomes minimal. Therefore, it makes the efficiency of PSC's looking for a cheaper goods in the country. "If trying efficient, certainly the domestic market opportunity is greater because it is cheaper," said Jonan. , On the other hand, the government will also prepare the incoming incentive for using the results of the PSC's DCL. Will be a lot of incentives in the application of gross later split in January 2017. Jonan cited when using the DCL by 30%, given an incentive of 4%.

    Deputy Minister Arcandra Tahar added, in addition to government incentives DCL will provide an additional split of the risks of oil and gas production, such as oil and gas projects in the deep ocean can add split 4%. Split could also be added, if the field is non-conventional oil and gas, there is an additional 5%. There was also the risk of a reservoir containing H20 or H2O, also received an additional splitt of 1% -5%, depending on the amount of H2S and CO2 content. Oil prices helped consideration. When the low oil prices for example, US $ 30 per barrel, there is an additional split of 5%. If oil prices rise, split reduced. If the oil price of US $ 120 per barrel, split reduced by 2%. Then taste production, for example, the secondary can be split 2% "So we add all. Later will come the numbers.

Kontan, Page-14,Tuesday, Dec,20,2016

Harga Naik Jelang Penurunan Produksi

    Meski sempat terkoreksi pasca keputusan The Fed menaikkan suku bunga, kini harga minyak mentah mulai naik. Mengutip Bloomberg, Senin (19/12), pukul 14.34 WIB, harga minyak WTI kontrak pengiriman Januari terbang 0,62% jadi US$ 52,22 per barel. Kenaikan ini terjadi setelah harga minyak terkikis 1,15% dalam sepekan.

    Research cmd Analyst Monex Investindo Futures Faisyal menyebut, penguatan terjadi karena pasar mulai mengantisipasi pengurangan produksi minyak yang akan dilakukan anggota OPEC dan non OPEC. Secara teknis, pemangkasan baru resmi dimulai per Januari tahun depan. Tapi, sejumlah negara sudah memastikan akan menjalankan pemangkasan. "Kuwait sudah menginformasikan ke pembelinya bahwa tahun depan akan memangkas produksi," ujar Faisyal.

    Rusia, melalui Menteri Energi Alexander Novak, juga mengatakan, semua perusahaan minyak Rusia telah sepakat mengurangi produksi hingga 300.000 barel. Tapi penguatan harga diprediksi tidak akan berlangsung lama. Data penggunaan rig minyak di Amerika Serikat (AS) per 16 Desember justru menunjukkan jumlah rig yang berproduksi bertambah 12 menjadi 510 buah.

    Artinya, produksi minyak AS berpotensi bertambah menjadi 8,8 juta barel per hari pada Desember ini, yang adalah rekor tertinggi sejak Januari lalu.” Cuma, meski harga turun, pelemahan tidak akan dalam. Harga minyak tertolong pelemahan indeks dollar AS yang turun sekitar 0,23%. "Kalau sudah sampai level seperti ini, kemungkinan pergerakan akan konstan," kata Faisyal Analis Central Capital Futures Wahyu Tribowo Laksono optimistis harga” minyak akan mencapai keseimbangan baru di US$ 60 per barel.

    Dengan catatan realisasi pemangkasan produksi berhasil dilakukan. "Itu target yang mudah, bahkan mungkin bisa sampai US$ 70 per barel," terang dia. Permintaan dari China juga diprediksi meningkat. Kebutuhan minyak Negeri Tirai Bambu terkerek menjadi 1,3 juta barel per hari. Berbeda, Faisyal menganalisa harga minyak tahun depan tidak akan naik drastis. Batu sandungan terbesar datang dari rencana The Fed menaikkan suku bunga sebanyak tiga kali tahun depan.

    Alhasil, harga minyak hanya akan sekitar US$ 60 per barel. Dari sisi teknikal harga minyak WTI saat ini telah berada difatas MA 50, MA 100 dan MA 200. Indikator moving con vergence divergence (MACD) berada di level 0,288 yang menunjukkan potensi bulish. Tapi indikator stochastic dan RSI sudah berada di area jenuh beli, sehingga ada kemungkinan akan terjadi koreksi untuk jangka pendek. Faisyal memprediksi harga minyak hari ini (20/12) berpotensi naik terbatas dan bergerak antara US$ 51,65-US$ 54,50 per barel. Sedang menurut hitungan Wahyu, dalam sepekan harga minyak akan bergerak di kisaran US$ 47-US$ 57 per barel.

IN ENGLISH

Prices Up Ahead of Production Decline

    Although time was corrected after the Fed's decision to raise interest rates, now the price of crude oil began to rise. According to Bloomberg, Monday (19/12), at 14:34 pm, the price of WTI oil contract for January delivery fly by 0.62% to US $ 52.22 per barrel. This increase came after oil prices eroded 1.15% for the week.

    Cmd Research Analyst Monex Investindo Futures Faisyal call, strengthening occurs as the market began to anticipate a reduction in oil production that will be performed OPEC and non-OPEC members. Technically, the new cuts officially started as of January next year. However, several countries have confirmed that it will carry out pruning. "Kuwait had informed the purchasers that the next year would cut production," said Faisyal.

    Russia, through the Minister of Energy Alexander Novak, also said that all Russian oil companies have agreed to reduce production by 300,000 barrels. But the predicted price gains will not last long. Data usage of oil rigs in the United States (US) per December 16 would indicate the number of rigs in production to grow 12 to 510 pieces.

    That is, the US has the potential to increase oil production to 8.8 million barrels per day in December, which was the highest level since January. "But, although prices fell, weakening will not be in. Oil prices helped weakening US dollar index is down about 0.23%. "If it were up to this level, it is likely to be constant movement," said Faisyal Central Capital Futures analyst Wahyu Laksono Tribowo optimistic price "of oil will reach a new balance at US $ 60 per barrel.

    With a record of successful realization of production cuts. "It was an easy target, and possibly up to US $ 70 per barrel," he explained. Demand from China is also expected to increase. Bamboo Curtain country needs terkerek oil to 1.3 million barrels per day. In contrast, Faisyal analyzing oil prices next year will not rise dramatically. The biggest stumbling block comes from the plan the Fed raised interest rates three times next year.

As a result, oil prices would only be about US $ 60 per barrel. From a technical perspective the current WTI oil price has been difatas MA 50, MA 100 and MA 200 moving con vergence divergence indicator (MACD) is in the 0.288 level which indicates a potential bullish. But the stochastic indicator and the RSI is in the overbought area, so there is likely to be a correction in the short term. Faisyal predict the price of oil today (20/12) limited potential to rise and move between US $ 51.65 and US $ 54.50 per barrel. Medium according to the count of Revelation, in a week the oil price will move in the range of US $ 47-US $ 57 per barrel.

Kontan, Page-7,Tuesday, Dec,20,2016

Oil and Gas Industry Efficiency

    

    Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan challenged the oil and gas sector industry players to be efficient. This efficient practice will be applied to the gross split concept of profit sharing or oil and gas revenue sharing based on gross production. According to Jonan, the gross split concept is a directive from President Joko Widodo, who asks the upstream oil and gas industry in Indonesia to be efficient.

    If the concept of cost recovery (operating costs that can be returned) which has been abandoned by a number of countries is maintained, it will be difficult for Indonesia's upstream oil and gas industry to be efficient. It is the people who bear the cost of recovery. With a gross split with no cost recovery, the company must be efficient. However, for contracts with cost recovery, they are still respected until the expiration date,” said Jonan.

    Amien added that controlling cost recovery is more difficult than increasing Indonesia's ready-to-sell oil production. This year, it is estimated that the cost recovery to be paid to contractors is 11.4 billion US dollars, while the state's share is 9.29 billion US dollars and the contractor's share is 3.175 billion US dollars. Talking about the gross split described by Jonan, Syamsu believes that efficiency will be the key to winning the competition in the Indonesian oil and gas industry.

    The role of technology is very important in terms of efficiency. The efficiency that has been carried out by Pertamina during quarter III-2106 resulted in a net profit of 2.83 billion US dollars. Satya does not object to the government applying the gross split concept as long as there is still state control. 

    This concept is expected to prevent budget waste by contractors which must be borne by the state in the concept of cost recovery. The Ministry of Energy and Mineral Resources (ESDM) is preparing legal protection for the gross split concept which is planned to be implemented starting 2017. This concept is intended for new oil and gas contracts.

Kompas, Page-19, Tuesday, Dec, 20, 2016

Emiten Minyak dan gas Tancap Gas

    Proyeksi harga minyak mentah dunia menembus US$ 60 per barel, membuat emiten komoditas minyak dan gas ancang-ancang tancap pedal gas mengejar target kinerja perseroan. Komisaris Utama PT Sugih Energy Erros Djarot mengungkapkan harga minyak mentah dunia telah rebound dari harga terendah dalam beberapa waktu belakangan. Kenaikan itu diproyeksikan bakal menguntungkan kineria perseroan pada tahun depan. "Justru sekarang ini ada satu yang menjanjikan yakni peningkatan harga, ke depan akan lebih bagus.

    Sekarang sudah dikelola oleh orang-orang mantan Pertamina,". Emiten bersandi saham SUGI itu memang sedang didera sengkarut pencopotan sementara jajaran direksi perseroan. Namun, rapat umum pemegang saham luar biasa (RUPSLB) yang digelar akhir pekan lalu akhimya menyepakati perombakan jajaran direksi dan komisaris perseroan. Komisaris SUGI terdiri dari Komisaris Utama Erros Djarot, Wakil Komisaris Utama Eteng A. Salam, dan Komisaris Agus Sigit Kusnadi.

    Adapun, direksi terdiri dari Direktur Utama Supriyanto, Wakil Direktur Utama Rahman Akil, dan Direktur Andhika Anindyaguna. Erros mengungkapkan, dua manajemen baru perseroan berasal dari PT Pertamina. Sehingga, dia optimistis kinerja perseroan bakal melaju seiring dengan pengalaman yang dimiliki punggawa-punggawa baru SUGI. Ditargetkan, pundi-pundi keuntungan SUGI pada tahun depan dapat diperoleh dari blok Migas Lemang PSC.

    Tercatat, Sugih Energy memiliki tiga blok, yakni Selat Panjang, lemang, dan Kalyani. SUGI sebelumnya telah melepas 15% hak partisipasi di blok Migas lemang PSC kepada Ramba Energy Ltd, senilai US$ 77 juta. Aksi ini merupakan bagian dari penjualan 35% hak partisipasi Blok Lemang oleh Ramba Energy senilai US$179,6 juta kepada Mandala Energy Ltd, perusahaan yang dikendalikan oleh Kohlberg Kravis Robert & Co (KKR). Eastwin Global telah menandatangani farm-in agreement penjualan 15% hak partisipasi Blok Lemang.

IN ENGLISH

Oil and gas issuers Speeding

    Projections of crude oil prices above US $ 60 per barrel, making oil and gas issuers square off step on the gas pedal to pursue the target company's performance. Commissioner of PT Sugih Energy Erros Djarot reveals world crude oil prices have rebounded from the lowest price in recent times. The increase was projected to be profitable performance of your company in the next year. "It is now no one is promising that the increase in prices, the future will be better.

    Now it is managed by the former Pertamina ". Issuer coded stock SUGI it was being plagued by chaos removal of the temporary board of directors of the company. However, the general meeting of extraordinary shareholders (EGM) held last week finally agreed to reshuffle the board of directors and commissioners company. Commissioner SUGI consists of Erros Djarot Commissioner, Deputy Commissioner of Eteng A. Salam, and Commissioner Sigit Agus Kusnadi.

    Meanwhile, the board of directors consists of Managing Director Supriyanto, Deputy Director Akil Rahman and Director Andhika Anindyaguna. Erros revealed two new management company from PT Pertamina. Thus, he is optimistic that the company's performance will be sped along by the experience of retainer-new retainer SUGI. Targeted, SUGI profit coffers next year can be obtained from oil and gas blocks Lemang PSC.

    Noted, Sugih Energy has three blocks, namely Selat Panjang, lemang, and Kalyani. SUGI previously has released a 15% participating interest in the block of oil and gas lemang PSC to Ramba Energy Ltd, for US $ 77 million. This action is part of a sale of a 35% participating interest Block Lemang by Ramba Energy for US $ 179.6 million to Mandala Energy Ltd., a company controlled by Kohlberg Kravis Robert & Co. (KKR). Eastwin Global has signed a farm-in agreement the sale of a 15% participating interest Block Lemang.

Bisnis Indonesia, Page-13,Tuesday, Dec,20,2016

Kontraktor Diminta Proaktif

    Pernerintah Provinsi Riau meminta kontraktor kontrak kerja sama atau KKKS di Wilayah Riau lebih proaktif mengomunikasikan kendala agar target lifting bisa direalisasikan pada tahun depan. SKK Migas mematok target internal lifting untuk 2017 mencapai 825.000 barel per hari [bph]. Ini meningkat dari target tahun ini yang hanya 822.000 bph. lni bukan hal yang mudah. Jika operator KKKS mengalami kendala, hendaknya [mereka] lebih komunikatif,” ujar Gubemur Riau Arsyadjuliandi Rachman.

    Kepala daerah yang biasa disapa Andi Rachman ini mengatakan pencapaian tersebut bukan hal yang mudah. Dalam upaya menggenjot produksi, perusahaan kerap menghadapi kendala seperti masalah analisis mengenai dampak lingkungan ataupun permasalahan sengketa lahan. Selain itu, eksplorasi sumur baru juga membutuhkan konsultasi dan perizinan dari pernerintah pusat. Untuk mengatasi kendala itu, perusahaan harus mampu menjalin kerja sama yang baik kepada pemerintah daerah dan pemerintah pusat,” kata Andi Rachman.

    Pemerintah Provinsi Riau, kata Andi Rachman, tentu mendorong pihak setiap operator KKKS di wilayah itu untuk menggenjot produksinya. Berdasarkan data Pemprov Riau kontribusi sektor industri migas terhadap PDRB terus mengalami peningkatan selama lima tahun terakhir. PDRB sektor migas pada tahun 2011 tercatat 24,73%, terus meningkat pada 2012 mencapai 25/16%, pada 2013 mencapai 26,57%. Selanjutnya pada 2014 menyentuh 27,53% dan tahun 2015 mencapai 28,26%.

    Tahun ini, diprediksi mencapai 29% meski pemerintah belum merilisnya secara resmi. Tahun depan, presentasi ini diharapkan menyentuh 30%,” sebutnya. Riau merupakan daerah penghasil migas terbesar dengan dominasi 40% dari total produksi secara nasional. Riau memiliki delapan wilayah kerja (blok) yang dikelola oleh beberapa perusahaan, PT Chevron Pacific Indonesia, PT Penamina, PT Energi Mega Persada, PT Bumi Siak Pusako dan PT Sarana Pembangunan Riau.

    Adapun PT Chevron-Pacific Indonesia menargetkan produksi minyak siap jual pada tahun depan mencapai 330.000 bph. Chevron mengelola dua blok migas yaitu blok Rokan dan Blok Siak. Presiden Direktur Chevron Pacific Indonesia Alben Simanjuntak mengatakan, pihaknya berkomitmen untuk mengejar target yang ditetapkan.

IN ENGLISH

Requested contractors Proactive
    Riau Province governmental request cooperation contract or PSC in Riau region more proactively communicate the constraints that lifting the target can be realized in the next year. SKK Migas lifting internal target set for 2017 reached 825,000 barrels per day [bpd]. This increase from this year's target of just 822 000 bpd. This is not an easy thing. If the PSC operator experiencing problems, should [they] more communicative, "said the governor of Riau Arsyadjuliandi Rachman.

    Head of the region's usually called Andi Rachman said the achievement was not easy. In an effort to boost production, companies often face constraints such as environmental impact assessment problems or problems of land disputes. In addition, the exploration of new wells also require consultation and permits from governmental center. To overcome that obstacle, the company should be able to establish good cooperation to local governments and the central government, "said Andi Rachman.

    Riau Provincial Government, said Andi Rachman, of course prompted the PSC every operator in the region to be ramped up. Based on data from the Riau provincial government oil and gas sector contribution to the GDP continued to increase over the last five years. Oil sector GDP in 2011 reached 24.73%, increasing in 2012 to reach 25/16%, in 2013 reached 26.57%. Furthermore, in 2014 touched 27.53% and in 2015 reached 28.26%.

    This year is predicted to reach 29% even though the government has yet to officially release it. Next year, this presentation is expected to touch 30%, "he said. Riau is the largest oil and gas producing region with a predominance of 40% of the total national production. Riau has eight working areas (blocks) that are managed by several companies, PT Chevron Pacific Indonesia, PT Penamina, PT Energi Mega Persada, PT Bumi Siak Pusako and PT Sarana Pembangunan Riau.

    The PT Chevron Pacific Indonesia is targeting oil production ready for sale in the next year reached 330,000 bpd. Chevron operates two oil and gas blocks, namely block Rokan and Siak Block. Chevron Pacific Indonesia President Alben Simanjuntak said it is committed to the pursuit of the targets set.

Bisnis Indonesia, Page-8,Tuesday, Dec,20,2016