Pertamina optimistic over Iranian fields

State-owned oil and gas firm Pertamina has its fingers crossed following the submission of its proposals for two major oil fields in Iran. It submitted the proposals for the Ab-Teymour and Mansouri fields to the National Iranian Oil Company (NIOC) on Sunday during a two-day visit to Tehran that was led by Coordinating Economic Minister Darmin Nasution. 

Pertamina spokesperson Wianda Pusponegoro said on Monday that the company was optimistic about its chances on the two blocks in Bangestan, South Iran, despite tight competition from other major oil and gas companies from around the globe.  “We have a positive outlook on the two blocks, so far, as the energy and mineral resources deputy minister [Arcandra Tahar] and the coordinating economic minister have met with the relevant officials in Iran,” she told. “There will also be a meeting with the minister of petroleum [Bijan Namdar Zangeneh] this afternoon.”

Pertamina’s senior vice president for upstream business development, Denie S. Tampubolon, said it would continue to hold discussions with NIOC regarding the next step in the process, while waiting for the results. According to Pertamina’s six month evaluation, each block has potential reserves of up to 1.5 billion barrels, with potential production rates of 200,000 barrels of oil per day (bopd). 

Iran has been seeing a considerable boost in production since, through the Joint Comprehensive Plan of Action (JCPOA), international sanctions against the country were lifted last year in exchange for Iran disabling much of its nuclear infrastructure. A recent report by the International Energy Agency (IEA) reveals that Iran’s production reached 3.56 million bopd since then. The last time Iran reached such rates of production was in November 2011.

Pertamina, with support from the Indonesian government, wants to take advantage of the reduced sanctions. It negotiated with NIOC to allow it to submit its oil field proposals earlier than its competitors, rumored to include giants such as Russia’s Lukoil and France’s Total SA.

If Pertamina successfully gains shares in the two oil fields, it will be one step closer to its goal of amassing large amounts offossil fiiel reserves through increased overseas partnerships, acquisitions and take overs of oil and gas fields with soon-to-be terminated contracts. It hopes to boost upstream production to 1.9 million barrels of oil equivalent per day (boepd) by 2025 from 650,000 boepd last year, as reported in Pertamina’s unaudited report.

Up to 473,000 boepd is set to be required from overseas fields. Experts have emphasized that it is crucial for Pertamina to gain shares in Ab-Teymour and Mansouri as Indonesia’s demand for refined fuel continues to grow. However, Institute for Essential Services Reform (IESR) executive director Fabby Tumiwa said that apart from the fiscal and technical proposal submitted by Pertamina, there were several other factors that NIOC would consider before making its final decision.

“There is also Iran’s preference for Indonesia. This will also contribute to the final decision. Pertamina’s efforts should be supported by increased government-to-government cooperation in the energy sector,” he said. Iran has made Indonesia one of its foreign investment destinations and data from the Investment Coordinating Board (BKPM) shows that Iran was listed as the Middle Eastern country with the second highest amount of realized foreign direct investment in Indonesia with US$ 14.31 million in 2016, after the United Arab Emirates with $55 million.

Meanwhile, during the visit, the Indonesian government has also proposed the possibility of importing liquefied natural ‘gas (LNG) from Iran in order to fulfill the demands of the power and industrial sectors.  Last year, NIOC agreed to supply Pertamina with a total volume of 600,000 metric tons of liquefied petroleum gas (LPG) for 2016 and,20I7. An additional 500,000 tons of LPG will also be shipped this year, as a follow-up to President Joko “J okowi” Widodo’s visit in December.

Jakarta Post, Page-15, Tuesday, Feb, 28, 2017

Indonesia to lobby Saudi Arabia for better oil price

Indonesia is hoping that the upcoming visit of Saudi Arabia’s King Salman Abdulaziz Al Saud will pave the way for it to enjoy the lower price option offered by the energy-rich country for its crude oil.

The Energy and Mineral Resources Ministry’s spokesman, Sujatmiko, said that the ministry would ask the Saudi delegates to put Indonesia on a list of nations that could enjoy the so-called “preferential prices” by importing a large volume of Saudi oil. “The energy and mineral resources minister will request that Indonesia be included among countries that can buy [Saudi] crude oil at a preferential price,” he told reporters recently “We are not on this list yet. However, the preferential price will definitely be different to the normal price.”

Data from the Geneva-based International Trade Center shows that Indonesia imported crude oil worth US$52.06 billion, a quarter of the total imported value that year, from Saudi Arabia, making it the largest crude oil supplier to the country King Salman and his entcurage are scheduled to visit Indonesia from March 1-9.

Sujatmiko said the government hoped that by making an initial government-to-government deal, it would be much easier for state-owned oil and gas firm Pertamina to conduct further negotiations with related parties. Although Indonesia has long been touted as a fossil-fuel rich country, ageing wells and a lack of new discoveries have forced the country to import crude oil and refined fuels in order to meet the vastly growing national demand.

While Indonesia’s national refined fuel demand amounts to around 1.6 million barrels of oil per day (bopd), official data show that last year’s ready-to-sell oil production, locally known as lifting, barely surpassed its target of 820,000 bopd, only 500,000 bopd of which is processed domestically. As a result, Pertamina has had to import around 40 percent of national crude demand, or around 350,000 bopd.

The Volume of imports is also expected to skyrocket as Pertamina is working on a project to upgrade existing, and construct new, oil refineries With a targeted production capacity of more than 2 million bopd within the next decade. Indonesia’s energy sector has a long history of upward and downward trends. An increase in exploration activity at the beginning of the New Order government resulted in the discovery of new oil reserves and increased oil production from about 600,000 bopd in 1967 to 1.7 million in 1977. 

After reaching its peak in the 1970s, upstream oil and gas activity in Indonesia has continued to decline as a result of ageing fields, which are expected to experience a natural decline in production of around 20 percent. Apart from getting on the list of countries buying crude at a preferential price, the government will also ask the Saudi General Authority of Civil Aviation (GACA) to allow Pertamina to partner with local firm Dallah Trans Arabia to supply jet fuel at the King Abdulaziz International Airport in Jeddah. 

Meanwhile, Pertamina processing and petrochemical mega-project director Rachmad Hardadi said there was a possibility that the two parties might discuss the possibility of Saudi Arabia helping Indonesia to develop its strategic petroleum reserve. Separately Refor Miner Institute researcher Pri Agung Rakhmanto said it was essential that Indonesia get on the list of preferential nations as the country was in dire need of alternative crude oil supplies.

“It is very important to attempt to get a priority in crude supplies with cheaper prices in comparison to the spot price,” he said. “If we manage to seal a deal from a government-to-goverm ment standpoint, then it would be much easier to conduct negotiations on abusiness level and compose a contract.”

Jakarta Post, Page-13, Monday, Feb, 27, 2017

Auction Winners Announced Oil and Gas Back Postponed

  

The government delayed the announcement of the winner of the auction oil and gas blocks in 2016 became the period of March, beginning in January of yesterday. This is because the government wants to offer the use of schemes for the gross proceeds (gross split) in the oil and gas contracts the winner of this auction. Director of Upstream Directorate General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM) Single say, on the auction block oil and gas last year, the ministry has applied the auction scheme open bid split in which companies can bid on the amount of profit sharing (split) in accordance economical project ,

However, earlier this year, the government issued EMR Menten Regulation 8/2017 which became the basis for the cooperation contracts (production sharing contract / PSC), gross split. The government wants to test this new scheme contract to the winning bidder. "So we postpone for a while, we are evaluating," he said.

According to him, this step does not mean the government does not respect the agreement with the investor. Because, although the auction has taken place, the government has not signed the PSC dengen. As long as oil and gas contracts have not been signed, the form of the contract is still subject to change. However, the government will not force oil companies to use PSC Gross Split.

If the oil companies refuse to use gross split, it is called is not a problem because it offered an open bid auction time split. However, if both parties agree to use PSC Gross Split, then it does not violate any rules. Therefore, the government oil company calling participants to discuss this.

"Therefore with the new split, offered by the new system. But it needs to be coordinated. The plan at the beginning of March, because they do not necessarily want to, "said Son.

These two concepts oil and gas contracts have fundamental differences. In split open bid, investors can bid for the amount of basil by the government according to a count of the project economics. Bidders are also free offers signature bonus. Furthermore, the government chose the best deals with certain restrictions to the owner estimate has been determined.

While the Gross Contracts Split, the government set for the preliminary results (base split) of oil by 57% for the state and 43% to the contractor, while for gas, the state quota of 52% and 48% contractors. In the contract finally signed, the base of this split will change based on the variable components and progressive. Variable components include block status, location, depth, up to the amount of local content. Progressive component consists of oil prices and the cumulative amount of oil and gas production.

As is known, the government offered 14 oil and gas blocks in the last year. Seven oil and gas blocks auctioned through direct deals, namely Block Ebuny, Onin, West Kaimana, West Hill, Batu Gajah two, Kasongan Sampit, and Powerful. As for regular auctions, there are seven blocks offered by the South Block CPR Oti, Suremana I, Manakarra Mamuju, South East Mandar, North Arguni, and Kasuri II. So far, the single, only the Bloc Ebuny, Onin, and West Kaimana interest by the four oil and gas companies of the seven blocks offered through direct deals.

For the regular auctions, is still in the evaluation phase. All participants of the auction will be called to discuss the changes in gross contract to split Block oil and gas that are not sold at the auction will be auctioned calls back next year. Thus, the amount of oil and gas blocks offered in the next year will likely be many more, including those in the auction. "We'll re-auction, there will be a Ministerial Regulation No. 8/2017 and Government Regulation No. 79/2010 last revision on cost recovery, we expect more attractive again, right, "said the Director General of Oil and Gas I Gusti Nyoman Wiratmaja

IN INDONESIAN

Pengumuman Pemenang Lelang Migas Kembali Ditunda

  

Pemerintah menunda pengumuman pemenang lelang blok migas periode 2016 menjadi Maret nanti, dari awalnya pada Januari kemarin. Hal ini lantaran pemerintah ingin menawarkan penggunaan skema bagi hasil kotor (gross split) dalam kontrak migas pemenang lelang ini. Direktur Pembinaan Hulu Direktorat Jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) Tunggal mengatakan, pada lelang blok migas tahun lalu, pihaknya menerapkan lelang dengan skema open bid split di mana perusahaan dapat menawar besaran bagi hasil (split) sesuai keekonomian proyek. 

Namun, awal tahun ini, pemerintah menerbitkan Peraturan Menten ESDM 8/2017 yang menjadi dasar penerapan kontrak kerja sama (production sharing contract/PSC), gross split. Pemerintah ingin mencoba menawarkan kontrak skema baru ini kepada pemenang lelang. “Jadi kami postpone sebentar, kami evaluasi,” kata dia.

Menurutnya, langkah ini bukan berarti pemerintah tidak menghormati kesepakatan dengan investor. Pasalnya, meski lelang telah berlangsung, PSC dengen pemerintah belum diteken. Selama kontrak migas belum diteken, maka bentuk kontrak tersebut masih dapat berubah. Meski demikian, pemerintah tidak akan memaksa perusahaan migas untuk memakai PSC Gross Split. 

Jika perusahaan migas menolak memakai gross split, hal ini disebutnya tidak masalah karena memang saat lelang ditawarkan open bid split. Namun, jika kedua belah pihak sepakat menggunakan PSC Gross Split, maka tidak melanggar aturan apapun. Untuk itu, pemerintah memanggil perusahaan migas peserta untuk membahas hal ini.

“Maka dari itu dengan split baru, ditawarkan dengan sistem baru. Tetapi perlu dikoordinasikan. Rencananya di awal Maret, karena mereka belum tentu mau,” ujar Tunggal.

Dua konsep kontrak migas ini memiliki perbedaan mendasar. Pada open bid split, investor dapat menawar besaran bagi basil dengan pemerintah sesuai hitungan keekonomian proyek. Peserta lelang juga bebas memberikan penawaran bonus tanda tangan. Selanjutnya, Pemerintah memilih penawaran terbaik dengan batasan tertentu terhadap owner estimate yang telah ditetapkan.

Sementara dalam Kontrak Gross Split, pemerintah menetapkan bagi hasil awal (base split) minyak bumi sebesar 57% untuk negara dan 43% untuk kontraktor, sementara untuk gas, jatah negara 52% dan kontraktor 48%. Dalam kontrak yang akhirnya diteken, base split ini akan berubah berdasarkan komponen variabel dan progresif. Komponen variabel diantaranya status blok, lokasi, kedalaman, hingga besaran tingkat kandungan dalam negeri. Komponen progresif terdiri dari harga minyak dan jumlah kumulatif produksi migas. 

Seperti diketahui, pemerintah menawarkan 14 blok migas pada tahun lalu. Tujuh blok migas dilelang melalui penawaran langsung, yakni Blok Ebuny, Onin, West Kaimana, Bukit Barat, Batu Gajah dua, Kasongan Sampit, dan Ampuh. Sementara untuk lelang reguler terdapat tujuh blok yang ditawarkan yaitu Blok South CPR Oti, Suremana I, Manakarra Mamuju, South East Mandar, North Arguni, dan Kasuri II. Sejauh ini, lanjut Tunggal, hanya Blok Ebuny, Onin, dan West Kaimana yang diminati oleh empat perusahaan migas dari tujuh blok yang ditawarkan melalui penawaran langsung. 

Untuk lelang reguler, sampai saat ini masih dalam tahap evaluasi. Seluruh peserta lelang akan dipanggil untuk membahas soal perubahan ke kontrak gross split Blok migas yang tidak laku pada lelang kali ini disebutnya akan dilelang kembali pada tahun depan. Sehingga, jumlah blok migas yang ditawarkan pada tahun depan kemungkinan akan lebih banyak lagi, termasuk yang di lelang ulang.  “Nanti kami lelang ulang, nanti akan ada Peraturan Menteri  No. 8/2017 dan Peraturan Pemerintah No. 79/2010 soal cost recovery ada revisinya, kami harapkan lebih atraktif lagi kan,” kata Direktur Jenderal Minyak dan Gas Bumi I Gusti Nyoman Wiratmaja

Investor Daily, Page-11, Monday, Feb, 27, 2017

Pertamina's Project Finance for $ 3.7 M

PT Pertamina will start looking for financing for the project (Project Finance) for the repair and upgrading Balikpapan refinery capacity up to US $ 3.7 billion in April. While the investment value of this project alone reached US $ 5.3 billion. ,

Pertamina Finance Director Arif Budiman said the company will not finance the entire investment needs improvement Balikpapan refinery for US $ 5.3 billion. Approximately 70% and investment needs or up to US $ 3.7 billion will be closed on the loan with project finance scheme. "That (the funding requirements) huge US $ 3.2 billion that we would swatch (project finance)," he said.

He added that Pertamina does not limit a financial institution's funding to be abroad. Local banks in the country are also given the opportunity to co-fund. However, usually the company is seeking project finance from the Export Credit Agency to get a low interest rate. While the origin of the financial institution of the country of origin is usually refinery equipment.

"For example, suppose the components come from Japan, lest we seek from the Government of Japan. If components from Germany, we are looking for from the German Government. It is rather complex, "he explained.

Arif explained that the company chose a model project finance so that no unused funds within a certain period. Typically, if using direct loans or debt securities, which have been borrowed funds can not be used within a certain time. While the model of project finance, fund hany will be obtained when required for the project.

While to obtain project finance, investment needs Balikpapan refinery would be closed with the company's cash. It provides fresh funds of up to US $ 3 billion for the refinery project. including for refineries Balikappan US $ 1 billion. These funds are provided for the working refinery.

"So, if needed, then we provide. This is because the project is still in the early stages of land preparation and engineering design (engineering design), pretty much (the funding requirements). But the most recent in 2018, "he said.

So far the company has disbursed funds for the construction of apartments instead of homes being torn down workers into the project site and booking long lid item. Director of Processing and Petrochemical megaproject Rachmad Hardadi Pertamina previously revealed, the basic design work (basic engineering design / BED), detailed design (front end engineering design / FEED), until long bookings lid item for Balikpapan refinery had been done.

Construction of apartments also have reached 86% and will be completed next March. While the construction of the new jetty commenced and will be completed by the end of the year. Furthermore, Balikpapan refinery will begin breaking ground in the first quarter. "Development of Balikpapan refinery is still on track to be completed in July 2019 and start-up commissioning in September 2019," he said.

Balikpapan refinery project undertaken in two stages. In 2019 when the first phase is completed, the refinery's processing capacity will increase from 260 thousand barrels per day (bpd) to 360 thousand bpd. While the products are still at the level of Euro II. In the second phase, the company will improve the quality of the product be Euro V

Need Big Funds

As is known, Pertamina will work on six refineries at a time until later in 2023. Besides Balikpapan refinery project, the company will also work on the improvement and enhancement of the Cilacap refinery capacity, Balongan, and Dumai. Not only that, oil and gas company red plate will also build two new refinery in Tuban, East Java and Bontang, East Kalimantan. The investment value of the six projects is estimated at US $ 20 billion.

According to Arif, the company will also seek funding for other refinery projects, primarily for the construction of new units. However, for it has not detailing how project finance for Tuban refinery and this Bontang refinery. Because the company's need to discuss it first with partners, namely Rosneft Oil Company's refinery Tuban.

"For the refinery in Tuban, indeed our joint venture, so we are still going to Finalize first," he explained. Moreover, the investment needs Tuban refinery is quite large, reaching US $ 10-15 billion. "So must multisources, there will not be strong," he added.

Although project finance needs to be enlarged, Arif assure that financial companies are still healthy. The ratio of debt to assets (debt to equity ratio / DER) is still below 1 times. Likewise, the ability to repay debt (debt service coverage ratio / DSCR) of companies is still good.

Availability of the company's cash calls are still safe. Therefore, the company decided to fund its own project improvements and capacity building Balongan refinery. This is in view of the projected investment needs of this project is only US $ 1-2 billion, far below other projects in excess of US $ 2-3 billion. In 2023 when the entire project is completed refinery Pertamina, Indonesia no longer need to import fuel oil (BBM) As for this. Because the national refining capacity is equivalent to the needs of the moment, which is about 2 million bpd.

IN INDONESIAN

Pertamina Mencari Project Finance US$ 3,7 M

PT Pertamina akan mulai mencari pendanaan proyek (project Finance) untuk perbaikan dan peningkatan kapasitas Kilang Balikpapan sampai US$ 3,7 miliar pada April ini. Sementara nilai investasi proyek ini sendiri mencapai US$ 5,3 miliar. .

Direktur Keuangan Pertamina Arif Budiman mengatakan, perseroan tidak akan mendanai seluruh kebutuhan investasi perbaikan Kilang Balikpapan sebesar US$ 5,3 miliar. Sekitar 70% dan kebutuhan investasi atau sampai US$ 3,7 miliar akan ditutup dari pinjaman dengan skema project finance. “Yang (kebutuhan dana) besar US$ 3,2 miliar itu yang akan kami carikan (project finance),” kata dia.

Dia menambahkan, Pertamina tidak membatasi lembaga keuangan pemberi dana ini harus di luar negeri. Bank lokal dalam negeri juga diberi kesempatan untuk ikut mendanai. Namun, biasanya perseroan mencari project finance dari Export Credit Agency untuk mendapatkan bunga ringan. Sementara asal lembaga keuangan ini biasanya dari negara asal peralatan kilang.

“Misalnya, anggap saja komponen berasal dari Jepang, nanti kami mencari dari Pemerintah Jepang. Kalau komponen dari Jerman, kami mencari dari Pemerintah Jerman. Memang agak kompleks,” jelasnya.

Arif menjelaskan, perseroan memilih model project finance agar tidak ada dana tidak terpakai dalam jangka waktu tertentu. Biasanya, jika menggunakan pinjaman langsung ataupun surat utang, dana yang telah dipinjam bisa tidak di pakai dalam waktu tertentu. Sementara dengan model project finance, dana hany akan diperoleh ketika dibutuhkan untuk proyek.

Sementara sampai memperoleh project finance, kebutuhan investasi Kilang Balikpapan akan ditutup dengan kas perusahaan. Pihaknya menyediakan dana segar hingga US$ 3 miliar untuk proyek kilang termasuk untuk untuk kilang Balikappan US$ 1 miliar. Dana ini disediakan untuk pengerjaan Kilang.

“Jadi kalau dibutuhkan, baru kami sediakan. Hal ini karena proyek pada tahap awal masih persiapan lahan dan engineering design (rekayasa desain),  lumayan banyak (kebutuhan dana). Tetapi paling banyak baru 2018,” tutur dia. 

Sejauh ini perseroan telah mengucurkan dana untuk pembangunan apartemen sebagai ganti rumah pekerja yang dirobohkan menjadi lokasi proyek dan pemesanan long lid item. Direktur Megaproyek Pengolahan dan Petrokimia Pertamina Rachmad Hardadi sebelumnya mengungkapkan, pengerjaan desain dasar (basic engineering design/ BED), desain rinci (front end engineering design/ FEED), hingga pemesanan long lid item untuk Kilang Balikpapan telah dikerjakan. 

Pembangunan apartemen juga telah mencapai 86% dan akan selesai Maret nanti. Sementara pembangunan jetty baru dimulai dan akan selesai pada akhir tahun. Selanjutnya, Kilang Balikpapan akan mulai ground breaking pada kuartal pertama ini. “Pembangunan Kilang Balikpapan masih on track akan selesai pada Juli 2019 dan start up comissioning pada September 2019,” kata dia. 

Proyek Kilang Balikpapan dikerjakan dalam dua tahap. Pada 2019 ketika tahap pertama selesai, kapasitas pengolahan kilang ini akan naik dari 260 ribu barel per hari (bph) menjadi 360 ribu bph. Sementara produk yang dihasilkan masih pada level Euro II. Pada tahap kedua, perseroan akan meningkatkan kualitas produk menjadi Euro V

Butuh Dana Besar

Seperti diketahui, Pertamina akan mengerjakan enam kilang sekaligus sampai 2023 nanti. Selain Proyek Kilang Balikpapan, perseroan juga akan menggarap perbaikan dan peningkatan kapasitas Kilang Cilacap, Balongan, dan Dumai. Tidak hanya itu, perusahaan migas pelat merah ini juga akan membangun dua kilang baru di Tuban, Jawa Timur dan Bontang, Kalimantan Timur. Nilai investasi ke enam proyek ini diperkirakan mencapai US$ 20 miliar.

Menurut Arif, perseroan juga akan mencari pendanaan untuk proyek kilang lainnya, utamanya untuk pembangunan unit baru. Namun, untuk pihaknya belum merinci berapa project finance untuk Kilang Tuban dan Kilang Bontang ini. Pasalnya, perseroan perlu membahasnya terlebih dahulu dengan mitra, yakni Rosneft Oil Company untuk Kilang Tuban.

“Untuk Kilang Tuban, memang kami joint venture, jadi kami masih akan Finalisasi dulu,” jelasnya. Apalagi kebutuhan investasi Kilang Tuban cukup besar, yakni mencapai US$ 10-15 miliar. “jadi harus multisources, tidak akan ada yang kuat," tambahnya.

Meski kebutuhan project finance akan membesar, Arif meyakinkan bahwa keuangan perusahaan masih sehat. Rasio utang terhadap aset (debt to equity ratio/ DER) perseroan saat ini masih di bawah 1 kali. Demikian juga dengan kemampuan mencicil utang (debt service coverage ratio/ DSCR) perusahaan juga masih bagus.

Ketersediaan kas perusahaan disebutnya juga masih aman. Karenanya, perusahaan memutuskan untuk mendanai sendiri proyek perbaikan dan peningkatan kapasitas Kilang Balongan. Hal ini mengingat proyeksi kebutuhan investasi proyek ini hanya US$ 1-2 miliar, jauh di bawah proyek lain yang di atas US$ 2-3 miliar. Pada 2023 ketika seluruh proyek kilang Pertamina rampung, Indonesia tidak perlu lagi mengimpor bahan bakar minyak (BBM) Seperti selama ini. Pasalnya, kapasitas kilang nasional sudah setara dengan kebutuhan saat itu, yakni sekitar 2 juta bph.

Investor Daily, Page-11, Monday, Feb, 27, 2017

Oil and Gas Policy Not Attractive

Government policy in the oil and gas sector is not considered attractive. Competitiveness of oil and gas investment climate in Indonesia is still less than the number of countries in the region. This corresponds to a tax policy that is less pro-oil business, licensing convoluted and inconsistent policies.

The latest policy regarding the system for gross proceeds (gross split) in lieu of cost recovery is also less attractive and requires additional incentives. In addition, the new rules do not provide certainty regarding the tax system.

Such was the summary view of the Executive Director of the Indonesian Petroleum Association (IPA) Marjolijn Wajong, Executive Director of the Institute Komaidi Reforminer Notonegoro, two members of Parliament and Dito Ganundhito Satya Yudha, as well as Spokesperson SKK Migas Taslim Z Yunus.

Meanwhile, Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said the government immediately improve national oil and gas investment climate by issuing a number of new regulations, including a follow-up scheme rules gross split and changes in government regulations.

In mid January, the government issued Decree No. 8 of 2017 Energy and Mineral Resources on the Production Sharing Contract Gross Split. Through this rule, the government changed the scheme of the production sharing contract (PSC) on new oil and gas contracts from the previous scheme which is refundable fee (cost recovery) be a scheme for gross proceeds (gross split).

So far, only one oil and gas block contract was signed using split gross scheme, namely the Offshore North West Java (ONWJ) managed by PT Pertamina Hulu Energi. The division of revenue sharing government contractors than this block is set to 32.5: 62.5 to 42.5575 for gas and oil.

Based on data from the Ministry of Finance (MoF), the realization of oil and gas lifting almost always below the budget target. In the last four years, only a year ago that realization over the target. Of oil and gas lifting target in APBN-P 2016 respectively 820 thousand barrels per day (bpd) to 1.150 million thousand barrels of oil equivalent per day (BSMP), realization reached 829 thousand bpd and 1.184 million BSMP. As for the state budget in 2017, the lifting of oil and gas respectively targeted 815 thousand bpd and 1.155 million BSMP.

On the other hand, oil and gas investment in the last four years of decline. Based on data from SKK Migas, oil and gas investment in 2013 reached US $ 20.37 billion. That figure dropped to US $ 20.33 billion in 2014, fell to US $ 15.04 billion in 2015, and fell further to US $ 12.01 billion in 2016. This year, oil and gas investment target of US $ 13 billion.

Give Certainty

Executive Director Marjolijn Wajong appreciate good faith the government to improve the investment climate by issuing a number of national oil and gas new policy, one of which Ministerial Decree No. 8/2017. However, he considers that such efforts have not sufficiently improve the competitiveness of oil and gas investments in Indonesia.

Because, said Marjolijn, policy-making tend to only pay attention to one party only, thus reducing the appeal to the other party. "Supposedly, the policy-making attention to the interests of both parties, the government and investors," he said.

Marjolijn added, the government must ensure that policies designed able to raise or at least not reduce economies of oil and gas projects that investors are interested in investing in Indonesia. if it is ignored, it is impossible the government could increase the attractiveness of Indonesia in the eyes of oil and gas investors.

He lists a number of regulations that need to be improved to boost national oil and gas investments, such as rules regarding the governance of gas, a regulation about the participating interest of 10% for local government, fiscal incentives, licensing issues, and the revised plan of oil and gas law.

"Revision of oil and gas law is very important to be resolved so that the things that are needed in order to improve oil and gas investment climate is already enshrined in the law," said Marjolijn.

Therefore, the IPA of the view that the terms of the revised draft oil and gas law should facilitate and improve the oil and gas business climate conducive to uphold the principle of respect for contracts, and supported policies that expedite the approval process. Legal certainty is also an important element to ensure the continuity of long-term investments as well as to improve the investment climate.

In the context of the policy for cooperation contract (PSC) scheme for gross proceeds (gross split), Marjolijn states, oil companies still waiting for the tax laws will be enforced. This certainty is needed to enable companies to calculate the results in accordance with project economics.

According to him, after the issuance of Minister No. 8 of 2017 concerning oil and gas contracts gross split scheme, there should be a regulation that regulates the taxation of contract this scheme. Because the Government Regulation No. 79 Year 2010 is only dealing with the taxation of PSC cost recovery. Marjolijn said it hoped the implementation of the scheme does not lower the economic split of gross oil and gas projects will be lower than in the system PSC cost recovery. Because, this time also, oil and gas investments in Indonesia less attractive when compared Iain surrounding countries.

He urged the government to review a more comprehensive scheme of gross split. Particularly, the impact of this scheme on the development of deep-sea oil and gas projects, remote, and require dewatering technology advanced stage (enhanced oil recovery / EOR). "PasaInya, this region who want targeted Indonesia in the development of oil and gas in the future," he said.

Marjolijn also asked the government to compare the economics of the project-based gross split with policies in other countries, is quite competitive. In line with Marjolijn, Executive Director of the Institute Komaidi Reforminer Notonegoro argues, although the rules split the gross positive impact on the national economic interest, the potential beilid become a disincentive to the upstream industry. Moreover, the price of oil is still low.

That's why he asked for the revision of oil and gas law is accelerated so that investors have no legal upstream more secure and solid. "In addition, housekeeping licensing is a crucial issue in the oil and gas investment. It should be responded to the government, "said Komaidi.

Meanwhile, a spokesman for Special Unit of Upstream Oil and Gas (SKK Migas) Taslim Z Yunus states, whether or not the scheme attractive gross split will be tested on the auction block oil and gas working areas in May. So far, only PT Pertamina Hulu Energi (PHE) who use this form to ONWJ that have been out of contract.

Taslim rate, gross PSC split still do not have clarity on the issue of taxation. This contract follows the tax laws currently in force. However, it is not certain who will audit the tax calculation, if the Directorate General of Taxation, BPKP, or SKK Migas.

He also admitted, the appeal of oil and gas investment Indonesia is not too good. According to statements Fraser Institute, in terms of investment climate, Indonesia is ranked 113 of 117 countries. This was primarily due to the criminalization of civil matters in the oil and gas sector. "Then in terms of the legal framework, the necessary consistency of policy," he has declared.

However, according to him, as rising crude oil prices, domestic oil and gas investment trends will improve. Taslim said SKK Oil and Gas and Mineral Resources Ministry has summoned the cooperation contract (PSC) which block its oil and gas is still under exploration.When asked if they would like to continue investments or returns to the state oil and gas blocks, mostly committed to continue its exploration.

Less Attractive

Vice Chairman of Commission VII Satya Widya Yudha argues, ranked by the World Bank's ease of doing business and ranking Fraser Institute Global Petroleum, Indonesia has improved the policy, so it is seen as an attractive country as an investment destination.

In the context of gross policy split, the plus side is to cut red tape. The contractor (PSC) will no longer require the approval of SKK Migas or government in any procurement of goods or services for the purposes of exploration and production.

In this scheme, the assets are still controlled by the state. The contractor is also required to prepare and submit a work plan and budget to SKK Migas. "SKK Migas can approve or reject the plan of work submitted by the contractor within a maximum waklu 30 working days. "It shows the state control still exist," he said.

However, investors assume that the base split adjustment (variable components and component progressive) arranged Regulation 8/2017 Minister less attractive. lnsentif required for the use of local components as well as local employment. Satya concerned, the application of purely gross split will make it difficult for local employment. Satya also criticized the split incentive correction of 5% is considered too low.

Moreover, if the contractor uses technology enhanced oil recovery (EOR), which requires a high cost. "That is why, the development of EOR requires greater incentive and the amount of correction to be split in to re-review," he said.

Satya emphasizes the need for consistency in implementing regulations in order to split the gross system more credible. "The permit system for the upstream oil and gas industry as a whole absolutely must be improved. Licensing facilities will provide certainty of upstream oil and gas business. Incentives in the form of tax exemptions exploration also needs to be given, "says Satya.

Except that, Satya reminded that the policy in the oil and gas sector should not only focus on state revenues but less attention to the issue of state sovereignty. Members of the House of Representatives Commission VII Dito Ganinduto ask the government to review Regulation 8/2017 Minister of Energy and Mineral Resources. According aspirations of the PSC, gross scheme should split only as an alternative.

For oil and gas block contract has run out and needs to be extended should be enforced gross scheme split. But if a new block and very marginal, very unattractive when using gross split, "said Dito.

From his meeting with a number of associations supporting the oil and gas industry, the new policy states Dito also minimal socialization.

Imposition of Import Duty

Meanwhile, the government has promised to improve national oil and gas investment climate by releasing a number of new regulations, including a follow-up rule 'gross scheme split and change Homework.

Deputy Minister Arcandra Tahar explained, in the Minister of Energy and Mineral Resources No. 240K / 06 / MEM / 2017 on Priority Program Drafting Legislation and Regulations ESDM Sector In 2017, there were some beleid matter of upstream oil and gas are done by the government. Some of these include the Draft Regulation on Third Amendment to Government Regulation No. 35 Year 2004 on Upstream Oil and Gas, Draft Presidential Decree on fiscal incentives for the Development of Oil and Gas in Deep Sea and Regions Frontier, and a draft regulation on simplification Granting Permissions to the Head of BKPM.

One of the points improvement Government Regulation 35/2004, Arcandra said, is a matter of duty exemption of goods when the exploration period. In this policy, the import duty exempted, but these items will become property of the state, although exploration failed to find oil and gas reserves are economical. Returns to the country is quite complicated so it takes a long time and the goods have been damaged. "Whereas the field is not commercial, goods returned to the country, need more money to give it back," he said.

To make this more equitable, it would like to set the import duty on the goods at the time of exploration. But as compensation, when it fails to find oil and gas reserves are economical, the item belongs to oil and gas companies. Accordingly, such goods can be used by companies to other oil and gas projects. "Do not necessarily belong to the state. It is the goal of fairness and justice for all, to be fair, "said Arcandra

While in Ministerial Decree No. 240, there are two points of revision of Government Regulation 35/2004. The details, setting the corresponding change to 10% participating interest and to clarify the type of production sharing contracts (production sharing contract / PSC) with a mechanism to recover operating costs (cost recovery) and the mechanisms for gross proceeds (gross split).

Other rules are the draft Presidential Decree on Fiscal lnsentif for oil and gas development in the Deep Sea and Frontier Regions. The draft regulation Simplification of Licensing aims to simplify granting permissions to the oil and gas business activities to become more simple, transparent, effective, efficient, and accountable.

Related gross contract split, in the Ministerial Regulation 8/2017 declared this contract requires the ownership of natural resources remain in the hands of the government to look surrender management control operations are in SKK Migas, as well as capital and risks are entirely borne by the contractor.

Regulation of the Minister mentions the results of the initial (base split) of oil by 57% for the state and 43% to the contractor. As for gas, the state quota of 52% and 48% contractors. In the contract finally signed, the base of this split will change based on the variable components and progressive. The variable component of which block status, location, depth, up to the amount of local content. Porgresif component consisting of oil prices and the cumulative amount of oil and gas production.

Arcandra confirms, investors who feel split obtained still less able to convey to the government. For the result after entering the variable component and progressive still open to change.

In Article 7 of Regulation 8/2017, when calculating the commercialization of the field does not reach a certain economic value. Contractors received an additional split a maximum of 5%. By contrast, in the calculation of the commercialization of the field exceeds a certain economic value, may cut the country split 5%.

Director General of Oil and Gas MEMR I Gusti Nyoman Wiratmaja previously stated, the government is optimistic that oil and gas investment, both upstream and downstream, will be better this year. In the upstream sector, improvement of investment driven by the increase in crude oil prices and improved business processes. In the downstream, increased investment triggered many infrastructure projects to be undertaken and the issuance of regulations that provide opportunities for the private sector to participate in business.

IN INDONESIAN

Kebijakan Migas Belum Atraktif

Kebijakan pemerintah di sektor minyak dan gas bumi dinilai belum atraktif. Daya saing iklim investasi migas di Indonesia masih kalah dibanding sejumlah negara di kawasan. Hal ini terkait dengan kebijakan pajak yang kurang pro bisnis migas, perizinan yang berbelit, dan inkonsistensi kebijakan.

Kebijakan terbaru menyangkut sistem bagi hasil kotor (gross split) sebagai pengganti cost recovery juga kurang menarik dan membutuhkan insentif tambahan. Selain itu, aturan baru ini tidak memberikan kepastian menyangkut sistem perpajakannya.

Demikian rangkuman pandangan Direktur Eksekutif Indonesian Petroleum Association (IPA) Marjolijn Wajong, Direktur Eksekutif Reforminer Institute Komaidi Notonegoro, dua anggota DPR Satya Yudha dan Dito Ganundhito, serta Juru Bicara SKK Migas Taslim Z Yunus. 

Sementara itu, Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar menyatakan, pemerintah segera memperbaiki iklim investasi migas nasional dengan menerbitkan sejumlah peraturan baru, termasuk tindak lanjut aturan skema gross split serta perubahan peraturan pemerintah.

Pada pertengahan Januari lalu, pemerintah menerbitkan Peraturan Menteri ESDM No 8 Tahun 2017 tentang Kontrak Bagi Hasil Gross Split. Lewat aturan ini, pemerintah mengubah skema kontrak bagi hasil (PSC) pada kontrak-kontrak baru migas dari sebelumnya menggunakan skema biaya yang dapat dikembalikan (cost recovery) menjadi skema bagi hasil kotor (gross split). 

Sejauh ini, baru satu blok migas yang kontraknya diteken menggunakan skema gross split, yakni Blok Offshore North West Java (ONWJ) yang dikelola PT Pertamina Hulu Energi. Pembagian bagi hasil pemerintah dibanding kontraktor blok ini ditetapkan 32,5:62,5 untuk gas dan 42.5575 untuk minyak.

Berdasarkan data Kementerian Keuangan (Kemenkeu), realisasi lifting minyak dan gas hampir selalu di bawah target APBN. Dalam empat tahun terakhir, hanya tahun lalu yang realisasinya di atas target. Dari target lifting minyak dan gas dalam APBN-P 2016 masing-masing 820 ribu barel per hari (bph) dan 1,150 juta ribu barel setara minyak per hari (bsmp), realisasinya mencapai 829 ribu bph dan 1,184 juta bsmp. Adapun dalam APBN 2017, lifting minyak dan gas masing-masing ditargetkan 815 ribu bph dan 1,155 juta bsmp. 

Di sisi lain, investasi migas dalam empat tahun terakhir menurun. Berdasarkan data SKK Migas, investasi migas pada 2013 mencapai US$ 20,37 miliar. Angka itu turun menjadi US$ 20,33 miliar pada 2014, turun menjadi US$ 15,04 miliar pada 2015, dan turun lagi menjadi US$ 12,01 miliar pada 2016. Tahun ini, investasi migas ditargetkan US$ 13 miliar. 

Beri Kepastian

Direktur Eksekutif Marjolijn Wajong mengapresiasi itikad baik pemerintah untuk memperbaiki iklim investasi migas nasional dengan menerbitkan sejumlah kebijakan baru, salah satunya Peraturan Menteri No. 8/2017. Namun, dia menilai upaya-upaya tersebut belum cukup memperbaiki daya saing investasi migas di Indonesia.

Sebab, kata Marjolijn, pembuatan kebijakan cenderung hanya memperhatikan satu pihak saja, sehingga mengurangi daya tarik bagi pihak lainnya. “Seharusnya, pembuatan kebijakan memperhatikan kepentingan kedua pihak, yakni pemerintah dan investor,” ujar dia.

Marjolijn menambahkan, pemerintah harus memastikan bahwa kebijakan yang dirancang mampu menaikkan atau minimal tidak mengurangi keekonomian proyek migas agar investor tertarik menanamkan modal di Indonesia. jika hal itu diabaikan, mustahil pemerintah dapat meningkatkan daya tarik Indonesia di mata investor migas.

Dia merinci sejumlah regulasi yang perlu diperbaiki untuk mendongkrak investasi migas nasional, seperti peraturan mengenai tata kelola gas, beleid soal participating interest 10% bagi pemerintah daerah, insentif fiskal, masalah perizinan, dan rencana revisi Undang-Undang Migas.

“Revisi Undang-Undang Migas sangat penting untuk segera diselesaikan supaya hal-hal yang dibutuhkan dalam rangka memperbaiki iklim investasi migas sudah termaktub dalam UU tersebut,” tegas Marjolijn.

Oleh karena itu, IPA berpandangan bahwa pokok-pokok dalam rancangan revisi UU Migas harus dapat memfasilitasi dan meningkatkan iklim usaha migas yang kondusif, menjunjung asas penghormatan kontrak, serta didukung kebijakan-kebijakan yang mempercepat proses persetujuan. Kepastian hukum juga merupakan unsur penting untuk memastikan keberlangsungan kegiatan investasi jangka panjang serta untuk memperbaiki iklim investasi.

Dalam konteks kebijakan bagi kontrak kerja sama (PSC) skema bagi hasil kotor (gross split), Marjolijn menyatakan, perusahaan migas masih menunggu kepastian peraturan perpajakan yang akan diberlakukan. Kepastian ini diperlukan agar perusahaan dapat menghitung bagi hasil yang sesuai dengan keekonomian proyek. 

Menurut dia, setelah penerbitan Peraturan Menteri ESDM No 8 Tahun 2017 mengenai kontrak migas skema gross split, seharusnya ada beleid yang mengatur soal perpajakan kontrak skema ini. Pasalnya, Peraturan Pemerintah No 79 Tahun 2010 hanya mengatur perpajakan untuk PSC cost recovery. Marjolijn mengungkapkan, pihaknya berharap penerapan skema gross split tidak menurunkan keekonomian proyek migas menjadi lebih rendah dari yang ada dalam sistem PSC cost recovery. Pasalnya, saat ini pun, investasi migas di Indonesia kurang menarik jika dibandingkan negara Iain di sekitarnya.

Dia mendesak pemerintah untuk mereview lebih komprehensif skema gross split. Terutama, dampak skema ini terhadap pengembangan proyek migas laut dalam, terpencil, dan membutuhkan teknologi pengurasan tahap lanjut (enhanced oil recovery/ EOR). “PasaInya, wilayah inilah yang ingin disasar Indonesia dalam pengembangan migas ke depan,” tegasnya.

Marjolijn juga meminta pemerintah membandingkan keekonomian proyek berbasis gross split dengan kebijakan di negara-negara lain, apakah cukup kompetitif. Senada dengan Marjolijn, Direktur Eksekutif Reforminer Institute Komaidi Notonegoro berpendapat, meski aturan gross split berdampak positif bagi kepentingan ekonomi nasional, beilid tersebut berpotensi menjadi disinsentif bagi industri hulu. Apalagi harga minyak saat ini masih rendah.

Itu sebabnya, dia minta revisi UU Migas dipercepat agar investor hulu memiliki payung hukum yang lebih aman dan solid. “Selain itu, pembenahan perizinan merupakan persoalan krusial dalam investasi migas. Itu yang harus direspons pemerintah,” tutur Komaidi.

Sementara itu, Juru Bicara Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Taslim Z Yunus menyatakan, menarik atau tidaknya skema gross split akan diuji pada lelang wilayah kerja blok migas pada Mei nanti. Sejauh ini baru PT Pertamina Hulu Energi (PHE) yang memakai bentuk ini untuk Blok ONWJ yang telah habis kontraknya.

Taslim menilai, PSC gross split masih belum memiliki kejelasan ihwal masalah perpajakan. Kontrak ini mengikuti peraturan perpajakan yang saat ini berlaku. Namun, belum dipastikan siapa yang akan mengaudit perhitungan pajak, apakah Direktorat Jenderal Pajak, BPKP, atau SKK Migas.

Dia pun mengakui, daya tarik investasi migas Indonesia tidak terlalu bagus. Menurut Iaporan Fraser Institute, dari sisi iklim investasi, Indonesia berada di peringkat 113 dari 117 negara. Hal itu terutama disebabkan adanya kriminalisasi masalah perdata di sektor migas. “Kemudian dari sisi legal Framework, diperlukan konsistensi kebijakan,” kataya. 

Meski demikian, menurut dia, seiring naiknya harga minyak mentah, tren investasi migas nasional akan membaik. Taslim menyatakan, SKK Migas dan Kementerian ESDM telah memanggil kontraktor kontrak kerja sama (KKKS) yang blok migasnya masih tahap eksplorasi. Saat ditanya apakah mereka ingin melanjutkan investasi atau mengembalikan blok migas kepada negara, sebagian besar berkomitmen meneruskan eksplorasinya.

Kurang Atraktif

Wakil Ketua Komisi VII DPR Satya Widya Yudha berpendapat, berdasarkan peringkat kemudahan berbisnis Bank Dunia maupun peringkat Frasser Institute Global Petroleum, Indonesia menunjukkan adanya perbaikan kebijakan, sehingga dipandang sebagai negara yang menarik sebagai tujuan investasi.

Dalam konteks kebijakan gross split, sisi positifnya adalah memotong birokrasi. Para kontraktor (KKKS) tidak lagi memerlukan persetujuan SKK Migas atau pemerintah dalam setiap pengadaan barang atau jasa untuk keperluan eksplorasi dan produksi.

Dalam skema ini, aset juga masih dikuasai negara. Kontraktor juga wajib menyusun dan menyampaikan rencana kerja dan anggaran kepada SKK Migas. “SKK Migas dapat menyetujui atau menolak rencana kerja yang disampaikan oleh kontraktor dalam jangka waklu paling lama 30 hari kerja. “lni menunjukkan kontrol negara tetap ada," kata dia.

Namun, para investor menganggap bahwa base split adjustment (komponen variabel dan komponen progresif) yang diatur Peraturan Menteri ESDM 8/2017 kurang atraktif. lnsentif diperlukan bagi penggunaan komponen lokal serta penyerapan tenaga kerja lokal. Satya khawatir, penerapan gross split secara murni akan menyulitkan penyerapan tenaga kerja lokal. Satya juga mengkritik insentif koreksi split sebesar 5% yang dianggap terlalu rendah. 

Terlebih lagi jika kontraktor menggunakan teknologi enhanced oil recovery (EOR) yang membutuhkan biaya tinggi. “Itu sebabnya, pengembangan EOR membutuhkan insentif lebih besar dan besaran koreksi split harus di review ulang,” ungkapnya.

Satya menekankan pula perlunya konsistensi dalam menjalankan peraturan yang berlaku agar sistem gross split lebih kredibel. “Sistem perizinan bagi industri hulu migas secara keseluruhan mutlak harus diperbaiki. Kemudahan perizinan akan memberikan kepastian bisnis sektor hulu migas.  Insentif berupa pembebasan pajak eksplorasi pun perlu diberikan,” ujar Satya.

Kecuali itu, Satya mengingatkan agar kebijakan di sektor migas jangan hanya fokus pada penerimaan negara tapi kurang memperhatikan masalah kedaulatan negara. Anggota Komisi Vll DPR Dito Ganinduto meminta pemerintah mengkaji ulang Peraturan Menteri ESDM 8/2017. Sesuai aspirasi para KKKS, sebaiknya skema gross split hanya sebagai alternatif.

Untuk kontrak blok migas yang sudah habis dan perlu diperpanjang harus diberlakukan skema gross split. Tapi kalau blok baru dan sangat marginal, sangat tidak menarik jika memakai gross split," tutur Dito.

Dari pertemuannya dengan sejumlah asosiasi penunjang industri migas, Dito menyatakan kebijakan baru ini juga minim sosialisasi. 

Pengenaan Bea Masuk 

Sementara itu, pemerintah berjanji segera memperbaiki iklim investasi migas nasional dengan merilis sejumlah peraturan baru, termasuk tindak lanjut aturan 'skema gross split serta perubahan Pekerjaan Rumah.

Wakil Menteri ESDM Arcandra Tahar menjelaskan, dalam Keputusan Menteri ESDM Nomor 240K/06/MEM/2017 tentang Program Prioritas Penyusunan Legislasi dan Regulasi Sektor ESDM Tahun 2017, ada beberapa beleid soal hulu migas yang dikerjakan pemerintah. Beberapa di antaranya adalah Rancangan Peraturan Pemerintah tentang Perubahan Ketiga atas Peraturan Pemerintah No 35 Tahun 2004 tentang Kegiatan Usaha Hulu Minyak dan Gas Bumi, Rancangan Peraturan Presiden tentang Insentif Fiskal untuk Pengembangan Minyak dan Gas Bumi di Laut Dalam dan Daerah Frontier, dan Rancangan Peraturan Menteri tentang Penyederhanaan Pemberian Perizinan kepada Kepala BKPM.

Salah satu poin perbaikan Peraturan Pemerintah 35/2004, kata Arcandra, adalah soal pembebasan bea masuk barang saat masa eksplorasi. Dalam beleid ini, bea masuk dibebaskan, namun barang tersebut akan menjadi milik negara, walaupun eksplorasi gagal menemukan cadangan migas yang ekonomis. Pengembalian barang ke negara ini cukup rumit sehingga membutuhkan waktu lama dan barang tersebut sudah rusak. “Padahal lapangannya sudah tidak komersial, barang di kembalikan ke negara, butuh uang lagi untuk mengembalikannya,” kata dia.

Untuk membuat ini lebih adil, pihaknya ingin menetapkan bea masuk pada barang pada masa eksplorasi. Namun sebagai kompensasinya, ketika eksplorasi tidak berhasil menemukan cadangan migas yang ekonomis, barang tersebut menjadi milik perusahaan migas. Dengan demikian, barang tersebut dapat dipakai oleh perusahaan untuk proyek migas lainnya. “jangan serta-merta menjadi milik negara. Ini tujuannya fairness and justice for all, harus fair,” kata Arcandra

Sementara dalam Keputusan Menteri Nomor 240, terdapat dua poin revisi Peraturan Pemerintah 35/2004. Rinciannya, pengaturan mengenai perubahan terkait participating interest 10% serta untuk memperjelas jenis kontrak bagi hasil (production sharing contract/PSC) dengan mekanisme pengembalian biaya operasi (cost recovery) dan mekanisme bagi hasil kotor (gross split).

Peraturan lainnya adalah Rancangan Peraturan Presiden tentang lnsentif Fiskal bagi Pengembangan Migas di Laut Dalam dan Daerah Frontier. Rancangan Peraturan Menteri Penyederhanaan Pemberian Perizinan bertujuan melakukan menyederhanakan perizinan pada kegiatan usaha migas agar menjadi lebih sederhana, transparan, efektif, efisien, dan akuntabel.

Terkait kontrak gross split, dalam Peraturan Menteri 8/2017 dinyatakan kontrak ini mensyaratkan kepemilikan sumber daya alam tetap di tangan pemerintah sampai tilik penyerahan pengendalian manajemen operasional berada pada SKK Migas, serta modal dan risiko seluruhnya ditanggung kontraktor.

Peraturan Menteri ini menyebutkan bagi hasil awal (base split) minyak bumi sebesar 57% untuk negara dan 43% untuk kontraktor. Sementara untuk gas, jatah negara 52% dan kontraktor 48%. Dalam kontrak yang akhirnya diteken, base split ini akan berubah berdasarkan komponen variabel dan progresif. Komponen variabel di antaranya status blok, lokasi, kedalaman, hingga besaran tingkat kandungan dalam negeri. Komponen porgresif terdiri atas harga minyak dan jumlah kumulatif produksi migas. 

Arcandra menegaskan, investor yang merasa split yang diperolehnya masih kurang dapat menyampaikan ke pemerintah. Bagi hasil setelah memasukkan komponen variabel dan progresif masih terbuka untuk diubah.

Pada pasal 7 Peraturan Menteri 8/2017, ketika perhitungan komersialisasi lapangan tidak mencapai keekonomian tertentu. kontraktor mendapat tambahan split maksimal 5%. Sebaliknya, dalam perhitungan komersialisasi lapangan melebihi keekonomian tertentu, negara boleh memotong split 5%. 

Dirjen Migas Kementerian ESDM I Gusti Nyoman Wiratmaja sebelumnya menyatakan, pemerintah optimistis investasi migas, baik hulu maupun hilir, bakal lebih baik pada tahun ini. Di sektor hulu, perbaikan investasi didorong kenaikan harga minyak mentah dan perbaikan proses bisnis. Di hilir, peningkatan investasi dipicu banyaknya proyek infrastruktur yang akan dikerjakan dan diterbitkannya regulasi yang memberikan peluang bagi swasta untuk ikut berbisnis.

Investor Daily, Page-1, Monday, Feb, 27, 2017