Gross Split scheme too costly for ONWJ

Pertamina Hulu Energi (PHE), a subsidiary of state-owned energy giant Pertamina, is seeking a revision to the new production-sharing scheme in the Offshore Northwest Java (ONWJ) oil and gas field, which it regards as uneconomical. Starting from Jan. 18, the ONWJ block contract has been using a gross-split scheme following its renewal for a 20 year-period.

Under the new model, PHE has borne sizeable up-front costs, expected to be compensated for through efficiency measures, as they cannot be reimbursed by the government as was the case in the previous, cost-recovery, system. In return, it can secure a greater amount of oil and gas output from production.

PHE president director R. Gunung Sardjono Hadi said it was preparing an assessment report about the new scheme’s application, set to be submitted to the government, in order to allow a change in the production sharing. “Our target is to finish the evaluation before the end of the first half of the year and then hand the report to Pertamina. Later, Pertamina will submit it to the government,” Gunung said on Wednesday.

With the gross-split scheme, which aims to ease pressure on the state budget, the profit split between the government and contractors will “slide” up and down depending on the block’s variables, including the location of the field and reservoir depth, and a progressive split that refers to global oil prices. Contractors, for instance, can obtain a larger portion of production when the conditions of exploration are difficult and while oil prices are high.

The base split for oil production will be at least 43 percent, while for gas production, it will be 48 percent at the minimum. The rest will be given to the government. Gunung expressed PHE’s objection to the scheme, pointing to the exclusion of exploration from the calculation of costs. “Exploration is not included within the variable split. [...] We want to propose including exploration activities in the variable split so that we can get another incentive,” he said.

Another objection pertains to various production costs amounting to US$450 million from the previous ONWJ operation before the contract’s extension. These costs were formerly covered in the cost-recovery scheme and could be reimbursed by the government. With the gross-split mechanism, compensation for such costs would be unclear, Gunung said. PHE has also found it hard to bear on its own the value-added tax (VAT) and property tax (PBB) covered in the old scheme. Moreover, volatility in global crude oil prices has forced PHE to tighten its belt.

The Indonesian Crude Price (ICP) averaged at around $39 per barrel in 2016, down from $49 per barrel in 2015. PHE, however, managed to carry out a number of efficiency measures last year, such as postponing most of its 2D and 3D seismic survey activities, enabling it to save around $431.2 million.

Even with those moves, the firm’s net profits still decreased by 6.4 percent to $191 million in the past year.  Indonesian Resources Studies (IRESS) has previously voiced its concerns over the lack of incentives for exploration activities under the gross-split scheme. 

All contractors are profit oriented. Hence, they may be reluctant to invest in exploration activities that have big risks with uncertain results,” said IRESS executive director Marwan Batubara. It would then be natural to see the country’s reserve replacement ratio (RRR) in oil and gas fall from previous years, he said.

For instance, the RRR  the measurement of the operating performance of oil and gas exploration and production firms  for oil stood at 139 percent in 2015, but had averaged only 53 percent in the past decade, according to the Upstream Oil and Gas Regulatory Special Task Force (SKK Migas). Other data also show that insufficient attention has been paid to exploration.

President Joko “Jokowi” Widodo’s administration invested $ 10.43 billion in the upstream oil and gas industry from January to November 2016, but only 7 percent went to exploration activities.

Statistics from SKK Migas also reveal that Indonesia’s oil and gas working areas gradually fell by 19.5 percent from 2012 to 284 areas in 2016. The same bleak picture is also found in oil reserves as they dropped slightly to 3.6 billion stock 'tank barrels at the end of 2015, from 3.62 billion in 2014, as a result of a lack of discoveries within the past decade.

Jakarta Post, Page-13, Friday, March, 17, 2017

New CEO to sweep Pertamina

Restructuring specialist Elia Massa Manik, 52, faces the biggest challenge of his career as he takes the helm of state-owned oil and gas giant Pertamina, which has frequently fallen victim to political intervention and rent seeking practices by those close to power.

Probably due to his lack of faith in the company’s internal executives, President Joko “Jokowi” Widodo has appointed relative outsider Elia to lead Pertamina after infighting forced the ouster of the company’s president director, Dwi Soetjipto, in February. 

Dwi, former CEO of state cement company PT Semen Indonesia and also a reform specialist, became entangled in an irreconcilable dispute with several of Pertamina’s career executives who had the backing of State-Owned Enterprises (SOE) Minister Rini Soemarno. 

Given the infighting that has wracked Pertamina, Elia has to, as a priority draw up policies to get all parties in the dispute to bury the hatchet and build a culture of transparency and good governance.

“Give me some time to learn, then, I promise there will be transparency, which is going to be the foundation for the development of the company’s culture,” Elia said after Pertamina’s general shareholder meeting at the SOE Ministry on Thursday.

“I want everything to be transparent. If there’s a problem in the downstream, for instance, it’s going to be the responsibility of all in the management team.” Born in Medan, North Sumatra, Elia received his bachelor’s degree from Bandung Institute of Technology (ITB) in 1988 and master’s degree from the Asian Institute of Management in the Philippines in 1992.

Since then, Elia has worked at various companies, including consumer goods giant PT Indofood Sukses Makmur, venture capital firm PT Nura Kapital, energy company PT Benakat Oil, paper producer PT Kertas Basuki Rahmat Indonesia, property company PT Jababeka, oil services company PT Elnusa, venture capital company GMT Kapital Asia, state lender Bank Negara Indonesia and state plantation holding company PTPN III.

But it was his assignment as CEO of Elnusa, Pertamina’s publicly listed subsidiary, and PTPN that earned him his credentials as a corporate turnaround specialist. Under his leadership between 2011 and 2014, Elia took Elnusa back into profitability and he did it again  for PTPN when he led the company employing more than 132,000 workers from April 2016 until he took over as Pertamina CEO.

“To build a solid team, we should have no vested interests in management. This certainly has to start with myself” Elia said. “I have no affiliation to any political parties. I am always professional. {...}’ve told the shareholders that if I can’t contribute or if l deviate, just tire me.”

A source at the Presidential Palace said that apart from Elia’s track record, his appointment also boded well for the Presidents key confidants; Rini and Coordinating Maritime Minister Luhut Pandjaitan. Elia has previously worked for companies belonging to Rini and Luhut. 

It was a discord between Rini and Dwi that actually triggered the infighting in Pertamina. Dwi and his deputy Ahmad Bambang were dismissed over concerns about their lack of teamwork and escalating conflict after Rini promoted Ahmad as deputy and gave him authority similar to that of the president director.

With the company skippered by two captains, what ensued was a breakdown in management. The intervention came amid demands by the President for Pertamina to provide transportation subsidies in order to sell fuel in remote Papua at the same price as in Java, and to sell gas at a loss to help priority industries boost their competitiveness.

Pertamina has estimated that the demands could result in losses of more than Rp 1 trillion (US$ 75 million) annually The policies were enforced as Pertamina faced its biggest gamble in the upstream business: taking over management of the Mahakam Block from a local unit of French Total SA, starting later this year, and the construction of several key refineries at a cost of billions of dollars.

Energy management observer Fahmy Radhi of Yogyakarta based Gadjah Mada University, said reuniting the divided parties was urgently required for the company to be able to punch above its weight.

“Its better for him to keep the current board of directors, embrace and ask them to work together to ensure unity It is easier for Elia to unite the people there because he is an outsider,” Fahmy said

Jakarta Post, Page-1, Friday, March, 17, 2017

Pertamina profit RP. 42 Trillion

GMS Raising Elijah Massa Manik Become Director

PT Pertamina had net profit of 3.15 billion US dollars or equivalent to Rp 42 trillion for the whole year 2016. The achievement of the performance is higher than the acquisition in 2015 were only 1.42 billion US dollars, or

around Rp 18.9 trillion.

This statement was made Pertamina Finance Director Arif Budiman in a press conference after the General Meeting of Shareholders (AGM) of Pertamina in Jakarta, Thursday (16/3). Marketing innovation will be key in the future. Pertamina posted revenue of 36.49 billion US dollars, or about Rp 486.6 trillion.

Revenues declined since 2014 that as many as 70 billion US dollars, and in 2015 that as many as 41.76 billion US dollars. World oil prices slumped into a major cause of declining revenues.

"In addition, the efficiency becomes the largest cantilever, where throughout 2016 totaled 2.67 billion US dollars. This year, the efficiency target of 1 billion dollars for an estimated price of oil is relatively stable, "said Arif.

On the production side, along the 2016 Pertamina produces oil and natural gas amounted to 650,000 barrels of oil equivalent per day (BOEPD). The achievement was better than 2015 and only 610,000 BOEPD. In 2025, the company targets oil and gas production of 1.85 million BOEPD.

Pertamina Gas Director Yenni Andayani added, innovation and marketing will play an important role for the company's performance in the coming years. Pertamina has launched three new product types were able to get the attention of consumers, namely fuel types pertalite (RON 90), dexlite (diesel), and LPG measuring 5.5 kilograms were sold under the brand Bright Gas.

"Pertamina is also committed to build two new refineries and increase the capacity of four existing refineries, capital needed to reach 34 billion US dollars or equivalent to Rp 453 trillion until 2024 to come," said Yenni.

The new Managing Director

In the AGM, the shareholders decided to appoint and Elia Massa Manik became CEO respectively. Elijah, who previously served as Director of PT Perkebunan Nusantara Holding to that position was vacant and filled Yenni Andayani as acting since 3 February.

Elia said the first duty as President Director of Pertamina is managing human resources inside the company. According to him, the challenge of Pertamina becoming increasingly heavier. Superior human resources is the key to win the competition.

"I'll be professional. Transparency will be one key to managing this company. I will start from myself. If I stray, I will resign. If need be fired, "said Elia

Deputy of Financial Services, Survey Services, and Consulting SOE Ministry Gatot Trihargo that shareholders assess Elia with all of its track record of competence and ability to become Managing Director of PT Pertamina.

Elia proven track record. In the period 2011-2014, Elijah became President Director of PT Elnusa Tbk and successfully restructure the company. In addition, Elia has also been included in the leadership ranks of BNI and help restructure the loans at state banks.

IN INDONESIAN

Laba Pertamina RP. 42 Triliun

RUPS Mengangkat Elia Massa Manik Jadi Direktur Utama

PT Pertamina meraih laba bersih 3,15 miliar dollar AS atau setara Rp 42 triliun untuk kinerja sepanjang tahun 2016. Pencapaian tersebut lebih tinggi daripada perolehan tahun 2015 yang hanya 1,42 miliar dollar AS atau

sekitar Rp 18,9 triliun.

Demikian dikemukakan Direktur Keuangan Pertamina Arif Budiman dalam konferensi pers seusai Rapat Umum Pemegang Saham (RUPS) Pertamina di Jakarta, Kamis (16/3). Inovasi pemasaran akan menjadi kunci perusahaan di masa mendatang. Pertamina membukukan pendapatan 36,49 miliar dollar AS atau sekitar Rp 486,6 triliun.

Pendapatan menurun sejak tahun 2014 yang sebanyak 70 miliar dollar AS, dan di tahun 2015 yang sebanyak 41,76 miliar dollar AS. Harga minyak dunia yang merosot menjadi penyebab utama menurunnya pendapatan perusahaan.

”Selain itu, efisiensi menjadi penopang terbesar, di mana sepanjang tahun 2016 tercatat sebanyak 2,67 miliar dollar AS. Tahun ini, target efisiensi sebesar 1 miliar dollar AS karena diperkirakan harga minyak relatif sudah stabil,” kata Arif.

Dari sisi produksi, sepanjang 2016 Pertamina menghasilkan minyak dan gas bumi sebesar 650.000 barrel setara minyak per hari (BOEPD). Capaian itu lebih baik daripada 2015 yang hanya 610.000 BOEPD. Tahun 2025, perusahaan menargetkan produksi migas sebanyak 1,85 juta BOEPD.

Direktur Gas Pertamina Yenni Andayani menambahkan, inovasi dan pemasaran akan berperan penting bagi kinerja perusahaan di tahun-tahun mendatang. Pertamina telah meluncurkan tiga jenis produk baru yang mampu mendapatkan perhatian konsumen, yaitu BBM jenis pertalite (RON 90), dexlite (solar), dan elpiji berukuran 5,5 kilogram yang dijual dengan merek Bright Gas.

”Pertamina juga berkomitmen membangun dua kilang baru dan meningkatkan kapasitas empat kilang yang ada, Modal yang dibutuhkan mencapai 34 miliar dollar AS atau setara Rp 453 triliun hingga 2024 mendatang,” ujar Yenni.

Dirut baru

Dalam RUPS, pemegang saham memutuskan menunjuk dan mengangkat Elia Massa Manik menjadi Direktur Utama Pertamina. Elia yang sebelumnya menjabat sebagai Direktur Utama PT Perkebunan Nusantara Holding menduduki jabatan yang sempat kosong dan diisi Yenni Andayani sebagai pelaksana tugas sejak 3 Februari lalu.

Elia mengatakan, tugas pertama sebagai Direktur Utama Pertamina adalah menata sumber daya manusia di tubuh perusahaan. Menurut dia, tantangan Pertamina kian lama semakin lebih berat. Sumber daya manusia yang unggul adalah kunci memenangi persaingan.

”Saya akan bersikap profesional. Transparansi akan menjadi salah satu kunci mengelola perusahaan ini. Saya akan memulai dari diri saya sendiri. Kalau saya melenceng, saya akan mundur. Bila perlu dipecat,” ujar Elia

Deputi Bidang Usaha Jasa Keuangan, Jasa Survei, dan Konsultan Kementerian BUMN Gatot Trihargo mengatakan, pemegang saham menilai Elia dengan semua rekam jejaknya memiliki kompetensi dan kemampuan menjadi Dirut PT Pertamina.

Rekam jejak Elia sudah teruji. Pada periode 2011-2014, Elia pernah menjadi Presiden Direktur PT Elnusa Tbk dan berhasil merestrukturisasi perusahaan tersebut. Selain itu, Elia juga pernah masuk dalam jajaran pimpinan BNI dan membantu restrukturisasi pinjaman pada bank BUMN tersebut.

Kompas, Page-18, Friday, March, 17, 2017

US oil reserves Down, Oil Prices Go Up

However, price increases threatened Saudi production increase 

Energy Information Administration (EIA) United States (US) made a surprise announcement on Wednesday (15/3) and the US Time. Data and research institutes in the US energy sector announced oil stocks. The US in the week ending on March 10 slipped 200,000 barrels.

This makes re-warmed world oil prices. Understandably, this is the first decline in 10 weeks. "In addition the US dollar even weaker after the Fed raised interest rates," said Putu Agus Pransuamitra, analyst at Monex Investindo Futures, Thursday (16/3).

As you know, yesterday the US dollar index eroded 0.01% at 100.73 on Thursday (16/3) at 517.13 pm, the price of WTI oil contracts April 2017 delivery on the New York Mercantile Exchange rose 1.06% to US $ 49.38 per barrel. As a result, after being depressed, oil prices ended last week up 0.20%.

EIA also noted that gasoline stocks in Uncle Sam also fell by 3.06 million barrels to 246.3 million barrels, the lowest level since January 2017. "This means that gasoline demand increased and this makes the price of WTI oil will go up," the analysts added SoeGee Futures Nizar Hilmy.

If it could surpass US $ 50 per barrel, Nizar predict the short-term trend will be bullish WTI oil. The position is the strongest resistance level today.

Reduced production

Factors global oil production is still a major catalyst in the WTI oil price. After US oil stockpiles reduced, market participants expect oil production cut OPEC members and Russia continues. In January 2017, OPEC has managed to cut its production by up to 90% of the target set. However, it has not been able to restore oil prices to US $ 55 per barrel. Putu counting, if the US oil reserves continue to fall until the end of the first quarter, new price moves to $ 52 per barrel.

In addition to fear of US production, some oil-producing countries, such as Saudi Arabia and Iraq, reportedly intends to raise its production back. Even the production of Saudi Arabia in February has reached over 10 million barrels per day.

An increase in production could be a negative sentiment. "Moreover, both the country's largest oil producer," said Putu. Technically, Putu see WTI oil price is still moving below the moving average (MA) 50 and MA 100, but it is above the MA line 200. Then indicators relative strength index ( RSI) still rose to the level 37 and the stochastic moves up in level 44. The moving average convergence divergence indicator (MACD) is still in the negative area 1.1.

Therefore, Putu estimate today oil prices still rose to the range of movement US $ 48.75-US $ 50.30 per barrel. Nizar predicts oil prices are still up in the next week and move in the range of US $ 50-US $ 53 per barrel.

IN INDONESIAN

Cadangan minyak AS Turun, Harga Minyak Kembali Naik

Tapi, kenaikan harga terancam naiknya produksi Arab

Energy Information Administration (EIA) Amerika Serikat (AS) membuat pengumuman mengejutkan, Rabu (15/3) lalu Waktu AS. Lembaga riset dan data bidang energi di AS ini mengumumkan stok minyak. AS di pekan yang berakhir pada 10 Maret merosot 200.000 barel.

Hal ini membuat harga minyak dunia kembali menghangat. Maklum, ini merupakan penurunan pertama dalam 10 pekan. “Kemudian ditambah lagi dollar AS malah melemah setelah The Fed menaikkan suku bunga,” kata Putu Agus Pransuamitra, Analis Monex Investindo Futures, kamis (16/3). 

Seperti diketahui, kemarin indeks dollar AS terkikis 0,01% ke level 100,73 Kamis (16/3) pukul 517.13 WIB, harga minyak WTI kontrak pengiriman April 2017 di New York Mercantile Exchange naik 1,06% menjadi US$ 49,38 per barel. Alhasil, setelah sempat tertekan, sepekan terakhir harga minyak akhirnya naik 0,20%. 

EIA juga mencatat, stok bensin di Negeri Paman Sam juga terkoreksi 3,06 juta barel menjadi 246,3 juta barel, atau level terendahnya sejak Januari 2017. "Artinya permintaan bensin meningkat dan ini membuat harga minyak WTI akan ikut terdongkrak," tambah analis SoeGee Futures Nizar Hilmy.

Jika bisa menembus US$ 50 per barel, Nizar memprediksi tren jangka pendek minyak WTI akan bullish. Posisi tersebut merupakan level resistence terkuat saat ini.

Mengurangi produksi

Faktor produksi minyak global masih jadi katalis utama pada harga minyak WTI. Setelah stok minyak di AS berkurang, pelaku pasar berharap pemangkasan produksi minyak anggota OPEC dan Rusia terus berlangsung. 

     Pada Januari 2017, OPEC telah berhasil memotong produksinya hingga 90% dari target yang dipatok. Namun, hal tersebut belum mampu mengembalikan harga minyak ke US$ 55 per barel. Putu menghitung, jika cadangan minyak AS terus turun hingga akhir kuartal I, harga baru bergerak ke US$ 52 per barel.

Selain ketakutan akan produksi AS, beberapa negara penghasil minyak, seperti Arab Saudi dan Irak, dikabarkan berniat kembali menaikkan produksinya. Bahkan produksi Arab Saudi di bulan Februari sudah mencapai di atas 10 juta barel per hari. 

Adanya peningkatan produksi ini bisa jadi sentimen negatif. "Apalagi keduanya merupakan negara penghasil minyak terbesar,” ujar Putu. Secara teknikal, Putu melihat harga minyak WTI masih bergerak di bawah garis moving average (MA) 50 dan MA 100, tetapi sudah berada diatas garis MA 200. 

     Kemudian indikator relative strength indeks (RSI) masih menguat ke level 37 dan stochastic bergerak naik di level 44. Sedangkan indikator moving average convergence divergence (MACD) masih berada di area negatif 1,1.

Karena itu, Putu memperkirakan hari ini harga minyak masih menguat dengan rentang pergerakan US$ 48,75-US$ 50,30 per barel. Nizar memprediksi harga minyak masih naik dalam sepekan depan dan bergerak di kisaran US$ 50 -US$ 53 per barel. 

Kontan, Page-7, Friday, March, 17, 2017

Elia Massa Manik Pertamina Fast Becoming a World Class Company

Director of PT Pertamina Elia Massa Manik targeting real change in Pertamina within the next 100 days. Changes to the starting acceleration of the entire board of directors is believed to accelerate the pace of Pertamina into a world class company.

"With the right strategy, I believe the acceleration Pertamina so the real world class energy company will occur more rapidly. Achieving these challenges is also lighter with the commitment that I mentioned earlier, "said Elia after fixing himself was president of Pertamina, in Jakarta on Thursday (16/03).

Determination of Elijah as managing director of Pertamina by decree of the Minister of SOEs numbered SK-52 / MBU / 03/2017 on the Appointment of Members of the Board of Directors of PT Pertamina. This letter officially lifted Elijah Massa Manik as the President Director of Pertamina began March 16, 2017.

Elia Massa Manik judged to have the leadership and capabilities needed to carry Pertamina into a world-class energy company, having previously succeeded in restructuring PT Elnusa Tbk and PT Perkebunan Nusantara (PTPN) III.

Elia Massa Manik career is very unique, because it has experience working in various sectors, from property, plantation, banking, energy up. He started a career of PT Indofood Sukses Makmur (INDF). Elijah then joined the Suez Group until 2001, and PT Kiani Kertas and PT Jababeka. Furthermore, the man born in Kabanjahe Karo, North Sumatra has served as President Director of PT Elnusa since July 2011 to 2014. At that time he was considered a success brings Elnusa performance became better after the exposure of burglary cases of corporate funds in Bank Mega.

Alumni Institut Teknologi Bandung (ITB) and the ASEAN Institute Of Management Philippines joined PT Perkebunan Nusantara (PTPN) III (holding) in April 2016. Elia has undertaken various Iangkah improvement, both from the operational, financial, technological, human resources up , to improve company performance. Related to the acceleration in the body Pertamina, he stressed that it should be measurable.

Elia will compare the performance of each line with Pertamina in similar industries to determine how efficiently the company's business. This is necessary because Pertamina has many subsidiaries. If all subsidiaries of advanced, Pertamina will go forward.

"For example in the upstream sector, we how exploration cost per field, and then compared with others. Then see if we are efficient or not. I want everything to be open and transparent. If the board of directors no vested interest, I'm sure this will happen, "he stated.

Thus, Pertamina can opt to run government programs to realize the energy sovereignty. It will accelerate in which the role of Pertamina is the executor of energy sovereignty. Pertamina also must be able to provide the best service to the community.

He also will establish communication and a solid team. To make that happen, he would start openness between the board of directors. Moreover, he believes that existing directors have a strong kapasibilitas in the energy business.

"So all of the directors must be embraced, so that all feel responsible in all aspects of Pertamina. Because the company can sustain, the key of its human resources, "he said.

This unanimity, required because the directors are given the responsibility to accelerate activities Investment capital (capital expenditure) bergitu great. Meanwhile, a solid board of directors can only be achieved by eliminating the personal interests (vested interest) board of directors.

He said it would start it from itself. He is committed to performing his duties as Managing Director of Pertamina in a professional manner without any particular interest. If later he was judged not give any contribution to the company, Elia declared ready to be fired. In this way, he hoped there would be transparency between company directors.

Thus, Pertamina can opt to run government programs to realize the energy sovereignty. "When it comes to the nation's economy, if the energy is not completed, all muffled. For example the government wants the industry to grow, so it took a quantity (energy) sufficient and cost efficient, "said Elijah.

Pertamina Stronger 

Meanwhile, Deputy of Financial Services, Survey Services, and Consulting Trihargo SOE Ministry Gatot said, Elijah Massa Manik has a proud track record. Elia has experience working in various sectors, from property, plantation, banking, energy up. Not only that, Elijah is also able to transform Elnusa and PTPN III.

"The appointment of Elia more emphasis on the selection by the Minister of State Enterprises and the relevant ministers about leadership and capability in building the company" he said in a press conference in Jakarta, Thursday (16/3).

He hoped that the establishment of this new board can be strengthened Pertamina in carrying out its strategic role in the national energy sector. Primarily, Pertamina should be able to achieve the performance targets that have been planned and major programs. "Among other things BBM One Price and the refinery project, as well as the development of the upstream sector which is worth tens of billions of dollars in the next few years," he said.

According to the Commissioner of Pertamina Mr. Abeng, the achievement of substantial profits are not enough to prove leadership in Pertamina has qualified. Because the profit achievement is a one time event, which is influenced by the price of oil is nice and savings. However, this incident will not necessarily be repeated.

Pertamina will forward calls only when sustainable growth can be achieved. This can not be achieved if the board of directors of Pertamina is not solid. "So to achieve sustainability, sustainable growth, it can not with directors that work alone. It should be on top (of directors) solid first, then produce the bottom line, "he said.

Elijah judged to have the insight and ability to represent the desire of the Board of Commissioners, was to build strength in the Pertamina board of directors, not the individual. The board of directors shall be a single unit to be able to make good decisions and solid. Because if not, then the resulting decision will not be supported by other board members.

"I told him that the main (Director Elia) must be able to build teamwork. Therefore, I am pleased with the words Director of Elijah, that there should be no cover-up, we should be open and communicate. That's what I think it takes Pertamina, "said Tanri.

In addition, to maintain the company's performance remains shiny, Tanri also advised that the Board of Directors more aggressive in developing business in the upstream oil and gas sector. Because when the upstream business nice and oil prices improve, the company's profit will also increase. Therefore, Pertamina must increase its oil and gas reserves, one of them by looking for sources of oil and gas in other countries.

"Second, Pertamina never build a refinery for 25 years, we have to import oil. We are building a refinery. So what was not done, this is done by a team today. It takes time, can not be one or two years, the 10-year program, "he said.

Observers energy of the Center of Energy and Resources Indonesia (CERI) Yusri Usman said that all parties must respect the decision of President assign Elijah Manik as Managing Director of Pertamina.

"I believe he (Elijah Manik) will be able to consolidate two main tasks camps that have been frozen split due to the structure of death by Rini Soemarno do. Let's give full support so that Elijah could Manik unify these conditions become better strength and could be creating greater efficiency and profits of directors Iama, "said Yusri

According to him, the presence of Elijah beads originating from outside Pertamina must make strategic state atmosphere that is conducive. Therefore, a lot of great work to be done such as Pertamina to build new refineries and other infrastructure, including gas pipelines and city gas network so that industry needs will depend not increasing import LPG.

IN INDONESIAN

Elia Massa Manik Percepat Pertamina Menjadi Perusahaan Kelas Dunia

Direktur utama PT Pertamina Elia Massa Manik menargetkan ada perubahan nyata di Pertamina dalam 100 hari ke depan. Perubahan dengan akselerasi yang dimulai dari seluruh jajaran direksi diyakini akan mempercepat langkah Pertamina menjadi perusahaan kelas dunia.

“Dengan strategi yang tepat, saya percaya akselerasi Pertamina jadi the real world class energy company akan terjadi lebih cepat. Mencapai tantangan-tantangan itu juga lebih ringan dengan komitmen yang saya sebutkan tadi,” kata Elia usai penetapan dirinya menjadi direktur utama Pertamina, di Jakarta Kamis (16/03).

Penetapan Elia sebagai direktur utama Pertamina melalui surat keputusan Menteri BUMN bernomor SK-52/ MBU/ 03/ 2017 tentang Pengangkatan Anggota Direksi Perseroan PT Pertamina. Surat ini mengangkat secara resmi Elia Massa Manik sebagai Direktur Utama Pertamina mulai 16 Maret 2017.

Elia Massa Manik dinilai memiliki kepemimpinan dan kapabilitas yang dibutuhkan untuk membawa Pertamina menjadi perusahaan energi kelas dunia, karena sebelumnya berhasil merestrukturisasi PT Elnusa Tbk dan PT Perkebunan Nusantara (PTPN) III.

Karier Elia Massa Manik sangat unik, karena memiliki pengalaman bekerja di berbagai sektor, yakni dari properti, perkebunan, perbankan, hingga energi. Dia memulai karir dari PT Indofood Sukses Makmur (INDF). Elia kemudian bergabung dengan Suez Group hingga 2001, lalu PT Kiani Kertas dan PT Jababeka. Selanjutnya, pria kelahiran Kabanjahe Kabupaten Karo, Sumatera Utara ini pernah menjabat sebagai Presiden Direktur PT Elnusa sejak Juli 2011 hingga 2014. Saat itu dirinya dianggap sukses membawa kinerja Elnusa menjadi lebih baik setelah terungkapnya kasus pembobolan dana perusahaan di Bank Mega.

Alumni Institut Teknologi Bandung (ITB) dan ASEAN Institute Of Management Filipina ini bergabung dengan PT Perkebunan Nusantara (PTPN) III (holding) pada April 2016. Elia telah melaksanakan berbagai Iangkah pembenahan, baik dari aspek operasional, finansial, teknologi, hingga sumber daya manusia, untuk meningkatkan kinerja perusahaan. Terkait akselerasi di tubuh Pertamina, dia menekankan bahwa harus terukur. 

Elia akan membandingkan kinerja Pertamina di setiap lini dengan industri sejenis untuk mengetahui seberapa efisien bisnis perusahaan. Hal ini diperlukan karena Pertamina memiliki banyak anak perusahaan. Jika seluruh anak perusahaan maju, maka Pertamina akan maju.

“Misalnya di sektor hulu, kita berapa  exploration cost per lapangan, lalu dibandingan dengan orang lain. Kemudian dilihat apakah kita efisien atau tidak. Saya ingin semuanya terbuka dan transparan. Kalau direksi tidak ada vested interest, saya yakin ini akan terwujud,” tegas dia.

Dengan demikian, Pertamina dapat ikut menjalankan program pemerintah mewujudkan kedaulatan energi. Pihaknya akan melakukan akselerasi di mana peran Pertamina adalah eksekutor kedaulatan energi. Pertamina juga harus bisa memberikan pelayanan terbaik kepada masyarakat.

Dia juga akan membentuk komunikasi dan tim yang solid. Untuk mewujudkan hal itu, dirinya akan memulai keterbukaan diantara jajaran direksi. Apalagi, dia yakin direksi yang ada sekarang memiliki kapasibilitas yang kuat dalam bisnis energi.

“Jadi semua direksi harus bisa dirangkul, sehingga semua merasa bertanggung jawab di semua aspek Pertamina. Karena perusahaan bisa sustain, kuncinya dari sumber daya manusia-nya,” kata dia.

Kekompakan ini, dibutuhkan karena direksi diberi tanggung jawab untuk melakukan akselerasi kegiatan dengan modal lnvestasi (capital expenditure) yang bergitu besar. Sementara, direksi yang solid hanya bisa tercapai dengan menghilangkan kepentingan pribadi (vested interest) dalam jajaran direksi.

Dia menyatakan akan memulai hal itu dari dirinya sendiri. Dia berkomitmen untuk menjalankan tugasnya sebagai Dirut Pertamina secara profesional tanpa ada kepentingan tertentu. Jika nantinya dirinya dinilai tidak memberikan kontribusi apapun ke perusahaan, Elia menyatakan siap dipecat. Dengan cara ini, diharapkannya akan ada transparansi antar direksi perseroan. 

Dengan demikian, Pertamina dapat ikut menjalankan program pemerintah mewujudkan kedaulatan energi. “Kalau bicara ekonomi bangsa, kalau energi tidak rampung, semua tertahan. Misalnya pemerintah ingin industri tumbuh, jadi butuh kuantitas (energi) yang cukup dan cost efficient,” kata Elia.

Perkokoh Pertamina 

Sementara itu, Deputi Bidang Usaha Jasa Keuangan, Jasa Survei, dan Konsultan Kementerian BUMN Gatot Trihargo mengatakan, Elia Massa Manik memiliki rekam jejak yang membanggakan. Elia memiliki pengalaman bekerja di berbagai sektor, yakni dari properti, perkebunan, perbankan, hingga energi. Tidak hanya itu, Elia juga mampu mentransformasi Elnusa dan PTPN III.

“Penunjukkan Elia lebih ditekankan pada seleksi yang dilakukan Menteri BUMN dan menteri terkait soal leadership dan kapabilitas dalam membangun perusahaan" kata dia dalam jumpa pers di Jakarta, Kamis (16/3).

Dia berharap, penetapan direksi baru ini dapat semakin memperkokoh Pertamina dalam menjalankan peran strategisnya di sektor energi nasional. Utamanya, Pertamina harus mampu mencapai target kinerja yang telah direncanakan dan program-program utama. “Antara lain BBM Satu Harga dan proyek kilang, serta pengembangan sektor hulu yang bernilai puluhan miliar Dolar dalam beberapa tahun ke depan,” ujarnya.

Menurut Komisaris Utama Pertamina Tanri Abeng, pencapaian laba yang cukup besar tidak cukup untuk membuktikan kepemimpinan di Pertamina telah mumpuni. Pasalnya, pencapaian laba merupakan one time event, di mana dipengaruhi oleh harga minyak yang bagus dan penghematan. Namun, kejadian ini belum tentu akan terulang kembali.

Pertamina disebutnya hanya akan maju ketika pertumbuhan yang dicapai dapat berkesinambungan. Hal ini tidak dapat dicapai jika jajaran direksi Pertamina tidak solid. “jadi untuk mencapai sustainability, pertumbuhan yang berkesinambungan, itu tidak bisa dengan direksi itu bekerja sendiri-sendiri. Harusnya dari atas (direksi) solid dulu, setelah itu menghasilkan bottom line," papar dia. 

Elia dinilainya memiliki wawasan dan kemampuan yang mewakili keinginan Dewan Komisaris, yakni membangun kekuatan di Pertamina di jajaran direksi, bukan individual. Dewan direksi harus menjadi satu kesatuan untuk bisa mengambil keputusan yang tepat dan solid. Sebab jika tidak, maka keputusan yang dihasilkan tidak akan didukung oleh anggota direksi lainnya.

“Saya berpesan supaya yang utama dia (Dirut Elia) harus mampu membangun kerja sama tim. Karenanya, saya senang dengan kata-katanya Dirut Elia, bahwa tidak boleh ada yang ditutup-tutupi, kita harus terbuka dan berkomunikasi. Itu yang saya kira dibutuhkan Pertamina,” ujar Tanri.

Selain itu, untuk menjaga kinerja perusahaan tetap berkilau, Tanri juga berpesan agar Dewan Direksi lebih agresif dalam mengembangkan bisnis di sektor hulu migas. Pasalnya ketika bisnis hulu bagus dan harga minyak membaik, maka keuntungan perusahaan juga akan meningkat. Untuk itu, Pertamina harus meningkatkan cadangan migasnya, salah satunya dengan mencari sumber-sumber migas di negara lain.

“Kedua, Pertamina tidak pernah membangun kilang lagi selama 25 tahun, kita harus impor minyak. Ini kita sedang membangun kilang. Jadi apa yang tadinya belum dilakukan, ini yang dilakukan oleh tim yang sekarang ini. Itu memerlukan waktu, tidak bisa satu dua tahun, itu program 10 tahun,” kata dia.

Pengamat energi dari Center of Energy and Resources Indonesia (CERI) Yusri Usman mengatakan, semua pihak harus menghargai keputusan Presiden menetapkan Elia Masa Manik sebagai Dirut Pertamina.

“Saya percaya dia (Elia Masa Manik) akan mampu sehingga tugas utama mengkonsolidasikan 2 kubu yang sudah beku terbelah akibat struktur maut oleh Rini Soemarno dapat dilakukan. Mari kita beri dukungan penuh agar Elia Masa Manik bisa menyatukan kondisi tersebut menjadi kekuatan lebih baik dan bisa menciptkan efisiensi dan laba lebih besar dari direksi Iama, “ kata Yusri

Menurut dia, keberadaan Elia Masa Manik yang berasal dari luar Pertamina harus membuat suasana BUMN strategis itu menjadi kondusif. Sebab, banyak pekerjaan besar yang harus dikerjakan Pertamina seperti membangun kilang serta infrastruktur lainnya termasuk jaringan pipa gas jaringan gas kota dan kebutuhan industri agar tidak tergantung akan semakin tingginya impor LPG.

Investor Daily, Page-9, Friday, March, 17, 2017

Track Record Elia Can Help Pertamina

Selection Elia Massa Manik as the new leader of PT Pertamina did not escape the cold hands Graduates of Environmental Engineering ITB 1983 was addressing a state-owned company. In Letter Number: SK-52 / MBU / O3 / 2017 on Appointment of Members of the Board of Directors of PT Pertamina.

SOE Minister Rini Soemarno writing, Elijah election because the track record of performance, leadership, experience, and capabilities that can meet the needs of Pertamina in maintaining solidity as national energy company. Elia was considered successful in managing the estate holding.

For example, debt restructuring PTPN Group amounting to Rp 9.9 trillion of the total debt that needs to be restructured at Rp 15 trillion in eight PTPN. Settling by management to restore trust banking institutions.

      July 2011 - May 2014 he was in the trust as President Director of PT Elnusa Tbk. He was considered successful restructuring of the oil and gas services company to be able to make a profit loss and increase market capitalization.

Unloading Pertamina Boss 

     Elia Massa Manik had just been named the new Leader of Pertamina. He is Managing Director - Director (CEO) is the 14th since 1968 and Managing Director in the administration of both Pertamina Joko Widodo - Jusuf Kalla. Over 49 years, the average tenure of only 3.8 years Pertamina president. In the Suharto era, the average tenure Pertamina President is 5 years.

Two president even served for 8 years. Post-Soeharto, the average tenure of just 2.7 years Pertamina President, some have only served a year.

IN INDONESIAN

Rekam Jejak Elia Bisa Membantu Pertamina

Pemilihan Elia Massa Manik sebagai Pemimpin baru PT Pertamina tidak lepas dari tangan dingin Lulusan Teknik Lingkungan ITB tahun 1983 itu menangani sebuah perusahaan BUMN. Dalam Surat Nomor: SK-52/MBU/O3/2017 tentang Pengangkatan Anggota Direksi Perseroan PT Pertamina. 

Rini Soemarno Menteri BUMN menulis, pemilihan Elia karena rekam jejak kinerja, kepemimpinan, pengalaman, dan kapabilitas yang dapat memenuhi kebutuhan Pertamina dalam menjaga soliditas sebagai perusahaan energi nasional. Elia dianggap berhasil mengelola holding perkebunan.

Misalnya, restrukturisasi utang PTPN Group sejumlah Rp 9,9 triliun dari total utang yang perlu di restrukturisasi yakni Rp 15 triliun di delapan PTPN. Pembenahan yang dilakukan manajemen mengembalikan kepercayaan lembaga perbankan.

     Pada Juli 2011 - Mei 2014 ia di percaya sebagai Presdir PT Elnusa Tbk. Ia dinilai berhasil merestrukturisasi perusahaan jasa migas dari merugi hingga mampu mencelak laba dan meningkatkan kapitalisasi pasar.

Bongkar Pasang Bos Pertamina

Elia Massa Manik baru saja diangkat menjadi pemimpin baru Pertamina. Ia merupakan Direktur Utama - (Dirut) yang ke-14 sejak tahun 1968 dan Dirut kedua Pertamina di era pemerintahan Joko Widodo - Jusuf Kalla. Selama 49 tahun, rata-rata masa tugas Dirut Pertamina hanya 3,8 tahun. Di era Soeharto, rata-rata masa tugas Dirut Pertamina adalah 5 tahun.

Dua dirut bahkan pernah menjabat selama 8 tahun. Pasca Soeharto, rata-rata masa jabatan Dirut Pertamina hanya 2,7 tahun, bahkan ada yang hanya menjabat setahun.

Kontan, Page-14, Friday, March, 17, 2017

New skipper Ready Keeping solidity Pertamina

President Joko Widodo finally chose Elia Massa Manik, Director of Holding Plantation, President Director of PT Pertamina replace Acting Director of Pertamina Yenni Andayani. Joko Widodo selection choice contrary to the Board of Commissioners of Pertamina. 

     The Board of Commissioners of Pertamina then handed. Pertamina Upstream Director Syamsu Alam, Director of Processing and Petrochemical Rachmad megaproject Hardadi, and Acting Managing Director of Pertamina Yenni Andayani. Although the opposite, in fact, Elijah not new to Pertamina.

He never became the President Director of PT Elnusa Tbk (ELSA), a subsidiary of PT Pertamina. To that end, Elia Massa committed to continuously improve the performance of Pertamina starred in 2016, the latest audited net profit of US $ 3.15 billion. The net profit increased by 122% compared to net profit in 2015.

So that the performance of 2017 can exceed the performance in 2016, Elia Massa Manik own ways, one of which focused on structuring a human resources (HR) company. According to him, the arrangement is not only the systems and structures, but also how to cultivate the name of a more holistic human condition. "So we can be more competitive ahead with managerial ability is much better," he said, Thursday (16/3).

He said the current fast-paced business world. Companies need and must prepare humans Pertamina could face a volatile environment that may be more powerful in the future. In addition, Elia will make the board of directors to be more solid and compact in order to accelerate and responsible for Pertamina sizable investment.

"I am also reminded, that the board does not have a personal interest. The key to a solid team is on the board of directors, there can be no vested interest, it certainly starts with me," he said. It also applies to him. In order to maintain the integrity, Elia even willing fired by shareholders Pertamina. "If I can not contribute, I'm off the mark, certainly my scolds, fired only when necessary," he said.

He also stressed the importance of good communication and transparency in the running of companies like Pertamina. So that the target as a world class company in 2025 can be realized. Indeed Pertamina in 2025 expects to reach oil and gas production by 1.81 MBOPD and geothermal by 2.2 gigawatts (GW).

In the sector of the sale of gas, Pertamina is targeting 2025 to sell gas at a volume of 3.67 MMSCFD, gas pipelines 10,000 km, the number of gas networks as much as 200 841 house connections, and the number of SPBGs as many as 175 pieces. For new and renewable energy sector (EBT), Pertamina is targeting Iistrik capacity installed in 2025 was 4.5 GW to 3.8 GW for gas and renewable energy.

Processing sector in 2025 is expected to reach 2 million barrels of oil per day. For infrastructure development and marketing will be built up oporasional up to 30 days and the number of retail outlets increased to 8,150 units.

Commissioner of Pertamina, Mr. Abeng told, that Elijah borkomunikasi well with other directors. "For example, interest rates do not just finance director who knows, all members of the board of directors know, do not work alone, alone," he said.

IN INDONESIAN

Nakhoda Baru Siap Menjaga Kesolidan Pertamina

Presiden Joko Widodo akhirnya memilih Elia Massa Manik, Direktur Utama Holding Perkebunan, sebagai Direktur Utama PT Pertamina menggantikan Pelaksana Tugas Direktur Utama Pertamina Yenni Andayani. Pilihan Joko Widodo bertolak belakang dengan pilihan Dewan Komisaris Pertamina. 

    Dewan Komisaris Pertamina saat itu menyerahkan. Direktur Hulu Pertamina Syamsu Alam, Direktur Megaproyek Pengolahan dan Petrokimia Rachmad Hardadi, dan Plt Dirut Pertamina Yenni Andayani. Meski bertolak belakang, sejatinya, Elia bukan orang baru di Pertamina.

Dia pernah menjadi Presiden Direktur PT Elnusa Tbk (ELSA), anak usaha PT Pertamina. Untuk itu, Elia Massa berkomitmen terus meningkatkan kinerja Pertamina yang berkilau pada tahun 2016, yakni laba bersih yang telah diaudit sebesar US$ 3,15 miliar. Laba bersih tersebut meningkat sebesar 122% dibandingkan laba bersih tahun 2015.

Agar kinerja tahun 2017 bisa melebihi kinerja 2016, Elia Massa Manik memiliki cara, salah satunya fokus pada penataan sumber daya manusia (SDM) perusahaan. Menurutnya, penataan tidak hanya sistem dan struktur, tapi juga bagaimana menumbuhkan yang namanya kondisi SDM lebih holistik. “Sehingga kita bisa lebih bersaing ke depan dengan kemampuan manajerial yang jauh lebih baik," ungkap dia, Kamis (16/3). 

Dia, menyatakan, saat ini dunia bisnis bergerak cepat. Perusahaan membutuhkan dan harus mempersiapkan manusia-manusia Pertamina yang bisa menghadapi volatile environment yang mungkin akan lebih dahsyat ke depan. Selain itu, Elia akan membuat dewan direksi menjadi lebih solid dan kompak agar bisa berakselerasi dan bertanggungjawab terhadap investasi Pertamina yang cukup besar. 

"Saya juga mengingatkan, agar dewan direksi tidak memiliki kepentingan pribadi. Kunci tim yang solid adalah di direksi. tidak boleh ada vested interest, itu tentu dimulai dari diri saya," katanya. Hal itu juga berlaku pada dirinya. Demi menjaga integritas tersebut, Elia bahkan rela dipecat oleh pemegang saham Pertamina. “Kalau saya tidak bisa kontribusi, saya melenceng, tentu saya di tegur, bila perlu dipecat saja," tegasnya. 

Dia juga menekankan pentingnya komunikasi yang baik dan transparansi dalam menjalankan perusahaan seperti Pertamina. Sehingga target sebagai world class company di tahun 2025 bisa terwujud. Sejatinya Pertamina pada tahun 2025 menargetkan bisa mencapai produksi migas sebesar 1,81 MBOPD dan panas bumi sebesar 2,2 gigawatt (GW). 

Di sektor penjualan gas, Pertamina menargetkan pada tahun 2025 bisa menjual gas dengan volume sebesar 3,67 mmscfd, jalur pipa gas sepanjang 10.000 km, jumlah jaringan gas sebanyak 200.841 sambungan rumah, dan jumlah SPBG sebanyak 175 buah. Untuk sektor energi baru dan terbarukan (EBT), Pertamina menargetkan kapasitas Iistrik terpasang tahun 2025 sebesar 4,5 GW untuk gas dan 3,8 GW untuk EBT. 

Sektor pengolahan di tahun 2025 diharapkan mencapai 2 million barrel of oil per day. Untuk pengembangan infrastruktur dan marketing akan dibangun cadangan oporasional hingga 30 hari dan jumlah SPBU meningkat hingga 8.150 unit.

Komisaris Utama Pertamina, Tanri Abeng berpesan, agar Elia borkomunikasi dengan baik dengan direksi lain. "Misalnya, suku bunga jangan hanya direktur keuangan yang tahu, semua anggota direksi tahu, jangan bekerja sendiri, sendiri," kata dia.

Kontan, Page-14, Friday, March, 17, 2017

Agree to Appoints Elijah to be Managing Director of Pertamina

Coordinating Minister for Maritime Affairs and Resources, Luhut Binsar Pandjaitan said the appointment of Elia Massa Manik as Director of PT Pertamina is the President's decision. 

     He said there was no difference of opinion in the cabinet on the appointment of Elia. However, Luhut recognize Elijah election could take time because the President must be received many visits and out of the city. "The Cabinet one voice, all agree," said Luhut in his office, Jakarta, Thursday (16/3).

According Luhut, Elia Massa Manik figure is not a figure that is not familiar to him. President Director of PT Pertamina has previously worked with Luhut. He said that Elijah had a fairly good experience in the field of management and improvement of structuring.

According to him, Elijah is good enough to save Elnusa as One SOE is almost bankrupt. He considered saying Elijah had achievements in forming a holding company BUMN Plantation.

"He has worked with me and finish with a nice Elnusa. Then holding the plantation is also good, she was an expert in the field of restructuring and firmly, and I guess have a heart. We'll see the result," said Luhut. Luhut said forward Elia has an important task in Pertamina. 

    It says a lot that needs to be repaired by Elia in the body Pertamina. Besides the issue of restructuring repairs, Elia also had to make a financial scheme that is more efficient at Pertamina. "Efficiency is therefore one of pressure and use of content.

IN INDONESIAN

Sepakat Tunjuk Elia Menjadi Dirut Pertamina

Menteri Koordinator Bidang Maritim dan Sumber Daya, Luhut Binsar Pandjaitan mengatakan penunjukan Elia Massa Manik sebagai Direktur PT Pertamina merupakan keputusan Presiden. 

   Ia mengatakan tidak ada perbedaan pendapat di tubuh kabinet atas penunjukan Elia. Meski demikian, Luhut mengakui pemilihan Elia sempat menyita waktu sebab Presiden harus banyak menerima kunjungan dan ke luar kota. "Kabinet satu suara, semua sepaham," ujar Luhut di kantornya, Jakarta, Kamis (16/3).

     Menurut Luhut, sosok Elia Massa Manik bukan sosok yang tidak familier bagi dirinya. Direktur Utama PT Pertamina sebelumnya sudah pernah bekerja bersama Luhut. Dia mengatakan Elia memiliki pengalaman yang cukup baik dalam bidang manajemen dan perbaikan strukturisasi.

Menurutnya, Elia cukup baik menyelamatkan Elnusa sebagai Salah satu BUMN yang hampir pailit. Dia menilai mengatakan Elia memiliki prestasi dalam membentuk perusahaan induk atau holding BUMN Perkebunan. 

"Dia pernah bekerja sama saya dan menyelesaikan Elnusa dengan bagus. Kemudian holding perkebunan juga baik, dia ahli dalam bidang restrukturisasi dan tegas, dan saya kira punya hati. Kita lihat saja nanti hasilnya," ujar Luhut. Luhut mengatakan ke depan Elia mempunyai tugas penting dalam Pertamina. 

     Ia mengatakan banyak yang perlu diperbaiki oleh Elia di dalam tubuh Pertamina. Selain masalah perbaikan restrukturisasi, Elia juga harus membuat skema keuangan yang lebih hemat pada Pertamina. "Efisiensi karena itu salah satu tekanan dan penggunaan konten.

Harian Bangsa, Page-4, Friday, March, 17, 2017