Existing Feedback, Revised Revenue Rules

Sharing provisions based on gross production or gross split on regulations issued by the Ministry of Energy and Mineral Resources in January 2017 were revised. It happens because there are many inputs to this concept.

Regulation of the Minister of Energy and Mineral Resources Number 8 of 2017 which contains the provision of gross split is revised in Minister of Energy and Mineral Resources Regulation No. 52/20171 Deputy Minister of Energy and Mineral Resources Arcandra Tahar said the revision of gross split is motivated by various inputs from the economic side.

"From the inputs, we immediately conduct an evaluation. For the new rules, we use models based on the data we have, "said Arcandra, Friday (9/8), in Jakarta.

The model used is a production-sharing contract (PSC) calibrated in 12 different oil and gas field characteristics. In this model, in the fifth year the effective proportion of gross split is projected to be greater than the cost of recovery. In the scheme of the previous regulation, the effective proportion of gross split is projected to be greater than the cost of recovery in the sixth year.

ESDM Ministry involves several parties in the preparation of revisions of gross split. "One of them is from Indonesian Petroleum Association (IPA) and World Bank ," said Arcandra.

Of all revisions, Article 7 changed significantly. In the previous regulation, the Minister of Energy and Mineral Resources may add a percentage share of 5 percent to the contractor of commercial field calculation not reaching a certain economy. Conversely, if the calculation of commercialization of the field exceeds a certain economy, the ESDM Minister may add 5 percent to the state of the contractor.

Economic aspects

In the latest regulation, this 5 percent figure is eliminated. Arcandra said the discretion would go both ways.

"In the future, we not only consider the economic aspects, but also the technical aspects of the field and challenges. Based on that consideration, we will consider the incentives, "he said.

In addition to the elimination of figures on ministerial discretion, the proportion of gross split for contractors was also added. The next field development (POD II) will get an additional 3 percent for the contractor. In the previous rule POD II did not get any extra.

For the production phase, there is a profit-sharing increase for the contractor. In the previous rule, secondary production earned a 3 percent revenue share. Under the new rules, revenue share for secondary production is 6 percent. The secondary production stage refers to the production of oil by artificial efforts in supplying pressure to the reservoir.

Profit sharing for contractors at the tertiary production stage also increases. Previously, the 5 percent revenue share. In the new regulations, the proportion reaches 10 percent. Arcandra hopes that the revision of gross split will encourage oil and gas investment in Indonesia. IPA Executive Director Marjolijn Wajong welcomed the government's good intentions to attract investors.

"We agree with this latest gross split figure. Next week, we will discuss related taxes with the Minister Finance, "Marjolijn said.

IN INDONESIA

Ada Masukan, Aturan Bagi Hasil Direvisi

Ketentuan bagi hasil berdasarkan produksi kotor atau gross split pada peraturan yang diterbitkan Kementerian Energi dan Sumber Daya Mineral pada Januari 2017 direvisi. Hal itu terjadi karena ada banyak masukan terhadap konsep ini.

Peraturan Menteri Energi dan Sumber Daya Mineral Nomor 8 Tahun 2017 yang memuat ketentuan gross split direvisi dalam Peraturan Menteri ESDM No 52/20171 Wakil Menteri ESDM Arcandra Tahar mengatakan, revisi terhadap gross split dilatarbelakangi oleh berbagai masukan dari sisi ekonomi. 

”Dari masukan-masukan itu, kami langsung melakukan evaluasi. Untuk aturan baru, kami menggunakan model berdasarkan data yang kami miliki,” kata Arcandra, Jumat (8/9), di Jakarta.

Model yang digunakan yakni kontrak bagi produksi (PSC) dikalibrasi di 12 lapangan migas yang berbeda karakteristik. Dalam model ini, pada tahun kelima proporsi efektif gross split diproyeksikan lebih besar dibandingkan biaya pemulihan. Dalam skema pada peraturan sebelumnya, proporsi efektif gross split diproyeksikan lebih besar dari biaya pemulihan pada tahun ke enam.

Kementerian ESDM melibatkan beberapa pihak dalam penyusunan revisi gross split. ”Salah satunya dari Indonesian Petroleum Association (IPA) dan Bank Dunia,” kata Arcandra.

Dari seluruh revisi, Pasal 7 berubah secara signifikan. Pada peraturan sebelumnya, Menteri ESDM dapat menambahkan persentase bagi sebesar 5 persen pada kontraktor perhitungan komersialisasi lapangan tidak mencapai keekonomian tertentu. Sebaliknya, apabila perhitungan komersialisasi lapangan melebihi keekonomian tertentu, Menteri ESDM dapat menambahkan 5 persen untuk negara dari kontraktor.

Aspek keekonomian

Pada peraturan terbaru, angka 5 persen ini dihilangkan. Arcandra mengatakan, diskresi ini akan berjalan dua arah. 

”Ke depan, kami tidak hanya mempertimbangkan aspek keekonomian, tetapi juga aspek lapangan dan tantangan secara teknis. Berdasarkan pertimbangan itu, kami akan mempertimbangkan besar insentifnya,” ujarnya.

Selain penghapusan angka pada diskresi menteri, jumlah proporsi gross split untuk kontraktor juga ditambahkan. Pengembangan lapangan selanjutnya (POD II) akan mendapatkan tambahan 3 persen bagi kontraktor. Pada peraturan sebelumnya POD II tidak mendapatkan tambahan.

Untuk tahap produksi, ada kenaikan bagi hasil bagi kontraktor. Pada peraturan sebelumnya, produksi sekunder mendapatkan bagi hasil 3 persen. Berdasarkan peraturan baru, bagi hasil untuk produksi sekunder 6 persen. Tahap produksi sekunder mengacu pada produksi minyak dengan upaya buatan dalam memberikan tekanan ke reservoir.

Bagi hasil untuk kontraktor pada tahapan produksi tersier juga meningkat. Sebelumnya, bagi hasil 5 persen. Pada peraturan baru, proporsinya mencapai 10 persen. Arcandra berharap, revisi gross split akan mendorong investasi migas di Indonesia. Direktur Eksekutif IPA Marjolijn Wajong menyambut maksud baik pemerintah untuk menarik investor tersebut. 

”Kami sepakat dengan angka gross split terbaru ini. Minggu depan, kami akan mendiskusikan terkait pajak yang berlaku dengan Menteri Keuangan,” ujar Marjolijn.

Kompas, Page-19, Saturday, Sept 9, 2017

Optimize Utilization of Domestic Gas

Domestic gas reserves are still considered sufficient for some time to come, so it is not necessary to import gas in 2019 as planned.

"When viewed from the realization today is actually our gas is oversupply." In 2019 it could be before imports can even be backed down to 2023, "said Head of Marketing and Product Development Division of PT Perusahaan Gas Negara Tbk (PGN) Adi Munandir in a discussion entitled Efficiency Gas Industry Without Must Import in Bogor, West Java.

According to Adi, in addition to the adequacy of production, the dynamics of demand (demand) gas is also somewhat slowed so that there is no need for imports.

"Domestic gas consumption is slowing due to slowing industrial movement activity," he explained.

Adi said gas imports need to be viewed as a whole, not seen from cheap gas prices alone. He cited Singapore's price offer of US $ 4 per million metric British thermal unit (MMBTU),

"The price of US $ 4 per MMBTU in the form of LNG does not include liquidfaction process, then there are the shipping charges and others, so the calculation is still more expensive than domestic gas price," he explained.

According to him, what needs to be done is to optimize the utilization of domestic gas by building gas network infrastructure so that everything is integrated.

"Indonesia has no master plan about gas. It functions to integrate planning related to gas utilization, especially industrial development, industrial roadmap, natural gas production and infrastructure development. Development in the masterplan is integrated and synchronized, "he said.

IN INDONESIA

Optimalkan Pemanfaatan Gas dalam Negeri

Cadangan gas bumi  dalam negeri dinilai masih mencukupi untuk beberapa waktu ke depan sehingga belum perlu untuk mengimpor gas pada 2019 seperti yang pernah direncanakan.  

"Kalau dilihat dari realisasi hari ini sebenarnya gas kita itu oversupply." Pada 2019 bisa saja sebelum diperlukan impor bahkan mundur bisa ke 2023,” ujar Head of Marketing and Product Development Division PT Perusahaan Gas Negara Tbk (PGN) Adi Munandir dalam diskusi yang bertajuk Efisiensi Gas Industri Tanpa Harus Impor di Bogor, Jawa Barat.

Menurut Adi, selain kecukupan produksi, dinamika demand (permintaan) gas juga agak melambat sehingga belum ada kebutuhan untuk impor. 

“Konsumsi gas domestik ada perlambatan yang disebabkan aktivitas pergerakan industri yang juga melambat,” jelasnya.

Adi mengatakan impor gas perlu dilihat secara utuh, bukan dilihat dari harga gas yang murah saja. Dia mencontohkan penawaran harga dari Singapura yang mencapai US$ 4 per million metric British thermal unit (MMBTU), 

“Harga US$4 per MMBTU itu dalam bentuk LNG belum termasuk proses liquidfaction, kemudian ada bea pengiriman dan lain-Iain, jadi hitungannya masih lebih mahal daripada harga gas domestik,” jelasnya.

Menurut dia, yang perlu dilakukan adalah mengoptimalkan pemanfaatan gas dalam negeri dengam membangun infrastruktur jaringan gas agar semuanya terintegrasi. 

“Indonesia belum punya rencana induk soal gas. Itu fungsinya untuk mengintegrasikan perencanaan terkait pemanfatan gas, terutama pengembangan industri, roadmap industri, produksi gas bumi dan pengembangan infrastruktur. Pengembangan dalam masterplan diintegrasikan dan disinkronisasi waktunya,” ungkapnya.

Media Indonesia, Page-18, Friday, Sept 8, 2017

August, ICP Increases to US $ 48.43 Per Barrel

The average Indonesian Crude Price (ICP) in August was US $ 48.43 per barrel, up from US $ 45.48 per barrel in the previous month. While ICP SLC rose from US $ 46.35 per barrel to US $ 49.17 per barrel in August.

The increase in ICP is in line with rising crude oil prices in world markets. In August, the price of Dated Brent rose from US $ 48.56 per barrel to US $ 51.64 per barrel, Brent (ICE) increased from US $ 49.15 per barrel to US $ 51.87 per barrel, WTI soared from US $ 46.68 per barrel to US $ 48.06 per barrel and OPEC basket surged from US $ 46.93 per barrel to US $ 49.61 per barrel.

According to the Oil Price Team of Indonesia, there are several factors that boost the price of oil in the international market. First, based on the OPEC publication last August, world crude oil demand rose 110 thousand barrels per day (bpd) to 96.49 million bpd compared to the previous month. While growth in demand for oil and gas products was revised to 1.5 million bpd, 100 thousand bpd higher than the previous month.

"Secondly, based on the EIA (Energy Information Administration) USA report, the level of commercial crude oil stocks and distillate fuel oil United States during August fell compared to the previous month, "said the Indonesian Oil Price Team in a written statement on Thursday (7/9).

US crude oil stockpiles in August fell 18.7 million barrels to 463.2 million barrels. Later, distillate fuel oil stocks fell 1 million barrels to 148.4 million barrels. The decline in crude stocks also occurred in other developed countries, amounting to 19.2 million barrels referring to the IEA publication and 21.9 million barrels according to OPEC.

Not only that, the increase in crude oil prices is also influenced by a positive market response in which market players continue to monitor the level of rig usage in the United States. Based on Baker Hughes Incorporated data, the number of drilling rigs in the United States fell by 4 rigs in one week in August to 954 rigs.

"As for the Asia Pacific region, rising prices are also influenced by increased demand for crude oil in China and improving the country's economy, as written in the OPEC publication, "said the Indonesian Oil Price Team.

The average magnitude of ICP during January to August, still survives in the range of US $ 45-50 per barrel. At the beginning of the year, ICP briefly reached US $ 50 per barrel, at US $ 51.88 per barrel in January and US $ 52.5 per barrel in February. Then, ICP fell to US $ 48.71 per barrel in March, continuing to increase to US $ 49.56 per barrel in April.

However, ICP fell back to US $ 47.09 per barrel in May and hit a low of $ 43.66 per barrel in June this year in June. After that ICP rose again to US $ 45.48 per barrel in July and US $ 48.43 per barrel in August. Thus, the average ICP of January - August is US $ 48.41 per barrel, slightly different with the assumption of ICP in the State Budget of US $ 48 per barrel.

IN INDONESIA

Agustus, ICP Naik Menjadi US$ 48,43 Per Barel

Rata-rata harga minyak Indonesia (Indonesian Crude Price/ICP) pada Agustus lalu tercatat sebesar US$ 48,43 per barel, naik dari bulan sebelumnya US$ 45,48 per barel. Sementara ICP SLC naik dari US$ 46,35 per barel menjadi US$ 49,17 per barel pada Agustus ini.

Peningkatan ICP ini sejalan dengan kenaikan harga minyak mentah di pasar dunia. Pada Agustus lalu, harga Dated Brent naik dari US$ 48,56 per barel menjadi US$ 51,64 per barel, Brent (ICE) meningkat dari US$ 49,15 per barel menjadi US$ 51,87 per barel, WTI melejit dari US$ 46,68 per barel menjadi US$ 48,06 per barel serta Basket OPEC melonjak dari US$ 46,93 per barel menjadi US$ 49,61 per barel.

Menurut Tim Harga Minyak Indonesia, terdapat beberapa faktor yang mendongkrak harga minyak di pasar internasional. Pertama, berdasarkan publikasi OPEC Agustus lalu, permintaan minyak mentah dunia naik 110 ribu barel per hari (bph) menjadi 96,49 juta bph dibanding bulan sebelumnya. Sementara pertumbuhan permintaan produk migas direvisi menjadi 1,5 juta bph, 100 ribu bph lebih tinggi dari bulan sebelumnya.

“Kedua, berdasarkan laporan EIA (Energy Information Administration) USA, tingkat stok minyak mentah komersial dan distillate fuel oil Amerika Serikat selama Agustus turun dibanding bulan sebelumnya,” kata Tim Harga Minyak Indonesia dalam keterangan tertulisnya, Kamis (7/9).

Stok minyak mentah komersial di Amerika Serikat pada Agustus lalu turun 18,7 juta barel menjadi sebesar 463,2 juta barel. Kemudian, stok distillate fuel oil turun 1 juta barel menjadi sebesar 148,4 juta barel. Penurunan stok minyak mentah juga terjadi di negara-negara maju lainnya, yakni sebesar 19,2 juta barel mengacu pada publikasi IEA dan 21,9 juta barel menurut OPEC.

Tidak hanya itu, peningkatan harga minyak mentah juga dipengaruhi respon positif pasar di mana pelaku pasar terus mengawasi tingkat penggunaan rig di Amerika Serikat. Berdasarkan data Baker Hughes Incorporated, jumlah drilling rig di Amerika Serikat turun sebanyak 4 rig dalam satu pekan pada Agustus menjadi 954 rig.

“Sementara untuk kawasan Asia Pasifik, peningkatan harga juga dipengaruhi peningkatan permintaan minyak mentah di Tiongkok dan membaiknya perekonomian negara tersebut, seperti tertulis dalam publikasi OPEC,” kata Tim Harga Minyak Indonesia.

Besaran rata-rata ICP selama Januari hingga Agustus lalu, masih bertahan pada kisaran US$ 45-50 per barel. Di awal tahun, ICP sempat mencapai US$ 50 per barel, yakui US$ 51,88 per barel pada Januari dan US$ 52,5 per barel pada Februari. Kemudian, ICP turun menjadi US$ 48,71 per barel pada Maret, dilanjutkan peningkatan menjadi US$ 49,56 per barel pada April.

Namun, ICP kembali turun menjadi US$ 47,09 per barel pada Mei dan mencapai titik terendah di tahun ini US$ 43,66 per barel pada Juni. Setelahnya ICP kembali naik menjadi US$ 45,48 per barel pada Juli dan US$ 48,43 per barel pada Agustus. Sehingga, rata-rata ICP Januari - Agustus yakni US$ 48,41 per barel, beda tipis dengan asumsi ICP dalam APBN US$ 48 per barel.

Investor Daily, Page-9, Friday, Sept 8, 2017

PGN Suffers Out of Business Pressure

PGN still relies on its subsidiaries to create new products and efficiency programs

The business of PT Perusahaan Gas Negara Tbk (PGN) in the first half of 2017 is still not enthusiastic. In the first half of 2017, PGN revenues amounted to US $ 1.41 billion. The value is down 4% compared to the same period last year. Meanwhile, PGN's net profit was US $ 50.29 million, down 67% compared to the same period last year which reached US $ 152.45 million.

Pressure to pressure is being experienced by issuers coded PGAS shares in the Indonesia Stock Exchange. One of the pressures came from Government Regulation No. 44/2017 on Gas Price Determination. The regulation requires industrial gas prices to be lowered, with the highest price setting at US $ 6 per million metric british, thermal unit (mmbtu).

In fact, PGN sold the gas price to the industry with the highest US $ 14 per mmbtu. In addition, BPH Migas is currently intensively incessantly lowering toll fees in all gas pipelines. So far that has been derived is the toll fee of Arun-Belawan pipeline, previously US $ 2.53 per mscf to US $ 1.54 per mscf.

Anticipate the decline in company performance until the end of the year. Head of Marketing and Product Development Division of PGN Adi Munandir stated that his company is trying to increase sales and efficiency. For example, creating products that support customers, such as providing incentives to selected industries.

"We optimize our efficiency and operations, so we hope that performance will be maintained, increase sales, improve efficiency," Adi said, Thursday (7/9).

PGN is evaluating several business development opportunities, including through subsidiaries. Such as PT Gagas Energi Indonesia with initiative development of compressed natural gas (CNG) distribution, Liquefied natural gas (LNG) retail, to supply gas for power generation.

There is also PT Pegaskom, a subsidiary of PGN in the field of fiber optics. This business was built by PGN when building the infrastructure of South Sumatra West Java (SSWJ).

Initially these optical fibers were only used for PGN purposes in optimizing the network. But there is a remaining capacity that can be used for other business activities. Adi admitted fiber optic business has contributed positively to this company.

"Its contribution when compared with existing existing exists. But the contribution started positive, has started to increase, there have been improvements, all subsidiaries can contribute positively to support the PGN group business, "explained Adi.

While in the new business, the red plate gas company is still doing an evaluation. until now PGN is focusing on optimizing subsidiaries, such as power generation, Saka Energy, and fiber optics earlier.

"The declare we are still optimizing, the new is still in the evaluation," he said.

Beyond the subsidiary business development, PGN also develops a major business in gas infrastructure. Adi said that PGN is currently developing a gas distribution network in Dumai, developing Duri-Dumai, Central Java and East Java transmission.

In the near future, Adi is sure that the Dumai distribution pipeline can be completed soon. PGN also targets the distribution of this distribution pipeline to be completed next year. If Dumai's distribution pipeline is complete, Adi believes there will be growth of the gas user industry.

"In the early stages we can see that Dumai's allocation has been 37 bbtud." We tried to monetize it all and optimize the distribution at Dumai-Riau Island, "he explained.

PGN is also depressed in Kepodang Field

Nasib Petronas Carigali and PT Saka Energi Indonesia, a subsidiary of PT Perusahaan Gas Negara Tbk (PGN) will be determined the results Lemigas research related to the production of Kepodang Field production in Muriah Block, Central Java. Just to remind Petronas to buy 80% stake in Blok Muriah from BP in 2013, while Saka bought 20% stake from Sunny Ridge Offshore in 2015.

However, the fact that 2015 new field production is expected to be exhausted or empty by 2018. Senior Manager of Corporate A ffair & Administration Petronas Carigali Indonesia Andiono Seuawan stated that with Kepodang problem, it will discuss and coordinate with PLN and PT Kalimantan Jawa Gas (KJG).

"Surely, whatever the outcome of Lemigas, what kind of results, we wait," he said.

Until now Kepodang Field is still flowing gas. It's just that the gas production does not reach the target. Previously Petronas project, Kepodang Field production can reach 116 mmscfd. Currently only 70 mmscfd-80 mmscfd.

Muriah Block-Petronas

IN INDONESIA

PGN Berjibaku Keluar dari Tekanan Bisnis

PGN masih mengandalkan anak usaha untuk membuat produk baru dan program efisiensi

Bisnis PT Perusahaan Gas Negara Tbk (PGN) pada semester I-2017 masih tidak bergairah. Semester I-2017, pendapatan PGN sebesar US$ 1,41 miliar. Nilai tersebut turun 4% dibandingkan dengan periode yang sama tahun lalu. Sementara laba bersih PGN tercatat US$ 50,29 juta, merosot 67% dibandingkan dengan periode sama tahun lalu yang mencapai US$ 152,45 juta.

Tekanan demi tekanan sedang dialami oleh emiten berkode saham PGAS di Bursa Efek Indonesia itu. Salah satu tekanan itu bersumber dari Peraturan Pemerintah No 44/2017 tentang Penetapan Harga Gas Bumi. Peraturan tersebut meminta harga gas industri diturunkan, dengan ketetapan harga paling tinggi US$ 6 per million metric british, thermal unit (mmbtu).

Padahal, PGN menjual harga gas ke industri paling tinggi US$ 14 per mmbtu. Selain itu, saat ini BPH Migas sedang gencar-gencarnya menurunkan toll fee di semua ruas pipa gas. Sejauh ini yang sudah diturunkan adalah toll fee pipa Arun-Belawan, sebelumnya US$ 2,53 per mscf menjadi US$ 1,54 per mscf.

Mengantisipasi turunnya kinerja perusahaan sampai akhir tahun. Head of Marketing and Product Development Division PGN Adi Munandir menyatakan, pihaknya sedang berusaha meningkatkan penjualan dan efisiensi. Misalnya, menciptakan produk yang mendukung pelanggan, seperti memberi insentif ke industri-industri terpilih.

"Kami mengoptimalkan efisiensi dan operasi. Dengan cara begitu kami berharap kinerja bisa terjaga. Meningkatkan penjualan, meningkatkan efisiensi," kata Adi, Kamis (7/9).

PGN sedang mengevaluasi beberapa peluang-peluang pengembangan usaha ,termasuk melalui anak usaha. Semisal PT Gagas Energi Indonesia dengan inisiatif pengembangan distribusi compressed natural gas (CNG), Liquefied natural gas (LNG) ritel, hingga memasok gas untuk pembangkitan tenaga listrik.

Ada juga PT Pegaskom, anak usaha PGN di bidang serat optik. Usaha ini dibangun oleh PGN saat membangun infrastruktur South Sumatra West Java (SSWJ).

Awalnya serat optik ini hanya digunakan untuk keperluan PGN dalam mengoptimalisasi jaringan. Namun ada sisa kapasitas yang bisa digunakan untuk kegiatan usaha lain. Adi mengaku usaha serat optik sudah berkontribusi positif bagi perseroan ini.

“Kontribusinya kalau dibanding dengan eksisting masih besar eksisting. Tapi kontribusi mulai positif, sudah mulai meningkat, sudah ada perbaikan, semua anak perusahaan bisa berkontribusi positif untuk mendukung bisnis grup PGN," terang Adi.

Sementara di bisnis baru, perusahaan gas plat merah ini masih melakukan evaluasi. hingga saat ini PGN sedang fokus pada optimalisasi anak usaha, seperti pembangkitan tenaga listrik, Saka Energy, dan serat optik tadi. 

"Yang sudah declare kami masih optimalkan. Yang baru masih dalam evaluasi," ujarnya.

Di luar pengembangan bisnis anak usaha, PGN juga mengembangkan bisnis utama di bidang infrastruktur gas. Adi menuturkan, saat ini PGN sedang mengembangkan jaringan distribusi gas di Dumai, pengembangan transmisi Duri-Dumai, Jawa Tengah dan Jawa Timur.

Dalam waktu dekat, Adi yakin pengerjaan pipa distribusi Dumai bisa segera rampung. PGN pun menargetkan ruas pipa distribsui ini bisa rampung tahun depan. Jika pipa distribusi Dumai selesai, Adi yakin akan ada pertumbuhan industri pengguna gas. 

"Tahap awal kami bisa lihat alokasi Dumai sudah dapat 37 bbtud. Kami mencoba monetisasi itu semua dan mengoptimalkan distribusi di Dumai-Kepualaun Riau," jelasnya.

PGN Juga Tertekan di Lapangan Kepodang

Nasib Petronas Carigali dan PT Saka Energi Indonesia, anak usaha PT Perusahaan Gas Negara Tbk (PGN) akan ditentukan hasil

penelitian Lemigas terkait ponurunan produksi Lapangan Kepodang di Blok Muriah Jawa Tengah. Sekedar mengingatkan Petronas membeli 80% saham Blok Muriah dari BP pada tahun 2013, sedangkan Saka membeli 20% saham dari Sunny Ridge Offshore pada tahun 2015. 

Namun kenyataanya lapangan yang baru produksi 2015 diperkirakan akan habis atau kosong tahun 2018. Senior Manager Corporate A ffair & Administration Petronas Carigali Indonesia Andiono Seuawan menyatakan dengan adanya masalah Kepodang, pihaknya akan berdiskusi dan berkoordinasi dengan pihak PLN dan PT Kalimantan Jawa Gas (KJG).

"Pasti, apapun hasil dari Lemigas, hasilnya seperti apa, kami tunggu," kata dia.

Hingga saat ini Lapangan Kepodang masih mengalirkan gas. Hanya saja produksi gasnya tidak mencapai target. Sebelumnya Petronas memproyeksi, produksi Lapangan Kepodang bisa mencapai 116 mmscfd. Saat ini hanya 70 mmscfd-80 mmscfd.

Kontan, Page-18, Friday, Sept 8, 2017

Pertamina Gets Diesel Oil Export Permit

Pertamina's Marketing Director Muchamad lskandar said the permit was obtained due to the company's high diesel production. Meanwhile, Pertamina's petroleum storage has been almost full since 3 months ago.

"Already given the Director General of Oil and Gas [Ministry of Energy and Mineral Resources] permission since last month. If there is an excess we ask permission first. So, one day if there is excess solar can be exported quickly, "he said at the House of Representatives, Wednesday (6/9).

The permit will enable Pertamina to export diesel for six months and can be extended as needed. If it is exported, it still has to go through the auction process.

He revealed that Pertamina's gas stock has reached 1.87 million kiloliters (KL). The amount is able to meet consumption needs up to 26 days or much longer than the normal limitations for 19 days only.

With the permit, he considered that Pertamina has an option if diesel consumption does not increase. That way, there is no need to shut down refinery operations due to insufficient capacity.

"So this is just in case the refinery is not operating," he said.

Iskandar revealed that in recent months, diesel consumption is likely to decline. One of them is from the mining sector which tends to stagnate. Meanwhile, the Director General of Oil and Gas of the ESDM Ministry Ego Syhahrial said that the diesel export permit granted by the government to Pertamina is accompanied by several requirements. Pertamina is required to meet domestic demand first before exporting diesel fuel.

"The policy will be offered first to the country. So, it will not be rash, "he said.

CRUDE OIL

Meanwhile, the average price of Indonesia crude price (ICP) in August was set at US $ 48.43 per barrel, up US $ 2.95 per barrel from the previous month at US $ 45.48 per barrel. Meanwhile, ICP SLC in August reached US $ 49.17 per barrel or increased by US $ 2.82 per barrel from July 2017 worth US $ 46.35 per barrel.

Citing the Directorate General of Oil and Gas, the price of crude oil in the international market has increased due to several factors. First, based on OPEC's publication in August 2017, the projected global crude oil demand this year rose by 0.11 million barrels per day compared to the previous month's projection of 96.49 million barrels per day. In addition, global oil product demand growth in 2017 has been revised up by 0.1 million barrels per day compared to the previous month's report to 1.5 million barrels per day.

Second, according to the Energy Information Administrarion (EIA) report, the level of US crude oil stocks and distillate fuel oil during August 2017 decreased compared to July 2017.

Third, the market's positive response, ie market participants will continue to monitor the level of use of oil drilling tools (rigs) in the United States. Meanwhile, based on data from Baker Hughes Incorporated, there was a decrease in the number of drilling rigs in the United States, down by four rigs in one week in August 2017 to 954 rigs.

Previously, the Downstream Oil and Gas Regulatory Agency (BPH Migas) wanted a representative institution in the region to tighten the supervisory duties of subsidized fuel oil distribution, especially those allocated to fishermen. Head of BPH Migas M. Fanshurullah Asa said it will increase supervision of subsidized fuel distribution to fishermen will be more targeted.

IN INDONESIA

Pertamina Kantongi Izin Ekspor Minyak Diesel

Direktur Pemasaran Pertamina Muchamad lskandar mengatakan bahwa izin tersebut diperoleh karena produksi solar perseroan yang cukup tinggi. Adapun, penyimpanan solar Pertamina sudah hampir penuh sejak 3 bulan lalu. 

“Sudah diberikan Dirjen Migas [Kementerian ESDM] izinnya sejak bulan lalu. Kalau terjadi excess [kelebihan produksi] kami minta izin dulu. Jadi, suatu saat kalu ada excess solar itu bisa cepat diekspor,” ujarnya di gedung DPR, Rabu (6/9).

Izin tersebut membuat Pertamina bisa melakukan ekspor solar selama 6 bulan dan bisa diperpanjang sesuai dengan kebutuhan. Jika jadi diekspor, maka tetap harus melalui proses lelang.

Dia mengungkapkan stok solar Pertamina saat ini sudah mencapai 1,87 juta kiloliter (KL). Jumlah tersebut mampu untuk memenuhi kebutuhan konsumsi hingga 26 hari atau jauh lebih lama dari batasan normal selama 19 hari saja.

Dengan izin tersebut, dia menilai bahwa Pertamina memiliki opsi apabila konsumsi solar tidak meningkat. Dengan begitu, tidak perlu ada penghentian operasi kilang akibat kapasitasnya yang tidak memadai. 

“Jadi, ini hanya untuk jaga-jaga jangan sampai kilang setop operasinya,” ujarnya.

Iskandar mengungkapkan bahwa dalam beberapa bulan terakhir, konsumsi solar cenderung mengalami penurunan. Salah satunya dari sektor pertambangan yang cenderung stagnasi. Sementara itu, Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Ego Syhahrial mengatakan bahwa izin ekspor solar yang diberikan pemerintah kepada Pertamina disertai dengan beberapa persyaratan.

Pertamina wajib memenuhi kebutuhan dalam negeri terlebih dahulu sebelum mengekspor solar. 

“Policy-nya akan ditawarkan dulu ke dalam negeri. Jadi, tidak akan gegabah,” tuturnya.

MINYAK MENTAH  

Sementara itu, rata-rata harga minyak mentah Indonesia (Indonesia crude price/ICP) Agustus ditetapkan senilai US$ 48,43 per barel atau naik US$ 2,95 per barel dari bulan sebelumnya senilai US$ 45,48 per barel. Adapun, ICP SLC Agustus mencapai US$ 49,17 per barel atau naik sebesar US$2,82 per barel dari Juli 2017 senilai US$ 46,35 per barel.

Mengutip situs Dirjen Migas, harga minyak mentah utama di pasar internasional mengalami peningkatan yang diakibatkan oleh beberapa faktor. Pertama, berdasarkan publikasi OPEC pada Agustus 2017, proyeksi permintaan minyak mentah global tahun ini naik 0,11 juta barel per hari dibandingkan dengan proyeksi bulan sebelumnya menjadi sebesar 96,49 juta barel per hari.

     Selain itu, pertumbuhan permintaan produk minyak global pada 2017 telah direvisi naik 0,1 juta barel per hari dibandingkan dengan laporan bulan sebelumnya menjadi 1,5 juta barel per hari.

Kedua, berdasarkan laporan Energy Information Administrarion (EIA), tingkat stok minyak mentah komersial dan distillate fuel oil Amerika Serikat selama Agustus 2017 mengalami penurunan dibandingkan dengan Juli 2017.

Ketiga, respon positif pasar, yaitu pelaku pasar akan terus mengawasi tingkat penggunaan alat pengeboran minyak (rig) di Amerika Serikat. Sementara itu, berdasarkan data Baker Hughes Incorporated, terdapat penurunan jumlah drilling rig di Amerika Serikat, yaitu turun sebanyak empat rig dalam 1 pekan pada Agustus 2017 menjadi 954 rig.

Sebelumnya, Badan Pengatur Hilir Minyak dan Gas Bumi (BPH Migas) menginginkan ada institusi perwakilannya di daerah untuk memperketat tugas pengawasan penyaluran bahan bakar minyak bersubsidi, khususnya yang dialokasikan kepada nelayan.

Kepala BPH Migas M. Fanshurullah Asa mengatakan, pihaknya akan meningkatkan pengawasan penyaluran bahan bakar minyak bersubsidi ke nelayan akan agar lebih tepat sasaran.

Bisnis Indonesia, Page-28, Friday, Sept 8, 2017

PGN insists Petronas must pay for Kepodang Liability

State-owned gas firm PGN has asserted that Malaysian energy firm Petronas is still obliged to pay for contracted gas transportation through the Kalimantan-Java (Kalija) I pipeline, despite the force majeure declared at the Kepodang field operated by Petronas in Jepara, Central Java.

The Upstream Oil and Gas Regulatory Special Task Force (SKK-Migas) recently announced force majeure at the Kepodang field in the Muriah block, which is projected to run out of gas reserves in 2018, nine years earlier than previously estimated.

Muriah Block-Petronas

“The force majeure status only applies to the gas sales agreement, not for the transportation agreement,” PGN chief financial officer Nusantara Suyono told The Jakarta Post on Tuesday. “As there is a ship-or-pay clause in the transportation agreement, Petronas will still have to pay even though there is no gas to be transported from the Kepodang field.”

Petronas previously signed a gas sales agreement with state electricity firm PLN, in which the former committed to supplying 116 million standard cubic feet per day (mmscfd) of gas produced at Kepodang field within a 12-year period from 2015 for the latter’s 1,000 megawatt (MW) Tambak Lorok combined-cycle power plant (PLTGU) in Semarang, Central Java.

In relation to the gas transmission, the Malaysia-based energy firm sealed an additional agreement With PT Kalimantan Jawa Gas (KJG)  a joint venture between PGN and investment company PT Bakrie & Brothers, with 80 percent and 20 percent ownership, respectively.

KJG is obliged to transmit the gas through the Kalija I pipeline, which costs US$266.75 million and spans 201 kilometers from the Kepodang field to the Tambak Lorok facility, with a fee of $2,236 per thousand standard cubic feet (mscf) of gas for the 12-year period.

Previously PLN strategic procurement director Supangkat Iwan Santoso stated the company would probably prefer to terminate its gas sales agreement with Petronas although the latter tried approaching it to replace the gas supply from other sources. 

Moreover, he said the gas price from the Kepodang field was too high, at $4.61 per million British' thermal units (mmbtu) with an escalation of 8.6 percent a year.

“The escalation is too high. Now, the price has reached $7 per mmbtu at our Tambak Lorok plant and will surpass $10 within the next iive years,” Iwan said. 

Hence, PLN is considering alternative sources of energy for its Tambak Lorok facility, perhaps even liquefied natural gas (LNG). The company also still has gas supplier amounting to 46 mmscfd from the Gundih gas block in Blora, Central Java, which is operated by Pertamina EP the upstream subsidiary of state-owned energy giant Pertamina.

Meanwhile, Petronas has stated that it will still supply gas to PLN until 2018, even though the capacity might only reach 70 mmscfd. The unexpected force majeure at Kepodang has also affected PGN, which owns 20 percent of the field through its upstream subsidiary PT Saka Energi Indonesia. ‘As force majeure has been declared, we have to record it as an impairment loss,” Nusantara said. 

Within the first six months of 2017, PGN could only distribute 749 mmscfd and transmit 721 mmscfd of gas, seeing an annual decrease of 5.9 percent and 11.6 percent, respectively; as a result of slower demand amid a sluggish economy.

At the same time, the company was also hit by the governments decision to cut end-user gas prices to below $6 per mmbtu for the petrochemical, fertilizer and steel industries at the beginning of this year.

As a result, PGN’s net revenues fell by 1.95 percent to $1.4 billion, While its net profits plunged even further by 67 percent to $ 50.3 million. In July, PGN had squared syndicated loans worth $650 million it received from five different financial institutions in 2014, two years ahead of their maturity date of 2019 after the firm decided to delay expansion plans following the declining financial performance.

The syndicated loans came from ANZ Banking Group, the Bank of Tokyo-Mitsubishi URL Citigroup Global Markets Singapore, the Hongkong and Shanghai Banking Corporation, and Sumitomo Mitsui Banking Corporation.

Jakarta Post, Page-18, Thursday, Sept 7, 2017

S’pore gas deal to make PLN efficient

State electricity company PT Perusahaan Listrik Negara (PLN) is exploring the opportunity to make a gas swap deal with Singaporean energy companies Keppel Corporation and Pavilion Energy to simplify its supply chain and operate more efficiently.

PLN previously signed a memorandum of understanding with the two Singaporean firms to conduct a joint study for the development of several kinds of gas infrastructure, including storage and regasification facilities for liquefied natural gas (LNG) in and around the northern part of Sumatra.

This infrastructure will support the operations of PLN’s power plants in the region, including one with a capacity of 200 megawatts (MW) in Tanjung Pinang and another one with a capacity of 40 MW in Natuna, both in Riau Islands.

“In the initial design for the infrastructure development, we wanted to use LNG from the Bontang refinery [in East Kalimantan]. Then, there was a discussion over the possibility of a swap deal, in which we might be able to take the LNG from Singapore,” PLN corporate planning director Nicke Widyawati said on Wednesday

“The distance to transport the LNG from Singapore is shorter compared to shipments from Bontang. Hence, logically, the swap deal will reduce our logistics costs. However, we still have to review it further.”

In return, PLN will substitute the LNG cargo from its Singaporean partners with, the cargo produced in Bontang. Then, Keppel or Pavilion can use LNG from Bontang to support their operations in Indonesia or in other markets.

“The companies can decide for themselves where they will deliver the LNG from Bontang. But the most important thing is this swap deal has to lead to lower logistics costs for all parties,” said Supangkat Iwan Santoso, PLN’s procurement director.

PLN hinted that the fee to store, regasifi and transport LNG with facilities owned by Keppel and Pavilion might stand at US$3.80 per Million British Thermal Units (mmbtu).

As a comparison, PT Nusantara Regas, a joint venture between state energy companies Pertamina and PGN, sets a fee of $2 per mmbtu for its floating storage and re-gasification unit (FSRU) in West Java.

Meanwhile, Pertamina has set a price of $1.5 per mmbtu for its Arun LNG storage and regasification terminal in Aceh. The price for using these two facilities is lower, but they do not include shipping fees. On the other hand, Keppel and Pavilion can use small vessels to deliver the LNG from Singapore, which is located close to Riau Islands.

Now, PLN expects the government to further discuss and conclude the swap deal during a bilateral meeting between President Joko “Jokowi” Widodo and Singapore Prime Minister Lee Hsien Loong in Singapore on Thursday.

Coordinating Maritime Affairs Minister Luhut Binsar Pandjaitan said the swap deal would encourage domestic LNG suppliers to become more competitive.

“We will assess the cost. If it’s cheaper, we will consider it,” Luhut said.

Previously, he said the government would buy LNG from Singapore to fuel several power plants, including plants in Nias, North Sumatra and Lhoksemauwe in Aceh. Satya Widya Yudha, the deputy chairman of House of Representatives Commission VII overseeing energy, also said "that such a deal, if realized, could lead to lower energy costs, which would eventually boost the country’s competitiveness and economic growth.

Satya Widya Yudha

The government recently launched the 2016-2030 roadmap for gas infrastructure development, estimated to require a total investment value of $48.2 billion. The government will need around 1,100 mmscfd of gas to generate 13,432 MW of electricity under its 35,000 MW program. This program is expected to increase the nation’s electricity reseiye margin to 30 percent by 2019.

Jakarta Post, Page-17, Thursday, Sept 7, 2017

Oil and Gas Industry Needs License Pruning

The reluctant attitude shown by the government has led to a decline in oil and gas exports in the last 20 years. The condition is accompanied by high needs that are not accompanied by adequate productivity. This is what causes Indonesia to be an importer of oil to cover domestic needs, "said Arif Gunawan, Secretary General of the Indonesian Geophysics Association (HAGI), in Media Gathering with Joint Operation Body Pertamina Petrochina East Java (JOB P-PEJ) in Banyuwangi on Wednesday (6/9).

According to him, the oil and gas sector can still be saved to become a strategic industry, one of them by providing stimulus by simplifying and cutting permit lines that reach hundreds of times.

"Exploration must be improved. That way, foreign exchange will rise. Therefore, this foreign exchange is driven by enhanced oil recovery (EOR) that can boost oil and gas production, "said Arif.

He added that currently many explorations are running alone. The problem is, exploration must be through permits that reach 373 scattered in 19 ministries and agencies. Clearly these complicated licensing matters make investors less likely to be lazy to explore the field.

In fact, to achieve ideal production must be increased 300 percent of existing production. While domestic oil production until 2016 ranges from 825-850 thousand barrels per day. The need reaches 1.5 to 1.6 million barrels per day.

"Our proposal should be increased by 500 percent. It is a safe number for imports to be suppressed, and optimize production of not less than 567,7 thousand barrels per day until 2025, "explained the former member of National Exploration Committee (KEN).

He said that the higher the dependence on oil imports, causing the weakening of the rupiah, eroding foreign exchange reserves, and burdening the trade balance.

Moreover, oil and gas production and demand in Indonesia is not comparable. Currently oil reserves in Indonesia until 2015 only 0.22 percent of the world's total oil reserves. The world's oil reserves are still controlled by Venezuela with a total of 17.54 percent, with production reaching 298 million barrels.

IN INDONESIA

Industri Migas Perlu Pemangkasan Perijinan

Sikap ogah-ogahan yang ditunjukkan pemerintah menyebabkan merosotnya ekspor migas dalam 20 tahun terakhir. Kondisi tersebut dibarengi dengan tingginya kebutuhan yang tidak diiringi produktivitas memadai. Hal ini yang menyebabkan Indonesia menjadi pengimpor minyak untuk menutupi kebutuhan dalam negeri," kata Arif Gunawan, Sekretaris Jenderal Himpunan Ahli Geofisika Indonesia (HAGI), dalam Media Gathering dengan Joint Operation Body Pertamina Petrochina East Java (JOB P-PEJ) di Banyuwangi, Rabu (6/9). 

Menurut dia, sektor migas masih bisa diselamatkan untuk menjadi industri strategis, salah satunya dengan memberi stimulus dengan mempermudah dan memangkas jalur perizinan yang mencapai ratusan kali.

“Eksplorasi harus ditingkatkan. Dengan begitu, devisa akan naik. Sebab, devisa ini digerakkan oleh enhanced oil recovery (EOR) yang bisa mendorong produksi migas,” ucap Arif.

Dia menambahkan, saat ini banyak eksplorasi yang berjalan sendiri. Masalahnya, eksplorasi harus melalui perizinan yang mencapai 373 yang tersebar di 19 kementerian dan lembaga. Jelas lika-liku perizinan yang rumit ini membuat investor cenderung malas melakukan eksplorasi lapangan.

Padahal, untuk mencapai produksi ideal harus ditingkatkan 300 persen dari produksi eksisting. Sementara produksi minyak dalam negeri hingga tahun 2016 berkisar 825-850 ribu barel per hari. Adapun kebutuhannya mencapai 1,5 hingga 1,6 juta barel per hari.

“Usulan kami harus dinaikkan hingga 500 persen. Itu angka aman agar impor bisa ditekan, dan mengoptimalkan produksi tidak kurang dari 567,7 ribu barel per hari hingga 2025 nanti,” jelas mantan anggota Komite Eksplorasi Nasional (KEN) itu.

Pihaknya menilai semakin tinggi ketergantungan terhadap impor minyak, menyebabkan meIemahnya nilai tukar rupiah, menggerus cadangan devisa, dan membebani neraca perdagangan.

Terlebih kebutuhan dan produksi migas di Indonesia tidak sebanding. Saat ini cadangan minyak di Indonesia hingga tahun 2015 hanya 0,22 persen dari total cadangan minyak dunia. Adapun cadangan minyak dunia masih dikuasai Venezuela dengan total 17,54 persen, dengan produksinya yang mencapai 298 juta barel. 

Radar Surabaya, Page-5, Thursday, Sept 7, 2017