Shares of Mahakam Block Removable Maximally 39%

The government will send a letter to PT Pertamina which revised the maximum limit of Mahakam Block share participation share up to 39%. Previously, the maximum limit of shares that could be released only 30%.

Deputy Minister of Energy and Mineral Resources (ESDM) Arcandra Tahar said that despite rejecting all incentives request, it opens the opportunity for Total E & P Indonesie to have a maximum participation of 39% in Mahakam Block. To that end, his side immediately sent a letter revising the limit of shares that can be released Pertamina from 30% to 39%.

"As per the direction of the Minister of Energy and Mineral Resources Ignasius Jonan, may share down to 39%. Up is a letter we are preparing, "he said in Jakarta.

However, the existence of this letter does not mean that Pertamina should release 39%. The decision concerning the amount of participation rights that turned to Total, will remain based on Pertamina's business negotiations with the French oil and gas company.

"Everything is B to B (business to business). Total ask may not be up to 39%, later B to B with Pertamina, how much and how many shares, "explained Arcandra.

Previously, he said Total E & P Indonesie sent a letter expressing interest in buying 39% stake in the Mahakam Block. This 39% share is a joint for Total (France) and Inpex Corporation (Japan) which each have a 19.5% share, if the proposal is approved. Although Pertamina does not mind as an operator, Total does not want Mahakam Block shares if it is below 39%.

Together with the letter, Total also put forward a number of incentives. These three incentives are investment credit of 17%, acceleration of depreciation to two years only and the production part to be set aside before the cost (First Tranche Petroleum / FTP) 0%. All these incentives have been rejected by the government.

Upstream Director of Pertamina Syamsu Alam said, related to the change in the maximum share down of the Mahakam Block's participation rights have been discussed with his side. It will follow the government's direction on this matter.

"Regarding the amount of PI (participating interest) that can be shared down, of course we will refer to the regulator or the government," he said.

About stock negotiations with Total E & P Indonesia, Syamsu once revealed, there is no time limit. However, it hopes a deal on the acquisition of these shares can be achieved before Pertamina's contract in the Mahakam Block is effective on January 1, 2018.

"Let the January 1, 2018 is clear," said Alam.

Pertamina has drilled three wells in the Mahakam Block. This drilling is done by Total E & P Indonesie, but with funds from Pertamina. The plan, Pertamina will drill 14-15 wells in the Mahakam block this year. Further oil and gas production from these new wells will begin to flow next year.

"He opened the well on January 1, 2018," said Syamsu Alam.

Previously, it was known that Pertamina had signed a new Mahakam Bloc contract starting from 1 January 2018 at the end of 2015. Under the contract, the company promised a signature bonus of US $ 41 million. In addition, state revenues from production bonuses include US $ 5 million from a cumulative production of 500 million barrels of oil equivalent, of US $ 4 million from a cumulative production of 750 million barrels of oil equivalent, and US $ 4 million from a cumulative production of 1,000 million barrels of oil equivalent.

As for the first three-year investment plan, Pertamina pledged US $ 75.3 million. The details are respectively US $ 1.3 million, then US $ 33.5 million, and US $ 40.5 million. Currently, Pertamina begins to manage the Mahakam block in preparation for operator switching. This is to keep the oil and gas production in the block is not free fall.

Mahakam Block-East Kalimantan

IN INDONESIA

Saham Blok Mahakam Dapat Dilepas Maksimal 39%

Pemerintah bakal mengirim surat ke PT Pertamina yang merevisi batas maksimal share down saham partisipasi Blok Mahakam maksimal 39%. Sebelumnya, batas maksimal saham yang bisa dilepas hanya 30%.

Wakil Menteri Energi dan Sumber Daya Mineral (ESDM) Arcandra Tahar mengatakan, meski menolak seluruh permintaan insentif, pihaknya membuka kesempatan bagi Total E&P Indonesie untuk memiliki hak partisipasi di Blok Mahakam maksimal 39%. Untuk itu, pihaknya segera mengirim surat yang merevisi batas saham yang dapat dilepas Pertamina dari 30% menjadi 39%.

“Sesuai arahan Menteri ESDM Ignasius Jonan, boleh share down up to 39%. Up-nya itu suratnya sedang kami siapkan,” kata dia di Jakarta.

Meski demikian, adanya surat ini bukan berarti Pertamina harus melepas 39%. Keputusan soal besaran hak partisipasi yang beralih ke Total, nantinya tetap berdasarkan negosiasi bisnis Pertamina dengan perusahaan migas asal Prancis itu.

“Semuanya B to B (business to business). Total minta boleh tidak sampai 39%, nanti B to B dengan Pertamina, harganya berapa dan besar sahamnya berapa,” jelas Arcandra.

Sebelumnya, dikatakannya Total E&P Indonesie mengirimkan surat yang menyatakan minatnya membeli 39% saham partisipasi Blok Mahakam. Saham 39% ini merupakan gabungan untuk Total (Perancis) dan Inpex Corporation (Jepang) yang masing-masing memiliki jatah 19,5%, jika usulan itu disetujui. Meski tidak keberatan Pertamina sebagai operator, Total tidak menginginkan saham Blok Mahakam jika di bawah 39%.

Bersama dengan surat itu, Total juga mengajukan sejumlah insentif. Ketiga insentif ini yakni, investment credit sebesar 17%, percepatan depresiasi menjadi dua tahun saja dan bagian produksi yang harus disisihkan sebelum dikurangi biaya (First Tranche Petroleum/FTP) 0%. Seluruh insentif ini telah ditolak oleh pemerintah.

Direktur Hulu Pertamina Syamsu Alam menuturkan, terkait perubahan batas maksimal share down hak partisipasi Blok Mahakam itu sudah dibahas dengan pihaknya. Pihaknya akan mengikuti arahan pemerintah soal hal ini. 

“Mengenai besarnya PI (participating interest/hak partisipasi) yang dapat di-share down, tentu kami akan mengacu kepada regulator atau pemerintah,” tuturnya.

Soal negosiasi saham dengan Total E&P Indonesia, Syamsu pernah mengungkapkan, tidak ada batasan waktu. Namun, pihaknya berharap kesepakatan soal akuisisi saham ini dapat dicapai sebelum kontrak Pertamina di Blok Mahakam mulai efektif pada 1 Januari 2018. 

“Biar 1 Januari 2018 sudah jelas,” ujar Alam.

Pertamina telah mengebor tiga sumur di Blok Mahakam. Pengeboran ini dikerjakan oleh Total E&P Indonesie, namun dengan dana dari Pertamina. Rencananya, Pertamina akan mengebor 14-15 sumur di Blok Mahakam pada tahun ini. Selanjutnya produksi migas dari sumur-sumur ini baru akan mulai dialirkan pada tahun depan. 

“Dibukanya sumur pada 1 Januari 2018,” ujar Syamsu Alam.

Sebelumnya, seperti diketahui Pertamina telah meneken kontrak baru Blok Mahakam yang berlaku mulai 1 Januari 2018 pada akhir 2015 lalu. Dalam kontrak itu, perseroan menjanjikan bonus tanda tangan US$ 41 juta. Selain itu juga penerimaan negara dari bonus produksi meliputi US$ 5 juta dari kumulatif produksi 500 juta barel setara minyak, sebesar US$ 4 juta dari kumulatif produksi 750 juta barel setara minyak, dan US$ 4 juta dari kumulatif produksi 1.000 juta barel setara minyak.

Sementara untuk rencana investasi tiga tahun pertama, Pertamina menjanjikan dana sebesar US$ 75,3 juta. Rinciannya secara berurutan US$ 1,3 juta, kemudian US$ 33,5 juta, dan US$ 40,5 juta. Saat ini, Pertamina mulai ikut mengelola Blok Mahakam untuk persiapan peralihan operator. Hal ini untuk menjaga agar produksi migas di blok tersebut tidak terjun bebas.

Investor Daily, Page-9, Wednesday, Sept 13, 2017

April 2018 Study Results of PLN-Keppel Completed

PT PLN states that April 2018 becomes the deadline Study with Pavilion-Keppel related Logistics studies and preparation of small-scale LNG infrastructure. The results of the study with Keppel will be used for gas infrastructure development planning in Tanjung Pinang and Natuna Islands.

PLN Director Amir Rosidin said PLN and Keppel have signed a Head of Agreement (HoA) related to the cooperation at the Singapore Palace last week. The signing took place at a bilateral meeting of state leaders in commemoration of 50 years of Indonesia-Singapore cooperation.

"The cooperation of HOA is based on the principle of equality and mutual benefit of both parties and carried out for 6 not since signed. If the results of the Study are not beneficial to both parties then this HOA does not proceed to the stage of the agreement, "said Amir in Jakarta, Monday (9/11).

Amir said HoA contains activities and intensive discussions related to the peyusunan more in-depth feasibility study related to the distribution of LNG for the region of Tanjung Pinang and Natuna. Then the concept of cooperation framework to distribute LNG owned by PLN from PLN's existing contract with domestic source to small scale plant in Tanjung Pinang and Natuna.

The HoA also includes the development of a small-scale LNG infrastructure for the Tanjung Pinang and Natuna areas adjacent to Singapore.

"So HoA is not a contract sale and purchase transactions LNG. Rather for the preparation of mini LNG infastructure studies with the aim of obtaining the most reliable and efficient logistics solutions. If later the study results obtained higher costs then the study will end without follow-up implementation, "he said.

He said through this HoA with an offer in order to take advantage of the location of Singapore's LNG terminal as the location of the LNG hub. Given the location of Singapore adjacent to several gas-fired generator sites in Sumatra region. He called this cooperation as a form of decrease of Cost of Production (BPP).

"PLN is interested to see whether the utilization of Singapore's LNG terminal to be proposed by the Pavilion-Keppel can lower BPP in Sumatra," he said.

Amir further explains the area of ​​Tanjung Pinang and Natuna growing. Currently the supply of Tanjung Pinang comes from Batam. As a tourist destination, PLN supports it by providing electricity supply not only from Batam.

     This is to avoid things that are not in want when the supply from Batam stalled. While Natuna region with the development of fishery industry required a qualified power supply to support it. Although there is currently a reserve margin of 4 megawatts.

"We think Natuna should be upgraded though there is a reserve margin of 4 MA. But we think the future needs to be prepared, "he said.

IN INDONESIA

April 2018 Hasil Studi PLN-Keppel Selesai

PT PLN menyatakan bahwa April 2018 menjadi tenggat waktu Studi bersama Pavilion-Keppel terkait studi logistik dan penyiapan infrastruktur LNG Skala kecil. Hasil kajian dengan Keppel akan dipakai untuk perencanaan pembangunan infrastruktur gas di Tanjung Pinang dan Kepulauan Natuna.

Direktur PLN Amir Rosidin mengatakan PLN dan Keppel telah menandatangani Head of Agreement (HoA) terkait kerjasama tersebut di Istana Singapura pada pekan lalu. Penandatangan berlangsung pada pertemuan bilateral pemimpin negara dalam rangka memperingati kerjasama Indonesia-Singapura yang ke 50 tahun.

“Kerjasama HOA ini didasarkan atas asas kesetaraan dan saling menguntungkan kedua belah pihak serta dilakukan selama 6 bukan sejak ditandatangani. Bila hasil studi yang dibuat tidak memberikan manfaat bagi kedua belah pihak maka HOA ini tidak dilanjutkan ke tahap menuju perjanjian,” kata Amir di Jakarta, Senin (11/9).

Amir menuturkan HoA berisi kegiatan dan diskusi intensif terkait peyusunan Studi kelayakan yang lebih mendalam terkait distribusi LNG untuk wilayah Tanjung Pinang dan Natuna. Kemudian pembuatan konsep kerangka kerjasama untuk mendistribusikan LNG milik PLN dari kontrak eksisting PLN dengan Sumber domestik ke pembangkit skala kecil di Tanjung Pinang dan Natuna. 

Selain itu HoA juga berisi pengembangan infrastruktur LNG Skala kecil untuk wilayah Tanjung Pinang dan Natuna yang letaknya berdekatan dengan Singapura.

“Jadi HoA ini bukan kontrak transaksi jual beli LNG. Melainkan untuk Studi penyiapan infastruktur mini LNG dengan tujuan mendapatkan solusi logistik yang paling handal dan efisien. Jika nantinya hasil studi diperoleh biaya lebih tinggi maka studi akan berakhir tanpa tindak lanjut implementasi,” ujarnya.

Dikatakannya melalui HoA ini dengan penawaran agar dapat memanfaatkan lokasi terminal LNG Singapura sebagai lokasi LNG hub. Mengingat lokasi Singapura yang berdekatan dengan beberapa lokasi pembangkit berbahan bakar gas di wilayah Sumatera. Dia menyebut kerjasama ini sebagai bentuk penurunan Biaya Pokok Produksi (BPP). 

“PLN tertarik untuk melihat apakah pemanfaatan terminal LNG Singapura yang akan diajukan Pavilion-Keppel dapat menurunkan BPP di wilayah Sumatera," katanya.

Lebih lanjut Amir menjelaskan wilayah Tanjung Pinang dan Natuna Semakin berkembang. Saat ini pasokan Tanjung Pinang berasal dari Batam. Sebagai destinasi wisata maka PLN menyokongnya dengan menyediakan pasokan listrik bukan hanya dari Batam. 

    Hal ini guna menghindari hal yang tidak di inginkan bila pasokan dari Batam terhenti. Sedangkan kawasan Natuna dengan berkembangnya industri perikanan diperlukan pasokan listrik yang mumpuni guna menunjang hal tersebut. Meskipun saat ini terdapat reserve margin Sebesar 4 megawatt.

“Kami berpikir Natuna harus ditingkatkan pelayanannya meskipun disana ada reserve margin 4 MA. Tapi kami berpikir kedepan memang perlu disiapkan,” ujarnya.

Investor Daily, Page-9, Wednesday, Sept 13, 2017

CEFC deepens oilties with Russia Rosneft deal

Chinese conglomerate CEFC has agreed to buy a 14.16 percent stake in oil major Rosneft for US$ 9.1 billion from a consortium of  Glencore and the Qatar Investment Authority strengthening energy partnerships with Moscow, according to an announcement by  Glencore released on Sept 8.

Following the deal, CEFC will become the third-largest share-holder in Rosneft after the Russian government and BR CEFC Chairman Ye  Jianming was quoted by www.yicai.com as saying that the deal, China’s second-largest oil and gas acquisition after the $15.1 billion purchase of Canada’s Nexen by CNOOC in 2013, will enable further cooperation between CEFC and Rosneft while meeting China's energy demand. 

The transaction is conditioned on the consortium electing to proceed following the completion of final negotiations and on receipt by CEFC of all necessary regulatory approval, Glencore said in the announcement.  Following the transaction, Glencore and QIA would retain an economic interest in Rosneft shares commensurate with their original equity investment announced in December 2016, which amounts to approximately 0.5 percent and 4.7 percent respectively it said.

CEFC was quoted by Reuters as saying the deal would give it annual equity oil production of 42 million metric tons and access to oil and  gas reserves of 2.67 billion tons. According to Han Xiaoping, chief information officer of China Energy Net Consulting, China and Russia complement each other as producers and exporters on the one hand and importers and suppliers on the other, which creates a perfect  atmosphere for win-win deals.

The deal will allow China, the world's second-largest energy consumer, to boost cooperation with the world's top oil producer, which  also tops the list of Chinese crude suppliers, he said. 

Rosneft CEO Igor Sechin was quoted by Reuters as saying CEFC would get access to Rosneft's oil fields and petrochemical projects in East Siberia to guarantee bigger synergies.

China and Russia have strengthened their oil and gas cooperation in recent years, including the Yamal liquified natural gas project in the Arctic region of Russia, the world's first integrated project for polar natural gas exploration, development, liquefaction and transportation. 

Earlier this decade, Beijing also loaned $25 billion to Russia to help it build a pipeline from Siberia. Moscow has been seeking to boost energy cooperation with China, especially since the United States sanctions on Russia, which also make it challenging for large Western firms including Glencore to-cooperate with state-owned firms such as Rosneft.

Despite the optimistic oil cooperation, the transactions have also raised questions among analysts over its lack of transparency Li Li, the  energy research director at ICIS China, a consulting company that provides analysis of the energy market, said the deal was arranged hastily and the details remain unclear.

Jakarta Post, Page-18, Wednesday, Sept 13, 2017

EXxonMobil’s LNG price cut to India bad omen for producers

India has won a price cut on a 20-year liquefied natural gas (LNG) deal with global giant ExxonMobil Corp in a rare contract renegotiation, a bad sign for producers in a heavily oversupplied global market.

In a trade-OH for ExxonMobil, India’s Petronet LNG (PLNG. NS) will increase its volumes from the Gorgon LNG project in Australia ‘by an extra 1 million tons a year to about 2.5 million tons a year, but at cheaper rates than initially agreed in 2009.

Long-term contracts are rarely revised in the LNG market, and for a big producer to cave in shows how supply from new plants 'in Australia and the United States over the past two years has transformed the market, analysts said.

“This trend is overall a negative for sellers, as they are forced to provide more flexibility to buyers’ needs to maintain their markets,” said Saul Kavonic, an analyst with energy consultants Wood Mackenzie.

India has been aggressive in seeking cheaper deals, also renegotiating a contract with Qatar in 2015, but the real pain for producers would come if major Asian buyers in Japan, Korea and China followed suit.

“Happy to share good news that India has, yet again been able to address the long term price issue of LNG from Gorgon to suit Indian market,” India’s oil minister, Dharmendra Pradhan, said on Saturday on social media.

Indian consumers would soon receive LNG at an “amicable price,” Pradhan said. India started receiving Gorgon supplies from January this year. Petronet said in a stock exchange announcement on Monday it had reached a “broad understanding of terms” with ExxonMobil, without giving further details.

Citing market sources, RBC analyst Ben Wilson estimated ExxonMobil would receive 15 percent less revenue per unit on its sales to Petronet under the new deal.

If ExxonMobil had not agreed to renegotiate, Petronet might have scrapped the agreement, leaving the major to pursue damages and resell the volumes on a weak spot market.

“They’ve probably taken the lesser of two evils,” said Wilson, adding that it did not bode well for other LNG producers such as Australia’s Woodside Petroleum which has targeted India to diversify its heavy exposure to Japan and South Korea.

In a major shift from previous contractual terms, Exxon has agreed to absorb shipping charges, two sources with knowledge of the matter told Reuters. The original LNG supplies would be priced at less than 14 percent of the Brent oil price, down from about 14.5 percent earlier, while the additional supplies would be priced about 12.5 percent of Brent, the sources said.

ExxonMobil, which controls about a quarter of the 15.6 million tons a year Gorgon project, had no immediate comment. Analysts said the fact India had managed to force ExxonMobil to renegotiate was the latest proof that buyers have the upper hand in a market where LNG spot prices are well below oil linked contract prices that were signed during the oil boom.

“The risk of price renegotiations will become more acute over the next couple years as spot LNG prices remain depressed, even if oil linked prices rise,” Wood Mackenzie’s Kavonic said.

“The elephant in the room will be how negotiations play out with traditional markets in Japan and Korea, and especially the Chinese national oil companies.”

The Jakarta Post, Page-20, Wednesday, Sept 13, 2017

Unraveling Polemic Energy in the Indonesia

The issue of liquefied natural gas (LNG) import from Singapore into a wild ball. The more wild when entering the political arena. Given that Indonesia is a gas exporter.

Moreover, the gas import discourse originated and Singapore, a neighboring country that actually has no gas source. Although imports are a natural thing in trade, the discourse becomes an irony. However, PT Perusahaan Listrik Negara directly denied the import plan from Singapore through Pavilion Energy and Keppel Corporation.

Central Business Division Director of PLN Central Java Amir Rosidin confirmed that PLN, together with the two Singapore-based companies, will build a small-scale LNG infrastructure in Natuna and Tanjung Pinang adjacent to the location of the LNG terminal hub in Singapore.

Related to the gas import plan, let's see the position of Indonesia as a gas producer. Indonesia's dependence on fossil energy such as petroleum, gas, and coal is still very large.

Based on data from the National Energy Board, conditions in 2015, the consumption of fuel oil (BBM) is still the highest (46%), followed by 26% coal, 23% natural gas, and renewable energy only 5%. Indonesia is also an importer of oil and fuel, about 50% of fuel needs in the country is still imported both in the form of crude oil and fuel.

The government is also still subsidizing the energy although it continues to fall since 2015 blessing from the weakening world crude oil prices. Energy subsidy in 2014 reached Rp 400 trillion, down to Rp 138 trillion in 2015, Rp 120 trillion in 2016, and this year around Rp 103 trillion.

The complicated issue is that some energy commodities such as natural gas are still exported (40%), and coal is still sold abroad (75%). In fact, both natural resources can be optimized for energy needs in the country.

Utilization of gas and coal could reduce the country's dependence on imports of BBM which emptied the country's large foreign exchange. This is the reason the government is serious enough to design an electric car road map, which is to reduce fuel consumption, which currently depends heavily on imports.

"Another goal to reduce carbon dioxide emissions is in line with the Paris 2015 Agreement on reducing global warming,

ENERGY ISSUES

Meanwhile, the polemic about energy in the country is almost never finished. There are several energy issues that need to be resolved soon. First, energy sources become the main capital in development. However, currently some of the main sources of energy are still widely exported, such as gas and coal despite generating extraordinary foreign exchange.

Second, oil and gas production is stagnant. The government needs to encourage business actors to intensify exploration activities to increase oil and gas reserves.

Third, the energy infrastructure is not massive. Refinery capacity is still 50% of national fuel needs. Gas pipelines and gas regasification storage facilities [FSRU] are still low so that the utilization of gas in the country has not been optimal.

Fourth, more than 50% of LPG (LPG) is still imported The government needs to encourage the construction of LPG refineries.

Fifth, the country is also endowed with abundant renewable resources. Sunlight, water source, wind, ocean currents, geothermal, biomass, biogas, and others, but not yet optimally utilized.

Meanwhile, the relatively high gas price in the country has become an industrial problem to date. I still remember very well when Sudirman Sa'id was still Minister of Energy and Mineral Resources at the time. He issued a regulation to root out gas traders who did not have the infrastructure of paper traders alias. They only rely on the allocation of government to be traded to

Other traders have infrastructure, such as gas pipelines.

This paper trader causes the distribution chain or gas trading to be long so that the final price at the consumer level soar. However, Sudirman Sa'id's regulation lasted only 2 months because it was immediately revised so that traders did not get the facility to get gas allocation from the government.

President Joko Widodo also saw a problem of gas prices in the country. The government finally released the Policy Package Volume III in early October 2015 about the gas price to be lowered to US $ 7 per MMBtu.

The decline in gas prices is done by sacrificing the state by giving up the profit sharing from oil and gas cut by US $ 2 per MMBtu. The current gas price cuts policy will be implemented starting January 1, 2016.

Efforts by the government to set up gas traders, the reduction of state profit sharing, and the regulation of gas prices from upstream to downstream are expected to create competitive and reasonable gas prices for consumers so that industrial competitiveness increases.

According to SKK Migas data, gas prices in East Java are around US $ 8.01-US $ 8.0S per MMBtu, western Java US $ 9.14-US $ 9.18 per MMBtu, while prices for Sumatra region above US $ 10 per MMBtu.

IMPORT OPTIONS

As one solution to overcome the high domestic gas prices, the government opens the LNG import option with quite difficult requirements. The Government has issued Regulation of the Minister of Energy and Mineral Resources no. 45/2017 on Gas Utilization

for the Listlik Plant on July 25, 2017. The regulation is a revision of the Minister of Energy and Mineral Resources Regulation no. ll / 2017 which was published in early 2017.

In essence, the regulation regulates the supply of gas for power generation. Not significantly regulating the import of gas. In Article 8, Paragraph (1) of Regulation of Minister of Energy and Mineral Resources No. 45/2017, it is mentioned that PLN and private power developers can purchase natural gas through pipelines at power plants at the highest price of 14.5% of the Indonesian oil price (ICP).

If the current ICP is US $ 50 per barrel, the maximum gas price at the power plant is US $ 7.25 per MMBtu. In paragraph (2) it reads that in the case of PLN and private power developers not obtaining natural gas through pipelines at power plants at the highest price of 14.5% of ICP, as long as there is access or LNG receiving facility, PLN and the developer can do several things.

First, PLN and private developers can buy LNG at a power plant under the pipe gas price bidding. Secondly, in the case of domestic LNG prices at power plants equal to imported LNG prices in power plants, PLN and developers are required to purchase domestic LNG.

Thirdly, in the event that the conditions referred to in the first and second points are not achieved, the Minister of EMR may stipulate a policy of providing natural gas for electricity. This means that if there is an imported LNG that costs below 14.5% ICP when it reaches the power plant, while the domestic LNG and gas pipeline prices are above 14.5%, PLN and the developer may import LNG.

The question of many parties, is imported LNG cheaper than gas? Overseas gas traders can sell cheaply because they make long-term contracts with large volumes to get relatively low prices.

Let's look at the current conditions when the ICP is US $ 50 per barrel. PLN or private power developers may import LNG at a maximum price of US $ 7.2S per MMBtu at the power plant site. The price includes the cost of transportation, regasification, and other costs. It seems a bit difficult to get the price of imported LNG at the plant site at US $ 7.25 per MMBtu considering many other cost components.

IN INDONESIA

Mengurai Polemik Energi di Tanah Air

Isu impor gas alam cair (liquefied natural gas/LNG) dari Singapura menjadi bola liar. Semakin liar ketika masuk ke kancah politik. Mengingat selama ini Indonesia menjadi eksportir gas.

Apalagi, wacana impor gas itu berasal dan Singapura, negara tetangga yang justru tidak memiliki sumber gas. Kendati impor merupakan suatu hal yang wajar dalam perdagangan, wacana itu menjadi sebuah ironi. Namun, PT Perusahaan Listrik Negara langsung membantah rencana impor dari Singapura melalui Pavilion Energy dan Keppel Corporation. 

Direktur Bisnis PLN Jawa Bagian Tengah Amir Rosidin menegaskan bahwa PLN, bersama kedua perusahaan asal Singapura itu akan membangun infrastruktur LNG skala kecil di Natuna dan Tanjung Pinang yang berdekatan dengan lokasi hub terminal LNG di Singapura.

Terkait dengan rencana impor gas, mari lihat posisi Indonesia sebagai produsen gas. Ketergantungan indonesia terhadap energi fosil seperti minyak bumi, gas, dan batu bara masih sangat besar.

Berdasarkan data Dewan Energi Nasional, kondisi pada 2015, konsumsi Bahan Bakar Minyak (BBM) masih yang tertinggi (46%), disusul oleh batu bara 26%, gas bumi 23%, dan energi baru terbarukan hanya 5%. Indonesia juga menjadi importir minyak dan BBM, sekitar 50% kebutuhan BBM di Tanah Air masih diimpor baik dalam bentuk minyak mentah maupun BBM.

Pemerintah juga masih menyubsisi energi meskipun terus turun sejak 2015 berkah dari pelemahan harga minyak mentah dunia. Subsidi energi pada 2014 mencapai Rp 400 triliun, turun menjadi Rp 138 triliun pada 2015, Rp 120 triliun pada 2016, dan pada tahun ini sekitar Rp 103 triliun. 

Persoalan yang cukup rumit adalah beberapa komoditas energi seperti gas alam masih diekspor (40%), dan batubara juga masih dijual ke luar negeri (75%). Padahal, kedua sumber daya alam itu bisa dioptimalkan untuk kebutuhan energi di dalam negeri.

Pemanfaatan gas dan batu bara bisa mengurangi ketergantungan negeri ini terhadap impor BBM yang mengosongkan devisa negara cukup besar. Ini menjadi alasan pemerintah cukup serius merancang peta jalan mobil listrik, yaitu untuk menurunkan konsumsi BBM, yang saat ini sangat bergantung terhadap impor. 

"Tujuan lainnya untuk mengurangi emisi karbondioksida sejalan dengan Kesepakatan Paris 2015 soal pengurangan pemanasan global,

PERSOALAN ENERGI

Sementara itu, polemik soal energi di Tanah Air hampir tidak pernah usai. Ada beberapa persoalan energi yang perlu segera diselesaikan. Pertama, sumber energi menjadi modal utama dalam pembangunan. Namun, saat ini beberapa sumber energi utama masih banyak diekspor, seperti gas dan batu bara kendati menghasilkan devisa yang luar biasa.

Kedua, produksi minyak dan gas bumi yang stagnasi. Pemerintah perlu mendorong pelaku usaha untuk menggencarkan kegiatan eksplorasi untuk menambah cadangan migas.

Ketiga, infrastruktur energi yang belum masif. Kapasitas kilang masih 50% dari kebutuhan BBM nasional. Pipa gas serta fasilitas penyimpanan regasifikasi gas [FSRU) masih minim sehingga pemanfaatan gas di dalam negeri belum optimal.

Keempat, lebih dari 50% elpiji (LPG) masih diimpor Pemerintah perlu mendorong pembangunan kilang LPG.

Kelima, negeri ini juga dikaruniai sumber alam terbarukan yang melimpah. Cahaya matahari, sumber air, angin, arus laut, panas bumi, biomasa, biogas, dan lainnya, tetapi belum dimanfaatkan secara optimal.

Sementara itu, harga gas yang relatif tinggi di Tanah Air menjadi persoalan industri hingga saat ini. Saya masih ingat betul ketika Sudirman Sa'id masih menjadi Menteri ESDM saat itu. Beliau mengeluarkan peraturan untuk membasmi para trader gas yang tidak memiliki infrastruktur alias trader kertas. Mereka hanya mengandalkan alokasi dari pemerintah untuk diperjualbelikan kepada

trader lain yang memiliki infrastruktur, seperti pipa gas.

Trader kertas ini menyebabkan rantai distribusi atau tata niaga gas menjadi panjang sehingga harga akhir di tingkat konsumen melambung. Namun, peraturan Sudirman Sa'id itu hanya bertahan 2 bulan karena langsung direvisi sehingga trader tidak berfasilitas tetap mendapatkan alokasi gas dari pemerintah.

Presiden Joko Widodo pun melihat ada persoalan harga gas di dalam negeri. Pemerintah akhirnya mengeluarkan Paket Kebijakan Jilid III pada awal Oktober 2015 soal harga gas yang akan diturunkan menjadi US$7 per MMBtu.

Penurunan harga gas itu dilakukan dengan cara negara berkorban dengan merelakan bagi hasil dari migas dipotong US$ 2 per MMBtu. Kebijakan pemotongan harga gas saat itu akan dilaksanakan mulai 1 Januari 2016.

Upaya-upaya pemerintah dengan menata trader gas, pengurangan bagi hasil negara, dan pengaturan harga gas dari hulu sampai hilir diharapkan mampu menciptakan harga gas yang kompetitif dan wajar bagi konsumen sehingga daya saing industri naik.

Menurut data SKK Migas, harga gas di Jawa Timur sekitar US$ 8,01-US$ 8,0S per MMBtu, Jawa bagian barat US$ 9,14-US$ 9,18 per MMBtu, sedangkan harga untuk wilayah Sumatra di atas US$ 10 per MMBtu.

OPSI IMPOR

Sebagai salah satu solusi untuk mengatasi harga gas yang tinggi di dalam negeri, pemerintah membuka opsi impor LNG dengan persyaratan yang cukup sulit. Pemerintah telah mengeluarkan Peraturan Menteri ESDM No. 45/2017 tentang Pemanfaatan Gas

untuk Pembangkit Listlik pada 25 Juli 2017. Peraturan itu merupakan revisi Peraturan Menteri  ESDM No. ll/2017 yang terbit pada awal 2017.

Pada intinya, regulasi itu mengatur soal pasokan gas untuk pembangkit listrik. Tidak secara nyata mengatur soal impor gas. Dalam Pasal 8, Ayat (1) Peraturan Menteri  ESDM No. 45/2017, disebutkan bahwa PLN dan pengembang listrik swasta dapat membeli gas bumi melalui pipa di pembangkit listrik dengan harga paling tinggi 14,5% dari harga minyak Indonesia (ICP). 

Jika saat ini ICP US$ 50 per barel, harga gas maksimal di pembangkit listrik adalah US$ 7,25 per MMBtu. Pada ayat (2) berbunyi, dalam hal PLN dan pengembang listrik swasta tidak mendapatkan gas bumi melalui pipa di pembangkit listrik dengan harga paling tinggi 14,5% dari ICP, sepanjang terdapat akses atau fasilitas penerima LNG, PLN dan pengembang dapat melakukan beberapa hal.

Pertama, PLN dan pengembang swasta dapat membeli LNG di pembangkit listrik di bawah penawaran harga gas pipa. Kedua, dalam hal terdapat harga LNG domestik di pembangkit listrik sama dengan harga LNG impor di pembangkit listrik, PLN dan pengembang wajib membeli LNG dalam negeri.

Ketiga, dalam hal kondisi sebagaimana dimaksud pada poin pertama dan kedua tidak tercapai, Menteri ESDM dapat menetapkan kebijakan penyediaan gas bumi untuk tenaga listrik. Artinya, jika ada LNG impor yang harganya di bawah 14,5% ICP ketika sampai di pembangkit listrik, sedangkan harga LNG dan gas pipa di dalam negeri di atas 14,5%, PLN dan pengembang boleh impor LNG.

Pertanyaan banyak pihak, apakah LNG impor lebih murah dibandingkan dengan gas? Trader gas di luar negeri bisa menjual dengan harga murah karena mereka melakukan kontrak dalam jangka panjang dengan volume besar sehingga mendapatkan harga relatif rendah.

Mari melihat kondisi saat ini ketika ICP US$ 50 per barel. PLN atau pengembang listrik swasta boleh impor LNG dengan harga maksimal US$ 7,2S per MMBtu di lokasi pembangkit listrik. Harga itu sudah termasuk biaya pengangkutan, regasifikasi, dan biaya lain. Sepertinya agak sulit untuk bisa mendapatkan harga LNG impor di lokasi pembangkit US$ 7,25 per MMBtu mengingat banyak komponen biaya lain.

Bisnis Indonesia, Page-28, Wednesday, Sept 13, 2017

Share Down Blok Mahaam Up to 39%

Maintain production, Ministry of ESDM add share down Total E & P in Mahakam Block

Ministry of Energy and Mineral Resources (ESDM) continues to prepare ESDM Minister Decree Lerkait limit maximum transfer of participation rights or share down in Mahakam Block after 2017 by 39%.

Special Staff of the Minister of Energy and Mineral Resources Hadi M Djuraid explained that the Minister of Energy and Mineral Resources will not give an opportunity to Total E & P Indonesia to get 39% of the participating interest (Pl) in Mahakam Block. But give permission to Pertamina if you want to share down with Total E & P with maximum limit of 39%. That way, the decision to share down is in the hands of Pertamina.

"So it depends entirely on Pertamina, whether they want to share down or not, if they want to share down is limited to maximum 39%," said Hadi.

However, the maximum restriction decision of 239% down share is still considering the majority portion for Pertamina. If Pertamina shares 39% share in Mahakam block, the state-owned company still holds majority ownership of 51%. On the other hand, local government can still get a 10% PI.

"How much Pertamina will share down to Total is fully submitted to Pertamina to discuss business to business with Total" ESDM does not follow-up, "Hadi explained.

No offers yet

Indeed the decision of the Minister of Energy and Mineral Resources regarding the share down of Mahakam Block with the consideration to maintain gas production in the block. In addition, the government also does not want cost recovery to rise compared to the previous year.

"How to translate these two things, fully handed over to Pertamina, whether Pertamina wants to manage it yourself or share down with Total, go ahead," he said.

According to Hadi, the Minister of Energy and Mineral Resources specifically gave the first opportunity to Total to have more participation rights in the Mahakam Block. The reason, Total has been the operator of the Mahakam Block for 50 years.

"Total who operated this block before, but the decision is in Pertamina," he explained.

However, Total has not submitted an offer to Pertamina. Upstream Director of Pertamina, Syamsu Alam said the meeting between Pertamina and Total team has been done. But there has been no serious offer from Total.

"The technical team has met several times related to the share down plan but there has been no concrete proposal from Total," said Syamsu Alam

So it is not surprising that until now Pertamina has not determined the valuation to share down the Mahakam Block.

"Valuation has not been calculated," Alam said.

As is known, Pertamina will take over the rights of managing the Mahakam Block from Total (France) on January 1, 2018. Currently, Pertamina with Total is currently focusing on well drilling so that gas production from the Mahakam Block can be maintained when management takes over.

Until August 2017, Pertamina has invested three wells drilling in the Mahakam Block which is a good result. This makes Pertamina plans to drill 15 more wells until the end of the year. Thus, the Mahakam Block production next year can be equal to or greater than the current production of 1 Billion Cubic Feet.

Mahakam Block - East Borneo

IN INDONESIA

Share Down Blok Mahaam Maksimal Hingga 39%

Pertahankan produksi, Kementerian ESDM menambah share down Total E&P di Blok Mahakam

Kementerian Energi dan Sumber Daya Mineral (ESDM) terus mempersiapkan Surat keputusan Menteri ESDM Lerkait batasan maksimal transfer hak partisipasi atau share down di Blok Mahakam pasca tahun 2017 sebesar 39%.

Staf Khusus Menteri Energi dan Sumber Daya Mineral Hadi M Djuraid menjelaskan, Menteri ESDM tidak akan memberi kesempatan kepada Total E&P lndonesie mendapatkan 39% hak kelola atau participating interest (Pl) di Blok Mahakam. Tapi memberi izin kepada Pertamina apabila ingin melakukan share down dengan Total E&P dengan batas maksimal 39%. Dengan begitu, keputusan share down ada di tangan Pertamina. 

"Jadi sepenuhnya tergantung kepada Pertamina, apakah mereka mau share down atau tidak. Kalau mau share down dibatasi maksimal 39%," kata Hadi.

Namun keputusan pembatasan maksimal share down 239% masih mempertimbangkan porsi mayoritas bagi Pertamina. Jika Pertamina melakukan share down 39% di Blok Mahakam, perusahaan milik negara ini masih tetap memegang kepemilikan mayoritas sebesar 51%. Di sisi lain, pemerintah daerah setempat masih bisa mendapatkan PI sebesar 10%.

"Berapa besar Pertamina akan share down ke Total sepenuhnya diserahkan ke Pertamina untuk membahas secara business to business dengan Total. "ESDM tidak ikut-ikutan," jelas Hadi.

Belum ada penawaran

Sejatinya keputusan Menteri ESDM mengenai share down Blok Mahakam dengan pertimbangan untuk mempertahankan produksi gas di blok tersebut. Selain itu, pemerintah juga tidak ingin cost recovery naik dibandingkan tahun sebelumnya. 

"Bagaimana cara menerjemahkan dua hal itu, diserahkan sepenuhnya ke Pertamina. Apakah Pertamina mau kelola sendiri atau share down dengan Total, silakan saja," ujarnya.

Menurut Hadi, Menteri ESDM memang secara khusus memberikan kesempatan lebih dulu kepada Total memiliki hak partisipasi lagi di Blok Mahakam. Alasannya, Total telah menjadi operator Blok Mahakam selama 50 tahun. 

"Total yang mengoperasikan blok ini sebelumnya. Tapi keputusan ada di Pertamina," jelasnya.

Meski demikian, Total belum juga mengajukan penawaran ke Pertamina. Direktur Hulu Pertamina, Syamsu Alam mengungkapkan pertemuan antara tim Pertamina dan Total sudah dilakukan. Tapi belum ada penawaran yang serius dari Total. 

"Tim teknis sudah beberapa kali bertemu terkait rencana share down tapi belum ada usulan kongkret dari Total," kata Syamsu Alam 

Maka tidak heran kalau sampai sekarang Pertamina belum menentukan valuasi untuk share down Blok Mahakam. 

"Valuasi belum dihitung," kata Alam.

Seperti diketahui, Pertamina akan mengambilalih hak kelola Blok Mahakam dari Total (Perancis) pada 1 Januari 2018. Saat ini, Pertamina bersama Total sedang fokus pengeboran sumur agar produksi gas dari Blok Mahakam bisa tetap terjaga ketika terjadi alih kelola.

Hingga bulan Agustus 2017, Pertamina telah investasi pengeboran tiga sumur di Blok Mahakam yang hasil yang cukup bagus. Ini membuat Pertamina berencana mengebor 15 sumur lagi hingga akhir tahun. Dengan begitu, produksi Blok Mahakam pada tahun depan bisa sama atau lebih besar dari produksi saat ini yang mencapai 1 Billion Cubic Feet.

Kontan, Page-18, Wednesday, Sept 13, 2017

Gross Split Scheme Still Lost Interest

Last week the government has revised the latest rules in the gross split scheme. In regulation as stipulated in Regulation of Minister of ESDM No 52/2017, the government adds a number of variables and the amount of profit sharing.

Unfortunately, the number of auction documents taken by investors in the first round of the Working Zone Auction (WK) of Oil and Gas in 2017 is not increased. To date, there are 17 tender documents that have been taken by investors from 10 Cooperation Contract Contractors (KKKS).

"There are already 17 who access documents from 10 KKKS, and not small KKKS also, there is a combination of small and large," said Director General of Oil and Gas Ministry of ESDM Ego Syahrial, in a written statement on Tuesday (12/9) .

The figure is actually unchanged from the data of the Ministry of Energy and Mineral Resources on August 28, 2017 ago. At that time, Head of Bureau of Communications, Public Information Service and Cooperation of Ministry of Energy and Mineral Resources, Dadan Kusdiana stated that there are 17 doctors of oil and gas auction this year which have been taken by investors. Birapun so, the government is still optimistic there will be an increase in the number of investors in the auction of Oil and Gas Working Areas this year.

Ego said that investors are now beginning to assess the newly revised Gross Split production sharing contract. Just a note, this gross split rule as government efforts to improve the oil and gas investment climate.

"Proven yesterday IPA gave appreciation, when we held a socialization (revision of Ministerial Regulation)," said Ego.

As is known, the government is conducting auction of oil and gas working area I of 2017 which amounts to 15 WK, consisting of 10 conventional oil and gas and 5 non-conventional WK. Previously, Upstream Director of PT Pertamina Syamsu Alam said the gross split revision will help contractors to reach the economy of oil and gas field.

IN INDONESIA

Skema Gross Split Masih Sepi Peminat

Pekan lalu pemerintah telah merevisi aturan terbaru dalam skema gross split. Dalam regulasi yang tertuang dalam Peraturan Menteri ESDM No 52/2017 tersebut, pemerintah menambah sejumlah variabel dan besaran bagi hasil.

Namun sayang, jumlah dokumen lelang yang diambil investor dalam putaran I Lelang Wilayah Kerja (WK) Migas tahun 2017 tidak bertambah. Hingga saat ini masih tercatat 17 dokumen penawaran yang telah diambil investor dari 10 Kontraktor Kontrak Kerja Sama (KKKS).

“Sudah sebanyak 17 yang mengakses dokumen dari 10 KKKS, dan bukan KKKS yang kecil-kecil juga, kombinasi ada yang kecil dan besar,” kata Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Ego Syahrial, dalam keterangan tertulis, Selasa (12/9). 

Angka tersebut sebenarnya tidak berubah dari data Kementerian ESDM pada 28 Agustus 2017 lalu. Saat itu Kepala Biro Komunikasi, Layanan Informasi Publik dan Kerjasama Kementerian ESDM Dadan Kusdiana menyebutkan, ada 17 doktunen Ielang WK migas tahun ini yang telah diambil oleh investor. Birapun begitu, pemerintah masih optimis akan ada penambahan jumlah investor di lelang Wilayah Kerja Migas tahun ini.

Ego mengatakan, saat ini para investor sudah mulai menilai kontrak bagi hasil Gross Split yang baru saja direvisi. Sekadar catatan, aturan gross split ini sebagai upaya pemerintah untuk memperbaiki iklim investasi migas.

“Terbukti kemarin IPA memberikan apresiasi, ketika kami mengadakan sosialisasi (revisi Peraturan Menteri),” kata Ego.

Seperti diketahui, pemerintah sedang melakukan Ielang Wilayah Kerja migas putaran I tahun 2017 yang berjumlah 15 WK, terdiri dari 10 WK migas konvensional dan 5 WK non konvensional. Sebelumnya, Direktur Hulu PT Pertamina Syamsu Alam mengatakan, revisi gross split akan membantu kontraktor untuk mencapai keekonomian lapangan migas.

Kontan, Page-18, Wednesday, Sept 13, 2017

PLN Develops Seven LNG Terminals

PT Perusahaan Listrik Negara (PLN) seems to seriously develop gas infrastructure. The state-owned company will develop seven liquified natural gas (LNG) terminals and a gas pipeline project.

According to the data, three of the seven LNG terminals are floating storage regasification units (FSRU). Its location in the northern part of Sumatra (Sumbagut), Muara Tawar Jakarta and Gorontalo South Sulawesi.

"For the FSRU has completed the feasibility study and procurement," explained I Made Suprateka, Head of Corporate Communications Unit of PLN confirmed the data.

In addition, PLN reviewed at least four floating storage facility (FSU) floating storage units (FSU) and one LNG terminal. The area they are aiming in the central part of Indonesia, Bangka Belitung, Pontianak, Nias, Maluku and Gresik. Four LNG storage is to ensure the availability of PLN's gas supply power supply. One source of gas supply from Tangguh Train III Papua and Marubeni.

Meanwhile, PLN's two gas pipelines project is located in Tanjung Batu, Riau. The status of the project is already contracted. The development of these projects will be through a tender scheme. Except, for the purchase of gas in the form of bussines to bussines (B2B). Therefore, PLN wants to find the cheapest price.

"For the value of investment and capacity we have to see the data first, later if there is new I submit," said Made.

Previously, Nicke Widyawati, Director of Strategic Procurement 1 PLN said, PLN is reviewing the construction of two FSRU in Sumbagut and Belawan. PLN built the FSRU because there are gas and steam power plants (PLTGU) units 3 and 4 in North Sumatra.

The reason PLN penetrated the gas business because it wants to get around the high cost of production (BPP) electricity. They confess, often get high gas prices from suppliers. One of them is natural gas supply in North Sumatera for Belawan PLTGU operation.

IN INDONESIA

PLN Kembangkan Tujuh Terminal LNG

PT Perusahaan Listrik Negara (PLN) tampaknya serius mengembangkan infrastruktur gas. Perusahaan milik negara ini akan mengembangkan tujuh terminal gas alam cair atau liqufied natural gas (LNG) dan satu proyek pembangunan pipa gas.

Menurut data, tiga dari tujuh terminal LNG berupa fasilitas regasifikasi gas terapung atau floating storage regasification unit (FSRU). Lokasinya di kawasan Sumatera bagian utara (Sumbagut), Muara Tawar Jakarta dan Gorontalo Sulawesi Selatan. 

"Untuk FSRU sudah menyelesaikan feasibility study dan pengadaan," terang I Made Suprateka, Kepala Satuan Komunikasi Korporat PLN membenarkan data tersebut.

Selain itu, PLN mengkaji sedikitnya empat pembangunan fasilitas penyimpanan LNG terapung alias floating storage unit (FSU) dan satu terminal LNG. Wilayah yang mereka bidik di kawasan Indonesia bagian tengah, Bangka Belitung, Pontianak, Nias, Maluku dan Gresik. Empat penyimpanan LNG tersebut untuk menjamin ketersediaan pasokan bahan baku gas pembangkit listrik milik PLN.  Salah satu sumber pasokan gas dari Tangguh Train III Papua dan Marubeni.

Sementara proyek dua jaringan pipa gas PLN ada di Tanjung Batu, Riau. Status dari proyek tersebut sudah dikontrak. Pembangunan proyek-proyek tadi akan melalui skema tender. Kecuali, untuk pembelian gas yang berupa bussines to bussines (B2B). Sebab, PLN ingin mencari harga termurah. 

"Untuk nilai investasi dan kapasitasnya kami harus lihat datanya dulu, nanti kalau sudah ada baru saya sampaikan,“ kata Made.

Sebelumnya, Nicke Widyawati, Direktur Pengadaan Strategis 1 PLN bilang, PLN sedang mengkaji pembangunan dua FSRU di Sumbagut dan Belawan. PLN membangun FSRU itu karena ada pembangkit listrik tenaga gas dan uap (PLTGU) unit 3 dan 4 di Sumatera Utara.

Adapun alasan PLN merambah bisnis gas karena ingin menyiasati tingginya Biaya Pokok Produksi (BPP) listrik. Mereka mengaku, kerap memperoleh harga gas yang tinggi dari pemasok. Salah satunya pasokan gas bumi di wilayah Sumatera Utara untuk operasional PLTGU Belawan.

Kontan, Page-18, Wednesday, Sept 13, 2017