Upstream Oil and Gas Surplus of US $ 6.9 Billion

Upstream oil and gas revenues up to May 2018 reached US $ 6.9 billion or 58 percent of the target set in the 2018 State Budget (APBN) of US $ 11.9 billion. The improving world oil price is one of the factors in achieving the target of upstream oil and gas revenues this year.

"From the upstream side, we are surplus. The state revenue position is entirely US $ 6.9 billion. It comes from total revenue deducted by cost recovery, the rest is shared between the government and the contractor, plus taxes. This means that if asked the difference between revenue and production costs, its position is now a surplus, "said Head of Special Unit for Upstream Oil and Gas Business Activities (SKK Migas) Amien Sunaryadi.

According to him, the country's revenue is fully entered into the state budget. In the APBN 2018, Indonesia crude price (ICP) assumption is set at US $ 48 per barrel. Oil and gas lifting production is set at 2 million barrels of oil equivalent per day (bsmph), consisting of crude oil of 800 thousand barrels per day (bpd) and natural gas 1.2 million bsmph. Asked about the budget for fuel subsidy (BBM), Head of SKK Migas Amien Sunaryadi said it was entirely the authority of the government.

"From us, the upstream side pays the budget to the state budget. Furthermore, it is up to the government where it will be allocated, "he said.

Concerned about the impact of the implementation of gross split mechanism on the investment climate of oil and gas, Amien Sunaryadi ensures investors welcome the policy.

"Some say gross split makes investors uninterested, that's not right," he said.

Amien exemplifies, from January to June this year, there are five companies that signed the contract with a gross split scheme. That's good. Compared since 2015 has terminated 80 working areas (WK), meaning the contract did not perform, "he said.

He believes, with the signing of new contracts now, in the next 5-10 years national oil lifting increases, in line with many new findings. Head of Program and Communication Division of SKK Migas Wisnu Prabawa Taher added that oil and gas lifting performance during January to May 2018 reached 1.916 million bsmph. The realization is about 96% of the oil and gas lifting target set in the APBN of 2 million bsmph. He explained, from 1.916 million bsmph, the realization of oil lifting reached 758 thousand bpd, or about 95% of the target of 800 thousand bpd. While the realization of gas lifting reached 1.158 million bsmph, about 97% of the target of 1.2 million bsmph.

Vishnu said, PT Chevron Pacific Indonesia produces the most oil, reaching 212,316 bph. That number is slightly lower than the target of 213,551 bph (99.42%). The biggest gas achievement comes from BP Berau Ltd (Tangguh) of 1.03 million MMSCFD or 104% of the target of 1 million.

"For the achievement of cost recovery funds (cost recovery) until the end of May has been US $ 4.7 billion or 47% of the target of the 2018 state budget," he said.

Wisnu Prabawa also stated that the realization of oil and gas investment in January-May 2018 reached US $ 3.7 billion, about 26% of this year's target of US $ 14.2 billion.

"Realization is low because a number of programs are waiting for onstream schedules. For example, drilling activities are still waiting for land readiness. But we remain optimistic that this year's investment target is achieved. We predict the second semester of the activity more often so that the investment target is achieved, "he said.

Investor Daily's note shows that the revenue target of upstream oil and gas sector this year of US $ 11.9 billion is still lower than last year's realization. In 2017, the realization of upstream oil and gas revenues reached US $ 13.1 billion, exceeding the target of APBN-P 2017 of US $ 12.2 billion.

Windfall Profit

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources Djoko Siswanto at a hearing with the Commission VII of the House of Representatives (DPR) in Jakarta recently revealed that the government received an unexpected windfall profit of Rp 300 billion from every crude price increase of US $ 1 per barrel.

Sudden profits that can be used to help the finances of PT Pertamina (Persero) is experiencing pressure because it must bear the burden of the increase cost of procurement of fuel oil (BBM) subsidized. Citing data from the Ministry of Finance Fiscal Policy Office (BKF), Djoko Siswanto explains, every US $ 1 increase in oil prices, state revenues increased by Rp 2.8 trillion to Rp 2.9 trillion. While the subsidy increase reached Rp 2.5 trillion to Rp 2.6 trillion. As a result, there is still a windfall profit of around Rp 300 billion.

"But the government does not directly put the benefits into the state treasury, but will use it to refresh Pertamina's finances," he said.

The government, according to Djoko, has experienced the fluctuation of world oil prices, where the highest price ever reached the level of US $ 100 per barrel with a subsidy burden of about Rp 300 trillion.

"Thus, the government will be more wise to maintain Pertamina's financial stability and availability of fuel," he said.

In addition, the government helps Pertamina's financial condition by submitting eight oil and gas blocks termination to the state-owned oil and gas company.

"Thus, Pertamina gets fresh funding, because without investment but still produce. It is expected to help Pertamina replace the burden of the assignment of fuel, "he said.

As oil prices are still high, Djoko ensures the government can still cope, even if oil prices continue to rise to touch the level of US $ 100 per barrel.

"We already have experience. Hopefully with that experience we can face this, "he asserted.

He revealed, in the past, the depreciation of the rupiah affected the fuel subsidy.

"However, since President Jokowi's administration, the subsidy is not affected by the exchange rate and oil prices," he said.

Djoko said the Ministry of Energy and Mineral Resources and the Ministry of Finance have agreed to utilize windfall profit as a fund to cover the additional subsidy of diesel fuel. Meanwhile, senior analyst Bina Artha Sekuritas Reza Priyambada said the government could not withstand too long the price of subsidized fuel, despite its goal of keeping inflation levels at a time of price rises.

"The government can not withstand the price of subsidized fuel for the next. World oil prices continue to rise, and one day Indonesia must follow the market price, "said Reza.

Rising crude oil prices, according to Reza, not only gave birth to a dilemma for fuel subsidy policy, but also for the price of non-subsidized fuel. The rise in oil prices could pressure Pertamina to bear the burden of increasing the cost of subsidized fuel procurement, including for BBM Satu Price program.

On the other hand, PT PLN (Persero) will also be affected because the SOE is still using fuel for a number of power plants.

"In fact, Pertamina and SOEs have the obligation to generate profits and one way is to follow the development of global markets. The next concern is who will pay for the adjustment later, "he said.

Highest 4 Years

Based on data from the Ministry of Energy and Mineral Resources, the average ICP of crude oil in May 2018 reached US $ 72.46 per barrel, up US $ 5.03 per barrel from April 2018 which reached US $ 67.43 per barrel. Meanwhile, ICP Sumatra Light Crude (SLC) reached US $ 73.15 per barrel, up US $ 4.76 per barrel from US $ 68.39 per barrel in the previous month.

The increase in ICP in May 2018 is the highest since the price of Indonesian oil reached US $ 70 per barrel last time in November 2014, "said Head of Communications Services Public Information and Cooperation (KLIK) Ministry of ESDM Agung Pribadi.

According to the Ministry of Energy and Mineral Resources, the average increase in ICP is in line with the average price growth of crude oil in international market in May 2018 compared to April 2018. Dated Brent prices rose US $ 5.13 per barrel from US $ 71.80 per the barrel to US $ 76.93 per barrel and Brent (ICE) up US $ 5.24 per barrel from US $ 71.76 per barrel to US $ 77.01 per barrel. At the same time, the price of WTI oil (Nymex) rose US $ 3.66 per barrel from US $ 66.33 per barrel to US $ 69.98 per barrel and OPEC oil basket price rose US $ 5.68 per barrel from US $ 68.43 per barrel to US $ 74.11 per barrel.

Based on the Ministry of Energy and Mineral Resources record, the main crude oil price increase in the international market was triggered by several factors, including global crude demand. The report by the Organization of the Petroleum Exporting Countries (OPEC) in May 2018 said demand was expected to increase by 1.65 million bpd to an average of 98.85 million bpd, coming from stronger demand by the Organization for Economic Cooperation and Development (OECD) as well as improved demand from non-OECD countries, particularly Asia and Latin America.

In addition, the International Energy Agency (IEA) report said that demand is expected to increase, especially in the first half of 2018. Causes include cold weather in Europe at the beginning of the year, new petrochemical capacity in the US, and improved global economic conditions. On the other hand, according to the ESDM Ministry report, there is a strong commitment from non-OPEC oil producing countries led by Russia and OPEC members to comply with a crude oil price restructuring deal (the Vienna Accord) to reach 1.8 million bpd.

"It's an effort to reduce global oil stocks," the report said.

Another factor, according to the ESDM Ministry, is market concerns about the potential for disruption of global crude supplies due to geopolitical turmoil. Causes of geopolitical turmoil include the US decision to break out of a nuclear arms restriction agreement signed in 2015 by Iran with China, France, Germany, Russia, Britain and the United States. In addition, re-enacting economic sanctions against Iran has a negative impact on the prospects for growth in the country's crude oil demand.

Another cause is the imposition of additional sanctions for Venezuela after Nicolas Maduro re-elected as President. It has been criticized internationally as an autocracy, potentially further reducing the supply and export of Venezuela's crude oil which has fallen by a third in the past two years.

The Ministry of Energy and Mineral Resources stated that the increase in US and Asian refinery processing activities with utilization rate reaches 90% of the refinery capacity, also affecting oil prices.

"For the Asia Pacific region, the rise in crude oil prices is also influenced by high economic growth in India and PRC, fueling increased demand for oil in the industrial and transportation sectors. In addition, the level of oil processing of PRC and India is still strong, "said the study of the Ministry of Energy and Mineral Resources.

IN INDONESIA

Hulu Migas Surplus US$ 6,9 Miliar

Penerimaan sektor hulu minyak dan gas bumi (migas) hingga Mei 2018 mencapai US$ 6,9 miliar atau 58% dari target yang ditetapkan dalam Anggaran Pendapatan Belanja Negara (APBN) 2018 sebesar US$ 11,9 miliar. Membaiknya harga minyak dunia menjadi salah satu faktor dalam mencapai target penerimaan hulu migas tahun ini.

“Dari sisi hulu, kita surplus. Posisi penerimaan negara seluruhnya US$ 6,9 miliar. Itu berasal dari total revenue dipotong cost recovery, sisanya dibagi antara pemerintah dan kontraktor, ditambah pajak. Artinya kalau ditanya selisih antara penerimaan dan biaya produksi, posisinya sekarang surplus,” kata Kepala Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) Amien Sunaryadi.

Menurut dia, penerimaan negara tersebut sepenuhnya masuk ke APBN. Dalam APBN 2018, asumsi harga minyak mentah Indonesia (Indonesia crude price/ ICP) ditetapkan US$ 48 per barel. Sedang produksi lifting migas ditetapkan 2 juta barel setara minyak per hari (bsmph) , terdiri atas minyak mentah 800 ribu barel per hari (bph) dan gas bumi 1,2 juta bsmph. 

Ditanya perihal anggaran untuk subsidi bahan bakar minyak (BBM), Kepala SKK Migas Amien Sunaryadi mengatakan, hal itu sepenuhnya merupakan kewenangan pemerintah. 

“Dari kami, sisi hulu menyetorkan pedapatan ke APBN. Selanjutnya terserah pemerintah akan dialokasikan ke mana,” ujar dia.

Disinggung soal dampak penerapan mekanisme bagi hasil kotor (gross split) terhadap iklim investasi migas, Amien Sunaryadi memastikan investor menyambut baik kebijakan tersebut. 

“Ada yang mengatakan gross split menjadikan investor tidak tertarik, itu tidak tepat,” tegas dia.

Amien mencontohkan, sejak Januari sampai Juni tahun ini, ada lima perusahaan yang menandatangani kontrak dengan skema gross split. Itu sudah bagus. Bandingkan sejak 2015 sudah terminasi 80 Wilayah kerja (WK), berarti kontrak dahulu tidak perform,” kata dia.

Dia yakin, dengan adanya penandatanganan kontrak-kontrak baru saat ini, dalam 5-10 tahun ke depan lifting minyak nasional meningkat, sejalan dengan banyaknya temuan baru.

Kepala Divisi Program dan Komunikasi SKK Migas Wisnu Prabawa Taher menambahkan, capaian lifting migas selama Januari hingga Mei 2018 mencapai 1,916 juta bsmph. Realisasi itu sekitar 96% dari target lifting migas yang ditetapkan dalam APBN sebanyak 2 juta bsmph. Dia menjelaskan, dari 1,916 juta bsmph, realisasi lifting minyak mencapai 758 ribu bph, atau sekitar 95% dari target 800 ribu bph. Sedangkan realisasi lifting gas mencapai 1,158 juta bsmph, sekitar 97% dari target 1,2 juta bsmph.

Wisnu mengungkapkan, PT Chevron Pacific Indonesia memproduksi minyak paling banyak, mencapai 212.316 bph. Jumlah itu sedikit lebih rendah dari target 213.551 bph (99,42%). Adapun capaian gas terbesar berasal dari BP Berau Ltd (Tangguh) sebanyak 1,03 juta MMSCFD atau 104% dari target 1 juta. 

“Untuk pencapaian dana pengembalian biaya operasi (cost recovery) sampai akhir Mei sudah US$ 4,7 miliar atau 47% dari target APBN 2018,” tutur dia.

Wisnu Prabawa juga mengemukakan, realisasi investasi migas pada Januari-Mei 2018 mencapai US$ 3,7 miliar, sekitar 26% dari target tahun ini sebesar US$ 14,2 miliar.

“Realisasi rendah karena sejumlah program menunggu jadwal onstream. Misalnya kegiatan pengeboran masih menunggu kesiapan lahan. Tapi kami tetap optimistis target investasi tahun ini tercapai. Kami prediksi pada semester kedua kegiatan lebih sering sehingga target investasi tercapai,” papar dia.

Catatan Investor Daily menunjukkan, target penerimaan sektor hulu migas tahun ini sebesar US$ 11,9 miliar masih lebih rendah dibanding realisasi tahun lalu. Pada 2017, realisasi penerimaan sektor hulu migas mencapai US$ 13,1 miliar, melampaui target APBN-P 2017 sebesar US$ 12,2 miliar.

Windfall Profit

Dirjen Migas Kementerian Energi dan Sumber Daya Mineral (ESDM) Djoko Siswanto dalam rapat dengar pendapat (RDP) dengan Komisi VII Dewan Perwakilan Rakyat (DPR) di Jakarta, baru-baru ini, mengungkapkan, pemerintah mendapat keuntungan tidak terduga (windfall profit) sebesar Rp 300 miliar dari setiap kenaikan harga minyak mentah sebesar US$ 1 per barel.

Keuntungan mendadak itu bisa digunakan untuk membantu keuangan PT Pertamina (Persero) yang mengalami tekanan karena harus menanggung beban kenaikan biaya pengadaaan Bahan Bakar Minyak (BBM) bersubsidi. Mengutip data Badan Kebijakan Fiskal (BKF) Kementerian Keuangan (Kemenkeu), Djoko Siswanto menjelaskan, setiap US$ 1 kenaikan harga minyak, penerimaan negara bertambah Rp 2,8 triliun sampai Rp 2,9 triliun. Sedangkan peningkatan subsidi mencapai Rp 2,5 triliun sampai Rp 2,6 triliun. Alhasil, masih ada windfall profit sekitar Rp 300 miliar.

“Tapi pemerintah tidak langsung memasukkan keuntungan tersebut ke kas negara, melainkan akan menggunakannya untuk menyegarkan keuangan Pertamina,” tutur dia.

Pemerintah, menurut Djoko, sudah berpengalaman menghadapi fluktuasi harga minyak dunia, di mana harga paling tinggi pernah mencapai level US$ 100 per barel dengan beban subsidi sekitar Rp 300 triliun. 

“Dengan demikian, pemerintah akan lebih bijak menjaga stabilitas keuangan Pertamina dan ketersediaan BBM,” ujar dia.

Selain itu pemerintah membantu kondisi keuangan Pertamina dengan menyerahkan delapan blok migas terminasi kepada BUMN migas tersebut. 

“Dengan begitu, Pertamina mendapat dana segar, sebab tanpa investasi tetapi tetap berproduksi. Itu diharapkan membantu pertamina mengganti beban penugasan BBM,” ucap dia.

Seiring harga minyak yang masih tinggi, Djoko memastikan pemerintah masih bisa mengatasinya, bahkan jika harga minyak terus naik hingga menyentuh level US$ 100 per barel. 

“Kita sudah punya pengalaman. Semoga dengan pengalaman itu kita bisa menghadapi ini,” tegas dia.

Dia mengungkapkan, pada masa lalu, depresiasi rupiah berpengaruh kepada subsidi BBM. 

“Namun, sejak pemerintahan Presiden Jokowi, subsidi tidak terpengaruh kurs dan harga minyak,” kata dia.

Djoko mengatakan, Kementerian ESDM dan Kementerian Keuangan telah sepakat untuk memanfaatkan windfall profit sebagai dana untuk menutupi pemberian tambahan subsidi solar. Sementara itu, analis senior Bina Artha Sekuritas Reza Priyambada mengatakan pemerintah tidak bisa menahan terlalu lama harga BBM bersubsidi, walaupun tujuannya untuk menjaga tingkat inflasi di saat tekanan kenaikan harga.

“Pemerintah tidak bisa menahan harga BBM bersubsidi untuk seterusnya. Harga minyak dunia terus naik, dan suatu saat Indonesia harus mengikuti harga pasar,” ujar Reza.

Kenaikan harga minyak mentah, menurut Reza, bukan hanya melahirkan dilema bagi kebijakan subsidi BBM, tapi juga bagi harga BBM nonsubsidi. Kenaikan harga minyak bisa menekan Pertamina yang harus menanggung beban kenaikan biaya pengadaaan BBM bersubsidi, termasuk untuk program BBM Satu Harga.

Di sisi lain, PT PLN (Persero) juga bakal terkena dampaknya karena BUMN tersebut masih menggunakan BBM untuk sejumlah pembangkit listriknya. 

“Padahal, Pertamina dan BUMN punya kewajiban menghasilkan profit dan salah satu caranya adalah dengan mengikuti perkembangan pasar global. Kekhawatiran selanjutnya adalah siapa yang akan membayar untuk penyesuaian itu nanti,” kata dia.

Tertinggi 4 Tahun

Berdasarkan data Kementerian ESDM, rata-rata ICP minyak mentah pada Mei 2018 mencapai US$ 72,46 per barel, naik US$ 5,03 per barel dari April 2018 yang mencapai US$ 67,43 per barel. Sedangkan ICP Sumatera Light Crude (SLC) mencapai US$ 73,15 per barel, naik US$ 4,76 per barel dari US$ 68,39 per barel pada bulan sebelumnya.

Peningkatan ICP Mei 2018 merupakan yang tertinggi sejak harga minyak Indonesia mencapai US$ 70 per barel terakhir kali pada November 2014," kata Kepala Biro Komunikasi Layanan Informasi Publik dan Kerja Sama (KLIK) Kementerian ESDM Agung Pribadi.

Hasil kajian Kementerian ESDM menyebutkan, peningkatan rata-rata ICP tersebut sejalan dengan perkembangan harga rata-rata minyak mentah utama di pasar internasional pada Mei 2018 dibandingkan April 2018. Harga Dated Brent naik US$ 5,13 per barel dari US$ 71,80 per barel menjadi US$ 76,93 per barel dan Brent (ICE) naik US$ 5,24 per barel dari US$ 71,76 per barel menjadi US$ 77,01 per barel. Seiring dengan itu, harga minyak WTI (Nymex) naik US$ 3,66 per barel dari US$ 66,33 per barel menjadi US$ 69,98 per barel dan harga minyak basket OPEC naik US$ 5,68 per barel dari US$ 68,43 per barel menjadi US$ 74,11 per barel.

Berdasarkan catatan Kementerian ESDM, kenaikan harga minyak mentah utama di pasar internasional dipicu beberapa faktor, di antaranya permintaan minyak mentah global. Laporan Organisasi Negara-negara Pengekspor Minyak (OPEC) pada Mei 2018 menyebutkan, permintaan diperkirakan meningkat 1,65 juta bph menjadi rata-rata 98,85 juta bph, yang berasal dari menguatnya permintaan negara-negara Organization for Economic Cooperation and Development (OECD) serta perbaikan permintaan dari negara-negara non-OECD, terutama wilayah Asia dan Amerika Latin.

Selain itu, laporan International Energy Agency (IEA) mengungkapkan, permintaan diperkirakan meningkat, terutama pada semester I-2018. Penyebabnya antara lain cuaca dingin di Eropa pada awal tahun, penambahan kapasitas petrokimia baru di AS, serta kondisi perekonomian global yang membaik. 

     Di pihak lain, demikian laporan Kementerian ESDM, ada komitmen kuat dari negara-negara produsen minyak non-OPEC yang dipimpin Rusia dan anggota OPEC untuk mematuhi kesepakatan pembatasan produksi minyak mentah (Perjanjian Wina) hingga mencapai 1,8 juta bph.

“Itu sebagai upaya mengurangi stok minyak global yang tinggi," demikian laporan tersebut.

Faktor lainnya, menurut Kementerian ESDM, adalah kekhawatiran pasar terhadap potensi terganggunya pasokan minyak mentah global akibat gejolak geopolitik. Penyebab gejolak geopolitik di antaranya keputusan AS untuk keluar dari perjanjian pembatasan senjata nuklir yang ditandatangani pada 2015 oleh Iran dengan RRT, Prancis, Jerman, Rusia, Inggris, dan AS. Kecuali itu, pemberlakuan kembali sanksi ekonomi terhadap Iran berdampak negatif pada prospek pertumbuhan permintaan minyak mentah negara itu.

Penyebab lainnya yaitu pengenaan sanksi tambahan bagi Venezuela setelah Nicolas Maduro terpilih kembali sebagai Presiden. Hal itu dikecam dunia internasional sebagai otokrasi, sehingga berpotensi semakin menurunkan pasokan dan ekspor minyak mentah Venezuela yang telah turun hingga sepertiga dalam dua tahun terakhir.

Kementerian ESDM menyatakan, peningkatan aktivitas kilang pengolahan AS dan Asia dengan tingkat pemanfaatan mencapai 90% dari kapasitas kilang, juga turut memengaruhi harga minyak.

“Untuk kawasan Asia Pasifik, kenaikan harga minyak mentah juga dipengaruhi kondisi pertumbuhan perekonomian di India dan RRT yang tinggi, sehingga mendorong peningkatan permintaan minyak di sektor industri dan transportasi. Selain itu, tingkat pengolahan minyak RRT dan India masih kuat,” demikian kajian Kementerian ESDM.

Investor Daily, Page-9, Saturday, June 9, 2018

Chevron wants to extend Rokan contract

Coordinating Maritime Affairs Minister Luhut Pandjaitan says PT Chevron Pacific Indonesia (CPT), the local unit of the United States-based oil and gas giant Chevron Corp., has expressed interest in continuing its operation of the Rokan block in Riau, one of the most productive oil blocks in the country. 

"They [company officials] told me that the block [Rokan] is good. [...] They explained that their new technology will boost oil reserves in the block by up to T billion barrels,” he said.

Luhut’s statement was made after meeting with Chevron indoAsia business unit managing director Chuck Taylor and CPT senior vice president for policy, government and public affairs Yanto Sianipar at Luhut’s office in Jakarta recently.

The minister said the oil firm also wanted to cut costs for Indonesia Deepwater Development (IDD) by up to 50 percent. The auction of Rokan will begin in july as Chevron's contract is slated to end in 2021. The new contractor must agree to the gross-split scheme. 

Meanwhile, Yanto said he met with Luhut to update the government on Chevron's achievements. When asked about the possibility of a contract extension, he only said “we always try to be punctual in every project"

Jakarta Post, Page-14, Friday, June 8, 2018

Chevron Submits Big Revenue Share in Rokan

Chevron Pacific Indonesia asks for a split or a larger share of the government's share for the renewal of the Rokan Block whose contract expires in 2021. The request is because Chevron will use advanced oil depletion technology at Minas Field, Rokan Block. Moreover, Chevron must use the gross split scheme now.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources (ESDM) Djoko Siswanto confirmed there is a bigger split demand. According to him, it is reasonable that the contractor of cooperation contract (KKKS) requested split as much as possible. However, the proposal does not necessarily get government approval.

"We evaluate, we have not agreed," said Djoko.

In an initial proposal for a Rokan Block renewal proposal, Chevron requested to use a cost recovery scheme. But the government immediately rejected the proposal using a cost recovery scheme.

"So initially they filed a cost recovery scheme, we said no way cost recovery, changing it with gross split, now it is being refined, I do not know how many split the last, Chevron asked for bigger," said Djoko.

He suspects Chevron is proposing a larger revenue-sharing proposal than the government revenue share because the company plans to use enhanced oil recycling (EOR) surfactant technology in full scale. So it requires huge funds. EOR is an advanced oil draining technique. 

      Usually the oil that has been sucked only reached about 60%, there are still about 40% more that can be taken but must use technology. With the full-scale EOR, Chevron projected to increase production by 500,000 barrels per day.

Currently the production of the Rokan Block is only 230,000 barrels per day.

"Chevron says there is a new technology that can increase the EOR with full scale, the project is in Minas Field, but it is still a pilot project," he said.

IN INDONESIA

Chevron Ajukan Bagi Hasil Besar di Rokan

Chevron Pacific Indonesia meminta split atau bagi hasil lebih besar dari bagian pemerintah untuk perpanjangan kontrak Blok Rokan yang kontraknya habis pada tahun 2021 mendatang. Permintaan tersebut karena Chevron akan menggunakan teknologi pengurasan minyak tahap lanjut di Lapangan Minas, Blok Rokan. Terlebih Chevron mesti menggunakan skema gross split sekarang.

Dirjen Migas Kementerian Energi dan Sumber Daya Mineral (ESDM) Djoko Siswanto membenarkan ada permintaan split yang lebih besar tersebut. Menurut dia, adalah wajar kontraktor kontrak kerjasama (KKKS) meminta split sebesar-besarnya. Namun, usulan itu belum tentu mendapat persetujuan pemerintah. 

"Kami evaluasi, belum kami setujui," kata Djoko.

Dalam usulan awal proposal perpanjangan kontrak Blok Rokan, Chevron meminta untuk menggunakan skema cost recovery. Namun pemerintah langsung menolak proposal menggunakan skema cost recovery. 

"Jadi awalnya mereka mengajukan skema cost recovery. Kami bilang no way cost recovery. Berubah dengan gross split. Sekarang sedang disempurnakan lagi. Saya tidak tahu berapa split yang terakhir. Dulu Chevron minta lebih besar," kata Djoko.

Ia menduga, Chevron mengajukan proposal dengan permintaan bagi hasil yang lebih besar dibandingkan bagi hasil pemerintah, karena perusahaan ini berencana menggunakan teknologi enhanced oil recofuery (EOR) surfactant secara full scale. Jadi membutuhkan dana sangat besar. EOR adalah teknik pengurasan minyak tahap lanjut. 

     Biasanya minyak yang selama ini disedot hanya mencapai sekitar 60%, masih ada sekitar 40% lagi yang bisa diambil tetapi harus menggunakan teknologi. Dengan EOR full scale tersebut, Chevron memproyeksikan bisa menaikkan produksi hingga 500.000 barel per hari.

Saat ini produksi Blok Rokan hanya 230.000 barel per hari. 

"Chevron bilang ada teknologi baru yang bisa meningkatkan EOR dengan full scale. Proyeknya ada di Lapangan Minas. Tapi masih pilot project, " kata dia.

Kontan, Page-14, Friday, June 8, 2018

Five Months, Oil and Gas Investment Only 26% Target

The Ministry of Energy and Mineral Resources is confident there will be additional oil and gas investment and auction results of oil and gas blocks.

The investment achievement of upstream oil and gas sub-sector (oil and gas) until May 2018 is still far from the target. The figure is 26 percent or US $ 3.7 billion from the target in the State Budget (APBN) of 2018 which is worth US $ 14.2 billion. Head of Program and Communications Division of Upstream Oil and Gas Special Unit (SKK Migas) Wisnu Perbawa revealed that upstream oil and gas investment in both exploration and exploitation is still low with US $ 3.7 billion.

Only, he claims, this low investment is still at the beginning of the year. There are also several upstream oil and gas projects that are still waiting for on-stream schedules or operations, readiness of rigs and land readiness.

"Since the mentioned things have not happened yet, the investment has not been recorded yet," he said.

Unfortunately, Vishnu is still reluctant to disclose any projects that have not been operating optimally. However, Vishnu is confident that in the second half of 2018, oil and gas drilling will operate much faster than in the first semester of 2018. So that the achievement of oil and gas investment can be higher.

"Hopefully our investment target can be achieved until the end of the fall," he said.

Last year, oil and gas subsector investment was only US $ 10.175 billion. The figure comprises upstream investments of US $ 9.33 billion, consisting of investments in activities in the exploitation block of US $ 9.15 billion and investment of exploration block activities of only US $ 180 million.

The rest comes from downstream investment of US $ 845.58 million. The investment consists of processing investment of US $ 54.97 million, transportation of about US $ 4.2 million, storage of US $ 696.44 million, trade of approximately US $ 88.59 million and PT Perusahaan Gas Negara Tbk (PGN) $ 1.38 million.

Head of SKK Migas, Amien Sunaryadi added that upstream oil and gas investment may increase if there is construction of new facilities, there is reserve or implementation of exploration activities. On Thursday (7/6), SKK Migas has just signed two new working areas, namely Merak Lampung and Citarum. 

     The exact commitment value of geological and geophysickal exploration (G & G) and the acquisition of two-dimensional seismic data (2D) 500 km in Merak Block Lampung reaches US $ 1.32 million and a signature bonus of US $ 500,000.

In the Citarum block with a definite G & G exploration commitment and 2D 300 km seismic data acquisition, with a total investment of US $ 3.75 million and a signature bonus of US $ 750,000

"The investment with additional reserves of two new production sharing contracts with exploration and additional reserves is expected to have large investments," said Amien.

In addition, there is an investment from Merakes field development. The cost of the Field development project is US $ 1.05 billion. Then there is also the Tangguh Train 3 project that is still ongoing. Then there is also development of Genting-Kesuri project. Director General of Oil and Gas of the Ministry of Energy and Mineral Resources (ESDM) Djoko Siswanto revealed, usually at the end of the year there will be greater investment, so the target can be achieved.

"I hope it is achieved, now 26% of two times is 52% (in October) .The November-December graph is usually exceptional," said Djoko.

Well, to achieve these targets, the government will continue to auction oil and gas working areas this year. With so the upstream investment of oil and gas can be increased due to the certain working commitments that are deposited to the state. In addition, work commitments can also be obtained from new termination block contracts. Djoko also said that the increased investment could come from the development of the field through a new plan of development (POD).

IN INDONESIA

Lima Bulan, Investasi Migas Hanya 26% Target

Kementerian ESDM yakin akan ada penambahan investasi migas dan hasil lelang blok migas.

Pencapaian investasi subsektor hulu minyak dan gas bumi (migas) sampai Mei 2018 masih jauh dari target. Angkanya besar mencapai 26% atau senilai US$ 3,7 miliar dari target dalam Anggaran Pendapatan dan Belanja Negara (APBN) tahun 2018 yang senilai US$ 14,2 miliar. Kepala Divisi Program dan Komunikasi Satuan Kerja Khusus Hulu Minyak dan Gas Bumi (SKK Migas) Wisnu Perbawa mengungkapkan, investasi hulu migas baik eksplorasi maupun eksploitasi masih rendah dengan angka US$ 3,7 miliar. 

Hanya saja, dia mengklaim, rendahnya investasi ini karena masih di awal tahun. Juga ada beberapa proyek-proyek hulu migas yang masih menunggu jadwal on stream atau beroperasi, kesiapan rig dan kesiapan lahan. 

"Karena hal-hal yang disebutkan itu belum terjadi, maka investasinya belum dicatat,” katanya.

Sayangnya, Wisnu masih enggan mengungkapkan proyek-proyek mana saja yang belum beroperasi secara maksimal. Namun Wisnu yakin, pada semester II-2018, pengeboran migas banyak yang beroperasi dan lebih cepat dibandingkan kegiatan di semester I-2018. Sehingga pencapaian investasi migas bisa lebih tinggi. 

"Semoga target investasi kita bisa tercapai sampai akhir tahur," ujarnya.

Tahun lalu investasi subsektor migas hanya sekitar US$ 10,175 miliar. Angka tersebut terdiri dari investasi hulu sebesar US$ 9,33 miliar, yang terdiri dari investasi untuk kegiatan di blok eksploitasi sebesar US$ 9,15 miliar dan investasi kegiatan blok eksplorasi hanya US$ 180 juta.

Sisanya berasal dari investasi sektor hilir sebesar US$ 845,58 juta. Investasi tersebut terdiri dari investasi pengolahan sebesar US$ 54,97 juta, pengangkutan sekitar US$ 4,2 juta, penyimpanan US$ 696,44 juta, niaga sekitar US$ 88,59 juta dan PT Perusahaan Gas Negara Tbk (PGN) sejumlah US$ 1,38 juta.

Kepala SKK Migas, Amien Sunaryadi menambahkan investasi hulu migas bisa bertambah jika ada pembangunan fasilitas baru, ada cadangan atau ada pelaksanaan kegiatan eksplorasi. Pada Kamis (7/6), SKK Migas baru saja menandatangani dua Wilayah kerja baru, yaitu Merak Lampung dan Citarum. Nilai komitmen pasti eksplorasi geological dan geophysickal (G&G) dan akuisisi data seismik dua dimensi (2D) 500 km di Blok Merak Lampung mencapai US$ 1,32.juta dan bonus tanda tangan sebesar US$ 500.000.

Di blok Citarum dengan komitmen pasti eksplorasi G&G dan akuisisi data seismik 2D 300 km, dengan total investasi senilai US$ 3,75 juta dan bonus tanda tangan sebesar US$ 750.000 

"Investasi dengan tambahan cadangan dua production sharing contract baru ini dengan eksplorasi dan penambahan cadangan diharapkan akan ada investasi besar," ujar Amien.

Selain itu, ada investasi dari pengembangan Lapangan Merakes. Biaya proyek pengembangan Lapangan ini mencapai US$ 1,05 miliar. Kemudian ada juga proyek Tangguh Train 3 yang masih berlangsung. Lalu ada juga pengembangan proyek Genting-Kesuri. Direktur Jenderal Minyak dan Gas Bumi Kementerian Energi dan Sumber Daya Mineral (ESDM) Djoko Siswanto mengungkapkan, biasanya pada akhir tahun akan ada investasi yang lebih besar, sehingga target tersebut bisa tercapai. 

"Saya berharap tercapai. Sekarang 26% kali dua saja sudah 52% (di Oktober). Grafik November-Desember biasanya exceptional,“ kata Djoko.

Nah, untuk mencapai target tersebut, pemerintah akan terus melakukan lelang wilayah kerja migas di tahun ini. Dengan begitu investasi hulu migas bisa meningkat karena adanya komitmen kerja pasti yang disetor ke negara. Selain itu komitmen kerja pasti juga bisa didapat dari kontrak-kontrak baru blok terminasi. Djoko juga mengungkapkan, peningkatan investasi bisa berasal dari adanya pengembangan lapangan melalui plan of development (POD) baru.

Kontan, Page-14, Friday, June 8, 2018

Termination Blocks Be Compensated

A number of oil and gas blocks of termination or termination of contracts have been compensated for PT Pertamina (Persero). Compensation is provided after the difference between the selling price of fuel oil borne by the company. Until 2026, there are 22 blocks that will expire his contract.

Minister of Energy and Mineral Resources (ESDM) Ignatius Jonan said that a number of termination blocks have been handed over to Pertamina directly. One of the large terminated oil and gas blocks granted to Pertamina is the Mahakam Block in East Kalimantan. Previously, the block was managed Total (France) and Inpex (Japan) for 50 years.

termination blocks

"There are 12 termination blocks granted to Pertamina as a compensation for the difference between the selling price of fuel oil (BBM) they bear. In addition, the more controlled Pertamina, then they will become the majority in their own home, "said Jonan in Jakarta.

The twelve blocks are Mahakam, Offshore North West Java, Tuban, Ogan Komering, Sanga-Sanga, South East Sumatra, Block B, North Sumatra Offshore, Central Block, East Kalimantan, Attaka, and Pendopo Raja Block, In addition to Mahakam, other blocks managed by a profit-sharing scheme based on gross production (gross split).

Jonan added, before getting additional blocks termination results, Pertamina oil and gas production 20 percent of the overall national oil and gas production. Starting next year, Pertamina's oil and gas production is expected to rise to 39 percent or 40 percent. Thus, Pertamina will be the majority. Note, the production does not go down.

"If it goes down will be significant impact," said Jonan.

During Q1 / 2018, Pertamina's oil and gas production reached 923,000 barrels of oil equivalent per day (BOEPD). The achievement consists of oil production of 386,000 barrels per day and natural gas production of 3.115 million standard cubic feet per day (MMSCFD). The oil production in the first quarter of 2017 was 337,000 barrels per day and 2,700 MMSCFD natural gas.

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto, said that from the block of termination proceeds given to Pertamina, four of them will be share down. The four blocks are Mahakam, East Kalimantan, Attaka, and Jambi Merang. Thus, Pertamina can obtain fresh funds from the release of some of the shares.

"The estimate, the highest could be up to 2 billion US dollars or at least 500,000 US dollars. Say it can be 1 million US dollars (about Rp 13.8 trillion), it's been great. Not to mention the government receivables that have been paid to Pertamina, "said Djoko.

From 2019 to 2026, there will be 22 oil and gas blocks whose contract expires. The government will quickly decide who is the manager of the block next. If Pertamina's bid is attractive, it is possible that the blocks will be handed over to Pertamina to be managed.

Related to premium fuel, Pertamina claims to arise the difference between the selling price and the economic price. The current premium selling price of Bp 6,450 per liter is still far below the economic price of Rp 7,150 per liter. Similarly, diesel fuel subsidy costs Rp 5,150 per liter. The price difference is the responsibility of Pertamina without the additional subsidy of the State Budget (APBN).

IN INDONESIA

Blok Terminasi Menjadi Kompensasi

Sejumlah blok minyak dan gas bumi hasil terminasi atau yang masa kontraknya habis menjadi kompensasi untuk PT Pertamina (Persero). Kompensasi diberikan setelah selisih harga jual bahan bakar minyak yang ditanggung perusahaan tersebut. Sampai tahun 2026, ada 22 blok yang akan habis masa kontraknya.

Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan mengatakan, sejumlah blok hasil terminasi sudah diserahkan pengelolaannya secara langsung kepada Pertamina. Salah satu blok migas besar hasil terminasi yang diberikan kepada Pertamina adalah Blok Mahakam di Kalimantan Timur. Sebelumnya, blok tersebut dikelola Total (Perancis) dan Inpex (Jepang) selama 50 tahun.

”Ada 12 blok hasil terminasi yang diberikan pengelolaannya kepada Pertamina itu sebagai kompensasi terhadap selisih harga jual Bahan Bakar Minyak (BBM) yang mereka tanggung. Selain itu, semakin banyak dikuasai Pertamina, maka mereka akan menjadi mayoritas di rumah sendiri,” ucap Jonan di Jakarta.

Kedua belas blok tersebut adalah Mahakam, Offshore North West Java, Tuban, Ogan Komering, Sanga-sanga, South East Sumatera, Blok B, North Sumatera Offshore, Blok Tengah, East Kalimantan, Attaka, dan Blok Pendopo Raja, Selain Mahakam, blok lainnya dikelola dengan skema bagi hasil berdasarkan produksi bruto (gross split).

Jonan menambahkan, sebelum mendapat tambahan blok-blok hasil terminasi, produksi minyak dan gas bumi Pertamina 20 persen dari keseluruhan produksi migas nasional. Mulai tahun depan, produksi migas Pertamina diharapkan naik menjadi 39 persen atau 40 persen. Dengan demikian, Pertamina akan menjadi mayoritas. Catatannya, produksinya tidak turun. 

”Kalau turun akan signifikan dampaknya,” ujar Jonan.

Sepanjang triwulan I-2018, produksi migas Pertamina mencapai 923.000 barrel setara minyak per hari (BOEPD). Pencapaian itu terdiri dari produksi minyak 386.000 barrel per hari dan produksi gas bumi sebanyak 3.115 juta standar kaki kubik per hari (MMSCFD). Adapun produksi minyak di triwulan I-2017 adalah 337.000 barrel per hari dan gas bumi 2.007 MMSCFD.

Direktur Jenderal Minyak dan Gas Bumi Kementerian ESDM Djoko Siswanto mengatakan dari blok hasil terminasi yang diberikan kepada Pertamina, empat di antaranya sebagian sahamnya akan dilepas (share down). Keempat blok itu adalah Mahakam, East Kalimantan, Attaka, dan Jambi Merang. Dengan demikian, Pertamina bisa memperoleh dana segar dari hasil pelepasan sebagian saham itu.

”Perkiraannya, paling tinggi bisa sampai 2 miliar dollar AS atau sedikitnya 500.000 dollar AS. Katakanlah bisa dapat 1 juta dollar AS (sekitar Rp 13,8 triliun), itu sudah besar. Belum lagi piutang pemerintah yang sudah dibayarkan kepada Pertamina,” ucap Djoko.

Terhitung dari tahun 2019 sampai 2026, akan ada 22 blok migas yang kontraknya berakhir. Pemerintah akan segera memutuskan dengan cepat siapa pengelola blok itu selanjutnya. Apabila penawaran Pertamina menarik, tidak menutup kemungkinan blok-blok itu diserahkan kepada Pertamina untuk dikelola.

Terkait bahan bakar jenis premium, Pertamina mengklaim timbul selisih antara harga jual dan harga keekonomian. Harga jual premium saat ini sebesar Bp 6.450 per liter masih jauh di bawah harga keekonomian yang Rp 7.150 per liter. Begitu pula harga solar subsidi Rp 5.150 per liter. Selisih harga itu menjadi tanggungan Pertamina tanpa subsidi tambahan Anggaran Pendapatan Belanja Negara (APBN).

Kompas, Page-17, Friday, June 8, 2018

Glimmer of Hope in Upstream Oil and Gas

The investment passion around oil and gas that previously faded is believed to increase in the first half of 2018,

crude oil prices.

Executive Director of Indonesia Petroleum Association (IPA) Marjolijn Wajong said that oil price hike is one of the drivers of investment in the oil and gas sector, especially for the exploitation work areas that have started spraying oil. According to him, the upstream oil and gas investment has not been seen directly in the first half of this year.

"signs of commencement upstream oil and gas investment will begin to be felt in the third quarter and fourth quarter. The upward trend will begin to appear at the end of the third quarter, "Marjolijn said.

For unexploded exploration work areas, Wajong said the period of rising oil prices will only have an impact on the spirit of finding new reserves.

"Because the exploration process takes years," She said

Based on data from the Upstream Oil and Gas Upstream Business Unit (SKK Migas), the realization of upstream oil and gas investment in January-May 2018 amounted to US $ 3.7 billion or 26 percent of the 2018 target of US $ 14.2 billion.

Data from the Ministry of Energy and Mineral Resources noted that the total upstream oil and gas investment is starting to decline from US $ 20.37 billion in 2013 to US $ 10.26 billion in 2017. Wajong believes that the new phase is usually starting to prepare investment planning in the first half of 2015 so that investment in the sector is still low . 

    

     So far, the increase in oil prices since the beginning of this year has contributed positively to the state revenues from the oil and gas sector. The realization of state revenue from the oil and gas sector during the period of January to May 2018 reached US $ 6.9 billion or 58% of this year's target of US $ 11.9 billion. Head of SKK Migas Amien Sunaryadi said the construction of operating facilities could increase oil and gas investment.

"One of the POD [plan of development, Merakes has been completed and has an investment value of US $ 1.05 he said.

Head of Program and Communication Division of SKK Migas Wisnu Prabowo Taher stated that the low level of realization of oil and gas investment is triggered by seasonal factors. Generally, in the first half of the planned programs are still waiting for the schedule of operations. So, like drilling schedule, waiting for rig preparedness, and land preparation. We have not put it into investment because there is no cost incurred, "he said.

Wisnu estimates that drilling and other activities are more intensive in the second half of 2018 than in the previous semester. According to him, the level of oil and gas investment will potentially increase after the Ministry of ESDM gives certainty of new contract on termination block. In total, 2018 has signed a total commitment of 2017 and 2018 direct appointment schemes, as well as new contracts of oil and gas blocks terminated 2018 and 2019 worth US $ 933.66 million. Throughout the year, Indonesia has recorded a definite commitment with a total value of US $ 933.66 million.

INVESTMENT MOMENTUM

Director General of Oil and Gas at the Ministry of Energy and Mineral Resources Djoko Siswanto also said that oil and gas investment trends are starting to stretch in the second half of 2018, especially in the third and fourth quarters. Oil and gas investment will also be raised by the auction of work area and a definite commitment from the new contract block whose contract is over. 

      Djoko stressed that world oil price hike should be a big momentum for oil and gas contractors to start investing. Meanwhile, members of Commission VII of the House of Representatives Kurtubi considered legal protection in the form of law does not support upstream oil and gas investment even though oil prices continue to rise. Currently, the revision of Law no. 22/2001 on Oil and Gas is still not completed in the Legislation Board.

"If, we [Commission VII] have completed it, but stopped at the Legislation almost a year," he said.

Kurtubi said the lack of legal protection that makes investors hesitate to invest in Indonesia. According to him, the government can issue a Law Enforcement Regulation (Perppu) to speed up the revision of the legal protection.

"In addition, the issue of licensing and tax collection during the exploration period became another problem that made oil and gas investment not too attractive."

IN INDONESIA

Secercah Harapan di Hulu Migas

Gairah investasi di sekitar minyak dan gas bumi yang sebelumnya meredup diyakini meningkat pada semester ll/201 8, menyusul terus naiknya

harga minyak mentah dunia.

Direktur Eksekutif Indonesia Petroleum Asociation (IPA) Marjolijn Wajong mengatakan kenaikan harga minyak menjadi salah satu pendorong gairah investasi sektor migas, khususnya untuk wilayah kerja eksploitasi yang sudah mulai menyemburkan minyak. Menurutnya, gairah investasi hulu migas memang belum terlihat langsung pada semester pertama tahun ini.

“tanda-tanda investasi hulu migas akan mulai terasa pada kuartal ketiga dan kuartal keempat. Tren kenaikan akan mulai nampak pada akhir kuartal ketiga," kata Marjolijn.

Untuk wilayah kerja eksplorasi yang belum berproduksi, Wajong menyatakan periode kenaikan harga minyak hanya akan berdampak pada semangat dalam mencari cadangan baru. 

“Soalnya proses eksplorasi membutuhkan waktu bertahun-tahun,” ujarnya

Berdasarkan data Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas), realisasi investasi hulu migas periode Januari-Mei 2018 senilai US$3,7 miliar atau 26% dari target 2018 senilai US$14,2 miliar.

Data Kementerian ESDM mencatat total investasi hulu migas mulai turun, dari US$ 20,37 miliar pada 2013 menjadi tinggal US$10,26 miliar pada 2017. Wajong meyakini  biasanya baru tahap mulai menyiapkan perencanaan investasi pada semester I 2015 sehingga investasi di sektor itu masih rendah. 

    Sejauh ini, peningkatan harga minyak sejak awal tahun ini telah berkontribusi positif terhadap pendapatan negara dari sektor migas. Realisasi penerimaan negara dari sektor migas selama periode Januari-Mei 2018 mencapai US$ 6,9 miliar atau 58% dari target tahun ini US$ 11,9 miliar. Kepala SKK Migas Amien Sunaryadi mengatakan pembangunan fasilitas operasi dapat menaikkan investasi migas.

"Salah satu POD [plan of development, Merakes sudah rampung dan memiliki nilai investasi US$1,05   ujarnya.

Kepala Divisi Program dan Komunikasi SKK Migas Wisnu Prabowo Taher menyatakan rendahnya tingkat realisasi investasi migas dipicu faktor musiman. Umumnya, pada paruh pertama program-program yang direncanakan masih menunggu jadwal operasi. Jadi, seperti jadwal pengeboran, menunggu kesiapan rig, dan persiapan lahan. Kami belum memasukkannya menjadi investasi karena memang belum ada biaya yang dikeluarkan,” ujarnya.

Wisnu memperkirakan pengeboran dan aktivitas lainnya lebih gencar digarap pada semester II/2018 dibandingkan dengan semester sebelumnya. Menurutnya, tingkat investasi migas berpotensi bertambah setelah Kementerian ESDM memberikan kepastian kontrak baru pada blok terminasi. 

     Secara total, pada 2018 sudah ditandatangani total komitmen pasti dari lelang 2017 dan 2018 skema penunjukan langsung, serta kontrak baru blok migas terminasi 2018 dan 2019 senilai US$ 933,66 juta. Sepanjang tahun berlalu, Indonesia sudah mencatatkan komitmen pasti dengan total nilai US$ 933,66 juta.

MOMENTUM INVESTASI

Dirjen Migas Kementerian ESDM Djoko Siswanto juga mengatakan tren investasi migas mulai ada tanda-tanda pada semester II/2018, terutama kuartal ketiga dan kuartal keempat. Investasi migas pun bakal bisa dinaikkan dengan adanya lelang wilayah kerja dan komitmen pasti dari kontrak baru blok yang kontraknya sudah berakhir. 

     Djoko menegaskan kenaikan harga minyak mentah dunia semestinya menjadi momentum besar para kontraktor migas untuk mulai mengeluarkan investasi. Sementara itu, anggota Komisi VII Dewan Perwakilan Rakyat Kurtubi menilai perlindungan hukum berupa undang-undang belum mendukung investasi hulu migas meskipun harga minyak terus naik. Saat ini, revisi Undang-Undang No. 22/2001 tentang Migas masih belum selesai di Badan Legislasi. 

“Kalau, kami [Komisi VII] sudah merampungkannya, tapi berhenti di badan Legislasi hampir setahun,” ujarnya.

Kurtubi mengatakan tidak kuatnya perlindungan hukum itu membuat investor pun ragu menanamkan modalnya di Indonesia. Menurutnya, pemerintah bisa mengeluarkan Peraturan Pengganti Undang-undang (Perppu) untuk mempercepat revisi perlindungan hukum tersebut.

“Selain itu, persoalan perizinan dan pungutan pajak pada masa eksplorasi pun jadi masalah lain yang membuat investasi migas belum terlalu menarik.” 

Bisnis Indonesia, Page-1, Friday, June 8, 2018

6 Interested Contractors

Contractors in six oil and gas working areas to be exhausted by contract or termination in 2020 are still interested in continuing to manage the block. Based on data from the Ministry of Energy and Mineral Resources (ESDM), six oil and gas blocks will be terminated in 2020, including South Jambi Block B, Brantas, Bird Head, Makassar Strait, Malaka Strait and Onshore Salawati Basin. The Ministry of Energy and Mineral Resources is assessing the terms and conditions for the new contracts in the six oil and gas blocks. The new terms and conditions will be established.

Director of Upstream Oil and Gas Business Development of the Ministry of Energy and Mineral Resources, Ediar Usman, said that the termination term and termination requirements of the termination block in 2020 will be used for six oil and gas working areas.

"Later, we will set in the week he said.

Of the six blocks of oil and gas termination, Makassar Strait Block is likely to be postponed first. Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, Djoko Siswanto, said that so far the majority of operators are still interested in renewing the oil and gas block contract that will be terminated in 2020. However, the Makassar Strait Block has so far no submission for contract extension.

"The operators exist [Makassar Strait] ie Chevron, still ask for time for the submission process. So, so far there has been no contract extension, "he said.

The ESDM Ministry expects Chevron to immediately apply for a new contract extension with a gross split scheme in Makassar Strait. The ESDM Ministry will wait until the second week of this month in connection with the proposed renewal of the new contract. In addition, PT Pertamina (Persero) did not volunteer as an operator in the Bird's Head Block and Salawati. If the two blocks are not combined, Pertamina is not interested in managing the two areas. Djoko said, the two blocks will be managed by Petrogas who also operators exist in the region. Thus, the working area remains two, but the operator is one.

"Later, Pertamina will still participate there by having a participating interest (PI) of 30% each in both blocks," he said.

He explained that currently Salawati Block has oil and gas production of about 1,200 barrels of oil equivalent per day (boepd), while the Bird's Head Block is 4,500 boepd. Pertamina previously had 50% ownership in Salawati, while in Bird's Head only 10%.

"So, Pertamina asked for additional PI in Bird's Head to 30%, while ownership in Salawati decreased to 30%. However, the operator is welcome to Petrogas, "he explained.

Djoko explained, after the determination later, Petrogas will be negotiating with Petrochina to participate there. Other terminating oil and gas blocks namely South Jambi B, Brantas, and Malacca will continue to return to existing operators. Djoko explained that South Jambi Block has already filed a new contract from Petrochina. The Malacca Strait block has already been submitted from EMP Malacca Strait S.A.

"Then, Brantas Block also suda no submission from existing operators namely Lapindo," he explained.

termination block

All of these 2020 termination block contracts will use a gross split scheme. This will complement the number of oil and gas blocks whose contract schemes shift from cost-sharing to gross split. To date, there are 11 oil and gas blocks that use the gross split controversial scheme, Offshore North West Java (ONWJ), Tuban Block, Ogan Komering, Sanga-sanga, Southeast Sumatra, Attaka-East Kalimantan, North Sumatra Offshore, Pendopo & Raja, Jambi Merang, Bula, and Seram non-Bula.

IN INDONESIA

6 Kontraktor Berminat

Kontraktor di enam wilayah kerja minyak dan gas bumi yang akan habis kontrak atau terminasi pada 2020 masih tertarik untuk terus mengelola blok tersebut. Berdasarkan data Kementerian Energi dan Sumber Daya Mineral (ESDM), enam blok minyak dan gas bumi (migas) yang akan terminasi pada 2020 antara lain Blok South Jambi Blok B, Brantas, Kepala Burung, Makassar Strait, Malaka Strait, dan Onshore Salawati Basin. Kementerian ESDM sedang menyustur syarat dan ketentuan untuk kontrak baru di enam blok migas itu. Ketentuan dan syarat baru itu akan ditetapkan.

Direktur Pembinaan Usaha Hulu Migas Kementerian ESDM Ediar Usman mengatakan, penetapan syarat dan ketentuan kontrak baru blok terminasi pada 2020 akan digunakan untuk enam wilayah kerja migas.

“Nanti, kami akan tetapkan pada pekan  ujarnya.

Dari enam blok migas terminasi itu, Blok Makassar Strait kemungkinan akan ditunda terlebih dulu penetapannya. Dirjen Migas Kementerian ESDM Djoko Siswanto mengatakan, sejauh ini mayoritas operator eksis tetap tertarik memperbarui kontrak blok migas yang akan terminasi pada 2020. Namun, Blok Makassar Strait sejauh ini belum ada pengajuan untuk perpanjangan kontrak.

“Operator eksis [Makassar Strait] yakni Chevron, masih meminta waktu untuk proses pengajuan. Jadi, sejauh ini belum ada perpanjangan kontrak.,” ujarnya.

Kementerian ESDM mengharapkan agar Chevron bisa segera secepatnya mengajukan perpanjangan kontrak baru dengan skema bagi hasil kotor (gross split) di Makassar Strait. Kementerian ESDM akan menunggu sampai pekan kedua bulan ini terkait dengan pengajuan perpanjangan kontrak baru tersebut. Selain itu, PT Pertamina (Persero) tidak mengajukan diri sebagai operator di Blok Kepala Burung dan Salawati. Jika kedua blok itu tidak digabung, Pertamina tidak tertarik untuk mengelola kedua wilayah itu. Djoko mengatakan, kedua blok itu nantinya akan dikelola oleh Petrogas yang juga operator eksis di wilayah itu. Jadi, wilayah kerja tetap dua, tetapi operatornya satu.

“Nanti, Pertamina tetap akan berpartisipasi di sana dengan memiliki PI [participating interest/saham partisipasi] masing-masing 30 % di kedua blok tersebut,” ujarnya.

Dia menjelaskan, saat ini Blok Salawati memiliki produksi migas sekitar 1.200 barel setara minyak per hari (boepd), sedangkan Blok Kepala Burung sebesar 4.500 boepd. Pertamina sebelumnya memiliki 50% kepemilikan di Salawati, sedangkan di Kepala Burung hanya 10%.

“Jadi, Pertamina minta tambahan PI di Kepala Burung menjadi 30%, sedangkan kepemilikan di Salawati turun menjadi 30%. Namun, operatornya dipersilahkan kepada Petrogas,” jelasnya.

Djoko menjelaskan, setelah penetapan nanti, Petrogas pun akan negosiasi dengan Petrochina untuk ikut berpartisipasi di sana. Blok migas terminasi lainnya yakni South Jambi B, Brantas, dan Malaka akan tetap kembali ke operator existing. Djoko menjelaskan, Blok South Jambi sudah ada pengajuan kontrak baru dari Petrochina. Blok Malaka Strait sudah ada pengajuan dari EMP Malacca Strait S.A. 

“Lalu, Blok Brantas juga suda ada pengajuan dari operator eksisnya yakni Lapindo,” jelasnya. 

Semua kontrak blok terminasi 2020 ini akan menggunakan skema gross split. Hal itu akan melengkapi jumlah blok migas yang skema kontraknya beralih dari bagi hasil bersih (cost recovery) menjadi gross split. Sampai saat ini, ada 11 blok migas yang menggunakan skema kontlak gross split, yakni Offshore North West Java (ONWJ), Blok Tuban, Ogan Komering, Sanga-sanga, Southeast Sumatra, Attaka-East Kalimantan, North Sumatra Offshore, Pendopo & Raja, Jambi Merang, Bula, dan Seram non-Bula.

Bisnis Indonesia, Page-30, Thursday, June 7, 2018

Saudi Raises Reference Oil Prices in Asia

Saudi Arabia, the world's biggest oil exporter, raised the price of reference crude oil to buyers in Asia to its highest level since 201 A driven by continued demand.

Saudi Arabia's Arabian Oil Co. raised the official selling price for Arab Light crude oil with July's delivery schedule to the Asian market area of ​​US $ 20 cents, pushing the price increase to $ 2.10 a barrel. The company's move to raise prices three times in a row triggered the price of oil to its highest level since 2014. Aramco, one of Saudi Arabian producers, increased the gap by about US $ 34 cents as predicted by traders compiled by Bloomberg.

Bloomberg data show that light and medium grade oil from Aramco will soon be sold to Asia with the largest price increase since 2014. Meanwhile, heavyweight oil will trade at the highest price since 2012. The company raised prices in Asia to balance the shrinking of OPEC members Venezuela and Iran from supply in the market are expected to decline in the next few months.

Venezuela's oil production plunges 1 million barrels per day, compared with 2015 due to political issues and financial turmoil. Meanwhile, US sanctions to Iran have asked the oil producers to reduce exports in the same amount, 1 million barrels per day.

"The high oil prices suggest that the Saudis may feel in a stronger position as production in Venezuela and Iran will decline," said Olivier Jakob, Managing Director of Consultant Petromatrix, quoted from Bloomberg.

The latest oil price announcement from Saudi Arabia for its monthly exports provides an early indication of how producers in the Gulf region see market movements. By setting the official selling price (OSP), between higher or lower month to month. The Saudis signal strongly or weakly the view of producers on global demand. Other Middle Eastern producers use prices from Saudi Arabia as a reference.

Aramco is known to increase oil prices for all types of petroleum to the northwestern part of Europe and the Mediterranean region, and almost to all types of oil for the US market. For the American continent, oil demand has risen in the summer as US oil miners seek to supply for the driving season in the US and other regions. Consumption of oil from Saudi Arabia can increase up to two-fold because in that country oil is used to power the air conditioner.

In Asia, Aramco has been in dispute with major buyers in China for months because of a barrel price change. Sinopec, one of the world's largest oil processing companies, cut Saudi oil purchases in May and June as prices were overvalued. Sinopec, otherwise known as China Petroleum 81 Chemical Corp., bought crude from its subsidiary, China International United Petroleum & Chemicals Co. (Unipec).

MOBILE MOVEMENT

Oil prices have risen since the Organization of the Petroleum Exporting Countries (OPEC) and its allied producers began cutting output in January 2017 to shrink global supply surplus. After Brent crude oil prices reached US $ 80 per barrel last month, Saudi Arabia and Russia volunteered to increase production this year in order not to bring the impact of rising prices to consumers higher. Manufacturers in the Middle East are now competing with cargo from Latin America, North Africa, Russia, and US inventory increases to serve buyers from Asia. Most oil producers fix the price of oil by a margin above or below the reference oil price.

For Asia, the benchmark is at the average price of Oman and Dubai oil. Meanwhile, West Texas Intermediate oil prices rose for the first time in four sessions on the back of expectations that the US government is predicted to report a shrinking domestic oil supply. In trading Wednesday (6/6), WTI oil prices rose 0.29 points or 0.44% to US $ 65.81 per barrel, up 8.92% during the year.

Brent Futures oil rose 0.50 points, or 0.66 percent, to $ 75.88 a barrel and up 13.47 percent year-on-year (ytd). Brent oil sold US $ 10.07 premium from WTI.

"The increase in prices from US oil wells requires that US oil needs more exports," said Bob Yawger, Trade Director Futures Mizuho Securities USA Inc, in New York.

Earlier, Brent oil had traded at its lowest price from several sessions, as the US asked OPEC and allied producers to increase production by 1 million barrels per day.

"People are still paying attention to OPEC talks that are planning to raise production, and think that other oils can still compete with Brent, that's why Brent prices have fallen," said Michael Lynch, President of Stegic Enegry 82 Economic Research at Winchester.

IN INDONESIA

Saudi Naikkan Acuan Harga Minyak di Asia

Arab Saudi, pengekspor minyak terbesar dunia, menaikkan harga minyak mentah acuan untuk pembeli di kawasan Asia ke level tertinggi sejak 201 A terdorong oleh permintaan yang terus menguat.

Perusahaan milik Arab Saudi, Arabian Oil Co., meningkatkan harga jual resmi untuk minyak mentah jenis Arab Light dengan jadwal pengiriman Juli ke wilayah pasar Asia sebanyak US$20 sen sehingga mendorong kenaikan harga menjadi US$ 2,10 per barel. Tindakan perusahaan untuk menaikkan harga tiga kali berturut-turut memicu harga minyak itu ke level tertinggi sejak 2014. Aramco, salah satu produsen Arab Saudi, meningkatkan selisihnya sekitar US$ 34 sen sesuai hasil perkiraan trader yang disusun oleh Bloomberg.

Data Bloomberg menunjukkan, minyak kelas ringan dan sedang dari Aramco segera dijual ke Asia dengan kenaikan harga terlebar sejak 2014. Sementara itu, minyak kelas berat akan diperdagangkan dengan harga tertingginya sejak 2012. Perusahaan itu meningkatkan harga di kawasan Asia untuk menyeimbangkan penyusutan produksi anggota OPEC yakni Venezuela dan Iran dari pasokan di pasar yang diperkirakan semakin menipis dalam heberapa bulan ke depan.

Produksi minyak Venezuela anjlok 1 juta barel per hari, dibandingkan dengan pada 2015 karena isu politik dan kekacauan finansial. Sementara itu, sanksi AS ke Iran telah meminta produsen minyak itu untuk mengurangi ekspor dalam jumlah yang sama, 1 juta barel per hari.

“Tingginya harga minyak menunjukkan bahwa Saudi mungkin merasa berada di posisi yang lebih kuat karena produksi di Venezuela dan Iran akan menurun,"

ungkap Olivier Jakob, Direktur Pengelola Konsultan Petromatrix, dikutip dari Bloomberg.

Pengumuman harga minyak terbaru dari Arab Saudi untuk ekspor bulanannya memberikan indikasi awal tentang bagaimana produsen di wilayah Teluk melihat pergerakan pasar. Dengan menetapkan harga jual resmi (oflicial selling prices/OSP), antara lebih tinggi atau lebih rendah dari bulan ke bulan. Saudi mengisyaratkan kuat atau lemahnya pandangan produsen pada permintaan global. Produsen Timur Tengah lainnya menggunakan harga dari Arab Saudi sebagai acuan.

Aramco diketahui meningkatkan harga minyak untuk seluruh jenis petroleum ke bagian Barat laut Eropa dan wilayah Mediterania, serta hampir ke seluruh jenis minyak untuk pasar AS. Untuk wilayah benua Amerika, permintaan minyak mengalami kenaikan pada saat musim panas karena penambang minyak AS berupaya memasok untuk persiapan musim berkendara di AS dan wilayah lain. Konsumsi minyak dari Arab Saudi dapat mengalami peningkatan hingga dua kali lipat karena di negara itu minyak digunakan untuk menyalakan alat pendingin udara.

Di Asia, Aramco terlibat perselisihan dengan pembeli utama di China selama berbulan-bulan karena perubahan harga per barel. Sinopec, salah satu perusahaan pengolah minyak terbesar dunia, memangkas pembelian minyak Saudi pada Mei dan Juni karena harga yang dinilai terlalu tinggi. Sinopec, atau dikenal sebagai China Petroleum 81 Chemical Corp., membeli minyak mentah dari cabangnya, China International United Petroleum & Chemicals Co (Unipec).

PERGERAKAN BURSA

Harga minyak telah mengalami kenaikan sejak organisasi negara pengekspor minyak mentah (OPEC) dan produsen sekutunya mulai memangkas hasil produksi pada januari 2017 untuk menyusutkan kelebihan pasokan global. Setelah harga minyak Brent mencapai US$ 80 per barel pada bulan lalu, Arab Saudi dan Rusia mengajukan diri untuk meningkatkan produksi pada tahun ini agar tidak membawa dampak kenaikan harga ke konsumen semakin tinggi. 

     Produsen di Timur Tengah kini bersaing dengan kargo dari Amerika Latin, Afrika Utara, Rusia, dan kenaikan persediaan AS untuk melayani pembeli dari Asia. Kebanyakan produsen minyak itu menetapkan harga minyak dengan selisih di atas atau di bawah harga minyak acuan.

Untuk Asia, acuannya berada di rata-rata harga minyak Oman dan Dubai. Sementara itu, harga minyak West Texas Intermediate naik untuk pertama kalinya dalam empat sesi lantaran terdorong oleh ekspektasi bahwa pemerintah AS diprediksi melaporkan penyusutan pasokan minyak domestik. Pada perdagangan Rabu (6/6), harga minyak WTI tercatat naik 0,29 poin atau 0.44% menjadi US$65.81 per barel, naik 8,92% selama tahun ini.

Minyak Brent Futures naik 0,50 poin atau 0,66% menjadi US$75,88 per barel dan naik 13,47% secara year-to-date (ytd). Minyak Brent dijual US$10.07 premium dari WTI. 

"Kenaikan harga dari sumur minyak AS mengsyaratkan bahwa minyak AS membutuhkan lebih banyak ekspor," kata Bob Yawger, Direktur Perdagangan

Berjangka Mizuho Securities USA Inc, di New York.

Sebelumnya, minyak Brent sempat diperdagangkan pada harga terendahnya dari beberapa sesi, saat AS meminta OPEC dan produsen sekutu untuk meningkatkan produksi hingga 1 juta barel per hari. 

"Orang-orang masih memperhatikan pembicaraan OPEC yang berencana menaikkan produksi, dan berpikir bahwa minyak lain masih bisa bersaing dengan Brent, alasan itu yang membuat harga Brent sempat jatuh," ujar Michael Lynch, Presiden Stategic Enegry 82 Economic Research di Winchester.

Bisnis Indonesia, Page-16, Thursday, June 7, 2018