INTRODUCTION (preview)

Ekonomi Migas Kelas B

MPU 320
Semester 6
Selasa 07.00 09.30
Ruang A1 204

syamsul.irham@gmail.com
08129944794

Ketua 1 : Arriyo Yustanto, 08176050143

Ketua 2 : Mila Kamelia, 081289586600

syamsul irham, Ekonomi Migas, Introduction 1

Anda hanya berusahaTuhan yang
Memutuskan.
ATURAN 1 :Yang bisa anda kontrol adalah USAHA...lakukan maksimal.!

ATURAN 2 : Jangan campuri urusan Tuhan....

kalau hasilnya jelek...lihat ATURAN 1...!

Nggak usah stress, nggak usah galau, jangan macem2......kuliah ekonomi

migas hanya persoalan duit !!!

Tidak ada yang saya ketahui melainkan sebatas saya diberitahu oleh Allah. (Di atas
langit, masih ada langit)dan itu mungkin saja adalah mahasiswa saya.

Tidak ada ilmu yang saya punya yang akan saya bagikan, kecuali saya lupa
menyampaikannya. (mahasiswa boleh ambil semua materi yang saya sampaikan).

Yang mengajarkan tidak lebih baik dari yang belajar, kecuali yang mengambil
manfaat dari pelajarannya.

Lets pray 3 minutes. Semoga menjadi ilmu yang bermanfaat. Aamiin.

syamsul irham, Ekonomi Migas, Introduction 2

 It is only just money @ Oil and Gas
Prospect Definition Field Life Cycle

Abandonment Discovery

Appraisal

Depletion

Development
Planning
Ongoing Development

Development
Production

syamsul irham, Ekonomi Migas, Introduction 3

 KEGIATAN HULU MIGAS

PENEMUAN
HYDROCARBON

Development & Production Scenario

WMP-007 (A1)

WMP-002 ST

Kegiatan yg
WMP-008 (B1)
WMP-004 ST

Economic
Limit

dinamis & penuh CONVENTIONAL COMPL.

SINGLE L STRING
MULTILAYER COMPL.
SINGLE STRING
MULTILAYER COMPL.
DUAL STRING

risiko HP ; MP ; LP
SEPARATOR
GAS SALES

PROD
HEADER

Pengusahaan HP WELLS
MP GAS TO
SP-TIKA

padat modal &

teknologi
Economic Analysis
Setiap kegiatan
harus memenuhi
kriteria : dapat
dilakukan, aman,
legal, dan. YES / NO /
MAY BE
menguntungkan LATER

syamsul irham, Ekonomi Migas, Introduction 4

PENILAIAAN EKONOMI MIGAS

Untung .....! UUD...Ujung Ujungnya Duit...

Untung Menurut Siapa ? Pengusaha,
Pemerintah ?
Indikator Untung ?
Cash Flow = Cash In Cash Out
Cash Out : Investasi, Biaya Operasi, Pajak, dll
Cash In : Produksi x Harga
Produksi : dibagi antara Pemerintah dan
Kontraktor (tergantung Kontrak Migas)
syamsul irham, Ekonomi Migas, Introduction 5
PENILAIAN

UAS 40%

UTS 35%

TUGAS, Quiz 25%

SYARAT BOLEH IKUT
70%
UAS : HARUS HADIR

syamsul irham, Ekonomi Migas, Introduction 6

REFERENCES

1. Johnson, Daniel, International Petroleum Fiscal Systems and Production Sharing

Contracts, PenwellBooks, 1994.
2. Johnson, Daniel, International Petroleum Fiscal Systems and Production Sharing
Contracts Course Workbook, Daniel Johnston & Co.,Inc., 2004
3. Wahab, Abdul, Abdul Kadir, : Risiko Bisnis Sektor Hulu Perminyakan, PT Pradnya
Paramita, Jakarta, 2004.
4. Ikoku, Chi.U : Economic Analysis and Investment Decisions, John Wiley & Sons,
1985
5. Siregar, A.B., Samadhi TMA.A. : Manajemen, Penerbit ITB, Bandung
6. UU Migas No.22/2001 serta PP terkait
7. Berbagai paper/makalah/Tugas Akhir.
8. Partowiddagdo, Widjajono, Migas dan Energi Di Indonesia Permasalahan dan
Analisis Kebijakan, Development Studies Foundation, Jakarta, 2009
9. www.4shared.com
10. Lubiantara, Benny, Ekonomi Migas , Gramedia, 2013

syamsul irham, Ekonomi Migas, Introduction 7

 SCHEDULE

Selasa, 07.00-09.30, A1-204 September October November December

Date 23 30 7 14 21 28 4 11 18 25 2 9 16 23
Week I II III IV V VI VII VIII IX X XI XII XII XIV

Class Meeting-1, Chaptr 1 2 3.4 5.6 7.8 9

Mid Test

Class Meeting-2, Chaptr 10.11 12.13 14 15

Final Test

syamsul irham, Ekonomi Migas, Introduction 8

SCHEDULE
1 INTRODUCTION
2 INTEREST & TIME VALUE OF MONEY
3 CASH (IN & OUT) FLOW
4 TAX & DEPRECIATION
5 PROFITABILITY INDICATORS (POT, NPV, IRR, PIR)
6 PROFITABILITY INDICATORS (POT, NPV, IRR, PIR)
7 EXPECTED MONETARY VALUE
8 DECISION TREE ANALYSIS
9 UTS
10 UTS
11 UTS
12 INDONESIA PSC
13 FISCAL TERMS (SPLIT & TAX, FTP, INVESTMENT CREDIT)
14 FISCAL TERMS (COST RECOVERY, DMO)
15 FISCAL TERMS (INDONESIA TAKE, CONTRACTOR TAKE, CASHFLOW)
16 ANALISA KEEKONOMIAN MIGAS
17 CASES (mhsw bawa lap top)
18 UAS
19 UAS
20 UAS

syamsul irham, Ekonomi Migas, Introduction 9

 WORLD PETROLEUM CONTRACTS

Classifiction of Petroleum Fiscal Regimes

The first branch deals with title to the mineral resources. Concessionary /
Royalty / Tax Sytem allow private ownership. In contractual systems, the
state retains ownership

Royalty/Tax Contractual
Systems Based Systems
The primary difference here depends upon whether
reimbursement and remuneration is in cash
(service) or in kind (PSC)

With PSCs, title to hydrocarbons transfers at the export point

Service Agreements Production Sharing Contracts

Devided primarily upon whether remuneration is Under the Peruvian type PSC gross production is divided.
based upon a flat fee (Pure) or profit (Risk) In the Indonesian type PSC profit oil is divided

Pure Service Risk Service Peruvian Type Indonesian Type

10
SYSTEM AROUND THE WORLD
SYSTEM AROUND THE WORLD
CONCESSIONARY SYSTEM

(Royalti Tax System)

Concept Of Concessionary System
Government grants a right to
exploit natural resources to Gross
concessionaire, all discovered Revenue
hydrocarbons belong to
concessionaire Royalty
Government levy Royalty from
Expenditure
production and Tax from net .
profit
Concessionaire can execute Taxable
petroleum operation without Income
approval from Government but Tax
Government can control
concessionaire through
Petroleum Laws
Sometimes, Concessionary
System is called Royalty/Tax Government Contractor
System Take Take
THE INDONESIAN PSC

15
 PRODUCTION SHARING CONTRACT

Cost
Recovery GR
100 %

Sharing split Equity Sharing split

To be Split
Gov. Take Cont. Take

Equity Share
C.R PSC PERUVIAN
Equity share
TAX

Government Contractor
Take Take

PSC INDONESIA
SERVICE CONTRACT
1) Risk Service Contract (SRC) Similar to the PSC but cost recovery
mechanism is different and is based
2) Pure (Non Risk) Service Contracts on service formula ($/BO).
Contractor is paid a fee based on
percentage of the remaining
Gross revenues
Revenue
The term risk (i.e. Risk Service
Contract) implies that if the
Expenditure exploration is notsuccessful, all
.
exploration costs are to the
Contractor contractors account with no liability
Fee to the host government.
Government
Share
Contractor get a share of profit,
usually as money
Income
Tax Contractor never holds title of oil

Government Contractor
Take Take
RISK SERVICE CONTRACT (SRC)
Fee Assumptions
Gamma Field produces: 50,000 bopd in
the next quarter (90 days)
Assume constant production level

Commercial terms of the RSC provide:

Cost Recovery Rate = $7.50/bbl
Contractors Service Fee = $4.00/bbl
What is the contractor take for that
quarter?
RISK SERVICE CONTRACT (SRC)

Fee Calculation
Gross production

50,000 bopd x 90 days = 4.5 mmbo

Cost recovery

4.5 mmbo x $7.50/bbl = $33.75 MM

Service fee

4.5 mmbo x $4.00/bbl = $18.00 MM

Contractor Take =$51.75 MM

FUNDAMENTAL DIFFERENCES
Concession gives all production to concessionaire
while imposing commensurately higher tax and royalty
rate
Production Sharing Contract shares production
between the government and the contractor after
allowing a mutual portion for cost recovery but
imposes a lower income tax and royalty. Cost recovery
limit is the main distinction between concessionary
and PSC (???).
Service Contract gives none of the production to the
contractor, but pays them for their risk (for Risk
Service Contract) and expertise in cash generated
from their production
BASIC PROVISIONS
All other details of the concession or contract are essentially
the same.
Fees, Bonuses, Royalties, and Taxes

Length of the exploration or exploitation phase

Relinquishment provisions

Employment and training obligations

Preference for use of domestic goods and services

Conservation

Crude oil marketing

Title of assets

Guarantees of performance

etc
FISCAL SYSTEM BASIC CONCEPT

SHARING
BETWEEN
THE GOVERNMENT
AND INVESTORS
22
WHY HAVE AN INVESTOR ?
In many countries around the world, both the land
(surface) and the underneath minerals (the oil and
gas rights) belong to the state/government
In other places the surface rights may belong to
individual while the mineral rights belong to state
In the U.S. and Canada, individuals may own
rights to both land and the underneath minerals
In many countries, exploration and development
are carried out by private capital
Why does the state not develop what it owns?
It does not have sufficient capital;
It is not the most efficient user of capital;
It does not have the technical capabilities
GOAL SAYA
Goal AKTIFITAS : memenuhi 100% jadwal
akademis
Goal KUALITAS : Mahasiswa mempunyai dasar
pengetahuan pengelolaan lapangan migas, dan
memiliki kemampuan melakukan analisa terhadap
kasus-kasus keekonomian bisnis/proyek minyak dan
gas bumi.
Goal KUANTITAS : 80% nilai mhsw > C

GOAL ANDA ?
syamsul irham, Ekonomi Migas, Introduction 24
SKS

MPU 320
3 SKS
50 of scheduled lecturing
60 of unscheduled but structured academic activity
60 of individual academic work

syamsul irham, Ekonomi Migas, Introduction 27