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News Summary: The Ministry of Energy and Mineral Resources is targeting investments in oil and gas through the next five years to reach Rp 1,800 trillion
Pertamina asked to spur revitalization and add four new refineries
JAKARTA - The Ministry of Energy and Mineral Resources is targeting investments in oil and gas through the next five years to reach Rp 1,800 trillion. Energy Minister Sudirman Said said the investment would be dominated by productive business. "We have to change thinking about the fate of future generations," he said in Jakarta yesterday.
Sudirman claimed that the government could invite investors to invest up to Rp 1.200 trillion for the upstream oil and gas activities. As for downstream activities amounting to Rp 600 trillion.
Special Unit Upstream Oil and Gas (SKK Migas) set a target of oil and gas investment this year of US $ 20 billion, or around Rp 240 trillion. This figure is lower than the target of 2014 amounted to US $ 24 billion, or around Rp 288 trillion.
As a first step in attracting investors, the government has transferred 41 policy in the oil and gas sector to integrated services at Investment Coordinating Board. The transfer is expected to overcome the blockage permits problems that worsen investment climate in oil and gas.
The Ministry also established the Committee of Exploration to search for additional national oil reserves. This exploration has not done since 25 years ago.
On the side of the oil and gas processing, the government encouraged PT Pertamina (Persero) spur revitalization of the four refineries countries as well as adding four new refineries. If the program is completed on time, in 2025, the national crude oil imports will be nil.
For the downstream industry, the government through Pertamina seeks to make efficient national oil procurement. The first step is evidenced through the transfer of authority Pertamina oil procurement by its subsidiary, Pertamina Energy Trading Limited (Petral) Group, to Pertamina Integrated Supply Chain. Since the transfer is done the last three months, Pertamina claim to downsize US $ 22 million.
Previously, the government has agreed on a production sharing contract (PSC) oil and gas field with 12 oil and gas cooperation contractor. In total there are eight oil and gas working areas of conventional and four working areas of non-conventional with an investment of up to US $ 155 million under cultivation. "This shows the oil and gas investments still excited," said Sudirman. From the signing of this cooperation, the government get a direct bonus signature worth US $ 13 million.
In addition to encouraging investment in domestic oil and natural gas, to boost the supply of oil and gas, the Energy Ministry has been exploring the possibility to purchase crude oil directly from Iran. Last week, Minister of Sudirman and the Coordinating Minister for the Economy Sofyan Djalil has met with Iranian Oil Minister, Bijan Namdar Zangeneh.
As a result, both countries agreed to purchase crude oil from Iran to Indonesia and opens the opportunity for Indonesia parties to engage in upstream oil and gas business in Iran. This June, the Iranian delegation will visit Indonesia to discuss and ensure cooperation realized.
Energy Observers from Reforminer Institute, Pri Agung Rakhmanto, said, in the recent past had been a decline in investment in the oil and gas sector is affected due to the drop in oil prices in the global market. "This trend makes employers think back to invest in oil of a country."
Pri also predicts the realization of oil and gas investment this year is lower than the target. Because, in addition to decline in world oil prices, internal constraints, such as licensing issues or land acquisition, helped destabilize the national oil and gas sector investment.
Oil wells in Indonesia that aging has become one of the reasons employers prefer to invest in other countries.
ROBBY IRFANY ALI HIDAYAT
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