EKONOMI MIGAS LANJUT

KONSEP SISTEM BAGI HASIL MIGAS

 ECONOMIC RENT

• The difference between the value of production and

the costs to extract it.
• The costs consist of exploration, development, and
operating costs as well as an appropriate share of
profit for the petroleum industry.
• Rent is surplus
• Economic Rent = excess profit

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Pada industry hulu migas, economic rent didefinisikan
sebagai surplus atas biaya yang dikeluarkan untuk
melakukan kegiatan eksplorasi dan produksi minyak
ditambah dengan keuntungan kontraktor/investor
• The objective of upstream petroleum fiscal regime is to
acquire for the host government as the owner of the
resources, a fair share of the wealth accruing from the
extraction of that resource, while encouraging investors to
ensure optimal economic recovery of the hydrocarbon
resources.
• The contract between host government as the owner and
PSC contractor relies on profit and cost sharing principle,
including the uncertainty and risks in E&P activities
• The establishment of particular fiscal regimes, however,
should be considered within the broader conditions that
prevailed in the oil industry at a certain period of time, and
particularly, their contribution to the national petroleum
strategy, and national economic development
• When designing good PSCs, a trade-off between stability and
flexibility exists due to considerable geological, political,
regulation, and economic uncertainties
 GOVERNMENT OBJECTIVES
To maximize wealth from its natural resources by
encouraging appropriate levels of exploration and
development activities 
 Provide fair return to the state and to the industry
 Avoid undue speculation
 Limit undue administrative burden
 Provide flexibility
 Create healthy competition and market efficiency

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 OIL COMPANY OBJECTIVES
To build equity and maximize wealth by finding and
producing oil and gas reserves at the lowest
possible cost and highest possible profit margin 
search for huge fields  tight fiscal system

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 GOVERNMENT APROACH IN SEEKING RENT

 Simple Bonus with no subsequent royalties or

taxes
 Profit base taxation
 Fiscal term

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 CONTRACTOR TAKE

Contractor take is the percentage of profits to which

the contractor is entitled  focuses on the division
of profits and correlates directly with:
 Reserve
 Field sizes
 Other economic measures

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 NEGOTIATIONS FISCAL SYSTEMS

 Government Objectives
 Oil Company Objectives

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 Agenda
• Upstream Petroleum Business Process
– Cost classification, Aspect of winning block contract,
Aspect of petroleum contract, Economic Rent
• Petroleum Fiscal Term
– First Tranche Petroleum, Cost Recovery, Investment
Credit, Sharing Split, Domestic Market Obligation,
Pajak, Government Take, Contractor Entitlement,
Analisa Cashflow
UPSTREAM PETROLEUM BUSINESS
PROCESS
 PETROLEUM BUSINESS ACTIVITIES
UPSTREAM
- EXPLORATION (Geology, Geophysics, Exploration well)
- EXPLOITATION (Development, Production)

DOWNSTREAM
- REFINERY
- TRANSPORTATION
- DISTRIBUTION
- MARKETING

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 Example: Exploration Result
1. KKKS: Talisman, WK: Sageri - Sulsel, Total Cost: 89 MM$,
Status: Dry
2. KKKS: Marathon, WK: Pasang Kayu – Sulsel, total cost:
103 MM$, Status: Dry
3. KKKS: - , WK: Laut Arafura, total cost: 103 MM$, Status:
Dry
4. KKKS: Exxon, WK: Surumana - Sulawesi, total cost: 123
MM$, status: Dry
5. KKKS: Tately, WK: Budong-budong Sulawesi barat, total
cost: 50 MM$, status: technical problem and uneconomic
UPSTREAM PETROLEUM ACTIVITIES
15
 COST CLASSIFICATION
 Acquisition of properties
 Exploration
 Development
 Production
 Support Facilities & Equipment
 Abandonment

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 ACQUISITION COSTS
Acquisition costs are costs incurred in acquiring an economic
interest in the mineral rights whether through leasing or purchase.
Costs incurred to purchase, lease or otherwise acquire a property,
including costs of lease bonuses and options to purchase or lease
properties, the portion of costs applicable to minerals when land
including mineral rights is purchased in fee, brokers' fees, recording
fees, legal costs, and other costs incurred in acquiring properties.

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 EXPLORATION COSTS
• Cost of topographical, geographical and geophysical studies, rights
of access to properties to conduct those studies, and salaries and
other expenses of geologist, geophysical crews, and others
conducting those studies. Collectively, these are sometimes referred
to as geological and geophysical or G&G costs.
• Cost of carrying and retaining undeveloped properties, such as delay
rentals, ad valorem taxes on properties, legal costs for title defense,
and the maintenance of land and lease records
• Dry hole contribution and bottom hole contributions
• Costs of drilling and equipping exploratory wells
• Costs of drilling exploratory type stratigraphic test wells
 DEVELOPMENT COSTS

Costs incurred in preparing proved reserves for

production, i.e., costs incurred to obtain access to
proved reserves and to provide facilities for
extracting, treating, gathering, and storing oil and
gas.

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 DEVELOPMENT COSTS CATEGORIES

• Development drilling costs

• Production facilities
• Lease flow lines
• Separators
• Treaters
• Heaters
• Storage tanks
• Gas cycling processing plants
• Optimize facilities

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 PRODUCTION COSTS
Costs incurred to operate and maintain wells and
related equipment and facilities, including
depreciation and applicable operating costs of
support equipment and facilities and other costs of
operating and maintaining those wells and related
equipment and facilities. They become part of the
cost of oil and gas produced.
Production cost = lease operating cost = lifting cost

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 EXAMPLE OF PRODUCTION COSTS

• Costs of labor to operate the wells and related equipment

and facilities.
• Repairs and maintenance.
• Materials, supplies, and fuel consumed and services
utilized in operating the wells and related equipment and
facilities.
• Property taxes and insurance applicable to proved
properties and wells and related equipment and facilities.
• ASR and Severance taxes.

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 ASPECTS OF PETROLEUM CONTRACTS

• Technical
• Commercial
• Legal
• Accounting

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 TECHNICAL
• Boundary of block
• Seismic
• G&G
• Reservoir
• POD
• Exploitation stage technical matter

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 COMMERCIAL
 Fiscal System
• Royalties/FTP
• Cost Recovery
• Profit Oil and Gas Splits
• Taxes
• Government Participation
 Domestic Market Obligation
 Incentives

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 LEGAL
 National Constitution (UUD 1945 Art. 33)
 Tax Law
 Other Laws and Government Regulations
(e.g.: UU 22/2001)
 Petroleum Legislation
(e.g.: PP 34/1994 – PSC; PP 79/2010 – Cost recovery;
PTK 40/2010 – ASR; etc, Permen 8/2017 and replaced
with Permen 52/2017 – PSC Gross)
 Terms of Contract
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 ACCOUNTING

• Accounting Principles
• Full cost method
• Successful effort
• Depreciation
• Unrecovered costs at the end of the contract – PSC cost recovery
• Abandonment and site restoration
• Interest Recovery
• Books and audits

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 FULL COST
• Mid 50s, full cost method – all costs incurred in exploring
for, acquiring, and developing reserves are capitalized.
Amortized and charged to expense as reserves are
produced
- Some type a ceiling
- Various types of cost centers
- Single cost center
- Individual country as a cost center

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 SUCCESSFUL EFFORTS ACCOUNTING
Costs incurred in searching for, acquiring, and
developing oil and gas reserves should be
capitalized if they success result reserves. If the
costs are applicable to activities that do not result
in finding acquiring, or developing specific
resources, they should be charged to expense

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PETROLEUM FISCAL TERM
 First Tranche Petroleum
• Migas yang disisihkan pertama kali sebelum dikurangi
biaya operasi
• FTP dibagi antara pemerintah dan kontraktor sesuai
dengan split bagi hasil
• FTP merupakan pembatasan maksimum cost recovery

1st PSC Gen 3rd PSC Gen 4th Incentive 2002-2003 2004-now
(1965-1975) (Since 1988) Package
(Dec 1993)
FTP None 20% (share) 15% (share) 10% (Gov 20% (share)
only)
 Tugas - Analisa FTP
Mengapa pemerintah menetapkan FTP yang tidak dibagi antara
pemerintah dan kontraktor? Berikan analisanya dengan membuat grafik
sbb, membandingkan royalty 10% dan FTP 20%
Skenario Bagian FTP Pemerintah
 FTP 15% vs Royalty 10%
Case 1: Cost Recovery 50% Gross revenue

FTP 15% (shareable) memberikan Gov’t take lebih kecil

dibanding royalty 10%
 FTP 15% vs Royalty 10%
Case 1: Cost Recovery 85% Gross revenue

FTP 15% memberikan Gov’t take lebih besar dibanding

royalty 10%
 Cost Recovery
• Cost Recovery adalah penggantian biaya oleh pemerintah kepada K3S
atas biaya yang dikeluarkan untuk mencari, mengembangkan,
memproduksikan dan mengirimkan hasil migas, dalam bentuk migas (in-
kind) setelah menghasilkan produksi migas komersial
• Cost recovery dibayarkan dari sebagian produksi yang dihasilkan
(CR = GR – FTP – IC)
• Cost recovery merupakan bagian dari perolehan kontraktor dan tidak
dikenai pajak
• Recoverable cost adalah biaya yang dibayarkan (GR-FTP-IC)
• Unrecoverable cost (UC) adalah cost recovery yang belum dibayarkan
pada periode berjalan, dan akan di carry over ke tahun berikutnya.
UC terjadi jika GR – FTP – IC < CR
 Cost Recovery
• Komponen cost recovery terdiri:
– Current year non-capital cost
– Current year depreciation of capital cost
– Current year operating cost
– Prior year’s unrecovered cost
 Cost Recovery dalam berbagai bentuk
Bentuk kontrak Nama Bentuk Pengembalian Pengawasan
Pengembalian Biaya Pengembalian Biaya
Biaya
PSC Cost Recovery In-kind Ketat (pre, current,
dan post)
Service contract Reimbursement Servicing fee Ketat (pre, current,
dan post)

Konsesi Cost deduction Pengurang Kurang

keuntungan sebelum
pajak
 Investasi dan Cost Recovery
Investasi terdiri atas:
– Capital expenses (Capex)
• Biaya investasi yang terkait langsung dengan kegiatan investasi
• Berdasarkan wujud dan waktu cost recovery-nya, dibagi atas:
– Capital / tangible
» Bagian dari biaya investasi berupa asset yang berwujud, yang terkait secara langsung dengan kegiatan
investasi, dan waktu terjadinya adalah ketika proyek sedang berjalan. Contoh: tangible drilling well, fasilitas
produksi
» Cost recovery dari biaya capital dibayarkan secara bertahap mengikuti jadwal depresiasi
– Non capital / intangible
» Bagian dari biaya investasi berupa asset yang tidak berwujud, yang terkait secara langsung dengan kegiatan
investasi, dan waktu terjadinya adalah ketika proyek sedang berjalan. Contoh: sewa rig untuk sumur
pengembangan, survey seismic, studi G&G, dsb
» Cost recovery dari biaya non capital dibayarkan langsung secara penuh pada saat periode terjadinya.
– Operating expenses (Opex)
• Biaya untuk mengoperasikan aset/kekayaan yang dibangun/dibeli melalui kegiatan investasi yang
baru dilakukan
• Terjadinya opex adalah dimulai sesaat setelah proyek investasi selesai sampai dengan berakhirnya
umur ekonomis dari asset investasi tersebut
• Cost recovery dari biaya opex dibayarkan langsung secara penuh pada saat periode terjadinya
• Contoh: sewa rig untuk workover, perawatan fasilitas dan peralatan, dsb
 Goldplating
• Kecenderungan perusahaan melakukan investasi yang tidak begitu
diperlukan

Government Company Government Company

Gross Revenue Gross Revenue

$ 100 MM $ 100 MM

$14,4 MM FTP 20% $5,56 MM $14,4 MM FTP 20% $5,56 MM

$ 20 MM $ 20 MM

Cost oil $50 MM Cost oil $60 MM

$ 50 MM $ 60 MM

$21,67 MM Profit oil $8,33 MM $14,4 MM Profit oil $5,56 MM

$ 30 MM $ 20 MM

$6,12 MM - $6.12 MM $4,89 MM - $4,89 MM

Tax (44%) Tax (44%)

$42,23 MM $7,78 MM $33,77 MM $6,23 MM

$57.77 MM $66,23 MM

Bagian pemerintah dan kontraktor akan berkurang masing-masing $ 8,5 MM dan $ 1,5 MM
 Depreciation
• Masa manfaat (umur ekonomis) dari suatu aktiva tetap (kecuali tanah) atau barang
capital/tangible adalah terbatas
• Depresiasi adalah Proses pengalokasian harga perolehan aktiva tetap atau
capital cost menjadi biaya selama periode manfaatnya dengan cara yang rasional
dan sistematis, atau Penurunan nilai barang capital/tangible selama umur
pemakaian/umur barang.
• Depreciation is a deductible non-cash expense for income tax purpose
• Will be calculated beginning the calendar year, asset is PIS
• Full depreciation at the end of the individual asset’s useful life
• Deplesi -> sumber alam ; Amortisasi -> aktiva tidak berujud
Depreciationi
Straight line (Harga perolehan – estimasi nilai sisa)/
method estimasi umur
Declining 1/n (investasi kapital – depresiasi i-1)
balance
Double declining 2/n (investasi kapital – depresiasi i-1)
balance
PERBANDINGAN METODE DEPRESIASI
 Investment Credit
• “Contractor may recover an investment credit amounting to 17% of
the capital investment costs directly required for developing Crude
Oil production facilities of each new field out of deduction from gross
production before recovering Operating Costs...”
• Insentif pemerintah kepada kontraktor atas nilai investasi yang
berhubungan langsung dengan pembangunan fasilitas produksi
• Investment credit diambil terlebih dahulu sebelum cost recovery
• Investment credit dikenakan pajak
 Contoh Investment Credit
Case 1: Cost Recovery 50% Gross revenue

IC menambah bagian kontraktor

 Contoh Investment Credit (2)
Case 2: Cost Recovery 85% Gross revenue

IC mengurangi bagian kontraktor

 Sharing Split
• Fixed:
– Sharing Splits include tax component (after tax split)
– Sharing Split is applicable to FTP, Equity to be Split, and
Domestic Market Obligation (DMO)
– Contractor Split (before tax) = (ATS) / (1-tax)
• Fleksibel
– Fleksibel terhadap perubahan suatu parameter
– Dibuat untuk memperoleh peluang kemungkinan potensi terjadi peningkatan
keuntungan (upside potential), dan mengantisipasi terjadinya situasi yang tidak
diharapkan (downside risk)
– Memungkinkan pemerintah dan kontraktor untuk mengantisipasi perubahan
parameter selama umur proyek, sehingga akan mengurangi kemungkinan
desakan untuk renegosiasi di kemudian hari
– Sliding scale
• R/C (Revenue to Cost)
• R-Factor: ratio of the cumulative contractor’s revenue after taxes and royalty, and
the cumulative contractor’s cost from the day contract is signed (R=1 is breakeven
point, R>1 means contractor can make more profit)
R-Factor Split
𝑐𝑜𝑛𝑡𝑟𝑎𝑐𝑡𝑜𝑟 ′ 𝑠 𝑎𝑐𝑐𝑢𝑚𝑢𝑙𝑎𝑡𝑒𝑑 𝑟𝑒𝑣𝑒𝑛𝑢𝑒𝑠 (𝑡𝑜 𝑑𝑎𝑡𝑒)
R<1 40:60 𝑅 − 𝐹𝑎𝑐𝑡𝑜𝑟 =
𝑐𝑜𝑛𝑡𝑟𝑎𝑐𝑡𝑜𝑟 ′ 𝑠 𝑎𝑐𝑐𝑢𝑚𝑢𝑙𝑎𝑡𝑒𝑑 𝑐𝑜𝑠𝑡𝑠 (𝑡𝑜 𝑑𝑎𝑡𝑒)
1<R<2 50:50
2<R<3 60:40
R>3 70:30
Gross PSC Split
KETENTUAN SPLIT
 DMO
• Kewajiban kontraktor untuk mengalokasikan sejumlah volume bagian
produksinya untuk keperluan pasokan domestik
• Untuk lima tahun pertama (lebih tepatnya 60 bulan pertama) pada saat
produksi di mulai, volume untuk DMO dihargai dengan “harga pasar”, yang
dikenal dengan istilah “DMO holiday” atau bebas DMO
• Setelah periode DMO holiday ini, harga minyak DMO akan di diskon sesuai
dengan yang tertera pada kontrak, 10%, 15% atau 25% dari harga pasar
minyak mentah tersebut
• Jika ada unrecoverable cost, maka DMO holiday berlaku (harga minyak
DMO dijual ke pemerintah dengan harga pasar)
• Formula perhitungan DMO:
– DMO full price (dari kontraktor): 25% x split kontraktor x produksi x harga
minyak
– DMO fee (dari pemerintah): 25% x split kontraktor x produksi x (DMO fee x
harga minyak)
– DMO Net: DMO full price – DMO Fee
– Atau menggunakan:
(25%*split kontraktor * lifting)*(1-DMO fee)* harga minyak
 DMO - Gas
• Ketentuan DMO dalam PP 35/2004 pasal 4 (2): Kewajiban
kontraktor dilakukan dengan menyerahkan 25% dari hasil
produksi gas bagian kontraktor
• Menurut dokumen kontrak PSC, pengaturan DMO gas
adalah 25% dari volume cadangan terbukti pada
reservoir yang ditemukan di wilayah kerja kontraktor
DMO

Tunda
DMO
holiday
 Tax
Kewajiban pajak yang harus dibayar kontraktor, terdiri atas:
1. Pajak penghasilan
– Kewajiban pajak penghasilan kontraktor yang harus dibayar.
– Sebelum thn 1985, pajak penghasilan 45%, kemudian turun
menjadi 25% di thn 2010 berdasarkan UU No.36/2008
2. Pajak Bunga Deviden dan Royalti (PBDR)
– PBDR sebesar 20%
 Tax
Kewajiban pajak penghasilan kontraktor yang harus dibayar

Perubahan Pajak dan Bagian Bagi Hasil

*) UU No.36/2008
 Government Take
Parameter yang biasa digunakan
pemerintah untuk menilai daya tarik fiskal
adalah:
• Persentase penerimaan pemerintah dari
keuntungan atau disebut Government
Take (GT):
Government take = Total Government
share / (Gross revenue – Cost
recovery)
• Bagian pemerintah dari penerimaan
bruto atau Government Share of Gross Profitability
Revenue (GSGR):
GSGR = Total Government share /
Gross Revenue

Mengapa hasil GT tidak sama dengan 85%?

Apa yang menyebabkan GSGR rendah?
 Structure System
• Progressive: The way that government take increases as
project profitability increases
• Regressive: government increases as project profitability
decreases or vice versa
Fig: Proportion of government take in relation to net
• Proportional cash flow applied in different fiscal regime
 Contractor Entitlement
• Total perolehan kontraktor, termasuk pengembalian
biaya operasi
• Contractor Entitlement = contractor take + cost
recovery
• Perhitungan contractor entitlement dilakukan dalam
unit volume minyak, di mana besarnya biaya
operasi (dalam US$) terlebih dulu dikonversi
menjadi satuan volume dengan membaginya
terhadap harga minyak
 Analisa Cash flow Kontraktor
• Arus kas (cash flow) adalah jumlah kas masuk (cash
in) dikurangi dengan jumlah kas keluar (cash out)
• Cash in: bagian pendapatan kontraktor (dari FTP dan
ETS) + Cost recovery
• Cash out: biaya investasi, biaya operasional (opex),
pajak
 Tugas
Calculate using R/T system, PSC Std, and PSC gross, on 1st year
and compare it

• Prod: 2000 bopd

• Cost: 10.000 M$ capital, 2.000 M$ non capital, 5.000 M$ opex
• Split: 85:15 (PSC std), 42:58 (PSC gross)
• Tax: 40%
• FTP 20% shareable, 20% Royalty
• 20% DMO fee
• Oil price 50$/bbl
• DDb 5 yrs
 Summary
Parameter R/T PSC Std. PSC Gross
Taxes
Entitlement:
Cost
Gov. Take
Cont. Net cash flow
 Tugas
Buat perhitungan keekonomian (GSGR, dan contractor take) atas rencana pemboran 2 sumur
produksi pada proyek waterflood di akhir tahun 2016 pada suatu lapangan onshore, menggunakan
bentuk kontrak PSC standar, dan PSC Gross.
Production Forecast 2 wells
Year 2017 2018 2019 2020 2021 2022 2023
Production rate (bopd) 530 324 194 116 70 42 24

Asumsi:
• Biaya pemboran masing-masing sumur produksi adalah 3 MM$, dimana 73% nya adalah biaya
non-capital.
• Biaya tie-in dan hi-line dari masing-masing sumur ke block station adalah 300 M$ (seluruhnya
biaya kapital)
• After tax split 85% : 15%, Pajak 40%,
• FTP 20% dibagi antara pemerintah dan kontraktor
• Operating expenditure (Opex) 25 $/bbl
• Harga minyak 60 $/bbl
• DMO fee = 25% harga minyak
• Depresiasi yang digunakan adalah Declining Balance dengan masa depresiasi selama 5 tahun

Jawaban dikirim via email ke: dwi_atty@yahoo.com sebelum 24 October 2018

TERIMA KASIH