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Oil and Gas in Indonesia

Investment

and Taxation Guide

May 2017 -

8 th

Edition

www.pwc.com/id 4

Glossary

8

Foreword

10

Industry Overview

20

Regulatory Framework

33

Upstream Sector

99

Downstream Sector

122

Service Providers to the Upstream

Oil and Gas Industry

133

Insertion - Indonesian Oil and

Gas Concessions and Major

Infrastructure Map

Contents

Photo source : PT Pertamina (Persero)

Cover photo courtesy of: PT Pertamina (Persero)

DISCLAIMER: This publication has been prepared for general guidance on matters of interest only,

and does not constitute professional advice. You should not act upon the information contained in this

implied) is given as to the accuracy or completeness of the information contained in this publication,

Indonesia, its members, employees and agents do not accept or assume any liability, responsibility or

duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the

information contained in this publication or for any decision based on it. Page

Chapter

1.0 3.0 2.0 4.0 5.0 4 PwC 5

Term ğ

AFE Anggaran Pendapatan dan Belanja Negara (State Budget) APMIAsosiasi Perusahaan Pemboran Minyak, Gas dan Panas Bumi

Indonesia

Drilling Companies)

ATIGA

BBCBare-boat charter

BI Badan Koordinasi Penanaman Modal (Indonesia's Investment Coordinating Board) BPH MigasBadan Pengatur Hilir Minyak dan Gas Bumi (Oil and Gas Downstream Regulatory Agency) Badan Pengawasan Keuangan dan Pembangunan (the Financial and Development Supervision Agency)

BPRğ

BPTğ

BUMDBadan Usaha Milik Daerah (Regionally Owned Business Enterprise established by the Regional Government)

CBMCoal Bed Methane

CDCommunity Development

CIFCost, Insurance, Freight

Dewan Energi Nasional

DGDirectorate General

DGBDirectorate General of Budget

DGoCE

DGOGDirectorate General of Oil and Gas

DGTTerm ğ

DMO DPRDewan Perwakilan Rakyat (House of Representatives)

DRMDaftar Rekanan Mampuğ

procurement bidding).

EOREnhanced Oil Recovery

FCRForeign Currency Report

FDCForeign-owned Drilling Company

FOBFree on Board

FPSO/FSOĠ

FQRFinancial Quarterly Report

FSRUğ

FTPFirst Tranche Petroleum

FTZFree Trade Zone

GAAPGenerally Accepted Accounting Principles

Geological and Geophysical

GoIGovernment of Indonesia

GRGovernment Regulation (Peraturan Pemerintah)

GTLGas to Liquids

IASInternational Accounting Standards

ICPIndonesian Crude Price

IFASIndonesia Financial Accounting Standards

IFRSInternational Financial Reporting Standards

IGAIndonesian Gas Association

Izin Kerja Tenaga Kerja Asing; now IMTA/Izin Mempekerjakan Tenaga Asing

IPAIndonesian Petroleum Association

Glossary

6 PwC 7

Term ğ

Izin Pinjam Pakai Kawasan Hutan ("Borrow-Use" Permit For

Forest Area)

ITOğ

JCC/JOJoint Cooperation Contract/Joint Operation

JOA/JOBJoint Operation Agreement/Joint Operating Body

Kawasan Ekonomi Khusus

LPGğ

MBOEPDThousand Barrels of Oil Equivalent per Day

MBOPDThousand Barrels per Day

MMSCFDMillion Standard Cubic Feet per Day

MIGASMinyak Bumi dan Gas Alam (Oil and Gas)

Minster of EMRMinister of Energy and Mineral Resources

MLMaster List

MoEMRMinistry of Energy and Mineral Resources

MoFMinistry of Finance

MoTMinistry of Trade

MoUMemorandum of Understanding

Nomor Pokok Wajib Pajakğ

Operation and Maintenance

OPEC

PBIPeraturan Bank Indonesia

PCOParent Company Overhead

PEPermanent Establishment

PEBPemberitahuan Ekspor Barang ğ

Perusahaan Gas Negara (State Gas Company)Term ğ Perusahaan Listrik Negara (State Electricity Company) PMAPenanam Modal Asing (Foreign Investment Company) Peraturan Menteri Keuangan Republik Indonesia (Ministry of

Finance Regulation)

PoDPlan of Development

PSCKKS - Kontrak Kerja Sama (Production Sharing Contract)

PTPerseroan Terbatas

Pedoman Tata Kerja

RIM Rencana Penggunaan Tenaga Kerja (Annual Manpower Plan) Rencana Penggunaan Tenaga Kerja Asing (Foreign Manpower

Employment Plan)

SESurat Edaran

SFASStatement of Financial Accounting Standard

Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi Business Activities)

Satuan Kerja Sementara

TACTechnical Assistance Contract

TDRTanda Daftar Rekanan

TCFTrillion Cubic Feet

US GAAPGenerally Accepted Accounting Principles (in the United States) 8 PwC 9

Foreword

th edition of the PwC Indonesia Oil and Gas in Indonesia - Investment th have occurred in the oil and gas industry during the past two years. potential investors, and others who might have a more casual interest in the status of this important sector in Indonesia. following broad topics: 1.

An industry overview;

3.

The upstream sector;

4.

The downstream sector; and

5.

Oil and gas service providers

history in Indonesia, with the sector historically characterised by its relatively stable and However, the industry is arguably now in a transitional phase, with a growing domestic need for gas (both for consumers and industrial use). Indonesia's production and which may ultimately represent a permanent shift. The age of relative stability in this sector has probably passed. In terms of where the industry is right now, readers are probably aware that crude oil production in Indonesia has been on a downward trend for the past decade, with most improved splits have yet to bear fruit.Early this year, we have seen much debate around the newly this regulation (in Chapter 3.7) and consider whether industry at this stage to determine whether the Gross Split scheme will promote or discourage investment. Readers may agree that the most critical aspect is the need to reduce some of the regulatory hurdles and bureaucratic processes in the past. However, it should also be noted that investors often voice concerns with delays resulting from government institutions outside the control of Ministry of Energy and Mineral coordination between these various government entities to boost investment in this sector. How Indonesia improves its reserve replacements and guarantees Indonesia's continued relevance as an international oil and gas player, as well as on Indonesia's share of associated with global investment Dollars. Indonesia should continue to be an both a demand and supply perspective, however the supply side of the equation would seem to require a substantial increase in Finally, readers should note that this publication is largely ensure that all information was accurate at the time of printing, and regulations are changing continuously. As such, this not as a substitute for up to date professional advice. As such, we recommend that you contact PwC's oil and gas specialists (see page 130) as you consider investment opportunities in the

Indonesian oil and gas sector.

wish all readers success with their endeavours in the Indonesian oil and gas sector. 10 PwC 11

Industry

Overview

1.1 Introduction

The oil and gas industry, both in Indonesia and globally, has situations are believed to drive the sensitivity of oil prices. per barrel), the oil price collapsed by more than 70% and crude prices rose again to an average (on an annual basis) of the development of shale oil and gas technology, United States, previously the biggest net-oil importer, has reduced their dependency on oil and gas import. This consequently led oil to be oversupplied in oil-producer countries. Hence, reacted to this by restricting the oil production to stabilise the supply and restore the global oil price to a normal level. rebound. It is forecasted that oil prices may not reach a level In a more local sense, investment in the oil and gas industry industry's contribution to the state revenue has in fact fallen sharply from 14% in 2014 to 4% in 2015, and dropped to 3% In 2017, the Government does not seem to be too optimistic to rely on oil and gas contribution by setting the target at only

3.7% . Double challenges are presented, both from the global

pressure of low oil price as well as the national challenge contribution to state revenue from Oil and Gas sector. Those also somewhat led to the relinquishment of numerous oil and only two new contracts signed from 17 contracts offered.

1.2 Indonesian Context

international oil and gas industry. oil producers. 1885

First commercial oil

discovery in 1921

The biggest

discovery before

Field)1961

Government signed

ğ1968

formed2001

Oil and Gas law

introduced, 2003

PT Pertamina

(Persero) established2008 cost recovery items (Ministerial Regulation

Indonesia withdrew

from OPEC2011 implementing regulations 2015
OPEC 1912

Standard Oil

commenced

South Sumatera1944

in Southeast Asia discovered1962

Pan American

Oil Company signed

OPEC1978

entered production 2002

Upstream and

Downstream bodies

BPMIGAS and

BPH MIGAS were

established2004

Government

Regulation

Regulation for

downstream business activities2010 recovery and income sector 2013 establishment toquotesdbs_dbs49.pdfusesText_49