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Oil and Gas in Indonesia
Investment
and Taxation GuideMay 2017 -
8 thEdition
www.pwc.com/id 4Glossary
8Foreword
10Industry Overview
20Regulatory Framework
33Upstream Sector
99Downstream Sector
122Service Providers to the Upstream
Oil and Gas Industry
133Insertion - 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. PageChapter
1.0 3.0 2.0 4.0 5.0 4 PwC 5Term ğ
AFE Anggaran Pendapatan dan Belanja Negara (State Budget) APMIAsosiasi Perusahaan Pemboran Minyak, Gas dan Panas BumiIndonesia
Drilling Companies)
ATIGABBCBare-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
DGoCEDGOGDirectorate 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 AsingIPAIndonesian Petroleum Association
Glossary
6 PwC 7Term ğ
Izin Pinjam Pakai Kawasan Hutan ("Borrow-Use" Permit ForForest Area)
ITOğ
JCC/JOJoint Cooperation Contract/Joint Operation
JOA/JOBJoint Operation Agreement/Joint Operating BodyKawasan 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 ResourcesMLMaster List
MoEMRMinistry of Energy and Mineral Resources
MoFMinistry of Finance
MoTMinistry of Trade
MoUMemorandum of Understanding
Nomor Pokok Wajib Pajakğ
Operation and Maintenance
OPECPBIPeraturan 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 ofFinance 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 ManpowerEmployment 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 9Foreword
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 theIndonesian oil and gas sector.
wish all readers success with their endeavours in the Indonesian oil and gas sector. 10 PwC 11Industry
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 only3.7% . 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. 1885First commercial oil
discovery in 1921The biggest
discovery beforeField)1961
Government signed
ğ1968
formed2001Oil and Gas law
introduced, 2003PT Pertamina
(Persero) established2008 cost recovery items (Ministerial RegulationIndonesia withdrew
from OPEC2011 implementing regulations 2015OPEC 1912