JAKARTA: PT Pertamina (Persero) plans to spend about U.S. $ 1 billion to manage and develop the Offshore West Madura block after the expiration of the contract of cooperation in oil and gas blocks on May 6, 2011.
Allocation of funds of about U.S. $ 1 billion it is one of seriousness and commitment to state-owned oil and gas were to take over the rights of operators and menambahan ownership in the oil and gas blocks.
VP Corporate Communicaton Pertamina, Mochamad Harun confirmed since 2008, Pertamina was 5 times filed a request with the delivering technical readiness and funding to the Government cq. Minister of Energy and Mineral Resources to manage their own 100% as operator of offshore oil and gas blocks in East Java.
However, until now no definite answers and decisions from the government that resulted in a continued decline in production in the field than 19,000 barrels per day (bpd) to only 14,000 bpd.
"The funds that [U.S. $ 1 billion] to block the development of investment costs for the West Madura production target increases. Pertamina is very serious with its commitment fully manage oil and gas blocks it, "he told Business when met at his office, weekends.
In this year, state-owned oil and gas it has allocated capital expenditure amounted to Rp37, 1 trillion, up 86.4% compared with the prognosis 2010 amounted to Rp19, 9 trillion. This capital expenditure will be used for the upstream sector of Rp28, 4 trillion or about 76.4% and development in the downstream sector of Rp8, 7 trillion.
Harun said Pertamina also has set up human resources for the transition period the West Madura block management and development of the project so that it can raise production to 30,000 bpd.
Management and development of West Madura, he explained, not much different from the concept of development is Pertamina to Field Offshore North West Java (ONWJ) which is currently successfully increased its production from 21,000 bpd to 30,000 bpd of oil and 200 million standard cubic feet (MMSCFD) of gas .
Most importantly, he stated, far more leverage state revenues if Pertamina were given the right to manage 100%, rather than divide the shares (share down) to another company.
"For this block [West Madura] did his share 60:40 with the government, but it is 40% for Pertamina it will be cut again as dividend by 50%. Not to mention taxes and others. After all, everything is falling into a state because it's state-owned Pertamina. "
Unlike the foreign position to get 85%: 15%, he explained, will be brought fully into the company's home country. "Not to mention, there will also cost recovery, from imported goods, and its workforce are also brought in from outside. So which is actually beneficial for the country? "Added Aaron.
On the other hand, the Minister of Energy and Mineral Resources (EMR) Darwin Zahedy Saleh dodge provides information management issues related to West Madura Block. "What's that? Asking intelligent and clever. But before asking, browsing first. Already browsing yet? If it is too technical, said to Mrs. Evita [Director General of Oil and Gas] yes, "said Darwin told reporters at the Ministry of Energy and Mineral Resources Building, on Friday (21 April) afternoon.
Earlier, he said the government basically concern for Pertamina can participate as much as possible in the West Madura block, but the records must be able to maintain a production target of the pitch so that the national target is achieved.
However, the West Madura block management contract which was signed on 6 Mi in 1981 it has undergone a change of ownership rights of participation sjak March 31, 2011, just 2 months before the contract expires on May 6, 2011.
Through a numbered letter dated March 31, 2011 0176/BP00000/2011/S0 to Kodeco Energy Co.Ltd., Head of BP Migas R. Priyono has approved the transfer of interest in the working area of West Madura Kodeco Energy Co.Ltd. to PT Citra Harapan Sinergindo as much as 12.5% and from Madura CNOOC Ltd. to Pure Link Investment Ltd as many as 12.5%.
In the letter mentioned that the Head of BP Migas R. Priyono approved the transfer of such interest in connection with numbered KDCE/GM.105/III.2100 Kodeco letter dated March 16, 2011, Letter of Deputy Evaluation and Legal Considerations BP Migas 0253/BPE0000/2011/S0 number dated March 17, 2011, and letter of approval from the Government through Director General of Oil and Gas, acting on behalf of the Minister of Energy and Mineral Resources 6989/13/DJM.E/2010 number March 17, 2011.
For information, Kodeco has become operator of Block West Madura since May 6, 1981. Kodeco a timber company in Korea who are domiciled in Japan, and has no oil and gas concessions anywhere. (*)
Allocation of funds of about U.S. $ 1 billion it is one of seriousness and commitment to state-owned oil and gas were to take over the rights of operators and menambahan ownership in the oil and gas blocks.
VP Corporate Communicaton Pertamina, Mochamad Harun confirmed since 2008, Pertamina was 5 times filed a request with the delivering technical readiness and funding to the Government cq. Minister of Energy and Mineral Resources to manage their own 100% as operator of offshore oil and gas blocks in East Java.
However, until now no definite answers and decisions from the government that resulted in a continued decline in production in the field than 19,000 barrels per day (bpd) to only 14,000 bpd.
"The funds that [U.S. $ 1 billion] to block the development of investment costs for the West Madura production target increases. Pertamina is very serious with its commitment fully manage oil and gas blocks it, "he told Business when met at his office, weekends.
In this year, state-owned oil and gas it has allocated capital expenditure amounted to Rp37, 1 trillion, up 86.4% compared with the prognosis 2010 amounted to Rp19, 9 trillion. This capital expenditure will be used for the upstream sector of Rp28, 4 trillion or about 76.4% and development in the downstream sector of Rp8, 7 trillion.
Harun said Pertamina also has set up human resources for the transition period the West Madura block management and development of the project so that it can raise production to 30,000 bpd.
Management and development of West Madura, he explained, not much different from the concept of development is Pertamina to Field Offshore North West Java (ONWJ) which is currently successfully increased its production from 21,000 bpd to 30,000 bpd of oil and 200 million standard cubic feet (MMSCFD) of gas .
Most importantly, he stated, far more leverage state revenues if Pertamina were given the right to manage 100%, rather than divide the shares (share down) to another company.
"For this block [West Madura] did his share 60:40 with the government, but it is 40% for Pertamina it will be cut again as dividend by 50%. Not to mention taxes and others. After all, everything is falling into a state because it's state-owned Pertamina. "
Unlike the foreign position to get 85%: 15%, he explained, will be brought fully into the company's home country. "Not to mention, there will also cost recovery, from imported goods, and its workforce are also brought in from outside. So which is actually beneficial for the country? "Added Aaron.
On the other hand, the Minister of Energy and Mineral Resources (EMR) Darwin Zahedy Saleh dodge provides information management issues related to West Madura Block. "What's that? Asking intelligent and clever. But before asking, browsing first. Already browsing yet? If it is too technical, said to Mrs. Evita [Director General of Oil and Gas] yes, "said Darwin told reporters at the Ministry of Energy and Mineral Resources Building, on Friday (21 April) afternoon.
Earlier, he said the government basically concern for Pertamina can participate as much as possible in the West Madura block, but the records must be able to maintain a production target of the pitch so that the national target is achieved.
However, the West Madura block management contract which was signed on 6 Mi in 1981 it has undergone a change of ownership rights of participation sjak March 31, 2011, just 2 months before the contract expires on May 6, 2011.
Through a numbered letter dated March 31, 2011 0176/BP00000/2011/S0 to Kodeco Energy Co.Ltd., Head of BP Migas R. Priyono has approved the transfer of interest in the working area of West Madura Kodeco Energy Co.Ltd. to PT Citra Harapan Sinergindo as much as 12.5% and from Madura CNOOC Ltd. to Pure Link Investment Ltd as many as 12.5%.
In the letter mentioned that the Head of BP Migas R. Priyono approved the transfer of such interest in connection with numbered KDCE/GM.105/III.2100 Kodeco letter dated March 16, 2011, Letter of Deputy Evaluation and Legal Considerations BP Migas 0253/BPE0000/2011/S0 number dated March 17, 2011, and letter of approval from the Government through Director General of Oil and Gas, acting on behalf of the Minister of Energy and Mineral Resources 6989/13/DJM.E/2010 number March 17, 2011.
For information, Kodeco has become operator of Block West Madura since May 6, 1981. Kodeco a timber company in Korea who are domiciled in Japan, and has no oil and gas concessions anywhere. (*)
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