1

Praktek Tata Kelola Migas di Mancanegara

(Sebagai “Benchmarking” dalam rangka disain

tata kelola migas di tanah air)

Benny Lubiantara

-Fiscal Policy Analyst, Sekretariat OPEC, Vienna, Austria (Jan 2006 – Feb 2013)

--Ketua Bidang Peraturan dan Kebijakan, Ikatan Ahli Teknik Perminyakan Indonesia (IATMI)

- Penulis Buku “Ekonomi Migas”

Disampaikan Dalam Diskusi Publik “Mencari Model Kelembagaan Sektor Hulu Migas Dalam Revisi Undang – Undang Migas”

yang diselenggarakan oleh PWYP Indonesia bekerjasama dengan Revenue Watch Institute Jakarta, 4 Desember 2013

2

Worldwide Petroleum Arrangements

3

*) Author’s illustration - Modified from Society of Petroleum Engineers (SPE)

3

Petroleum Contracts & Transfer of Ownership

4

4

Gross Production

Royalty

Income Tax

Company’s Production

Costs Deductions

Profit Oil (P/O)

Income Tax

Government P/O

Contractor P/O

Gross Production

Royalty

Gross Production

Income Tax

Government

Service Fee

Concession PSC Service Contract

Cost Oil (Cost Recovery)

Cost Oil (Cost Recovery)

Division of Gross Production

5 5

Governance

Fiscal Regimes

Reserves

NOC Strategic Option

Country’s Strategic Option

6

Proven Reserves (by Country)

7

Proven Reserves (by Country)

8 8

Source: Leonardo Maugeri, Oil – The Next Revolution, Harvard Kennedy School, June 2012

Country-by-Country Evolution of Oil Production Capacity to 2020

9

State Reserves

Rank Company Country Ownership (Million Barrels)

(%)

1 Saudi Aramco Saudi Arabia 100 264.200

2 NIOC Iran 100 138.400

3 INOC Iraq 100 115.000

4 KPC Kuwait 100 101.500

5 PDVSA Venezuela 100 99.377

6 ADNOC UEA 100 52.800

7 LNOC Libya 100 30.700

8 CNPC China 100 22.447

9 NNPC Nigeria 100 21.700

10 Rosneft Russia 75 17.513

11 Lukoil Russia 12.572

12 Pemex Mexico 100 12.187

13 Sonatrach Algeria 100 11.400

14 ExxonMobil US 11.074

15 QP Qatar 100 10.624

16 BP UK 6.541

17 Petrobras Brazil 4856 9.581

18 Gazprom Russia 50 9.195

19 Surgutneftegas Russia 7.929

20 Petronas Malaysia 100 7.876

21 Chevron US 7.523

22 ConocoPhillips US 6.541

25 Total France 5.778

26 Shell UK/Netherlands 4.887

29 ONGC India 74 3.607

30 PDO Oman 60 3.360

32 Eni Italy 30 3.269

43 CNOOC China 64 1.564

44 Pertamina Indonesia 100 1.505

NOC (Ranking based on Reserves)

10

Policy

NOC

Ministry

Ministry

Policy

NOC Gov’t Body/

Agency

Policy

NOC

Ministry

Governance in Oil & Gas Sector

11 11

Governance in Oil & Gas Sector

Source: Valerie Marcel, Oil Titans, NOC in the Middle East, Page 143

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Policy

Ministry

NOC Directorate/ Gov’t Body/

Agency

IOCs

Policy

NOC

Ministry

Policy

IOCs

IOCs

(a) (b)

(c)

NOC

Norway

Brazil

Indonesia

Algeria

Nigeria

Mexico

Saudi Arabia

Malaysia

Kazakhstan

Angola

Russia Venezuela

U K

U S A

Canada

Australia

No NOC

Governance in Oil & Gas Sector

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Proven Reserves & Fiscal Regimes

JV, Limited access

No Access

Service Contract, Limited Access

Service Contract, Limited Access

No Access

JV Concession, limited access

JV Concession, limited access, (PSC failed)

JV Concession, PSC, limited access

PSC

JV Concession, PSC, limited access

JV Concession, PSC, limited access

Concession, open access

JV Concession, limited access

Concession, PSC,

No Access

JV Concession, PSC, limited access

JV Concession, PSC

PSC

Service contract, limited access

PSC

PSC

PSC

PSC

PSC

PSC, Service contract

Concession, open access

PSC

Concession, open access

Concession, open access

Concession, open access

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Development Field

Conventional E & P

High Cost EOR

Extra Deepwater

Low Cost Brownfield

One-size-fits-all model does not exist

Technical Services

Extra Heavy OIl

Project´s Risk

The needs for IOC´s Involvement

15 15

Proven Reserves

NO

C S

har

e o

f P

rod

uct

ion

OPEC Middle East, Venezuela

Proven Reserves & NOC Share of Production

100%

0%

50%

> 25 Billion Barrels

Mexico, Brazil, Norway, Algeria

Nigeria

Malaysia

Angola

Indonesia

297

265 154

141

102

4

10

6

37

14

14

7 12

16 16

Proven Reserves

NO

C S

har

e o

f P

rod

uct

ion

OPEC Middle East, Venezuela

Proven Reserves & NOC Share of Production

100%

0%

50%

> 25 Billion Barrels

Mexico, Brazil, Norway, Algeria

Nigeria

Malaysia

Angola

Indonesia

297

265 154

141

102

4

10

6

37

14

14

7 12

No Access, Service Contract

No Access Concession/ JV,

PSC,

PSC

PSC

PSC

17 17

Proven Reserves

NO

C S

har

e o

f P

rod

uct

ion

Proven Reserves & NOC Share of Production

100%

0%

50%

> 25 Billion Barrels

297

265 154

141

102

4

10

6

37

14

14

7 12

18 18

Proven Reserves

NO

C S

har

e o

f P

rod

uct

ion

Proven Reserves & NOC Share of Production

100%

0%

50%

> 25 Billion Barrels

297

265 154

141

102

4

6

37

14

14

7 12

No Access, Service Contract No Access

Concession/ JV, PSC, PSC

PSC

??

??

10

19

Source: OPEC ASB, 2013, BP Statistical Review, 2013 and EIA

Net Oil Exporting and Importing Countries

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New Blocks

Offered

Existing Contracts

Expiring Contracts

Different Case - Different Strategy

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New Blocks Offered

Existing Contracts

Expiring Contracts

Higher NOC (up to 100%) Participation depending upon the risk profiles

Attract Investors ?

Combination of Back end loaded features : lower royalty/FTP

And Front- end loaded features : progressive share, additional taxes, etc.

Higher NOC Share Less issue on commercial Terms and Conditions More Issue on the ability of NOC to finance the current and upcoming E & P projects

Encourage EOR Development

Different Case - Different Strategy

Production Optimization

Encouraging Exploration Drillings in Producing Blocks

Fiscal/Taxes Incentive to Encourage Exploration Activities

22 22 Cartoon: Courtesy Google

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Oil and Gas Industry in Indonesia

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Thank you