JAKARTA (RambuEnergy.com) – The Indonesian Energy and Mineral Resources Minister Ignasius Jonan on Friday (April 20) has approved seven production sharing contracts (PSC) out of eight expiry PSC contracts. Of the seven PSC contracts, six contracts have been handed over to Pertamina as new operator and one contract, PSC Mahakam is an amended contract.
All of the PSC contracts are based on gross split PSC scheme, instead of cost recovery-based PSC as applied in the past.
The government received signature bonus of US$33.5 million or Rp448.9 billion out of investment commitment of US$556.45 million or Rp7.45 trillion planned by the PSC operator.
Director General for Oil and Gas of the energy ministry Djoko Siswanto told reporters that the government wants Pertamina to maintain production level in those seven oil and gas blocks.
He said 10% of the investment commitment will be reserved for performance bonds to guarantee that Pertamina will realize its commitment.
“If Pertamina did not realize its commitment, the performance bonds will be transferred to the government treasury. If the commitments are realized, the funds can be withdrawn,” he said.
Following is the details of the PSCs and gross split schemes:
|No||Working Area/Block||Contractor||Split||Investment Commitment in 1st 3 Years||Signature Bonues|
|1||TUBAN||PT Pertamina Hulu Energi Tuban East Java||Oil: 44%
|US$42.25 million||Rp5 million|
|2||OGAN KOMERING||PT Pertamina Hulu Energi Ogan Komering||Oil: 46%
|US$23.3 million||US$5 million|
|3||SANGA SANGA||PT Pertamina Hulu Sanga-Sanga||Oil: 51%
|US$237 million||US$10 million|
|4||SOUTHEAST SUMATRA||PT Pertamina Hulu Energi Offshore Souteast Sumatera||Oil: 31.5%
|US$130 million||US$10 million|
|5||NORTH SUMATRA OFFSHORE||PT Pertamina Hulu Energi NSO||Minyak: 35,5%
|US$18.5 million||US$1.5 million|
|6.||EAST KALIMANTAN & ATTAKA||PT Pertamina Hulu Kalimantan Timur||Minyak: 39%
|US$79.3 million||US$1 million|
(Mahakam merged with Tengah WK)
|PT Pertamina Hulu Mahakam||US$26.1 million||US$1 million|
|Total||US$556.45 million||US$33.5 million|