Petronas Sepakati Sinergi Bisnis
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2016 EITI Report
Contents List of Abbreviations ......................................................................................................................6 Executive Summary........................................................................................................................8 1. EITI in Iraq .............................................................................................................................. 14 1.1. About the Extractive Industries Transparency Initiative (EITI) ................................... 14 1.2. EITI Implementation in Iraq .................................................................................................. 14 1.3. EITI Governance and leadership in Iraq (Requirement 1.1 – 1.3) ................................ 16 1.4. MSG Governance (Requirement 1.4) .................................................................................. 17 1.5. MSG Workplan (Requirement 1.5) ....................................................................................... 18 2. Legal Framework and Fiscal Regime for the Extractive Industries (Requirement 2.1) . 20 2.1. National Governance Structures ......................................................................................... 20 2.2. Overview of the regulations applicable to extractive industries ................................. 21 2.2.1. Extractive sector regulations in federal Iraq ........................................................................ 21 2.2.2. Overview of the corporate income tax and withholding tax regimes applicable -
Recent Crude Oil Price Dynamics, PETRONAS and Malaysia
Recent crude oil price dynamics, PETRONAS and Malaysia Lim Kim-Hwa [email protected] Tim Niklas Schoepp [email protected] 23 January 2015 Executive Summary Since PETRONAS contributed RM73.4 billion (30% of the Malaysian government’s expenditure) in 2013, the recent crude oil price fall has profound implications. The commodity effect will mean lower revenue and profits. However, this effect is cushioned by the depreciating USDMYR. This report aims to evaluate the likely price range of crude oil in 2015 and shows the possible impact on PETRONAS under different circumstances. With contained geo-political risks, global crude oil oversupply, slower global economic growth and cost factors that favour continuous production rather than cuts, crude oil is likely to trade between USD40 – 70 per barrel. Using the Annual Reports of PETRONAS, we estimated that: • If USDMYR depreciates slightly to 3.75 and crude oil trades at USD55 per barrel in 2015, PETRONAS’ profitability (as measured EBITDA) might fall to RM72 billion; and dividends might fall to RM19 billion (vs. RM123 billion and RM27 billion respectively in 2013); • In a rosy case (where crude oil trades at USD70 per barrel and USDMYR trades at 4), PETRONAS’ EBITDA would fall to RM98 billion but RM26 billion dividends payment might be possible; • In a bad case (where crude oil trades at USD40 per barrel and USDMYR trades at 3.5), PETRONAS’ EBITDA would fall to RM49 billion and dividends might fall by half to RM13 billion. • Some PETRONAS assets might be impaired, in particular those that were purchased when crude oil price was trading at over USD100 per barrel. -
Structuring Petroleum-Sector Institutions
Briefing October 2014 Considerations for Indonesia’s Universitas New Government: Structuring Gadjah Mada Petroleum-Sector Institutions Patrick Heller and Poppy Ismalina As Indonesia’s new government seeks to maximize the country’s benefits from the petroleum sector, one of its most important tasks will be to resolve the longstanding uncertainty surrounding the roles and responsibilities of the public institutions responsible for managing the sector. This briefing offers a perspective based on global experience in oil and gas as well as Indonesia’s own history. WHY PETROLEUM-SECTOR INSTITUTIONAL STRUCTURE MATTERS Effectively allocating roles and responsibilities among ministries, Pertamina, and other government agencies is crucial if Indonesia is to tackle the challenge of reinvigorating its petroleum sector. Indonesia faces declining petroleum reserves and production, rising consumption, costly fuel subsidies and a desire to boost the performance of Pertamina. The country therefore requires an institutional structure that will enable it to execute a coherent strategy and that empowers the assigned entities to manage exploration, production, relationships with contractors, tax collection and the enforcement of Indonesia’s laws and contracts. Most importantly, the government must decide whether to house regulatory (i.e., monitoring and oversight) responsibilities within Pertamina or in another body. The new government has an opportunity to reconcile the Constitutional Court’s decision on BP Migas and build a coherent, effective, forward-looking structure. In the aftermath of the 2012 Constitutional Court decision—which invalidated the role of independent regulator BP Migas as established in 2001 on the grounds that it did not meet the state’s responsibilities under Article 33 of the constitution—there has been confusion about the present and the future of government responsibility for the petroleum sector. -
Murphy-Oil-Corp-4Q-2020-Earnings
2020 FOURTH QUARTER EARNINGS CONFERENCE CALL & WEBCAST JANUARY 28, 2021 ROGER W. JENKINS PRESIDENT & CHIEF EXECUTIVE OFFICER www.murphyoilcorp.com NYSE: MUR 0 Cautionary Statement & Investor Relations Contacts Cautionary Note to US Investors – The United States Securities and Exchange Commission (SEC) requires oil and natural gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this presentation, such as “resource”, “gross resource”, “recoverable resource”, “net risked PMEAN resource”, “recoverable oil”, “resource base”, “EUR” or “estimated ultimate recovery” and similar terms that the SEC’s rules prohibit us from including in filings with the SEC. The SEC permits the optional disclosure of probable and possible reserves in our filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website. Forward-Looking Statements – This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. -
Media Monitoring Online Pertamina Projects Stall Amid Policy
Media Monitoring Online Pertamina Projects Stall Amid Policy Flip-flops, Refinery Blaze Tanggal : Rabu , 31 Maret 2021 Media : The Jakarta Post Halaman : 2 Wartawan : Vincent Lingga Muatan Berita : Netral Narasumber : None () Rubrik : Headlines Topik : Kilang Minyak Nilai Iklan : Rp. 78.000.000 This is really bad news for energy, an extremely vital component of the economy. While Pertamina’s four refinery upgrade projects and two greenfield refinery projects launched in 2014 have been delayed by several years or even canceled, an inferno fire gutted the state-owned oil and gas giant’s newest refinery at Balongan, West Java, early Monday morning. Even though Pertamina has made assurances that the incident would not disrupt fuel supply and distribution, we cannot help but be concerned about the damage incurred on the downstream oil industry. Already Southeast Asia’s largest net importer of crude oil, gasoline and gasoil at an annual volume of almost 1 million barrels per day (bpd), Indonesia may have to import more refined fuel until the Balongan refinery resumes production at its 125,000 bpd full capacity. Pertamina’s six old refineries, which have a combined capacity of 1 million bpd, are able to produce only 850,000 bpd of refined fuel, barely half of national demand. Importing more fuel means stronger pressures on the balance of payments and larger drain on the foreign exchange reserves. The Balongan refinery, which came on stream in 1994, was the last plant Pertamina built. Many new greenfield and expansion projects that have been planned since then have suffered cancellations or prolonged delays due to the country’s notorious policy flip-flops and bureaucratic barriers. -
Process Technologies and Projects for Biolpg
energies Review Process Technologies and Projects for BioLPG Eric Johnson Atlantic Consulting, 8136 Gattikon, Switzerland; [email protected]; Tel.: +41-44-772-1079 Received: 8 December 2018; Accepted: 9 January 2019; Published: 15 January 2019 Abstract: Liquified petroleum gas (LPG)—currently consumed at some 300 million tonnes per year—consists of propane, butane, or a mixture of the two. Most of the world’s LPG is fossil, but recently, BioLPG has been commercialized as well. This paper reviews all possible synthesis routes to BioLPG: conventional chemical processes, biological processes, advanced chemical processes, and other. Processes are described, and projects are documented as of early 2018. The paper was compiled through an extensive literature review and a series of interviews with participants and stakeholders. Only one process is already commercial: hydrotreatment of bio-oils. Another, fermentation of sugars, has reached demonstration scale. The process with the largest potential for volume is gaseous conversion and synthesis of two feedstocks, cellulosics or organic wastes. In most cases, BioLPG is produced as a byproduct, i.e., a minor output of a multi-product process. BioLPG’s proportion of output varies according to detailed process design: for example, the advanced chemical processes can produce BioLPG at anywhere from 0–10% of output. All these processes and projects will be of interest to researchers, developers and LPG producers/marketers. Keywords: Liquified petroleum gas (LPG); BioLPG; biofuels; process technologies; alternative fuels 1. Introduction Liquified petroleum gas (LPG) is a major fuel for heating and transport, with a current global market of around 300 million tonnes per year. -
Jtb Steps on the Indonesian
FEATURES JTB STEPS ON THE INDONESIAN GAS LATHAM & WATKINS, INTERNATIONAL LEGAL COUNSEL TO THE SPONSOR AND THE BORROWER IN THE FINANCING OF THE JAMBARAN-TIUNG BIRU PROJECT, PROVIDES AN OVERVIEW OF THE DEAL AND INSIGHT INTO SOME OF ITS NOTABLE FEATURES. BY CLARINDA TJIA-DHARMADI, PARTNER, TIM G FOURTEAU, COUNSEL, AND MEREDITH STRIKE, ASSOCIATE. The Jambaran-Tiung Biru Project (JTB Project) is 315m standard cubic feet per day of raw among the largest upstream oil and gas projects gas, the designing and installing of gas to reach financial close in Indonesia in the past processing facilities with a maximum capacity decade, and marks several important milestones of 330m standard cubic feet per day and the for project financings in the region. development of gas flow lines from the wells The limited recourse project financing to the gas processing facilities and sales gas utilised a trustee borrowing structure (TBS) and pipelines from the gas processing facilities to is the first project financing in the region to the Gresik-Semarang pipeline. comprise conventional interest-bearing tranches PEPC and PT Pertamina EP (PEP), a wholly- with Islamic financing tranches. owned subsidiary of Pertamina, are sponsoring It is also the first limited recourse project the development of the JTB Project (though financing to feature a subsidiary of Indonesian PEP is not a party to the financing). PEPC will state-owned oil and gas company PT Pertamina operate and maintain the JTB Project, including (Persero) (Pertamina), namely PT Pertamina EP the gas fields, pipelines and gas processing Cepu (PEPC), as the anchoring sponsor. facilities. Containing extensive Indonesian participation PEPC and PEP own 92% and 8% of the unit throughout the structure, it is also the first oil interests in the unitised JTB field, respectively, and gas project financing in Indonesia to be and will share a proportionate amount of supported by an all domestic offtake, with no project revenues, capital costs and operating government support, solidifying the trend set expenditures. -
LNG Review February 2020 - Recent Issues and Events - Hiroshi Hashimoto∗
IEEJ:March 2020 © IEEJ2020 LNG Review February 2020 - Recent issues and events - Hiroshi Hashimoto∗ Introduction Signs of bearishness in the LNG industry were observed on February 2020. The new coronavirus is expected to slash gas demand in China and then Japan. The author estimates that the cumulative demand reduction in China would be more than 3 million tonnes of LNG equivalent for the first three months of the year. It is still too early to assess the quantitative impact the Japanese market. But even before the coronavirus crisis, Japan's LNG import in January 2020 was 7.513 million tonnes, smaller than the same month in 2012 for thirteen straight months and smaller than the same month one year earlier for four straight months. The five biggest international upstream - also the biggest in the LNG industry - majors reported their respective 2019 performances, which all included decline in profits, compared to one year earlier. In terms of gas production, the Energy Information Administration (EIA) of the United States expects in its STEO (Short-term Energy Outlook) dry gas production in the country to fall from an estimated 95.4 Bcf/d in January to 92.5 Bcf/d in December 2020 and in 2021 to stabilize at an annual average of 92.6 Bcf/d (703 million tonnes per year), a 2% decline from 2020 (94.2 Bcf/d), which would be the first decline in annual average natural gas production since 2016. Some players may respond to their favourable conditions in the market. Some LNG importers in India issued a string of tenders seeking to buy tens of cargoes on the short-term basis. -
Low Probability High Consequences Oil Spill Response Plan: Promoting Cooperation and Networking Emergency Respond
PAJ Oil Spill Workshop 2017 “Considerations for future oil spill response management and operations” Tokyo | 12 December 2017 Low Probability High Consequences Oil Spill Response Plan: Promoting Cooperation and Networking Emergency Respond Dr. I Gusti Suarnaya Sidemen Direectorate General of Oil and Gas (MIGAS) Ministry of Energy and Mineral Resources 1 1 Kementerian ESDM Republik Indonesia CONTENTS 1. Potential Risk of Oil Spill 2. Existing Oil Spill Response Strategy 3. Changing Circumstances 4. New Oil Spill Response Strategy 2 2 Kementerian ESDM Republik Indonesia 1. Potential Risk Of Oil Spill 3 3 Kementerian ESDM Republik Indonesia Indonesia Oil Outlook Crude Oil Balance Projection Key Issues: 1. Oil Still play Important Role in Indonesia Energy Supply 2. Import dependency growing 3. Sea-lane security will become more and more important 4. National capacity in securing sea lane security growing 5. Risk of oil spill is in place Fuel Consumption Projection 6. Bilateral and multilateral cooperation to secure sea-lane and supply security and is needed 7. Bilateral and multilateral cooperation is need to combat oil spill Projection Source: BPPT IEO 2017 Ministry of Energy and Mineral Resources Republic of Indonesia POTENTIAL RISK OF OIL SPILL EXPLORATION AND REFINING PRODUCTION DISTRIBUTION INTERNATIONAL TRADE 2. Existing Oil Spill Response Staretgy Oil Spill Response Development Ministry of Transport Regulation No.: 58/2013 Oil Spill in Waters and Port Preparedness Joint President Regulation No. 109/2006 Decision/Regulation concerning DGOG and DGSC: Oil Spill In Indonesian Water DKP/49/1/1 No. Emergency Response 01/KPTS/DM/MIGAS/1 981 Permanent 13 Procedure concerning 11 Protection of Strait 06 Malacca again Pollution. -
Exxonmobil Indonesia at a Glance Country Fact Sheet
ExxonMobil Indonesia at a glance Country fact sheet KEY FACTS 1898 Standard Oil Company of New York (Socony) opens a marketing office in Java. 1968 Mobil Oil Indonesia Inc. (MOI) is formed and becomes one of the first contractors to be involved in the country’s newly established “Production Sharing Contract (PSC)” approach for B block in North Aceh. MOI is later renamed ExxonMobil Oil Indonesia (EMOI) in 2000. 2001 A discovery of over 450 million barrels of oil at Banyu Urip oil field, East Java. 2005 ExxonMobil Cepu Limited (EMCL) assigned as operator for the Cepu block under PSC. 2006 Banyu Urip Plan of Development (POD) approved by the government of Indonesia. 2009 Cepu block commenced commercial production through Early Production Facility (EPF). 2011 EMCL awards five major Banyu Urip project Engineering, Procurement and Construction (EPC) contracts to five Indonesian-led consortiums. 2015 In October, ExxonMobil assigned its interest in the North Sumatra Block Offshore (NSO) and B Block PSC to Pertamina. The start-up of Banyu Urip’s onshore Central Processiong Facility (CPF) commenced in December. 2016 POD production of 165,000 barrels of oil per day is achieved at Banyu Urip field. NOW Approximately 570 employees at ExxonMobil Indonesia. Nearly 90 percent are Indonesians, many of whom are senior managers and engineers. Increasing energy supply for Indonesia. The FSO vessel, Gagak Rimang, connected to the mooring tower. UPSTREAM Cepu block East Natuna block • The Cepu Block PSC was signed on 17 September 2005 • Located in the South China Sea. covering the Cepu Contract Area in Central and East Java. -
Energy Journal Vol II
ENERGY JOURNAL | VOLUME 3 NATIONAL OIL COMPANIES NEED TO UP THEIR GAME To compete with the majors, NOCs must improve their enterprise risk management Alexander Franke and Volker Weber 1 OPERATIONS EXCELLENCE ational Oil Companies (NOCs) and their governments – just three years Nago riding a wave of $100 oil – today face unusually trying times. Thanks to a plunge $170 billion in oil prices, at one point to below $30 a barrel, NOCs are earning about $170 billion less than How much less NOCs are earning they did a decade ago, even as their sponsor governments are being asked to spend more on than a decade ago defense, social programs, and infrastructure. The result: Many parent governments are confronting daunting budget deficits for the first time. In 2016, Qatar reported its first The investment, which officials say will make budget deficit in 15 years, while Saudi Arabia Aramco the biggest foreign investor in Malaysia, reported its largest shortfall ever the year is expected to help the Saudi NOC increase before. Cumulative government net lending business in the burgeoning Southeast Asian and borrowing by members of the Organization market. of the Petroleum Exporting Countries (OPEC) went from a net positive $188.12 billion in 2012, But despite the sizable outlays often involved, to negative $312.79 billion by the end of 2016, the tactic has not produced the kind of results based on data and 2016 estimates from the that the NOCs had hoped to achieve. (See International Monetary Fund’s World Economic Exhibit 1.) While NOC profit margins have Outlook. (The calculation excludes Indonesia, plunged by roughly 8 percentage points which was suspended from OPEC in November since oil prices recently hit $50, the decline 2016.) Between 2014 – the year oil prices took actually started in 2006, not long after they a nosedive – and 2016 alone, OPEC borrowing began to expand their operations globally. -
Climate and Energy Benchmark in Oil and Gas
Climate and Energy Benchmark in Oil and Gas Total score ACT rating Ranking out of 100 performance, narrative and trend 1 Neste 57.4 / 100 8.1 / 20 B 2 Engie 56.9 / 100 7.9 / 20 B 3 Naturgy Energy 44.8 / 100 6.8 / 20 C 4 Eni 43.6 / 100 7.3 / 20 C 5 bp 42.9 / 100 6.0 / 20 C 6 Total 40.7 / 100 6.1 / 20 C 7 Repsol 38.1 / 100 5.0 / 20 C 8 Equinor 37.9 / 100 4.9 / 20 C 9 Galp Energia 36.4 / 100 4.3 / 20 C 10 Royal Dutch Shell 34.3 / 100 3.4 / 20 C 11 ENEOS Holdings 32.4 / 100 2.6 / 20 C 12 Origin Energy 29.3 / 100 7.3 / 20 D 13 Marathon Petroleum Corporation 24.8 / 100 4.4 / 20 D 14 BHP Group 22.1 / 100 4.3 / 20 D 15 Hellenic Petroleum 20.7 / 100 3.7 / 20 D 15 OMV 20.7 / 100 3.7 / 20 D Total score ACT rating Ranking out of 100 performance, narrative and trend 17 MOL Magyar Olajes Gazipari Nyrt 20.2 / 100 2.5 / 20 D 18 Ampol Limited 18.8 / 100 0.9 / 20 D 19 SK Innovation 18.6 / 100 2.8 / 20 D 19 YPF 18.6 / 100 2.8 / 20 D 21 Compania Espanola de Petroleos SAU (CEPSA) 17.9 / 100 2.5 / 20 D 22 CPC Corporation, Taiwan 17.6 / 100 2.4 / 20 D 23 Ecopetrol 17.4 / 100 2.3 / 20 D 24 Formosa Petrochemical Corp 17.1 / 100 2.2 / 20 D 24 Cosmo Energy Holdings 17.1 / 100 2.2 / 20 D 26 California Resources Corporation 16.9 / 100 2.1 / 20 D 26 Polski Koncern Naftowy Orlen (PKN Orlen) 16.9 / 100 2.1 / 20 D 28 Reliance Industries 16.7 / 100 1.0 / 20 D 29 Bharat Petroleum Corporation 16.0 / 100 1.7 / 20 D 30 Santos 15.7 / 100 1.6 / 20 D 30 Inpex 15.7 / 100 1.6 / 20 D 32 Saras 15.2 / 100 1.4 / 20 D 33 Qatar Petroleum 14.5 / 100 1.1 / 20 D 34 Varo Energy 12.4 / 100