The Ministry of Energy will separate the upstream and downstream activities in the Masela block. Hulu is the duty of Inpex, while downstream is held by state-owned enterprises,
the Ministry of Energy and Mineral Resources (ESDM) seeks to recalculate Masela development investments that value is lower. One way is to separate the upstream and downstream activities of the gas-rich blocks in the Arafura Sea.
Executing tasks Minister Luhut Binsar Pandjaitan optimistic Masela development investment value is lower than the initial estimate to US $ 7 billion. It is based on the results of the meeting in the Ministry of Energy and Mineral Resources, on Wednesday (14/9) night. The amount is lower than the previous calculation Luhut. He claimed the value of investment in the development of blocks that can be derived from US $ 22 billion to $ 15 billion.
"I'm an overnight meeting at the Ministry of Energy. It turns out we see the cost in Masela can be less again (from US $ 15 billion)," said Luhut in Coordinating Ministry for maritime office, Jakarta, Thursday (15/9). (Read: Investment Masela can be trimmed to US $ 15 billion)
According to him, the investment needs Masela could fall by separating between activities in the upstream and downstream activities. Later on upstream activities such as drilling will be held by Inpex Corporation as the operator of the Masela block.
While the downstream activities such as the construction of a liquefied natural gas plant on the ground and the utilization of gas will be carried by the Indonesian company. The company called Luhut as Indonesia Incorporate this will consist of State-Owned Enterprises (SOEs) and held by the government.
By doing so, Luhut sure investment Inpex Masela issued will be much cheaper. However, he can not be described in detail because it must first report to the President Joko Widodo. (Read: Luhut Limit 8 Months Create Inpex Masela Development Plan)
On the other hand, the government will consider a request to increase the duration of the contract Inpex Masela for 10 years. This extension is compensation for time already spent in reviewing Inpex Masela use development scheme in the sea (offshore).
With the additional 10 years, Inpex chance to get a contract extension for 30 years. "So if he's short operating time, the investment rate of return (IRR) down. When Inpex not want to do, we bother. If we love him (the extension of the contract), how, "he said.
(Read: Can a Chance Inpex Masela Supplementary Contract Extension)
But, Luhut still reviewing that arrangements can be realized. Because, if it refers to Government Regulation No. 35 of 2004 concerning the business activities of upstream oil and gas, a period of a maximum contract extension of 20 years for each renewal.
Although it will provide incentives to Inpex, Luhut wants the state also still benefit. "Everything we consider, the impact to state there is added value. So we find its equilibrium," he said.
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