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Production Sharing ContractProduction Sharing Contract

Departemen Teknik PerminyakanDepartemen Teknik Perminyakan

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KontrakperminyakandiIndonesiadimulaiKontrakperminyakandiIndonesiadimulai

tahun1899

disebut

Konsesi,

Pemerintah

tahun

1899

disebut

Konsesi,

Pemerintah

memungutRoyaltymemungutRoyalty

.

.

kontraktoradalahmembayarpajakkontraktoradalahmembayarpajak

1964KontrakBagiHasilyangdibagiadalahin1964KontrakBagiHasilyangdibagiadalahin

kind hasiln akind hasiln a

Bab 1

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Konsesi,KuasaTambangdanAsetdimilikiKontraktor,

Mana emenO erasi

ditan an

Kontraktor

KontrakKarya,KuasaTambangditanganPemerintahdanAsetdimilikiKontraktor Mana emenO erasi

ditanganKontraktor.

KontrakBa iHasil,KuasaTamban ditan anPemerintahdanAsetdimilikiPemerintah,

ManajemenOperasi

ditangan

Pemerintah.

Kontraktormelaksanakanpekerjaan.

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K n r k P rmin k n i In n i

on ra perm nya an n ones a mu a enganKontrakKaryadankemudianpadatahun1971

PerbedaanKontrakKaryadanKontrakBagiHasiladalahpadaKontrakBagiHasilmanajemenadadi

tanganpe

merintah,

dimana

setiap

kegiatan

kontraktorharusdenganpersetujuanpemerintah.

a a on ra ag as er a upre,curren , anpostaudit.PadaKontrakKaryahanyaberlakupostauditsa a.Tu as utama kontraktor di Kontrak Kar a

adalahmembayarpajak

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Kontrak yangakan dibahas adalah

Kontrak Ba i Hasil PSC

KontrakTAC,dan

.

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Kontrak ba i hasil

Revenue

Equity to be Split. ES

Recoverable Cost

Inv. Credit Cost Rec.

Government Share Contractor Share

(1-SH/ (1-t)) x ES (SH/ (1-t)) x ES

Net Contr. ShareGovernment Tax

.

Total Contractor Share

CostINDONESIA TAKE

Contractor Cashflow

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Kontrak bagi hasil

Revenue

Equity to be Split. ES

Recoverable Cost

Inv. Credit Cost Rec.FTP

Government Share Contractor Share

(1-SH/ (1-t)) x ES (SH/ (1-t)) x ES

Net Contr. ShareGovernment Tax

.

Total Contractor Share

CostINDONESIA TAKE

Contractor Cashflow

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OBOB Gross Revenue (R)

Joint Share50%

Pertamina Share50%

FTPInvestment

Credit

ecovera e os

CostRecovery

Equity to beProrata

Reimbursment

,

Contractor Share(SH/ (1-T))* ES

Indonesia Share(1-SH/ (1-T))*ES

Taxable IncomePertamina

Taxable IncomeTaxPertamina60% Diff. Price DMO

DDMO

Net Cont.Share

Contractor

INDONESIA TAKE

Tax

Share

TOTAL CONTRACTOR SHARE

Contractor Cash Flow

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TACTAC

Non Shareable Shareable

FTP

InvestmentCredit

Recoverable Cost (REC)

CostRecover

Equity to beSplit, ES

on rac or are

(SH/ (1-T))*ES

Taxable Income

er am na are

(1-SH/ (1-T))* ES

Diff. Price DMO, DDMO

Net Cont. Share

Taxable Income

TaxPertamina

60%

Tax

Cost

PERTAMINA TAKE TOTAL CONTRACTOR SHARE

Contractor Cash Flow

INDONESIA TAKE

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Prinsip-prinsip Kontrak Production Sharing

SKSPMIGAS bertanggungjawab atas Manajemen Operasi.

yangsudah disetujui.

Kontraktor menyediakan seluruh dana dan teknologi yang

.

Kontraktor menanggung biaya dan risiko operasi.

Kontraktor akan menerima kembali seluruh bia a o erasi

setelah produksi komersial. Produksi yangtelah dikurangi biaya produksi,dibagi

.

Kontraktor diijinkan mengadakan eksplorasi selama 6

sampai 10tahun,

dan eksploitasi 20

tahun atau lebihang a wa tu ontra 30ta un .

Kontraktor mengajukan Programdan Anggaran Tahunanuntuk disetu ui SKSPMIGAS.

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Prinsipprinsip KontrakProductionSharing Kontraktor wajib menyisihkan/mengembalikan sebagian

w aya er anya epa a .

Seluruh barang operasi/peralatan yangdiimpor dan dibelikontraktor men adi milik Ne ara setelah tiba di Indonesia.

SKSPMIGASmemiliki seluruh datayangdidapatkan darioperasi.

on ra or a a a u ye a a eng as an, anmenyetorkannya secara langsung kepada Negara.

Kontraktor wajib memenuhi sebagian kebutuhan minyakdan gasbumi dalam negeri (DMO)yangdibeli negara(maksimum 25%dari bagian KPS)

produksi komersial kepada perusahaan swasta nasionalyangditunjuk SKSPMIGAS.

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Kontrak Production Sharing(KPS)

eneras -

a. Mana emen O erasi di e an SKSPMIGAS

b. Kontraktor menyediakan seluruh biaya operasi perminyakan

c. Biaya yang

dapat diperhitungkan kontraktor tidak lebih dari 40%.

SKSPMIGAS:65%

Kontraktor:35%

.

f. Kontraktor wajib memenuhi kebutuhan BBMuntuk dalam negeri

secara proporsional (maksimum 25%bagiannya)dengan harga US$, .

g. Semua peralatan dan fasilitas yangdibeli oleh kontraktor menjadimilik Negara.

Indonesiasetelah lapangan dinyatakan komersial.

i. Sejak tahun 1974sampai 1977,kontraktor diwajibkan membayarbiaya tambahan kepada Pemerintah.

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Kontrak Production Sharing

Generasi II (1978-1988)

a. Tidak ada pembatasan pengambilan biaya operasian

di erhitun kan oleh kontraktor

b. Setelah dikurangi biayabiaya,pembagian hasilmenjadi:

: ,

:34,09%

untuk Kontraktor

Gas : 31 80% untuk SKSPMIGAS

:68,20%untuk Kontraktor

c. Kontraktor membayar pajak 56%secara langsungepa a pemer nta

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Generasi II (1978-1988)

d. Pada tahun 1984,peraturan perundangundangan pajak baru berlakuuntuk KPSdengan tarif pajak 48%dan diberlakukan mulai tahun 1987,dengan demikian pembagian hasil berubah menjadi:

Minyak:71,15%untuk SKSPMIGAS

:28,25%untuk Kontraktor

Gas :42 31%untuk SKSPMIGAS

:57,64%

untuk Kontraktor

e. Bagian bersih setelah dikurangi pajak:

=

Gas :Indonesia/Kontraktor =70/30

f. Kontraktor mendapat insentif

Insentif pengembangan 20%dari modaldikeluarkan untuk fasilitasproduksi.

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Generasi III (1989 sekarang) Paket Insentif 31 Agustus 1988

Pemberianinvestmentcredit,dengan syarat bahwa pemerintahharus memperoleh 49%dari pendapatan kotor tidak berlaku

lagi. Penetapan komersilitas,jaminan minimum25%dari

pendapatan kotor untuk Pemerintah tidak diperlukan.

Har a DMO 10%dari har a eks or setelah selesai 60bulan

pertama. Penyisihan minyak pertama 20%dari produksi disisihkan

sebelum dikuran i bia a o erasi kemudian diba i antaraSKSPMIGASdan Kontraktor.

Pembagian produksi daerahfrontier

50 150MBOPD=85/15

lebih dari 150MBOPD=90/10

a acara per nan se er ana an

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Kontrak Production SharinGenerasi II Th 1989Sekarang (Lanjutan)

a e nsen e ruar

Pembagian untuk lapanganmarginaldantertiaryEORpadawilayah konvensional 80/20

dan wilayahfrontier75/25.

Pembagian untuk produksi di daerahpretertiarydan lautdalam

.

Investment

credituntuk laut dalam 110%

minyak dan 55%

gas.

Perpanjangan masa eksplorasi 6tahun 1x14tahun.

Harga gasdiorientasikan pada komersialitas pengembangan.

Akses Datatidak terbatas pada lahan yangditenderkan

Perolehan datala an an dilakukan oleh SKSPMIGASdanterbuka bagi kontraktor.

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1.1. FirstTranchePetroleum(FTP)FirstTranchePetroleum(FTP)

..

3.3. SharingSplitSharingSplit

4.4. InvestmentCreditInvestment

Credit

5.5. CostRecoverCostRecover

6.6. DomesticMarketObligation(DMO)DomesticMarketObligation(DMO)

..

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1. First Tranche Petroleum FTP

:: ...... ee ar esar es s as a ee en een e oo a ea e ananreceivereceive eacheach yearyear 2020%% ofof allall PetroleumPetroleum producedproduced andand savedsaved ......beforebefore

anyany deductiondeduction forfor thethe recoveryrecovery ofof InvestmentInvestment CreditCredit andand OperatingOperating......

SKSPSKSPMIGASMIGAS andand CONTRACTORCONTRACTOR inin accordanceaccordance withwith sharingsharing splitssplits......

FTPdiffers

from

Royalty

:FTP

differs

from

Royalty

:

FTPissharedbetweentheParties.FTPissharedbetweentheParties.

FTPhasnoimpactwhenfinancialoperationrunsnormally.FTPhasnoimpactwhenfinancialoperationrunsnormally.

FTPisdesignedtoensuretheminimumincomefortheState.FTPisdesignedtoensuretheminimumincomefortheState.

NoteNote :forthePSCsignedin2002&2003,thewholeFTPgoesto:forthePSCsignedin2002&2003,thewholeFTPgoestoSKSPSKSPMIGASMIGAS((GovtGovt))

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1. First Tranche Petroleum FTP

PSCgenerasisebelum1988:untukmemperoleh,

menerimaminimal49%darirevenueselamaumur

lapangan. PSC19881989:FTPmenggantikansyaratminimal

penerimaanpemerintah49%.

FTP:Penyisihan

20%

dari

produksi

sebelum

Investment

Credit&CostRecovery.

CostRecoverydibebankankepadasisaproduksiyang80%(Jadi,padadasarnyaFTPadalahsemacam

pembatasanmaximum

cost

recovery)

FTPdibagikansesuaidengansplitIndonesianSharedanContractorShare

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danContractorShare(Oil=85:15afterTaxSplit)danContractorShare(Oil=85:15afterTaxSplit)

A Gross Revenue 100 % A

B FTP 20 % (20% x A)

C TAX 44 %D Contractor Share 26.7857 % 15% / (100-C)

E Indonesian Share 73.2143 % (100 D)

F FTP Contractor 5.3571 % (D x B)

ax o on rac or . x

H Net Contractor FTP 3.0000 % A (F G)

.

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1. First Tranche Petroleum- -

Cost to be Recovered A 10.000 10.000 20.000 20.000Lifting, Mbbl B 1.000 1.000 1.000 1.000

Price $/bbl C 20 20 20 20

. . . .

Contr Split After Tax E 15% 15% 15% 15%

Effective Tax Rate F 48% 48% 48% 48%

Contractor Split (before tax) G 0,2885 0,2885 0,2885 0,2885-

FTP, % i 20% 0% 20% 0%

FTP * D, Mbbl I 4.000 0 4.000 0

Gross Revenue after FTP J 16.000 20.000 16.000 20.000

Cost Recovery (Recoverable Cost) L 10.000 10.000 16.000 20.000ETS M 5.500 9.500 0 0

CONTRACTOR SHARE

. .

Contr Equity O 1.587 2.740 0 0

DMO, 20% P 1.442 1.442 0 1.442

DMO fee (new oil = 100%Price)) Q 1.442 1.442 0 1.442axa e are . . .

Govt.Tax S 1.555 1.555 554 0

Net Contractor Share T 1.685 1.685 600 0

Total Contractor Take U 11.685 11.685 16.600 20.000

nrecovere os = - .

Govt FTP W 2.846 0 2.846 0

Govt Equity Y 3.913 6.760 0 0

Total Indonesia Take Z 8.315 8.315 3.400 0

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Sensitivity Price/Prod Op.Cost Investment

IRR SENSITIVITY

50, , ,

80% 21,0 32,0 29,090% 23,0 27,0 27,0

100% 25,0 25,0 25,0

, , ,

120% 29,0 20,0 18,0

130% 31,0 17,0 15,0

140% 34,0 15,0 12,0

a gbr

b 25%

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2. Tax Structure

ContractorshallpaytheincometaxtoGOIContractorshallpaytheincometaxtoGOI

ExcludedothertaxesandleviesExcludedothertaxesandlevies

INCOME TAX STRUCTURE 1994 1984Prior to

1984

orpora e ax

Dividend Tax (DT) 20% 20% 20%

Taxable Income 100%

Dividend Tax: DT ( 100%-CT ) 14% 13% 11%

Effective Tax Rate 44% 48% 56%

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11 PenghasilanPenghasilan KotorKotor 4,000,000.004,000,000.00 ProduksiProduksi xx hargaharga

22 FTPFTP 800,000.00800,000.00 2020 %% xx PhPh.. KotorKotor

33 PenghasilanPenghasilan KotorKotor FTPFTP 3,200,000.003,200,000.00

, , ., , .

55 EquityEquity toto bebe SplitSplit 2,000,000.002,000,000.00 NoNo.. 33 NoNo.. 44

6 Contractor FTP Share 214,240.00 26,78% x No. 2

on rac or qu y are , . , x o.

8 Taxable Share 749,840.00 No. 6 + No. 7

9 Corporate Tax 224,952.00 30% x No. 810 Branch Profit Tax (Dividen Tax) 104,977.60 20% x (No.8No.9)

11 Total Tax 329,929.60 No.9 + No.10

, . . .

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11 PenghasilanPenghasilan KotorKotor 4,000,000.004,000,000.00 ProduksiProduksi xx hargaharga

22 FTPFTP 800,000.00800,000.00 2020 %% xx PhPh.. KotorKotor

33 PenghasilanPenghasilan KotorKotor FTPFTP 3,200,000.003,200,000.00

44 CostCost RecoveryRecovery 1,200,000.001,200,000.00

55 EquityEquity toto bebe SplitSplit 2,000,000.002,000,000.00 NoNo.. 33 NoNo.. 44

Contractor ShareContractor Share

66 Contractor Contractor FTPFTP ShareShare 214,240.00214,240.00 2626,,7878%% xx NoNo.. 22

77 Contractor Contractor EquityEquity ShareShare 535,600.00535,600.00 2626,,7878%% xx NoNo.. 55

88 TaxableTaxable ShareShare 749,840.00749,840.00 NoNo.. 66 ++ NoNo.. 77

99 Cor orateCor orate TaxTax 224,952.00224,952.00 3030%% xx NoNo.. 88

1010 BranchBranch ProfitProfit TaxTax (Dividen(Dividen Tax)Tax) 104,977.60104,977.60 2020%% xx (No(No..88NoNo..99))1111 TotalTotal TaxTax 329,929.60329,929.60 NoNo..99 ++ NoNo..1010

, ., . .. ..

Indonesia ShareIndonesia Share

, ., . ,, ..

1414 GovernmentGovernment EquityEquity ShareShare 1,464,400.001,464,400.00 7373,,2222%% xx NoNo.. 55

1515 GovernmentGovernment TaxTax EntitlementEntitlement 329,929.60329,929.60 NoNo.. 1111

1616 TotalTotal IndonesiaIndonesia TakeTake 2,380,089.602,380,089.60 NoNo.. 1313 ++ 1414 ++ 1515

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SharingSplitsincludetaxcomponent

SharingSplitisapplicabletoFTP,EquitytobeSplit,andDomesticMarketObligation(DMO)

ContractorSplit(beforetax)=(ATS)/(1T)

BPMIGASSplit(beforetax)=1 ContractorSplit

Tax RateContractor Split

(before tax)

BPMIGAS Split

(before tax)After Tax Split (ATS)

OIL 56% 34.091% 65.909%

85% / 15% 48% 28.846% 71.154%

. .

GAS 56% 68.182% 31.818%

70% / 30% 48% 57.692% 42.308%

. .

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4. Investment Credit

PSC STANDARDCLAUSE:

Contractormayrecoveraninvestmentcreditamountingto17%ofthecapitalinvestmentcostdirectlyrequired

... newfieldoutofdeductionfromgrossproductionbeforerecoveringoperatingcost,commencingintheearliestproductionYearorYearsbeforetaxdeduction(tobepaidin

advance

in

such

production

Year

when

taken).

TheinvestmentcreditmaybeappliedtonewsecondaryrecoveryandtertiaryrecoveryEORprojectsbutisnot

investmenttoenhanceproductionandreservoirdrainageinexcessofwhatwascontemplatedintheor g na pro ectasapprove y

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- -

Cost to be Recovered A 10.000 10.000 20.000 20.000

Lifting mbbl B 1.000 1.000 1.000 1.000

Gross Revenue D 20.000 20.000 20.000 20.000


Contractor Split (before tax) G 0,2885 0,2885 0,2885 0,2885Govt Split (before tax) = 1 - G H 0,7115 0,7115 0,7115 0,7115

,

FTP, 20% * D I 4.000 4.000 4.000 4.000

Gross Revenue after FTP J 16.000 16.000 16.000 16.000Investment Credit K 0 2.000 0 100

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4 I C di

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4. Investment Credit- -

Cost to be Recovered A 10.000 10.000 20.000 20.000Lifting mbbl B 1.000 1.000 1.000 1.000

Price $/bbl C 20 20 20 20

Gross Revenue D 20.000 20.000 20.000 20.000


Effective Tax Rate F 48% 48% 48% 48%

Contractor Split (before tax) G 0,2885 0,2885 0,2885 0,2885

Govt Split (before tax) = 1 - G H 0,7115 0,7115 0,7115 0,7115

FTP, % i 20% 20% 20% 20%

FTP, 20% * D I 4.000 4.000 4.000 4.000

Gross Revenue after FTP J 16.000 16.000 16.000 16.000

Investment Credit K 0 2.000 0 100

ost ecovery ecovera e ost . . . .

Total Recoverables M 10.000 12.000 16.000 16.000ETS N 6.000 4.000 0 0

CONTRACTOR SHARE

. . . .

Contr Equity P 1.731 1.154 0 0

DMO, 20% Q 0 1.442 0 0

DMO fee (new oil = 100%Price)) R 0 1.442 0 0

. . . .

Govt.Tax T 1.385 2.068 554 602

Net Contractor Share U 1.500 2.240 600 652

Total Contractor Take V 11.500 12.240 16.600 16.552

Unrecovered Cost = A-L W 0 0 4.000 4.100

Govt FTP X 2.846 2.846 2.846 2.846

Govt Equity Y 4.269 2.846 0 0Total Indonesia Take Z 8.500 7.760 3.400 3.448

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5. COST RECOVERY

dikembalikan kpd kontraktor,diambilkan dari sebagian

Gross

revenue

(=

Gross

Rev

FTP

IC).

Cost

recovery

.

Jika (GrossRev FTP IC)

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5. COST RECOVERY NON CAPITAL COST

6.6. OfficeService&GeneralAdministration:Technicalservices&OfficeService&GeneralAdministration:Technicalservices&

heavyengineeringequipment,siterental&otherrentalofheavyengineeringequipment,siterental&otherrentalofservices&property,personnelexpenses,publicrelations,andservices&property,personnelexpenses,publicrelations,and

7.7. OverheadAllocation/HomeOfficecharges:OverheadAllocation/HomeOfficecharges:

Overhead:determinedbya detailedstudyapprovedbyOverhead:determinedbya detailedstudyapprovedbyBPMIGAS,

applied

consistently

and

subject

to

review

by

BPMIGAS,

applied

consistently

and

subject

to

review

by

BPMIGAS&Contractor.BPMIGAS&Contractor.

Directcharges:identifiable.Directcharges:identifiable.

.. nterest ecovery: ungap n aman apat recover,t nterest ecovery: ungap n aman apat recover,t melebihitingkatbungakomersialygwajar/umum,ygmelebihitingkatbungakomersialygwajar/umum,ygdiperuntukaninvestasikapital(biasanyaproductionfacilities).diperuntukaninvestasikapital(biasanyaproductionfacilities).

et ar rencana nanc a cantum an a amannua .et ar rencana nanc a cantum an a amannua .

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.

. ,facilities,warehouse,fieldroads&canals.

2. ConstructionHousin

and

Welfare

:Housin

recreational

facilities,etc.

3. ProductionFacilities:Tan ibledevelo mentdrillin ,wellhead,flowlines,gatheringstation,treatingplant&equipment,secrecsystem,

gas

plants

and

steam

system,

delivery

lines,

storage

facilities,offshoreplatform,jettiesandanchorages.

4. Moveables :Drilling&productiontools,equipment&

instruments,

barges,

aircraft,

automotive,

construction

equipment,furniture&officeequipment,etc.

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DEPRECIATION ASSETSDEPRECIATION ASSETS -- GROUP 1GROUP 1.

For the groups of capital assets for any crude oil project or natural gas

projects having reserves of seven years or less, apply useful lives a

follows:Automobiles 1.5 years

Trucks light (less than 13,000 pounds) and tractor units 2.0 years

Trucks heavy (more than 13,000 pounds) 3.0 years

uses . years

Aircraft 3.0 yearsConstruction equipment 3.0 years

Furniture and office e ui ment 5.0 ears

For the groups of capital assets for natural gas projects having reserves of

more than 7 years, apply useful lives as follows:

Automobiles 3.0 years

Trucks light (less than 13,000 pounds) and tractor units 4.0 years

Trucks heavy (more than 13,000) and trailers 6.0 years

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DEPRECIATION ASSETSDEPRECIATION ASSETS -- GROUP 2GROUP 2

.

For the groups of capital assets for any crude oil project or natural gas

projects having reserves of seven years or less, apply useful lives a

follows:Construction utilities and auxiliaries 5.0 years

Construction housing and welfare 10.0 years

Production fac ilities 5.0 years

.

Vessels, barges, tugs and similar water transportation 9.0 yearsDrilling and production tools, equipment & instruments 5.0 years

Airc raft 6.0 years



, , .

Drilling and production tools, equipment and instruments 8.0 years

Construction equipment 6.0 years

Furniture and office equipment 10.0 years

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.


-- asas n yn y


Construction utilities and auxiliaries 8.0 years

.

Production facilities 8.0 years

Rail road cars and locomotives 15.0 years

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5. COST RECOVERY CAPITAL COST DEPRECIATION

DecliningBalanceMethod;Depletionfactor

Group1:50%

Grou 2:25%

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6. Domestic Market Obli ation DMO

PSC STANDARDCLAUSE:

Aftercommercialproductioncommences,...Contractoragreestosellanddeliveraportionoftheshareofcrude

oilto

which

it

is

entitled

pursuant

to

Section

6.1.3

and

6.3.1(6.1.3=Equityshare;6.3.1=FTPshare)...

Whenaportionofoperatingcostsremainsunrecoverd,contractorshall.

Kewajiban Contractormenyerahkan sebagian (25%)

share

minyak

mentahnya kpd Pemerintah untuk jaminan kebutuhan pasaromes .

EffectiveFormulaforDMO:25%xSharingSplitx

5tahun pertama,investormendapat feeDMO=harga minyak pasar.

, . , ,20%,25% dari harga pasar,sesuai bunyi kontrak.

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6. Domestic Market Obligation ( DMO )

Case-1 Case-2 Case-3Cost to be recovered, M$ 18000 18000 18000

,

Price, US$/bbl 25 20 23

Investment Credit, $ 0 0 0

Cost to be recovered, Mbbl 720 900 783

Computation in bbl

,

FTP 20%, Mbbl 200 200 200Investment Credit, Mbbl 0 0 0

os ecovery,

Equity to be Split 80 0 17

Contractor FTP Share 58 58 58Contractor Equity Share 23 0 5

Total Contractor Share 81 58 63

DMO Delivered 72 0 63

Documents

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