The new energy management policy: Indonesian PSC-gross-split applied on steam flooding project

4th International Seminar on Sustainable Urban Development

地球科学;经济学

Irham, S.^1 ; Julyus, P.^1

Petroleum Engineering Department, Faculty of Earth Technology and Energy, Universitas Trisakti, Jakarta, Indonesia^1

关键词: Cost recovery;    Fiscal policies;    Internal rate of return;    Internal Rate of return values;    Net present value;    New energies;    PSC-Gross-Split;    Steamflooding;   

Others  :  https://iopscience.iop.org/article/10.1088/1755-1315/106/1/012109/pdf
DOI  :  10.1088/1755-1315/106/1/012109

来源: IOP

【 摘 要 】

"SIPY" oil field has been producing oil using steam flooding technology since 1992 under the PSC-Cost-Recovery policy. In 2021, the contract will be finished, and a new agreement must be submitted to the Indonesian government. There are two applied fiscal policies on oil and gas management: PSC-Cost-Recovery and PSC-Gross-Split (introduced in 2017 as the new energy management plan). The contractor must choose between PSC-Cost-Recovery and PSC-Gross-split which makes more profit. The aim of this research is to determine the best oil and gas contract policy for the contractor. The methods are calculating contractor cash flow and comparing the Profitability Indexes. The results of this study are (1) Net Present Values for the PSC-Cost-Recovery and the PSC-Gross-Split are 15 MMUS$ and 61 MMUS$, respectively; and (2) Internal Rate of Return values for the PSC-Cost-Recovery and PSC-Gross-Split are 10% and 11%, respectively. The conclusion is that the Net Present Value and Internal Rate of Return of PSC-Gross-Split are greater than those of PSC-Cost-Recovery, but in Pay Out Time of PSC-Gross-split is longer than Pay Out Time in PSC-Cost-Recovery. Thus, the new energy management policy will be more attractive than PSC-Cost-Recovery.