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QUIZ PSC #1 Basic Flow of Revenue, Split & Tax

Cost
Recovery
100 %

Sharing split Equity Sharing split


To be Split

C.R
Equity Share
Contr Equity Share :
Equity share Subject to Indonesian
TAX income tax

Government Take Contractor Take

QUIZ#1 FTP
Biaya yang dikeluarkan kontraktor tahun 2015 MUSD 100000
Lifting minyak tahun 2015 MBBL 1000
Harga rata-rata minyak tahun 2015 USD/BBL 60
Contractor Split After Tax % 15%
Pajak % 56%
FTP
Contractor Take MUSD ?
Indonesia Take MUSD ?

syamsul irham 1
First Tranche Petroleum
Basic Principle : SHARING RODUCTION
R = Revenue
If : CR R, then, ETS =0 ,
CR = Cost Recovery and then GT = 0

ETS = Equity Tobe Split

ETS = R-CR Cost


Recovery
100 %
cs = Contractor sharing split Sharing split Equity Sharing split
To be Split
gs = Govt sharing split = 1- cs

Ecs = contractor Equity share


C.R
Equity Share
Ecs = ETS x cs Contr Equity Share :
Equity share Subject to Indonesian
TAX income tax
t = tax rate
Government Take Contractor Take
TAX = t x Ecs GT= Govt Take CT= Contr. Take
= Egs + TAX = CR + Ecs - TAX
Egs = govt Equity share

Egs = ETS x gs = ETS (1- cs) = ETS- Ecs

syamsul irham 2
First Tranche Petroleum
FLOW OF REVENUE : PSC - FTP
Sharing split Sharing split
F.T.P
100 %
I.C
FTP = First Tranche
100 %
Petroleum C.R
Sharing split Sharing split
IC = Investment Credit
E.T.S
CR = Cost Recovery F.T.P
I.C
ETS = Equity Tobe Split F.T.P
C.R
DMO = Domestic Market Equity Share
Equity share
Obligation DMO DMO
TAX

Government Take Contractor Take


Contr Share : Subject
to Indonesian income
tax
syamsul irham
First Tranche Petroleum
FISCAL TERMS

1. Tax Structure
2. Sharing Split
3. First Tranche Petroleum (FTP)
4. Investment Credit
5. Cost Recovery
6. Domestic Market Obligation (DMO)

syamsul irham 4
First Tranche Petroleum
3. First Tranche Petroleum (FTP)

PSC STANDARD CLAUSE : ... The Parties shall be entitled to take


and receive each year 20% of all Petroleum produced and saved
...before any deduction for the recovery of Investment Credit and
Operating Cost...Such First Tranche Petroleum shall be shared
between BPMIGAS and CONTRACTOR in accordance with sharing
splits...

FTP differs from Royalty :


FTP is shared between the Parties.
FTP has no impact when financial operation runs normally.
FTP is designed to ensure the minimum income for the State.

Note : for the PSC signed in 2002&2003, the whole FTP goes to BPMIGAS (Govt)
syamsul irham 5
First Tranche Petroleum
3. First Tranche Petroleum (FTP)

PSC generasi sebelum 1988 : untuk memperoleh komersialitas,


investor harus menjamin Indonesia menerima minimal 49% dari
revenue selama umur lapangan.

PSC 1988-1989 : FTP menggantikan syarat minimal


penerimaan pemerintah 49%.

FTP : Penyisihan 20% dari produksi sebelum Investment Credit


& Cost Recovery.

Cost Recovery dibebankan kepada sisa produksi yang 80%


(Jadi, pada dasarnya FTP adalah semacam pembatasan
maximum cost recovery)

FTP dibagikan sesuai dengan split Indonesian


6
Share dan
Contractor Share
syamsul irham
First Tranche Petroleum
3. First Tranche Petroleum (FTP)

FTP dibagi sesuai dengan split Indonesian Share


dan Contractor Share ( Oil = 85:15 after Tax Split)
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)
G Tax of Contractor FTP 2.3571 % (C x F)
H Net Contractor FTP 3.0000 % A (F G)
I Net Indonesian FTP 17.0000 % A (B H)
syamsul irham 7
First Tranche Petroleum
FTP NO-FTP FTP NO-FTP
Cost to be Recovered A 10.000 10.000 20.000 20.000
Lifting, 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
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
Govt Split (before tax) = 100% - G H
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
Investment Credit K 0 0 0 0
Cost Recovery (Recoverable Cost) L 10.000 10.000 16.000 20.000
First ETS M 6.000 10.000 0 0
Tranche CONTRACTOR SHARE
Contr FTP N 1.154 0 1.154 0
Petroleum Contr Equity O 1.731 2.885 0 0
DMO, 0% P 0 0 0 0
DMO fee (new oil = 100%Price)) Q 0 0 0 0
Taxable Share R 2.885 2.885 1.154 0
Govt.Tax S 1.385 1.385 554 0
Net Contractor Share T 1.500 1.500 600 0
Total Contractor Take U 11.500 11.500 16.600 20.000
Unrecovered Cost = A-L V 0 0 4.000 0
Govt FTP W 2.846 0 2.846 0
Govt Equity Y 4.269 7.115 0 0
Total Indonesia Take Z 8.500 8.500 3.400 0
syamsul irham 8
First Tranche Petroleum
QUIZ#2 FTP
Sharing split Sharing split
F.T.P
100 %
C.R
Sharing split Sharing split
E.T.S
F.T.P
F.T.P
C.R
Equity Share
TAX Equity share
Government Take Contractor Take

QUIZ#2 FTP
Cost tobe Recovered tahun 2015 MUSD 100000
Lifting minyak tahun 2015 MBBL 1000
Harga rata-rata minyak tahun 2015 USD/BBL 60
Contractor Split After Tax % 15%
Pajak % 56%
FTP % 20%
Berapa :
Contractor Take MUSD ?
Indonesia Take MUSD ?
syamsul irham 9
First Tranche Petroleum

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