Oil and Gas in Indonesia - PwC

Oil and Gas in Indonesia

Investment and Taxation Guide

December 2020, 11th Edition (limited regulatory update)

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Photo source: PT Medco Energi Internasional Tbk

Cover photo: Jangkrik FPU operated by Eni Muara Bakau BV. DISCLAIMER: This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication and, to the extent permitted by law, KAP Tanudiredja, Wibisana, Rintis & Rekan, PT Prima Wahana Caraka, PT PricewaterhouseCoopers Indonesia Advisory, PT PricewaterhouseCoopers Consulting Indonesia, and Melli Darsa & Co., Advocates & Legal Consultants, their members, employees, and agents do not accept or assume any liability, responsibility, or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance upon the information contained in this publication or for any decision based on it. Regulatory information is current to 30 September 2020.

Contents

Glossary

4

Foreword

8

1

Industry Overview

12

2

Regulatory Framework

24

3

(Conventional) Upstream Sector

40

4

Gross Split PSCs

5

Downstream Sector

110 124

6

Service Providers to the Upstream Sector

148

Appendices

About PwC | PwC Oil & Gas Contacts

Insertion - Indonesian Oil & Gas Concessions and Major Infrastructure Map

156 161

Glossary

AFE ASC ATIGA BBC BI BiK BKPM

Term

BP Migas

BPH Migas

BPKP

BPMA

BPR BPT Bscf Bscfd BUMD

BUMN C&D Tax CBM CD CITR CNG CoD DEN DER

4 PwC

Definition

Authorisation for Expenditure Accounting Standard Codification ASEAN Trade in Goods Agreement Bare-boat charter Bank Indonesia Benefits in Kind Badan Koordinasi Penanaman Modal (Indonesia's Investment Coordinating Board) Badan Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (Oil and Gas Upstream Business Activities Operational Agency), now SKK Migas Badan Pengatur Hilir Minyak dan Gas Bumi (Oil and Gas Downstream Regulatory Agency) Badan Pengawasan Keuangan dan Pembangunan (the Financial and Development Supervision Agency) Badan Pengelola Migas Aceh (Special Oil & Gas Regulatory Body of Aceh) Branch Profit Remittance Branch Profits Tax (i.e. on BPRs) Billions of standard cubic feet Billions of standard cubic feet per day Badan Usaha Milik Daerah (Regionally Owned Business Enterprise established by the Regional Government) Badan Usaha Milik Negara (State-owned Enterprise) Corporate and Dividend Tax

Coal Bed Methane Community Development Corporate Income Tax Return Compressed Natural Gas Certificate of Domicile Dewan Energi Nasional (National Energy Council) Debt-to-Equity Ratio

Term

DGB DGoCE DGOG DGT DMO DPR EIT EOR FCR FDC FPSO/FSO

FPU FQR FSRU FTP FTZ G&G GAAP the Government GR GS IAS ICP IFAS IFRS IGA IPA IPPKH

ITO

Definition

Directorate General of Budget Directorate General of Customs and Excise Directorate General of Oil and Gas Directorate General of Taxes Domestic Market Obligation Dewan Perwakilan Rakyat (House of Representatives) Employee Income Tax Enhanced Oil Recovery Foreign Currency Report Foreign-owned Drilling Company Floating Production Storage and Offload (vessel)/Floating Storage and Offload (vessel) Floating Production Unit Financial Quarterly Report Floating Storage Regasification Unit First Tranche Petroleum Free Trade Zone Geological and Geophysical Generally Accepted Accounting Principles Government of Indonesia Government Regulation (Peraturan Pemerintah) Gross Split International Accounting Standards Indonesian Crude Price Indonesian Financial Accounting Standards International Financial Reporting Standards Indonesian Gas Association Indonesian Petroleum Association Izin Pinjam Pakai Kawasan Hutan (Borrow-and-Use Permit For Forest Area) Indonesian Tax Office

Oil and Gas in Indonesia: Investment and Taxation Guide

5

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