Oil and Gas Projects worth US$1.15 billion Delayed

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Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 17 Desember 2010  |  04:18 WIB

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JAKARTA: Several upstream oil and gas projects worth US$1.15 billion are delayed from this year due to several problems, especially the yet finished evaluation of the projects.

Deputy Head of the Upstream Oil and Gas Executive Agency BP Migas Hardiono revealed project realization was one important factor in the upstream oil and gas sector to meet the target.The realization of projects worth billions of US dollars would also positively affect the national economy through the utilization of local goods and services, including national banking services. However, he admitted several big projects would find their realizations delayed until November this year. The total value of the delayed projects reaches US$1.15 billion. "The BP Migas targets to lead procurement activities to use the services of the national banking industry. However, the target is not met since some of the projects are delayed," he told Bisnis on Wednesday. From April 2009 to August 2010, the BP Migas recorded the total goods and services transaction value in the upstream oil and gas sector that used the services of national banks reached US$8.5 billion. The BP Migas targets upstream oil and gas goods procurement activities made through the national banking industry to reach 70% of the total procurement spending this year. The total national goods and services procurement value usually represents around 70% of the total cost recovery. Until October, the cost recovery value reached US$7.7 billion. In the 2010 Revised State Budget, the amount of cost recovery value until the yearend is fixed at US$12.19 billion. Hardiono added of the total value of the delayed projects, US$500 million, the largest, was contributed by the procurement of two boats in Belanak and Belida by ConocoPhilips. AAccording to him, the delayed procurement of the two boats was attributable to the failure of the tender, which had been held twice. "The tender for Belanak and Belida boat procurement has been held twice, but both failed. The two boats are worth around US$500 million," he said. Another delayed project, worth also US$500 million, is the procurement, engineering, management, and engineering construction by Chevron Pacific Indonesia (CPI). PEMEC is an effort to integrate the activities of partner contractors to make monitoring easier. Yet approved However, the Development Financial Controller (BPKP) as the internal auditor, told Hardiono, didn't agree to the program. The BPKP, he added, wanted the project to be divided based on activities, with one executive agency handling each activity project. "This is because the BPKP once found problems in such a program, which is also launched by CPI," he said. He continued another problematic project was the incomplete evaluation of Pertamina EP-owned Gundih Area Development project Plan. The project, worth US$125 million, is supposed to be implemented this year. In the meantime, he added, some projects that had been approved but had not yet been realized were several activities in the Indonesia Deepwater Development (IDD) operated by Chevron Indonesia Company. Hardiono said the total value of the unrealized IDD projects reached US$25 million. (wiw)

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