ANALISA KELAYAKAN EKONOMI RENCANA INVESTASI PT.X ATAS PENGEMBANGAN LAPANGAN GAS Y DI INDONESIA

• Main Author: Mukhtar, Muhammad
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/3091
• Institution: Institut Teknologi Bandung

Gas field Y currently covers an area of approximately 2,788 square kilometers in the East Java Sea. The Gas field Y is located some 200 km north east of Semarang, the capital of the province of Central Java, in water depths ranging from 60 to 70 meters. The planned gas field Y development comprises an estimated 500 bcf of reserves based on the results of the original three exploration wells, 3D seismic gathered in 2000, and three appraisal wells drilled in 1Q/2Q 2001. An independent Reserves and Deliverability Study completed by Institut Teknologi Bandung (ITB) in September 2001 is consistent with these reserve estimates. The targeted market for gas field Y is the existing PLN Tambak Lorok Power Station, which supplies electricity to the greater Semarang area. The 1320-megawatt capacity power plant currently uses high-speed diesel for turbine fuel (6 x 110 mw) and combined cycle co-generation steam turbines (2 x 180 mw), and marine fuel oil for steam turbines (2 x 50 mw & 1 x 200 mw). This is a \"must run\" plant for PLN, who needs a more competitively priced fuel supply, given the pending phase-out of government diesel subsidies. Gas field Y meets this requirement. PLN seeks to secure an agreement to commence gas sales as early as possible, and discussions are actively ongoing regarding terms and conditions of delivery. A Technical MOU was signed in July 2001, and a Commercial MOU is nearing completion among PLN, MPS, and BP with intention to finalize a Gas Sales Agreement in 2002, allowing first gas delivery in 2005. The $410m Gas Field Y Development Project provides an attractive alternative to high cost diesel imports, while also improving Indonesia\'s balance of trade through the use of domestic fuel sources. At aelivered gas price of $3.82/mmbtu, the project provides Indonesia with $728m in revenue while reducing PLN\'s Tambak Lorok fuel costs by around $323m. The project is also a positive step towards increasing the utilization of clean fuels in Indonesia. PT X has evaluated the development and concludes, based on pertinent operating and financial data, that the development is viable at gas prices competitive with imported diesel, and that development should proceed as soon as possible to provide the greatest benefit to Indonesia and PLN