FORMULA BARU PENENTUAN INDONESIAN CRUDE PRICE (ICP)
Indonesia is one of the oil producing countries. In the management of petroleum, Indonesia adopts a Production Sharing Contract (PSC). In the production sharing system, in addition to the proceeds of oil production, the government should recover the costs incurred by the contractor for the oil and g...
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| Format: | Final Project |
| Language: | Indonesia |
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| Online Access: | https://digilib.itb.ac.id/gdl/view/64086 |
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| Institution: | Institut Teknologi Bandung |
| Language: | Indonesia |
| Summary: | Indonesia is one of the oil producing countries. In the management of petroleum, Indonesia adopts a Production Sharing Contract (PSC). In the production sharing system, in addition to the proceeds of oil production, the government should recover the costs incurred by the contractor for the oil and gas operations (cost recovery) in the form of oil. Therefore, the determination of the Indonesian Crude Price (ICP) is very important to obtain optimum oil revenue for the government.
Oil pricing method used today is market-related pricing model. This model uses the reference price (benchmark) of certain crude oil. In Indonesia there are 8 major types of crude oil in the international market, published and used as a benchmark in determining the value of ICP. In the determination of the new ICP formula, only 4 Indonesian crude oil will be used as a benchmark: Attaka (light), SLC/Minas (medium), Duri (heavy), and Senipah (condensate). The selection of 4 types of oil is based on the quality and amount of daily production.
International publications used in Indonesia is Platts and RIM. In 2010 - 2012, Argus provides a fairly good assessment of Indonesia's crude oil. Through this thesis, the author proposed a new formula in determining the value of ICP by considering the publication of the Argus. The method used for this study is to test the sensitivity of the weight of each publication in order to obtain the maximum state revenue. |
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