Events and Presentations | Perusahaan Gas Negara Persero Tbk PT
Perusahaan Gas Negara
Investor Presentation
12M 2016 Update
Disclaimer:
The information contained in our presentation is intended solely for your personal reference. In addition, such information
contains projections and forward-looking statements that reflect the Company’s current views with respect to future
events and financial performance. These views are based on assumptions subject to various risk. No assurance can be
given that further events will occur, that projections will be achieved, or that the Company’s assumptions are correct.
Actual results may differ materially from those projected.
.
2
PGN Group and Ownership
56.97%
43.03%
Government of
Republic Indonesia
Public
Total Shares: 24,241,508,196
Incl. 1,850,000 Treasury Stock and 1 Seri-A Dwiwarna Share
Distribution
Transmission
Business Unit
Gas Product
Business Unit
Infrastructure
Gagas Energi
Indonesia
(GEI)
Transportasi
Gas Indonesia
(TGI)*
Kalimantan
Jawa Gas
(KJG)
*) TGI and NR are join control and unconsolidated
E&P
Saka Energi
Indonesia
(SEI)
LNG
Other
Operation
PGN LNG
Indonesia
(PLI)
PGAS
Telekomunika
si Nusantara
(PGASKOM)
Nusantara
Regas (NR)*
PGAS
Solution
(PGASOL)
Permata
Graha
Nusantara
(PGNMas)
3
Business Model
Leading Player in Indonesia Natural Gas Transmission & Distribution
GTA
GSPA
GSA
Gas Transportation Agreement
Between the gas transporter to
transport gas from supplier to
off-taker receiving point.
Gas Sales & Purchase Agreement
is an agreement whereas PGN purchase
an amount of volume from supplier.
Gas Sales Agreement
Between PGN as gas distributors
and customers.
4
Recent Government Policies and Regulations
July
November
2016
2016
December
2016
Central Bank Deputy Letter No.
18/5/DpG-DKSP/ Srt/B
Decree of Minister of
ESDM No. 40/2016
Government Regulation
No. 72/2016
Mandatory use of Rupiah in Indonesia
Gas Prices for Spesific Industry
i.e the fertilizer industry,
petrochemical and steel.
revised government regulation
No.44/2005 on procedure and
administration of the state
capital investment in SOEs and
Limited Liability Companies.
• Central Bank approved the postponement of
the implementation of mandatory use of
Rupiah proposed by ESDM.
• Postponement applies to oil and gas sector
including :
- Gas Transportation Fee
- Gas sales includes LNG regasification process
- Gas transportation tariff
• Postponement is valid until February 23, 2026
and effective starting 30 days after the
approval date
• Incentive is given considering
the use of gas as feedstock and
their strategic position to
support economy growth.
• Gas price for the three
industries was equal to
approximately USD6/MMBTU.
• Procedures for the transfer of
state ownership in an SOE to
other SOEs so as to constitute
parent-subsidiary company
relationships.
The Evolving of Gas Price Regulations
Decree of ESDM
Minister No. 40/2016
Third Economic
Policy Package
Lowering energy price
including gasoline,
electricity and gas price
Presidential Decree
No. 40 /2016
Decree of ESDM
Minister
No. 6 /2016
Determination of gas
price for seven industries
(specific users)
Guideline and procedure
to determine allocation,
utilization and price of gas
Decree of ESDM
Minister
No. 16 /2016
Gas prices for three specific
industries i.e the fertilizer,
petrochemical and steel
industry
Procedure for
determining the price for
specific users
November
2016
May 2016
June 2016
October 2015
February 2016
Network Infrastructure – Transmission & Distribution Regions
III
Medan
Duri
Batam
1
2
Palembang
4
3
5
Lampung
I
Jakarta
6
Semarang II Surabaya
1
Grissik – Duri Transmission Line
2
Grissik – Batam – Singapore Transmission Line
3
SSWJ Transmission Line
4
FSRU Lampung
5
FSRU Jawa Barat (NR)
6
Kalija I Transmission line
I
Western Java, Lampung, Palembang Distribution Network
Existing Pipeline
II
East Java Distribution Network
Planned Pipeline
III
North Sumatera, Riau Island Distribution Network
FSRU
6
Source of Gas
Bontang LNG
Pertagas
1,598 MMscfd
PGN volume delivery via distribution and
transmission pipeline in 12M-2016
Inti Daya Latu Prima
Ex. Jambi Merang
Tangguh LNG
Pertamina EP Asset 1
P. Susu Field
Pertamina EP Asset 1
Benggala 1 Field
Conoco Phillips
Corridor PSC
PHE WMO
West Madura Offshore PSC
Pertamina EP Asset 2
South Sumatera
Santos
Madura Offshore PSC
BBG&WNE, IKD, SNR
Ex TSB
Pertamina TAC Ellipse
Jatirarangon TAC
Pertamina EP
Asset 3
Lapindo Brantas
Brantas PSC
Husky CNOOC
Ex. Madura Strait PSC
Gagas Energi Indonesia
Ex. WMO PSC
Conventional Gas Sources, Major Gas Suppliers
Conventional Gas Sources
LNG Sources
7
Distribution Performance
865
795
807
824
802
803
Region III
(MMscfd)
11%
Region II
16%
Region I
73%
2011
2012
2013
2014
2015
2016
Distribution Region
Coverage Area
Region I
Western Java, Lampung, Palembang
Region II
East Java & Central Java
Region III
North Sumatera & Riau Islands
8
Serve All Segments
Industries and Power Plants
Households
Commercial & SME
97.23%
2.49%
0.28%
of total volumes
of total volumes
of total volumes
1,652
1,929
165,392
Customers
Customers
Customers
42.3%
Industrial Diversification
incl. Power Sector
13.9%
10.4%
9.5%
6.1%
*) Data as of December 2016/ 12M-2016
4.4%
4.2%
3.5%
2.2%
2.4%
0.6%
0.4%
0.1%
0.04%
9
Opportunity in Price Advantage
35
Natural Gas - avg PGN
8.55
PGN Average
Selling Price
HSD vs Natural Gas
16000
14000
30
LPG - 3 kg (Subsidized)
7.10
12000
MFO 180
12.25
LPG - 50 kg
12.36
25
15.17
8000
Rp/USD
Kerosene
USD/mmbtu
10000
20
15
6000
IDO/MDF/MDO
15.58
Gasoline 88
15.66
10
4000
5
LPG - 12 kg
2000
17.47
HSD
17.53
0
0
USD/MMBTU
HSD Unsubsidized Price
Natural Gas PGN Price
Exchange Rate
Note:
Fuel price Pertamina as of December 2016
Exchange rate USD 1 = IDR 13,436
* Subject to ICP
10
Transmission Performance
845
877
854
852
PGN
789
2%
795
(MMscfd)
KJG
12%
TGI
86%
2011
2012
2013
2014
2015
2016
Note:
*) As of January 1, 2015, PGN adopted PSAK 65 (Indonesian Statements of Financial Accounting Standards) regarding consolidated financial statements
whereby it reassessed its control over its entities and requires PGN to unconsolidate PT Transportasi Gas Indonesia (TGI).
11
Consolidated Statements of Comprehensive Income
In USD Million
December 31, 2016
December 31, 2015
Revenues
2,934.8
3,068.8
Cost of Revenues
2,047.8
2,105.7
Gross Profit
886.9
963.1
Operating Income
444.2
557.2
EBITDA
807.4
951.2
Net Income
304.3
401.2
12
Consolidated Statements of Financial Position
In USD Million
December 31, 2016
December 31, 2015
Current Assets
Non Current Assets
2,124.7
4,709.5
1,722.5
4,772.5
Total Assets
6,834.2
6,495.0
Current Liabilities
Non Current Liabilities
Total Equity
815.3
2,848.6
3,170.2
667.3
2,804.9
3.022.8
Total Liabilities And Shareholders Equity
6,834.2
6,495.0
Ratios
December 31, 2016
December 31, 2015
Net Debt / Equity
0.5
0.5
EBITDA / Interest Expense
6.1
8.8
13
Loan Composition
As of December 31, 2016
Credit Rating 2016
Wtd Avg
(after tax)
Baa3
4.53%
Fixed
63%
Float
Total Loan
37%
BB+
USD 2.77
billion
USD
87%
BBB-
JPY
13%
AAAid
Long-term loan sourced from developmental banks, bond proceeds and commercial banks.
14
Upstream Assets
C
H
I
K
D
F
G
E
A
J
B
A
Asset
% WI
Operator
Area (Km2)
Status
Contract
Expiry
A
Pangkah
100
SEI
784
Production
2026
B
Ketapang
20
Petronas
885
Production
2028
C
Bangkanai
30
Salamander
1,395
Development
2033
D
South Sesulu
100
SEI
625
Exploration
2039
E
Fasken (Texas)
36
Swift Energy
8,300 acres
Production
2050
FF
SES
8.9
CNOOC
6,082
Production
2018
G
G
Muriah
20
Petronas
2,823
Production
2021
H
West Bangkanai
30
Salamander
5,463
Exploration
2043
I
Muara Bakau
11.7
Eni
1,082
Development
2032
J
Wokam
100
SEI
K
Sanga-sanga
37.81*
SEI & Vico
Exploration
1,075
Production
2018
Strategic Benefits
•Increased security of gas supply in
Indonesia’s supply-constrained gas
market
•Future gas volume contribution from
projects coming online will drive gas
distribution volume and revenue
growth
•Natural hedge against future gas
price hikes and stronger pricing
power with gas suppliers
15
Upstream Assets
Portfolio Strategy
Field
Discovery
Building a portfolio of opportunities
Step Out
Exploration
Surrounding
Acreage
South East Sumatra PSC
Offshore South East Sumatra
Enhanced technical insight
Operational flexibility
Financial synergies
Low risk exploration
using subsurface
knowledge
FASKEN
Add value through
development /
commercialization
Eagle Ford, Texas
DEVELOPED/DISCOVERED RESOURCES
Add value through
development /
commercialization
Pangkah PSC
Offshore East Java
Ketapang PSC
Offshore East Java
Muriah PSC
Offshore East Java
Bangkanai PSC
Onshore Kalimantan
South Sesulu PSC
Offshore East Kalimantan
Wokam II PSC
Muara Bakau PSC
Offshore Papua
Offshore East Kalimantan
West Bangkanai PSC
Onshore Central Kalimantan
RESERVOIR MATURITY
16
LNG Gas Supply
FSRU Lampung
FSRU Jawa Barat
Specification
DWT
Storage Capacity
Regas Capacity
Offshore Pipeline
Diameter
•
81,900 tonnes
170,000 m3
240 MMSCFD
+21 km
24”
About 1.1 million cubic meter of LNG or 8 cargoes
was shipped to FSRU Lampung of subsidiary, PGN
LNG Indonesia from Tangguh Block in 2016. The LNG
regassified in to approximately 65 MMSCFD of gas
was delivered through pipeline to PGN’s customers in
West Java.
Specification
Capacity
Offshore Pipeline
Diameter
LNG Supply Contract
•
3 MTPA
+15 km
24”
11.75 MT
LNG GSPA between PGN & Pertagas was signed in
June 2015 to serve gas demand in Medan, South
Sumatera for 5 years.
17
Kepodang-Tambak Lorok Transmission Pipeline
Kepodang – Tambak Lorok Pipeline
•
Kalimantan Jawa Gas (KJG)
completed Kepodang – Tambak
Lorok pipeline project at the end of
August 2015. It has delivered gas
from Muriah Block to PLN’s Tambak
Lorok power plant in Central Java.
The volume will ramp-up to
maximum of 116 MMSCFD.
•
Saka Energi Indonesia (SEI) has
participating interest of 20% in
Muriah Block.
18
Recent Updates
Event
November 2016
Acquisition of Sanga-Sanga block
Detail of Event
SEI acquired a total of 37.81% of Sanga-Sanga block, located onshore
Kalimantan and hold joint operatorship via a 50% WI in Virginia Indonesia
Co., LLC.:
• SEI acquired 100% of BP East Kalimantan Ltd. held by Union Texas
International Corporation that owns 26.25% of the Sanga-Sanga PSC
• SEI acquired 50% of Unimar LLC held by Enstar LLC from BP that
owns an indirect 11.56% of the Sanga-Sanga PSC
• 2P reserves up to PSC expiry: 31.8 MMboe (69% gas)
• 2016E gross production: 206 MMscf/d gas (LNG & piped gas) and 13.1
Mboe/d of liquids
October & November, 2016
Delivery of LNG cargo
Three LNG cargoes from Tangguh Block arrived at FSRU Lampung. With
the additional cargoes, FSRU Lampung has regassified eight cargoes in
2016.
19
Recent Updates
Event
Detail of Event
September 2016
New discovery of oil reserve of
Pangkah Block
PGN’s subsidiary, SEI found new reserve of about 300 MBOE in Sidayu
Empat field, Pangkah block, East Java.
August & September, 2016
Delivery of LNG cargo
Two LNG cargoes from Tangguh Block arrived at FSRU Lampung, each in
August and September 2016. With the additional cargoes, FSRU Lampung
has regassified five cargoes in the nine months of 2016.
August 2016
Agreement with PLN regarding
extention of gas delivery to power
plant in Muara Tawar
PGN and PLN agreed to extend delivery of gas to PLN power plant in
Muara Tawar. Under the agreement, additional volume and more stable
offtake with new price will be applied starting from August 2016.
May 2016
Delivery of LNG cargo
One LNG cargo from Tangguh Block arrived at FSRU Lampung in May
2016. The cargo has been regassified and delivered through pipeline to
PGN’s customers in West Java. Hence, three cargoes have been
regassified in the period of first half 2016.
19
Recent Updates
Event
Detail of Event
April 2016
New discovery of gas reserve of South
Sesulu Block
PGN’s subsidiary, SEI found new gas reserve of about 500 BCF in South Sesulu
block, located at the offshore East Kalimantan.
April 2016
Delivery of LNG cargoes
Two LNG cargoes were shipped from Tangguh Block to FSRU Lampung in April
2016. The cargoes have been regassified and delivered through pipeline to
PGN’s customers in West Java. In 2016, about 1.1 million cubic meter or 8
cargoes of LNG will be shipped to FSRU Lampung.
April 8, 2016
Resolution of Annual General Meeting
of Shareholders on the composition of
Management
• The meeting honorably discharged, Mr. Iman Sugema and Mr. Muhammad
Zamkhani as the member of the Board of Commissioners and replaced with
Mr. Fajar Harry Sampurno and Mr. Kiswodarmawan as the new member of the
Board of Commissioners.
• The meeting changed the nomenclature of the member of the Board of
Directors’ position and appointed: Mr. Hendi Prio Santoso as the President
Director and Mr. Muhammad Wahid Sutopo, Mr. Nusantara Suyono, Mr. Danny
Praditya, Mr. Dilo Seno Widagdo and Mr. Hendi Kusnadi as the Directors..
April 8, 2016
Resolution of Annual General Meeting
of Shareholders on Dividend
Rp 2,213,734,528,459,- from the profit attributable to the parent of entity of year
2015 or Rp 91.32 per share were distributed as cash dividend to shareholders:
Cum dividend:
• Regular and negotiable market April 15, 2016.
• Cash market April 20, 2016.
• Payment date of cash dividend May 12, 2016
20
Note
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22
Thank You
Contact:
Investor Relations
PT Perusahaan Gas Negara (Persero) Tbk
Mid Tower Manhattan 26th Floor, Jl. TB Simatupang Kav. 1-S
Jakarta, Indonesia
+62 21 8064 1111
www.pgn.co.id
Investor Presentation
12M 2016 Update
Disclaimer:
The information contained in our presentation is intended solely for your personal reference. In addition, such information
contains projections and forward-looking statements that reflect the Company’s current views with respect to future
events and financial performance. These views are based on assumptions subject to various risk. No assurance can be
given that further events will occur, that projections will be achieved, or that the Company’s assumptions are correct.
Actual results may differ materially from those projected.
.
2
PGN Group and Ownership
56.97%
43.03%
Government of
Republic Indonesia
Public
Total Shares: 24,241,508,196
Incl. 1,850,000 Treasury Stock and 1 Seri-A Dwiwarna Share
Distribution
Transmission
Business Unit
Gas Product
Business Unit
Infrastructure
Gagas Energi
Indonesia
(GEI)
Transportasi
Gas Indonesia
(TGI)*
Kalimantan
Jawa Gas
(KJG)
*) TGI and NR are join control and unconsolidated
E&P
Saka Energi
Indonesia
(SEI)
LNG
Other
Operation
PGN LNG
Indonesia
(PLI)
PGAS
Telekomunika
si Nusantara
(PGASKOM)
Nusantara
Regas (NR)*
PGAS
Solution
(PGASOL)
Permata
Graha
Nusantara
(PGNMas)
3
Business Model
Leading Player in Indonesia Natural Gas Transmission & Distribution
GTA
GSPA
GSA
Gas Transportation Agreement
Between the gas transporter to
transport gas from supplier to
off-taker receiving point.
Gas Sales & Purchase Agreement
is an agreement whereas PGN purchase
an amount of volume from supplier.
Gas Sales Agreement
Between PGN as gas distributors
and customers.
4
Recent Government Policies and Regulations
July
November
2016
2016
December
2016
Central Bank Deputy Letter No.
18/5/DpG-DKSP/ Srt/B
Decree of Minister of
ESDM No. 40/2016
Government Regulation
No. 72/2016
Mandatory use of Rupiah in Indonesia
Gas Prices for Spesific Industry
i.e the fertilizer industry,
petrochemical and steel.
revised government regulation
No.44/2005 on procedure and
administration of the state
capital investment in SOEs and
Limited Liability Companies.
• Central Bank approved the postponement of
the implementation of mandatory use of
Rupiah proposed by ESDM.
• Postponement applies to oil and gas sector
including :
- Gas Transportation Fee
- Gas sales includes LNG regasification process
- Gas transportation tariff
• Postponement is valid until February 23, 2026
and effective starting 30 days after the
approval date
• Incentive is given considering
the use of gas as feedstock and
their strategic position to
support economy growth.
• Gas price for the three
industries was equal to
approximately USD6/MMBTU.
• Procedures for the transfer of
state ownership in an SOE to
other SOEs so as to constitute
parent-subsidiary company
relationships.
The Evolving of Gas Price Regulations
Decree of ESDM
Minister No. 40/2016
Third Economic
Policy Package
Lowering energy price
including gasoline,
electricity and gas price
Presidential Decree
No. 40 /2016
Decree of ESDM
Minister
No. 6 /2016
Determination of gas
price for seven industries
(specific users)
Guideline and procedure
to determine allocation,
utilization and price of gas
Decree of ESDM
Minister
No. 16 /2016
Gas prices for three specific
industries i.e the fertilizer,
petrochemical and steel
industry
Procedure for
determining the price for
specific users
November
2016
May 2016
June 2016
October 2015
February 2016
Network Infrastructure – Transmission & Distribution Regions
III
Medan
Duri
Batam
1
2
Palembang
4
3
5
Lampung
I
Jakarta
6
Semarang II Surabaya
1
Grissik – Duri Transmission Line
2
Grissik – Batam – Singapore Transmission Line
3
SSWJ Transmission Line
4
FSRU Lampung
5
FSRU Jawa Barat (NR)
6
Kalija I Transmission line
I
Western Java, Lampung, Palembang Distribution Network
Existing Pipeline
II
East Java Distribution Network
Planned Pipeline
III
North Sumatera, Riau Island Distribution Network
FSRU
6
Source of Gas
Bontang LNG
Pertagas
1,598 MMscfd
PGN volume delivery via distribution and
transmission pipeline in 12M-2016
Inti Daya Latu Prima
Ex. Jambi Merang
Tangguh LNG
Pertamina EP Asset 1
P. Susu Field
Pertamina EP Asset 1
Benggala 1 Field
Conoco Phillips
Corridor PSC
PHE WMO
West Madura Offshore PSC
Pertamina EP Asset 2
South Sumatera
Santos
Madura Offshore PSC
BBG&WNE, IKD, SNR
Ex TSB
Pertamina TAC Ellipse
Jatirarangon TAC
Pertamina EP
Asset 3
Lapindo Brantas
Brantas PSC
Husky CNOOC
Ex. Madura Strait PSC
Gagas Energi Indonesia
Ex. WMO PSC
Conventional Gas Sources, Major Gas Suppliers
Conventional Gas Sources
LNG Sources
7
Distribution Performance
865
795
807
824
802
803
Region III
(MMscfd)
11%
Region II
16%
Region I
73%
2011
2012
2013
2014
2015
2016
Distribution Region
Coverage Area
Region I
Western Java, Lampung, Palembang
Region II
East Java & Central Java
Region III
North Sumatera & Riau Islands
8
Serve All Segments
Industries and Power Plants
Households
Commercial & SME
97.23%
2.49%
0.28%
of total volumes
of total volumes
of total volumes
1,652
1,929
165,392
Customers
Customers
Customers
42.3%
Industrial Diversification
incl. Power Sector
13.9%
10.4%
9.5%
6.1%
*) Data as of December 2016/ 12M-2016
4.4%
4.2%
3.5%
2.2%
2.4%
0.6%
0.4%
0.1%
0.04%
9
Opportunity in Price Advantage
35
Natural Gas - avg PGN
8.55
PGN Average
Selling Price
HSD vs Natural Gas
16000
14000
30
LPG - 3 kg (Subsidized)
7.10
12000
MFO 180
12.25
LPG - 50 kg
12.36
25
15.17
8000
Rp/USD
Kerosene
USD/mmbtu
10000
20
15
6000
IDO/MDF/MDO
15.58
Gasoline 88
15.66
10
4000
5
LPG - 12 kg
2000
17.47
HSD
17.53
0
0
USD/MMBTU
HSD Unsubsidized Price
Natural Gas PGN Price
Exchange Rate
Note:
Fuel price Pertamina as of December 2016
Exchange rate USD 1 = IDR 13,436
* Subject to ICP
10
Transmission Performance
845
877
854
852
PGN
789
2%
795
(MMscfd)
KJG
12%
TGI
86%
2011
2012
2013
2014
2015
2016
Note:
*) As of January 1, 2015, PGN adopted PSAK 65 (Indonesian Statements of Financial Accounting Standards) regarding consolidated financial statements
whereby it reassessed its control over its entities and requires PGN to unconsolidate PT Transportasi Gas Indonesia (TGI).
11
Consolidated Statements of Comprehensive Income
In USD Million
December 31, 2016
December 31, 2015
Revenues
2,934.8
3,068.8
Cost of Revenues
2,047.8
2,105.7
Gross Profit
886.9
963.1
Operating Income
444.2
557.2
EBITDA
807.4
951.2
Net Income
304.3
401.2
12
Consolidated Statements of Financial Position
In USD Million
December 31, 2016
December 31, 2015
Current Assets
Non Current Assets
2,124.7
4,709.5
1,722.5
4,772.5
Total Assets
6,834.2
6,495.0
Current Liabilities
Non Current Liabilities
Total Equity
815.3
2,848.6
3,170.2
667.3
2,804.9
3.022.8
Total Liabilities And Shareholders Equity
6,834.2
6,495.0
Ratios
December 31, 2016
December 31, 2015
Net Debt / Equity
0.5
0.5
EBITDA / Interest Expense
6.1
8.8
13
Loan Composition
As of December 31, 2016
Credit Rating 2016
Wtd Avg
(after tax)
Baa3
4.53%
Fixed
63%
Float
Total Loan
37%
BB+
USD 2.77
billion
USD
87%
BBB-
JPY
13%
AAAid
Long-term loan sourced from developmental banks, bond proceeds and commercial banks.
14
Upstream Assets
C
H
I
K
D
F
G
E
A
J
B
A
Asset
% WI
Operator
Area (Km2)
Status
Contract
Expiry
A
Pangkah
100
SEI
784
Production
2026
B
Ketapang
20
Petronas
885
Production
2028
C
Bangkanai
30
Salamander
1,395
Development
2033
D
South Sesulu
100
SEI
625
Exploration
2039
E
Fasken (Texas)
36
Swift Energy
8,300 acres
Production
2050
FF
SES
8.9
CNOOC
6,082
Production
2018
G
G
Muriah
20
Petronas
2,823
Production
2021
H
West Bangkanai
30
Salamander
5,463
Exploration
2043
I
Muara Bakau
11.7
Eni
1,082
Development
2032
J
Wokam
100
SEI
K
Sanga-sanga
37.81*
SEI & Vico
Exploration
1,075
Production
2018
Strategic Benefits
•Increased security of gas supply in
Indonesia’s supply-constrained gas
market
•Future gas volume contribution from
projects coming online will drive gas
distribution volume and revenue
growth
•Natural hedge against future gas
price hikes and stronger pricing
power with gas suppliers
15
Upstream Assets
Portfolio Strategy
Field
Discovery
Building a portfolio of opportunities
Step Out
Exploration
Surrounding
Acreage
South East Sumatra PSC
Offshore South East Sumatra
Enhanced technical insight
Operational flexibility
Financial synergies
Low risk exploration
using subsurface
knowledge
FASKEN
Add value through
development /
commercialization
Eagle Ford, Texas
DEVELOPED/DISCOVERED RESOURCES
Add value through
development /
commercialization
Pangkah PSC
Offshore East Java
Ketapang PSC
Offshore East Java
Muriah PSC
Offshore East Java
Bangkanai PSC
Onshore Kalimantan
South Sesulu PSC
Offshore East Kalimantan
Wokam II PSC
Muara Bakau PSC
Offshore Papua
Offshore East Kalimantan
West Bangkanai PSC
Onshore Central Kalimantan
RESERVOIR MATURITY
16
LNG Gas Supply
FSRU Lampung
FSRU Jawa Barat
Specification
DWT
Storage Capacity
Regas Capacity
Offshore Pipeline
Diameter
•
81,900 tonnes
170,000 m3
240 MMSCFD
+21 km
24”
About 1.1 million cubic meter of LNG or 8 cargoes
was shipped to FSRU Lampung of subsidiary, PGN
LNG Indonesia from Tangguh Block in 2016. The LNG
regassified in to approximately 65 MMSCFD of gas
was delivered through pipeline to PGN’s customers in
West Java.
Specification
Capacity
Offshore Pipeline
Diameter
LNG Supply Contract
•
3 MTPA
+15 km
24”
11.75 MT
LNG GSPA between PGN & Pertagas was signed in
June 2015 to serve gas demand in Medan, South
Sumatera for 5 years.
17
Kepodang-Tambak Lorok Transmission Pipeline
Kepodang – Tambak Lorok Pipeline
•
Kalimantan Jawa Gas (KJG)
completed Kepodang – Tambak
Lorok pipeline project at the end of
August 2015. It has delivered gas
from Muriah Block to PLN’s Tambak
Lorok power plant in Central Java.
The volume will ramp-up to
maximum of 116 MMSCFD.
•
Saka Energi Indonesia (SEI) has
participating interest of 20% in
Muriah Block.
18
Recent Updates
Event
November 2016
Acquisition of Sanga-Sanga block
Detail of Event
SEI acquired a total of 37.81% of Sanga-Sanga block, located onshore
Kalimantan and hold joint operatorship via a 50% WI in Virginia Indonesia
Co., LLC.:
• SEI acquired 100% of BP East Kalimantan Ltd. held by Union Texas
International Corporation that owns 26.25% of the Sanga-Sanga PSC
• SEI acquired 50% of Unimar LLC held by Enstar LLC from BP that
owns an indirect 11.56% of the Sanga-Sanga PSC
• 2P reserves up to PSC expiry: 31.8 MMboe (69% gas)
• 2016E gross production: 206 MMscf/d gas (LNG & piped gas) and 13.1
Mboe/d of liquids
October & November, 2016
Delivery of LNG cargo
Three LNG cargoes from Tangguh Block arrived at FSRU Lampung. With
the additional cargoes, FSRU Lampung has regassified eight cargoes in
2016.
19
Recent Updates
Event
Detail of Event
September 2016
New discovery of oil reserve of
Pangkah Block
PGN’s subsidiary, SEI found new reserve of about 300 MBOE in Sidayu
Empat field, Pangkah block, East Java.
August & September, 2016
Delivery of LNG cargo
Two LNG cargoes from Tangguh Block arrived at FSRU Lampung, each in
August and September 2016. With the additional cargoes, FSRU Lampung
has regassified five cargoes in the nine months of 2016.
August 2016
Agreement with PLN regarding
extention of gas delivery to power
plant in Muara Tawar
PGN and PLN agreed to extend delivery of gas to PLN power plant in
Muara Tawar. Under the agreement, additional volume and more stable
offtake with new price will be applied starting from August 2016.
May 2016
Delivery of LNG cargo
One LNG cargo from Tangguh Block arrived at FSRU Lampung in May
2016. The cargo has been regassified and delivered through pipeline to
PGN’s customers in West Java. Hence, three cargoes have been
regassified in the period of first half 2016.
19
Recent Updates
Event
Detail of Event
April 2016
New discovery of gas reserve of South
Sesulu Block
PGN’s subsidiary, SEI found new gas reserve of about 500 BCF in South Sesulu
block, located at the offshore East Kalimantan.
April 2016
Delivery of LNG cargoes
Two LNG cargoes were shipped from Tangguh Block to FSRU Lampung in April
2016. The cargoes have been regassified and delivered through pipeline to
PGN’s customers in West Java. In 2016, about 1.1 million cubic meter or 8
cargoes of LNG will be shipped to FSRU Lampung.
April 8, 2016
Resolution of Annual General Meeting
of Shareholders on the composition of
Management
• The meeting honorably discharged, Mr. Iman Sugema and Mr. Muhammad
Zamkhani as the member of the Board of Commissioners and replaced with
Mr. Fajar Harry Sampurno and Mr. Kiswodarmawan as the new member of the
Board of Commissioners.
• The meeting changed the nomenclature of the member of the Board of
Directors’ position and appointed: Mr. Hendi Prio Santoso as the President
Director and Mr. Muhammad Wahid Sutopo, Mr. Nusantara Suyono, Mr. Danny
Praditya, Mr. Dilo Seno Widagdo and Mr. Hendi Kusnadi as the Directors..
April 8, 2016
Resolution of Annual General Meeting
of Shareholders on Dividend
Rp 2,213,734,528,459,- from the profit attributable to the parent of entity of year
2015 or Rp 91.32 per share were distributed as cash dividend to shareholders:
Cum dividend:
• Regular and negotiable market April 15, 2016.
• Cash market April 20, 2016.
• Payment date of cash dividend May 12, 2016
20
Note
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22
Thank You
Contact:
Investor Relations
PT Perusahaan Gas Negara (Persero) Tbk
Mid Tower Manhattan 26th Floor, Jl. TB Simatupang Kav. 1-S
Jakarta, Indonesia
+62 21 8064 1111
www.pgn.co.id