SOAL

TIME VALUE OF MONEY

1. Sejumlah uang 5 juta diinvestasikan (deposito) dengan bunga 11% pertahun, berapa nilai
nominal uang tersebut sesudah 5 tahun?
2. Untuk menerima 25 juta di 7 tahun mendatang dengan bunga 12%, berapa yang harus
diinvestasikan saat ini?
CASH FLOW
3. Hitung Cash Flow dengan Penerimaan seperti tabel di bawah ini, dan Harga Minyak 55.0
$/BBL; beserta Investasi seperti yang di bawah ini, Operating Cost 2.25 $/BBL dan 2% Over
Head cost. Depresiasi menggunakan Declining Balance untuk kurun waktu 5 tahun dan
decline rate (dep. faktor) 25%. Persentasi pajak adalah 40%.
Buat Ringkasan ke-ekonomian
Crude
Produksi, Price,
Year MBBL $/BBL
1
37.0
50.0
2
41.4
50.0
3
24.3
50.0
4
16.8
50.0
5
12.6
50.0
6
10.0
50.0
7
8.2
50.0
8
6.9
50.0
9
5.9
50.0
10
5.2
50.0
11
4.6
50.0
12
4.1
50.0
13
2.5
50.0
Juml.
179.5

Gross
Income,
M$

Investasi
Tang., Intan.,
M$
M$
500 1600

Operating
Cost,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

OH
Cost,
M$

Total
OpCost,
M$

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Tax
Depreciation, Deduction,
M$
M$

Summary:

Taxable
Income,
M$

Tax.,
M$

Gross Income

...

Investment
Operating Cost
Over Head Coat
Tax
Net Cash Flow

...
...

Total

10% Net Cash Flow

15% Net Cash Flow
Pay Out Time, Years
DCF Rate of Return, %

Net Cash
Flow,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Cum.
NCF,
M$

Payout

PRODUCTION SHARING CONTRACT (KONTRAKTOR PRODUCTION SHARING)

4. Berapakah besarnya persentasi PAJAK untuk kontrak dengan split sebelum pajak untuk
Kontraktor sebesar 26.7857% dan BP-MIGAS sebesar 73.2143%.
Berapakah split sebelum pajak untuk gas yang split-nya 35% Kontraktor dan 65% BPMIGAS.
5. Hitung Cost Recovery dari soal di no.3, dengan FTP 20%.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Expense
to be
Recover,
M$

Max
Recovery
(1-FTP),
M$

Cost
Recovery,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Previous
Year
Unrecovered,
M$

6. Hitung bagian sebelum pajak untuk BP-MIGAS dan untuk Kontraktor di dalam FTP (20%)
dari soal nomer 5, dengan kontrak dari soal nomer 4.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

20% FTP
to be
Split,
M$

BP-MIGAS
Equity,
M$

Contractor
Equity,
M$

7. Selanjutnya, hitung untuk yang di luar FTP (80%).

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

(1 - FTP),
M$

Cost
Recovery,
M$

Equity
to be Split,
M$

BP-MIGAS
Equity,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Contractor
Equity,
M$

8. Hitung 25% DMO yang harus dibayarkan oleh Kontraktor, dengan harga minyak sebesar
15% dari harga jual.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

DMO
Burden
Production,
MBBL

DMO
Burden
Crude Price,
$/BBL

Total
DMO
Liability,
M$

9. Dari persentasi pajak di soal no 4, hitung pajak yang harus dibayarkan.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Taxable
Income,
M$

Tax,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

DMO
Paid by
Contractor,
M$

10. Hitung Net Cash Flow untuk Kontraktor dan BP-MIGAS dan rangkumkan seperti di bawah.
Hitung pula untuk Operator, yang mana memiliki 30% saham dan sebagai operator. Hitung
Pula Pay Out Time dari Kontraktor dan Operator Naet Cash Flow.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Contractor
Net
Cash Flow,
M$

BP-MIGAS
Net
Cash Flow,
M$

Operator
Net
Cash Flow,
M$

Summary:
M$

$/BBL

Gross Income

Investment
Operating Cost
Over Head Cost
DMO
Tax
BP-MIGAS
Kontraktor

Total

Economics Summary:
Investment, M$
Gross Reserves, MBO

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Cum.
Contr
NCF
M$

Cum.
PC
NCF
M$

BP-MIGAS
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$

Contractor
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$
Pay Out Time, Years
DCF Rate of Return, %

Operator
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$
Pay Out Time, Years
DCF Rate of Return, %

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

PSC with INVESTMENT CREDIT

11. Hitung Cost Recovery dari kontraktor, jika terdapat investasi yang dapat diberlakukan
Investment Credit sebesar 15.78%. Dengan investasi dan pengeluaran seperti di no. 3.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Investasi
Tan,
Intan.,
M$
M$
500
1,600

Investment
Credit,
M$

Expense
to be Rec'd,
M$

Max.
CR,
M$

Total
Opcost.,
M$

Dep,
M$

Cost
Recovery
M$

Prev.
YR
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

12. Hitung pula Equity untuk Kontraktor dan BP-MIGAS, untuk FTP maupun 80% dari
produksi.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

20%
FTP to
be split,
M$

(1-FTP),
M$

BPMIGAS
Equity,
M$

Cost
Rec.,
M$

Equity
to be
split,
M$

Contr.
Equity.,
M$

BPMIGAS
Equity,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Contr.
Equity,
M$

13. Hitung pajak, degan mempergunakan persentasi pajak di soal nomer 4, dan hitung pula Cash
Flow dari BP-MIGAS, Kontraktor dan Operator, jika Operator memiliki 30% saham di dalam
Kontraktor. Hitung pula Pay Out Time nya dan Ringkas hasil ke-ekonomiannya.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13

Taxable
Income,
M$

44%
Tax,
M$

Cum.
Contr.
NCF,
M$

Contractor
Net
Cash Flow,
M$

BP-MIGAS
Net

Operator
Net

Cum.
PC
NCF,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Summary:
M$

$/BBL

Gross Income

Investment
Operating Cost
Over Head Cost
DMO
Tax
BP-MIGAS
Kontraktor

Total

Economics Summary:
Investment, M$
Gross Reserves, MBO

BP-MIGAS
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$

Contractor
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$
Pay Out Time, Years
DCF Rate of Return, %

Operator
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$
Pay Out Time, Years
DCF Rate of Return, %

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

JOINT OPERATING BODY (JOB)

14. Berapakah besarnya persentasi PAJAK untuk JOB kontrak dengan split sebelum pajak untuk
Kontraktor sebesar 28.8462% dan BP-MIGAS sebesar 71.1538%. Berapakah split sebelum
pajak untuk gas yang split-nya 30% Kontraktor dan 70% BP-MIGAS.
15. Hitung JOB Cost Recovery dari soal di no.4, dengan FTP 20%. Hitung pula bagian sebelum
pajak untuk BP-MIGAS dan untuk Kontraktor di dalam FTP (20%), dengan kontrak dari soal
sebelum ini.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Expense
to be Rec'd,
M$

20%
FTP to
be split,
M$

Max.
CR,
M$

Cost
Recovery
M$

BPMIGAS
Equity,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Prev.
YR
M$

Contr.
Equity.,
M$

16. Selanjutnya, hitung untuk yang di luar FTP (80%).

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Cost
Rec.,
M$

(1-FTP),
M$

Equity
to be
split,
M$

BPMIGAS
Equity,
M$

Contr.
Equity,
M$

17. Hitung 25% DMO yang harus dibayarkan oleh Kontraktor, dengan harga minyak sebesar
10% dari harga jual.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

DMO
Burden
Production,
MBBL

DMO
Burden
Crude Price,
$/BBL

Total
DMO
Liability,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

DMO
Paid by
Contractor,
M$

18. Dari 50% Share Pertamina, hitung pembayaran Investasi Pertamina yang tertunda, dan juga
Pertamina Net Cash Flow. Hitung pula schedule pengeluaran Pertamina yang disesuaikan.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Pert.
Gross
Income,
M$

Pert.
Pay
Back,
M$

Pert.
Expenses,
M$

Pertamina
Carry
Cost,
M$

Pertamina
Cash
Flow,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Pert.
Left
to Pay,
M$

Pert.
Adjusted
Expenses,
M$

19. Dari persentasi pajak di soal no 18, hitung pajak yang harus dibayarkan. Hitung pula Cash
Flow dari kontraktor dan BP-MIGAS.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Taxable
Income,
MBBL

Tax,
$/BBL

Cum.
Contr.
NCF,
M$

Contractor
Net
Cash Flow,
M$

BP-MIGAS
Net
Cash Flow,
M$

Cum.
PC.
NCF,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

30%
PC
NCF,
M$

Summary:
M$

$/BBL

Gross Income

Investment
Operating Cost
Over Head Cost
DMO
Tax
Pertamina
BP-MIGAS
Kontraktor

Total

Economics Summary:
Investment, M$
Gross Reserves, MBO

Pertamina
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$

BP-MIGAS
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$

Contractor
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$
Pay Out Time, Years
DCF Rate of Return, %

Operator
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$
Pay Out Time, Years
DCF Rate of Return, %

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

JOB with INVESTMENT CREDIT and UPLIFT

20. Hitung Cost Recovery, dengan menggunakan 17.00% Investment Credit dari soal no. 4;
untuk penerimaan dan pengeluaran.
Investasi
Income, Tang.,
Year M$
M$
1
500
1,600
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Investment
Credit,
M$

Expense
to be Rec'd,
M$

Max.
CR,
M$

Total
Opcost.,
M$

Cost
Recovery
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Dep,
M$

Prev.
YR
M$

21. Hitung bagi hasil (equity) BP-MIGAS maupun Kontraktor, baik untuk FTP maupun sisanya.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

20%
FTP to
be split,
M$

(1-FTP),
M$

BPMIGAS
Equity,
M$

Cost
Rec.,
M$

Equity
to be
split,
M$

Contr.
Equity.,
M$

BPMIGAS
Equity,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Contr.
Equity,
M$

22. Hitung Pertamina cash flow, dengan Uplift sebesar 50% dari invesasi yang belum di recover.
Hitung pula besarnya Uplift tersebut.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Pert.
Gross
Inc.,
M$

Pert.
Exp.,
M$

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Pert.
Cash
Flow,
M$

Pert.
Adjusted
Exp.,
M$

Pert.
Carry
Cost,
M$

Pert.
Left
to Pay + UL,
M$

Pert.
Left
to Pay,
M$

Pert.
Pay
Back,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

Pert.
Pay
Back + UL,
M$

Up
Lift,
M$

23. Hitung pajak dan Cash Flow dari semua pihak, beserta ringkasannya.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
Juml.

Taxable
Income,
MBBL

Tax,
$/BBL

Cum.
Contr.
NCF,
M$

Contractor
Net
Cash Flow,
M$

BP-MIGAS
Net
Cash Flow,
M$

Cum.
PC.
NCF,
M$

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS

30%
PC
NCF,
M$

Summary:
M$

$/BBL

Gross Income

Investment
Operating Cost
Over Head Cost
DMO
Tax
Pertamina
BP-MIGAS
Kontraktor

Total

Economics Summary:
Investment, M$
Gross Reserves, MBO

Pertamina
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$

BP-MIGAS
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$

Contractor
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$
Pay Out Time, Years
DCF Rate of Return, %

Operator
Net Cash Flow, M$
10% Net Cash Flow, M$
15% Net Cash Flow, M$
Pay Out Time, Years
DCF Rate of Return, %

Introduction to Indonesian PSC Economics

AAPG Student Chapter - ITS