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PSC 1000
QUESTION ASKED IN VARIOUS KERALA PSC EXAMINATIONS.
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Checklist for PSC inspections.
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PSC Pocket Checklist
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The Yakult cultured milk drink in Malaysia is proudly Malaysian made, from the finest selected ingredients. Although Yakult has enjoyed 70 years of successfully promoting better health overs…Deskripsi lengkap
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Overview of Malaysian PSC
FIELD LOCATION MALAYSIA M’sia / Thai Development Area PM3 Commercial Arrangement M’siaVietnam Kangar
Georgetown
SABAH
Gurun Kuala Terengganu Kg. TOKARUN
Lumut
KERTIH Kemaman Kuantan
Meru
PENINSULAR MALAYSIA
KUALALUMPUR
Seremban
LNG PLANTS
SARAWAK
Segamat
Melaka
OIL AND GAS FIELDS*
JohoreBahru
FIELD DISCOVERED PRODUCING
OIL 134 47
GAS 178 14
MALAYSIA EXPLORATION AND PRODUCTION BLOCKS 9°
100°
98°
104°
102°
106°
108°
112°
110°
114°
118°
116°
120° 9°
VIETNAM
PALAWAN
( PHI LI PPINES)
THAILAND
Malaysia / Thailand Joint Development Area
2 0 0 m
PM3
Pulau Bugsuk Pulau Balabac
Commercial Arrangement Area
ND5
ND4
7°
H
PM302 PM311
PM301
Pulau Langkawi
ND1
PM303
PM313
F F
PM312
G C
A
Pulau Pinang
5°
PM314 PM309
PM321
PENINSULAR
PM307
S t r a i t s o f M PM322 e l a k a
SK312 SK3
PM305 SK302
MALAYSIA
SK308
SK5
Pulau Pulau Sibutu Timbun Mata
SB306 Pulau Sebatik
SK311 SK303
ND6
SK334
ND7
SK332
SK305
Pulau Subi Besar
Pulau Djemadja
9 9 0 0 3 3 K K S S
5°
SB332 N U R B
Pulau Tawitawi
SB331
I E
SK333
PM308 Kepulauan Anambas
SABAH
Pulau Labuan
SK 307 SK310
SK306
Pulau Natuna
Pulau Tioman
M J
SK301
7°
SB305 SB301
E
B
Sulu Sea
SB330
L
D
B
South China Sea
PulauSB304 Malawali Pulau Jambongan
ND3
PM306
PM320
3°
ND2
SB303
SB302
K
2 0 0 m
Pulau BalambanganPulau Banggi
3° SK331
SK304
SARAWAK SUMATRA
0 SI NGAPORE
1° 98°
100°
102°
104°
106°
200 Km
108°
Celebes Sea
KALI MANTAN
1° 110°
112°
114°
Development & Producing PSCs : 24
116°
118°
120°
CONCEPT OF PRODUCTION SHARING CONTRACT (PSC)
GOVERNMENT
PDA
Entire owne rship o f Nation's petroleum resources is ve ste d to PETRONAS. PETRONAS has e xc lusive rights to exploit Nation's pe trole um reso urce s.
PETRONAS, as a custodian, manage s the pe troleum res ource s o f the Nation. Formulates relevant policy and guidelines. Provide s ne ce ss ary ince ntives and c onducive inve stme nt environment for upstream petroleum business. Adds value to the pe trole um resources.
PETRONAS
PSC
CONTRACTORS
Conve rte d Conce ssion Syste m to Produc tion Sharing Contracts (PSC). Obligates Partners to provide all financing and insulate PETRONAS from risks. Provides a more equitable partnership. Stipulates contractual period, management of operations, re co ve ry of cos ts, division of profit, obligations of partie s.
Plans and secures long term de ve lopme nt of Nation's pe trole um re source base . Promotes sustainable exploration, development and production of re so urce s for the maximum b e ne fit to the nation. Manage s pe rformance of PSC Partne rs. Brings in fore ign inve stme nt and technology.
EVOLUTION OF PSC INLINE WITH CHANGING ENVIRONMENT Revenue-over-cost (R/C)
DEEPWATER PSC
1985 PSC
1976 PSC
Convert existing Concession into PSCs CONCESSION AGREEMENT Oil companies and State government
To attract other oil companies besides ESSO and SHELL
Target for big players with deepwater experience
To attract new foreign investment through smart partnership concept
PSCs IN OPERATION IN MALAYSIA (As at January 2004)
50 1 9 76 P S C
D E E P W A T E R & R /C P S C
1 9 85 P S C
42
43
40 37 33 30
30
30
31 29
27
31
29 27
21
20
11
10 5
4
4
4
5
5
6
6
6
6 4
0 1976
1980
1984
1988
1992
1996
2000
46 44
41
SPLIT OF THE BARREL UNDER PSC Revenue (A) less Royalty (B)
Royalty
10% of (A) less Cost Recovery (C) Max 50% of (A)
Cost Recovery to Contr
equals Profit Oil
plus Profit to Contr
(A)- (B)-(C)
equals Entitlement to Contr
Profit to NOC equals Entitlement to NOC plus
less Tax
Contr tax paid
less
plus Tax
less
NOC tax paid
Expenses equals Contractor NCF
Contractor
equals
equals
Contractor NCF
GOV NCF
National Oil Company
Government
76 PSC Government Cash Flow
Less Royalty 10%
Actual Used Cost
Contractor’s Profit Oil Less PITA 38%
Contractor Cash Flow
Gross Revenue
Less Cost Cost Oil Ceiling 20% Profit Oil Split Contr : PET 30% :70%
PETRONAS Profit Oil
Less PITA 38% PETRONAS Cash Flow
85 PSC Government Cash Flow
Less Royalty 10%
Actual Used Cost
Gross Revenue
Less Cost Cost Oil Ceiling 50% Oil, 60% Gas Profit Oil Split Contr : PET Sliding
Contractor’s Profit Oil Less PITA 38%
Contractor Cash Flow
PETRONAS Profit Oil
Contr
PETH
First 10 kbd
50
50
Next 10 kbd
40
60
Ecxess 20 kbd
30
70
Less PITA 38% PETRONAS Cash Flow
ROC (Revenue Over Cost) PSC Government Cash Flow
Less Royalty 10%
Actual Used Cost
Contractor’s Profit Oil Less PITA 38%
Contractor Cash Flow
Gross Revenue
Less Cost Cost Oil Ceiling Depend on R/C
Unused Cost Oil Contr : PET
Profit Oil Split Contr : PET Depend on R/C
PETRONAS Profit Oil
Less PITA 38% PETRONAS Cash Flow
APPROACH : REVENUE-OVER-COST (R/C) INDEX One of the "yardsticks" to gauge Contractors' profitability at any time is by the RATIO of Contractors' Cumulative REVENUE over Cumulative COSTS. We define the above yardstick as Contractors' R/C Index Contractors' Cumulative Cost Oil +Profit Oil From The Effective Date
R/C Index = v e R . m u C & s t s o C . m u C s ' r o t c a r t n o C
Contractors' Cumulative Petroleum Costs From The Effective Date 2.50
Cumulative Revenue (PO+CO)
x 2.00 e d n I C / 1.50 R s ' r o t c 1.00 a r t n o C0.50
Cumulative Costs 0.00
0
2
4
6
8 10 12 14 16 18 20 22 24 26 28
Year
0
2
4
6
8 10 12 14 16 18 20 22 24 26 28
Year
R/C = 1; Represents PAYOUT (undiscounted), but true Payout (considering time value of money, tax payment, etc.) occurs when R/C is around 1.4 Outline
R/C TABLE Contractor’s R/C Ratio
COST OIL
PROFIT OIL
Cost Oil
Unused Cost Oil
Profit Oil
Ceiling
PET : Cont
0.0 < R/C <= 1.0
70%
N.A.
20 : 80
1.0 < R/C <= 1.4
60%
20 : 80
30 : 70
1.4 < R/C <= 2.0
50%
30 : 70
40 : 60
2.0 < R/C <= 2.5
30%
40 : 60
50 : 50
2.5 < R/C <= 3.0
30%
50 : 50
60 : 40
R/C > 3.0
30%
60 : 40
70:30
PET : Cont
FISCAL IMPROVEMENT Fiscal terms are tied to rate/volume level, NOT related to PROFITABILITY Fixed Cost Oil/Gas is NOT sensitive to investment level especially in the early of the project life Fiscal terms applied to Contract Area (rather than field basis) Higher profit split benefits accrue to First field. Subsequent development does not enjoy higher profit split. NO fiscal incentives to save costs Any Unused Cost Oil/Gas becomes profit and share in a bigger proportion to PETRONAS NO fiscal incentives for re-investment Additional investment will not enjoy the same benefit as in earlier investment
COMPARISON OF PSC - OIL
100 PSC Partner
e u n e v e R s s o r G f o t n e c r e P
80
10.1
14.0
15.8
PETRONAS
28.7
16.4
13.3
12.7
12.5
30.1
60 42.3 42.2
40
GOVERNMENT
38.1
44.7
20 COST
23.1
28.0
28.0
0 1976 PSC
1985 PSC
R/C
DEEPWATER
Note : The 1976, 1985 and R/C PSCs are based on 40 million bbls crude oil reserve volume. The Deepwater PSC assumes a large oil discovery in excess of 1 billion bbls.
VARIABLE COST SHARING LEVELS AND PROFIT SPLITS It allows Contractor to take more when its profitability is low and PETRONAS' take progressively increases when Contractor's profitability improves: 1. Higher Cost Tranche is given when Contractors' Profitability is low and decreases as Contractor's Profitability increases. High E H C N A R T T S O C
Low
Contractor's Profitability (as indicated by R/C)
High 2. Higher Contractor's share of Profit Oil/Gas is given when Contractor's Profitability is low and decreases as Contractor's Profitability increases. E R S A A H G S / L S ' I R O O T I T F C O A R R P T F N O O C
High
Low
Contractor's Profitability (as indicated by R/C)
High
Salient Features of ROC PSC - Sensitivity of IRR on Oil Price and Cost 22
Oil Price 20
100 mmbbl
Cost 100 mmbbl
18
) D O M16 % ( R 14 R I s ' r 12 o t c a r t n 10 o C
40 mmbbl
40 mmbbl
Salient Features: Under the new R/C fiscal terms, Cost Reduction provides as much impact on Contractors' IRR as that caused by oil price increase Cost Reduction is fully within our control, unlike oil price. Therefore, Contractors will be enticed to reduce cost rather than to hope for oil price to improve. This leads to larger share in revenue for all parties involved.
8
6
4
-30% Decrease
-20%
-10%
Base Case Percent Variation
10%
20%
30% Increase
PROFITABILITY BASED FISCAL REGIME : Sensitive to Re-investment
REVENUE L A U N N A
COSTS 1st round investment
2nd round investment
E V I T A L U M U C 2.0
Cumulative Revenue
Cumulative Costs
1.5 X E 1.0 C D R N I 0.5
Dip in R/C Index as a result of additional investment.
0.0 0 ECA-1 / mcprer3c/JAN 1996 EMD
1
2
3
4
5
6
7
8
9
YEAR
10
11
12
13
14
15
16
17
18
19
20 E&P Business
R/C IS SELF-ADJUSTING Costs, Reserves & Oil Price are estimated based on current conditions and current Technology when a Contract is negotiated and agreed. Estimates likely to change, New technologies may evolve over time. X E D N I 3.0 C / R S ' 2.0 R O T C A1.0 R T N O C0.0
X E D N I 3.0 C / R S ' 2.0 R O T C A1.0 R T N O C0.0
R/C INDEX PROFILE IF OIL PRICE TURNS OUT TO BE 25% HIGHER
R/C INDEX PROFILE BASED ON ESTIMATES DURING NEGOTIATIONS
2
4
6
8
10
12
14
16
18
20
IF RESERVES & PRODUCTIVITY TURNS OUT 50% BETTER
R/C INDEX PROFILE BASED ON ESTIMATES DURING NEGOTIATIONS
0
2
4
6
8
10
12
14
16
18
20
X E D N I 3.0 C / R S ' 2.0 R O T C A1.0 R T N O C0.0
X E D N I 3.0 C / R S ' 2.0 R O T C A1.0 R T N O C0.0
IF PRICE TURNS OUT 25% HIGHER & COSTS 25% LOWER
R/C INDEX PROFILE BASED ON ESTIMATES DURING NEGOTIATIONS
0
2
4
6
8
10
12
14
16
18
20
IF NEW TECHNOLOGY IS USED TO ENHANCE RESERVES COST EFFECTIVELY
R/C INDEX PROFILE BASED ON ESTIMATES DURING NEGOTIATIONS
