Welcome the oil peak-production of Blok Cepu

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A big contribution to this climbing Bojonegoro bugdet and expenditure is the oil and gas revenue-sharing (Dana Bagi Hasil-DBH), particularly from Blok Cepu. Bojonegoro recieved oil revenue-sharing Rp422,37 million on 2013, Rp628,33 million on 2014, and Rp631,72 million this year (until second quarterly). The revenue will rise more when the oil production of Blok Cepu reaches it’s peak—projected to be met at the end of this year.

12,5% of DBH is then distributed to the villages account through village-fund (Alokasi Dana Desa-ADD). Under the local regulation, the producing village gets 5%, Ring I villages receive 6%, Ring II villages acquire 7,5%, and the rest is distributed to all villages non-producer and non-Ring. This year, each village in Bojonegoro recieves the ADD approximately Rp630 million on the average. Mojodelik, a village where the Banyuurip oil field located in, gets highest ADD, Rp1,8 billion. Thus, Bojonegoro needs to settle up the capacity of village government in managing the revenue in the context of village autonomy.

Total amount of DBH excludes the profit-sharing from Bojonegoro’s 4,5% participating interest on Blok Cepu operation. The profit-sharing of PI has been flowing into PT Surya Energi Raya, a financer of PI, owned by Surya Palloh, partnership with the PT Asri Dharma Sejahtera, Bojonegoro owned enterprise as the PI shareholder. Bojonegoro will get the profit-sharing of it’s PI fully after the “loan” from PT SER being paid off, and it is projected to be met after the peak production. This mechanism has been controversial because it embroils an alleged collusion. It has challanged Bojonegoro to reform (renegosiate) the mechanism. Recently, a civil society organization insists the Corruption Eradication Corruption (KPK) to investigate the mechanism.

Regardless of the case, when Bojonegoro acquires the profit-sharing of PI fully, and total revenue from oil and gas will be far higher, it challenges Bojonegoro to manage the revenue sustainably. How to save it and how to transform it into economic diversification?

Considering the volatility of the oil price, Bojonegoro has been initiating the petroleum fund (one of the sovereign wealth fund mechanism) to stabilize it’s budget and expenditure in long-term as the strategy for escaping from resource curse. Total profit-sharing from PI and some of the revenue-sharing will be saved and invested to avoid over expenditures. The profit from it will be prioritized for the human development.

This is a strategy to safeguard the “blessing” kept on a virtue, especially for the future generation. The draft of local regulation on this mechanism is in under review now. It will be the first mechanism of sub-national petroleum fund in the world—in the context of the unitary state. The petroleum fund is one of the points that is considered in the revision of oil and gas law No. 22/2001, particularly in the revision-draft that is proposed by the civil society.

It is interesting to track the initiative: how the stakeholders consider the oil and gas revenue and the petroleum fund, how they articulate their considerations, what aspects they take in to account in arranging the mechanism, both in sub- and national level.

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