TY - GEN
T1 - Comparative analysis of Indonesian Crude Oil Price (ICP) to gross product worth - A case study of the oil and gas industry
AU - Susanto, Dody
AU - Saputra, Asep Handaya
N1 - Publisher Copyright:
© 2023 Author(s).
PY - 2023/5/25
Y1 - 2023/5/25
N2 - The Indonesian Crude Oil Price (ICP) is determined by the Government of Indonesia. This price is used to calculate the profit sharing of the production sharing contracts in Indonesia. The price policy and methodology refer to the Minister of Energy and Mineral Resources Regulation Number 23 of 2012. ICP is formed by benchmarking and indexation of international crude oil prices and derivative products. In this process, the government considers the production continuity, quality of crude and infrastructure. Gross Product Worth (GPW) is weighted average value of the refined product components minus a refinery fuel and the loss of a barrel of the crude. It is calculated by multiplying the price of each product by its percentage share in the yield of the total barrel of crude. Through a comparison between ICP and GPW of 11 types of crude oil in Indonesia, for the period January 2019 to December 2020, it was found that some crude oil located in eastern Indonesia has a characteristic that the ICP is under the GPW consistently, Its values vary from minus 3.72 USD/Bbl to minus 11.96 USD/Bbl. While the crude oil located in western Indonesia has a characteristic that the different value of ICP to GPW vary from minus 3.76 USD/Bbl to plus 9.80 USD/Bbl. The Factors that affect the variation in values between ICP and GPW include: location, volume and impurities.
AB - The Indonesian Crude Oil Price (ICP) is determined by the Government of Indonesia. This price is used to calculate the profit sharing of the production sharing contracts in Indonesia. The price policy and methodology refer to the Minister of Energy and Mineral Resources Regulation Number 23 of 2012. ICP is formed by benchmarking and indexation of international crude oil prices and derivative products. In this process, the government considers the production continuity, quality of crude and infrastructure. Gross Product Worth (GPW) is weighted average value of the refined product components minus a refinery fuel and the loss of a barrel of the crude. It is calculated by multiplying the price of each product by its percentage share in the yield of the total barrel of crude. Through a comparison between ICP and GPW of 11 types of crude oil in Indonesia, for the period January 2019 to December 2020, it was found that some crude oil located in eastern Indonesia has a characteristic that the ICP is under the GPW consistently, Its values vary from minus 3.72 USD/Bbl to minus 11.96 USD/Bbl. While the crude oil located in western Indonesia has a characteristic that the different value of ICP to GPW vary from minus 3.76 USD/Bbl to plus 9.80 USD/Bbl. The Factors that affect the variation in values between ICP and GPW include: location, volume and impurities.
UR - http://www.scopus.com/inward/record.url?scp=85161373501&partnerID=8YFLogxK
U2 - 10.1063/5.0155319
DO - 10.1063/5.0155319
M3 - Conference contribution
AN - SCOPUS:85161373501
T3 - AIP Conference Proceedings
BT - 3rd International Seminar on Science and Technology, ISSTEC 2021
A2 - Sahroni, Imam
A2 - Musawwa, Muhammad Miqdam
A2 - Fauzan, Achmad
A2 - Werdyani, Sista
A2 - Zain, Zainiharyati Mohd
A2 - Fatimah, Is
A2 - Riyanto, null
PB - American Institute of Physics Inc.
T2 - 3rd International Seminar on Science and Technology: Science, Technology and Data Analysis for Sustainable Future, ISSTEC 2021
Y2 - 30 November 2021
ER -