Analisis Pemilihan Skema Pembiayaan Early Production Facility Pada Proyek Pengeboran Onshore: Studi Kasus PT XYZ

Nuryadi, Fredy (2025) Analisis Pemilihan Skema Pembiayaan Early Production Facility Pada Proyek Pengeboran Onshore: Studi Kasus PT XYZ. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

PT XYZ merencanakan pengembangan Lapangan ABC untuk meningkatkan produksi minyak dan gas hingga tahun 2035. Rencana ini memerlukan pembangunan Early Production Facility (EPF) baru karena kapasitas fasilitas eksisting tidak lagi memadai dalam menampung tambahan produksi minyak, gas, dan air. Penelitian ini mengevaluasi kelayakan finansial dua alternatif skema pembiayaan - operational lease dan pembelian aset - menggunakan metode Discounted Cash Flow (DCF) periode 2025–2035 dengan tingkat diskonto WACC riil sebesar 5,04%, melalui indikator NPV, IRR, dan Payback Period. Hasil analisis menunjukkan kedua skema layak secara finansial, dengan skema operational lease menghasilkan NPV sebesar USD 178,10 juta, IRR 2.355,70%, dan investasi awal USD 1,01 juta, sedangkan skema pembelian aset menghasilkan NPV USD 173,70 juta, IRR 499,84%, dan investasi awal USD 16,93 juta. Analisis risiko mengidentifikasi tiga kelompok utama, yaitu risiko pasar (fluktuasi harga minyak Brent dan nilai tukar USD/IDR), risiko operasional (potensi overbudget dan gangguan operasi), serta risiko finansial (estimasi cadangan dan volume produksi), dengan hasil sensitivitas menunjukkan harga minyak Brent sebagai faktor risiko paling dominan. Berdasarkan hasil tersebut, skema operational lease direkomendasikan sebagai pilihan optimal karena menghasilkan NPV tertinggi, membutuhkan investasi awal lebih rendah, dan memberikan fleksibilitas operasional yang lebih baik, sementara skema pembelian tetap relevan bagi perusahaan yang memprioritaskan kepemilikan aset jangka panjang, dan hybrid financing dapat dipertimbangkan sebagai alternatif kompromi
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PT XYZ plans to develop the ABC Field to increase oil and gas production until 2035. This plan requires the construction of a new Early Production Facility (EPF) because the capacity of the existing facility is no longer adequate to accommodate additional oil, gas, and water production. This study evaluates the financial feasibility of two alternative financing schemes - operational lease and asset purchase - using the Discounted Cash Flow (DCF) method for the period 2025–2035 with a real WACC discount rate of 5.04%, through NPV, IRR, and Payback Period indicators. The analysis results show that both schemes are financially feasible, with the operational lease scheme generating an NPV of USD 178.10 million, an IRR of 2,355.70%, and an initial investment of USD 1.01 million, while the asset purchase scheme generates an NPV of USD 173.70 million, an IRR of 499.84%, and an initial investment of USD 16.93 million. The risk analysis identified three main groups: market risk (fluctuations in Brent oil prices and the USD/IDR exchange rate), operational risk (potential overbudget and operational disruptions), and financial risk (estimated reserves and production volumes), with sensitivity results indicating Brent oil prices as the most dominant risk factor. Based on these results, the operational lease scheme is recommended as the optimal choice because it produces the highest NPV, requires a lower initial investment, and provides better operational flexibility. While the purchase scheme remains relevant for companies prioritizing long-term asset ownership, and hybrid financing can be considered as a compromise alternative

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	Early Production Facility; Kelayakan Finansial; Operational Lease; Pembelian Aset; Discounted Cash Flow; NPV; IRR. Early Production Facility; Financial Feasibility; Operating Lease; Asset Purchase; Discounted Cash Flow; NPV; IRR
Subjects:	T Technology > T Technology (General) > T56.8 Project Management T Technology > T Technology (General) > T58.62 Decision support systems
Divisions:	Interdisciplinary School of Management and Technology (SIMT) > 61101-Master of Technology Management (MMT)
Depositing User:	Fredy Nuryadi
Date Deposited:	07 Jan 2026 03:29
Last Modified:	07 Jan 2026 03:29
URI:	http://repository.its.ac.id/id/eprint/129315

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