Rahman, Husna Annisa (2019) Analisis Penilaian Usaha dan Kelayakan Finansial pada Proses Akuisisi Participating Interest 10% pada Salah Satu Wilayah Kerja Migas di Jawa Timur oleh PT X. Other thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
Sesuai dengan Peraturan Menteri ESDM Nomor 37 Tahun 2016 tentang Ketentuan Penawaran Participating Interest (PI), kontraktor wajib menawarkan PI 10% kepada Badan Usaha Milik Daerah (BUMD). Pemerintah Daerah Jawa Timur berencana melakukan akuisisi atau pengambilalihan PI 10% pada salah satu Wilayah Kerja di Jawa Timur (WK atau Blok A) dengan kesepakatan akan dikelola oleh PT X. Dalam rangka kegiatan akuisisi tersebut, maka diperlukan sebuah penilaian usaha untuk menentukan nilai akuisisi PI 10% serta nilai akuisisi maksimum yang akan digunakan sebagai bahan negosiasi dan pertimbangan dalam pelaksanaan akuisisi. Dalam melakukan penilaian usaha diterapkan model finansial dengan metode discounted cash flow. Pembuatan model finansial dimulai dengan membuat proyeksi pendapatan liftings minyak dan gas bumi, kemudian melakukan perhitungan free cash flow menggunakan skema production sharing contract (PSC) dengan pendekatan cost recovery. Hasil free cash flow kemudian menggunakan nilai WACC PT Y (7.26%) didapatkan nilai NPV yang merepresentasikan nilai PI 10% WK A sebesar US$ 43,443,699.96 untuk kondisi base case, US$ $45,232,992.33 untuk kondisi optimum case, US$ 52,298,892.51 untuk potential case, dan US$ 65,414,182.63 untuk possible case. PT X perlu mengetahui nilai akuisisi maksimum dengan cara membandingkan nilai WACC PT X dengan hasil IRR. Nilai IRR harus lebih besar daripada WACC agar mendapatkan tingkat pengembalian yang positif. Berdasarkan perhitungan didapatkan hasil bahwa harga akuisisi maksimal untuk kondisi base case adalah US$39,500,000.00 (IRR 11.71%), optimum case US$41,500,000.00 (IRR 11.43%), potential case US$46,500,000.00 (IRR 11.58%), dan possible case sebesar US$57,500,000.00 (IRR 11.33%) dengan nilai WACC sebesar 11.23%. Hal ini memberikan bahan pertimbangan bagi manajemen perusahaan untuk melakukan negosiasi dengan PT Y sebagai operator Blok A.
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In accordance with Ministerial Regulation Number 37 Year 2016 concerning the activity of upstream oil and gas, contractor have obligation to offer 10% Participating Interest (PI) to Badan Usaha Milik Daerah (BUMD). The government of East Java plan to acquire 10% PI in one of the working area in East Java (Block A) with the agreement that it is to be managed by PT X. Due to the acquisition process that will be conducted, there is a need of business valuation to determine the acquisition value of 10% PI and the maximum acquisition value that will be used as the material for negotiation and consideration in the implementation of acquisition. The business valuation applies financial model that adapt discounted cash flow methods. The financial model is designed by projecting the revenue of oil and gas liftings and calculating free cash flow by using Production Sharing Contract (PSC) scheme with cost recovery approach. By using the WACC of PT Y (7.26%), the value of 10% of PI in Block A is calculated for US $ 43,443,699.96 for the base case condition, US $ 45,232,992.33 for optimum case condition, US $ 52,298,892.51 for potential case condition, and US $ 65,414,182.63 for possible case condition. The value resulted from the financial model is going to be considered as the objective of purchasing price that PT X should afford. PT X need to know the maximum purchasing price for the value by comparing the WACC value of PT X and the result of IRR. The IRR value must be greater than the WACC in order to obtain a positive rate of return. Based on the calculation, with the value of WACC in PT X as 11.23%, the maximum purchasing price for base case condition is $ 39,500,000.00 (IRR 11.71%), optimum case condition is $ 41,500,000.00 (IRR 11.43%), potential case condition is $ 46,500,000.00 (IRR 11.58%), and possible case condition is $ 57,500,000.00 (IRR 11.33%). The result will provides consideration for the company's management to negotiate with PT Y as the operator of Block A.
| Item Type: | Thesis (Other) |
|---|---|
| Uncontrolled Keywords: | Participating Interest, Production Sharing Contract (PSC) Cost Recovery, Penilaian Usaha, Pendekatan Pendapatan, Nilai Akuisisi Maksimum, IRR |
| Subjects: | T Technology > T Technology (General) > T56.8 Project Management |
| Divisions: | Faculty of Industrial Technology > Industrial Engineering > 26201-(S1) Undergraduate Thesis |
| Depositing User: | Husna Annisa Rahman |
| Date Deposited: | 21 Jul 2026 07:29 |
| Last Modified: | 21 Jul 2026 07:29 |
| URI: | http://repository.its.ac.id/id/eprint/65505 |
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