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Economic Analysis of Marginal Oil Field Development by Testing The Feasibility of GVM in Sharia Method Against NPV

Scientific Contributions Oil and Gas · Vol. 48 No. 2 (2025) · hlm. 347–362

DOI
10.29017/scog.v48i2.1752
ISSN
2541-0520, 2089-3361
Terbit
2025-08-25
Penerbit
Testing Center for Oil and Gas LEMIGAS
Bahasa
eng
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

A marginal oil field (MOF) is a field with relatively small hydrocarbon reserves located at significant depths. This presents major technical and economic challenges for its development. In the Central Sumatra Basin, a MOF with fair development potential has been discovered. The development of this MOF has to be analyzed to determine its feasibility. Previous research has predominantly evaluated oil field feasibility using conventional metrics, such as net present value (NPV) and profitability index (PI). However, assessing feasibility with a Syariah economic approach is an underdeveloped area of study. This study aims to compare conventional and Syariah methods for assessing MOF feasibility. The study involved field observation, primary and secondary data collection, calculation of reserves and oil production, cost estimation, oil price forecasting, and cash flow preparation based on a production sharing contract gross split contract scheme. The economic evaluation was conducted using conventional economic indicators (NPV, internal rate of return (IRR), payout time (POT), and PI) and Syariah indicators, namely, the gold value method (GVM) and gold index (GI). It is found that the development of the MOF is economically feasible. The NPV reached USD 172.27 million, with an IRR of 16.50%, a POT of 3.86 years, and a PI of 1.04. Moreover, the GVM was 10,687.03 grams of gold, and the GI stood at 1.20. This study demonstrates that the results of the Syariah method are consistent with those of the conventional methods, affirming its viability as an alternative evaluation approach for MOF development.

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  • Universitas Halu Oleo
  • Institut Agama Islam Negeri Kendari
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Rekan penulisOrganisasiArtikel bersama
TUR RAHARDJOAfiliasi tidak diketahui2
DWI RAMADHANIAfiliasi tidak diketahui2
Muhammad Amrullah PagalaUniversitas Halu Oleo1
La Ode SahabaUniversitas Halu Oleo1
La Ode Arsad SaniUniversitas Halu Oleo1
Surahmanto SurahmantoAfiliasi tidak diketahui1
Hairil A HadiniAfiliasi tidak diketahui1
Nurjannah NurjannahInstitut Agama Islam Negeri Kendari1
Makmur KambolongUniversitas Halu Oleo1
Nyoman Ningsih UtamiAfiliasi tidak diketahui1
Rudi HartonoAfiliasi tidak diketahui1
Rahayu Puji HAfiliasi tidak diketahui1
Kardi KardiAfiliasi tidak diketahui1
Raden IndarjaniAfiliasi tidak diketahui1
Yayuk AstutiAfiliasi tidak diketahui1
Hendri WidiyandariAfiliasi tidak diketahui1
Arnelli ArnelliAfiliasi tidak diketahui1
Pardoyo PardoyoAfiliasi tidak diketahui1
Amilia FauziyahAfiliasi tidak diketahui1
Arum Dista WulansariAfiliasi tidak diketahui1
Rizka AndianingrumAfiliasi tidak diketahui1
Gaurav A. BhaduriAfiliasi tidak diketahui1
Fiki HidayatAfiliasi tidak diketahui1
Dike F PutraAfiliasi tidak diketahui1
Ichsan A. LukmanAfiliasi tidak diketahui1
M Haidar PutraAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.lemigas.esdm.go.id/index.php/SCOG/oai, pertama di-harvest 10 Nov 2026, terakhir terlihat 10 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Economic Analysis of Marginal Oil Field Development by Testing The Feasibility of GVM in Sharia Method Against NPV</dc:title>
	<dc:creator xml:lang="en">Ariyon, Muhammad</dc:creator>
	<dc:creator xml:lang="en">Sastraningsih, Ellyan</dc:creator>
	<dc:creator xml:lang="en">Nurhayati, Siti</dc:creator>
	<dc:creator xml:lang="en">Rahmatillah, Putri</dc:creator>
	<dc:subject xml:lang="en">Marginal Oil Fields</dc:subject>
	<dc:subject xml:lang="en">Economic Feasibility</dc:subject>
	<dc:subject xml:lang="en">Sharia Methods</dc:subject>
	<dc:subject xml:lang="en">Gold Value Method</dc:subject>
	<dc:subject xml:lang="en">Gold Index</dc:subject>
	<dc:description xml:lang="en">A marginal oil field (MOF) is a field with relatively small hydrocarbon reserves located at significant depths. This presents major technical and economic challenges for its development. In the Central Sumatra Basin, a MOF with fair development potential has been discovered. The development of this MOF has to be analyzed to determine its feasibility. Previous research has predominantly evaluated oil field feasibility using conventional metrics, such as net present value (NPV) and profitability index (PI). However, assessing feasibility with a Syariah economic approach is an underdeveloped area of study. This study aims to compare conventional and Syariah methods for assessing MOF feasibility. The study involved field observation, primary and secondary data collection, calculation of reserves and oil production, cost estimation, oil price forecasting, and cash flow preparation based on a production sharing contract gross split contract scheme. The economic evaluation was conducted using conventional economic indicators (NPV, internal rate of return (IRR), payout time (POT), and PI) and Syariah indicators, namely, the gold value method (GVM) and gold index (GI). It is found that the development of the MOF is economically feasible. The NPV reached USD 172.27 million, with an IRR of 16.50%, a POT of 3.86 years, and a PI of 1.04. Moreover, the GVM was 10,687.03 grams of gold, and the GI stood at 1.20. This study demonstrates that the results of the Syariah method are consistent with those of the conventional methods, affirming its viability as an alternative evaluation approach for MOF development.</dc:description>
	<dc:publisher xml:lang="en">Testing Center for Oil and Gas LEMIGAS</dc:publisher>
	<dc:date>2025-08-25</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.lemigas.esdm.go.id/index.php/SCOG/article/view/1752</dc:identifier>
	<dc:identifier>10.29017/scog.v48i2.1752</dc:identifier>
	<dc:source xml:lang="en">Scientific Contributions Oil and Gas; Vol. 48 No. 2 (2025); 347-362</dc:source>
	<dc:source xml:lang="id">Scientific Contributions Oil and Gas; Vol 48 No 2 (2025); 347-362</dc:source>
	<dc:source>2541-0520</dc:source>
	<dc:source>2089-3361</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.lemigas.esdm.go.id/index.php/SCOG/article/view/1752/1399</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 © Copyright by Authors. Published by LEMIGAS</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>