Nido withdraws from Baronang and Cakalang PSC

By Romel S. Gurky

Australian firm Nido Petroleum Limited said it has withdrawn from from two offshore blocks offshore Natuna, Cakalang PSC and Baronag PSC.

Nido said in its quarterly report statement Friday that it had decided to withdraw from both PSCs because in ?discussions with the relevant Indonesian authorities Nido has been unable to secure suitable terms and conditions? to justify retaining the PSCs on a 100 percent basis.

Nido partners with Swedish firm Lundin Petroleum in both blocks. The firm wanted to increase its shares to 100 percent in both blocks after hearing that Lundin planned to withdraw from both blocks.

Both blocks expired on Nov. 13, 2014. Lunding is in the process of returning the blocks to the government.

Editing by Johannes Simbolon