Pertamina withdraws from Palmerah block bidding

State oil and gas company Pertamina has withdrawn its bid on Palmerah exploration block onshore South Sumatra, a company source said.

The source said Pertamina decided to withdraw from bidding because it had not enough time to form new vehicle company.

Palmerah block is one of the new eight exploration blocks that were offered based on investors? interest.

U.S. oil, gas giant ConocoPhillips was the first company to ask for the block, then followed by Petronas, Zodan NV, Talisman, and Lundin Petroleum. The government is expected to announce winners on November 17. (godang)