Gulf Indonesia says operation ?is still business as usual?

Gulf Indonesia Resources (GIR), a unit of Conoco Canada Resources said thus far it had no idea whether the company?s operations would be integrated with Conoco?s Indonesian operation after Conoco Canada offer to buy the remaining 28 percent shares of GIR that was still held by investing public.

?Until the tender offer is agreed and takes place, everything will be business as usual, that is GIR will still operate as an independent business entity,? said TM. Razief Fitri, GIR?s spokesperson over the weekend.

Conoco Canada, a unit of US oil major Conoco Inc. last week announced that it was ready to purchase the remaining 28 percent shares of GIR that has not yet held by it for 329 million. If minority shareholders agree the offers, Conoco Canada will gain 100 percent control of GIR, which will pave way for operation integration with Conoco in Indonesia. GIR is listed in the New York Stock Exchange.

Last week, industry sources said GIR?s workers would press for better pay in conjunction with the acquisition by Conoco Canada. The workers said they expect to get quite good pay from Conoco like former workers of Phillips which had been merged with Conoco, according to the sources.

GIR is currently Indonesia?s non-LNG gas producer with oil and gas interests span from Southern part of Sumatra to East Java, while Conoco Indonesia focuses on oil and gas developments offshore West Natuna.(alex)