Bolivia Awards Audits of 56 Fields for US$3.73mn

Bolivia's government has awarded the audits of 56 fields to 10 consulting firms for a total of 29.8mn bolivianos (US$3.73mn), local media reported.

Local consulting firm Delta Consult will audit 24 fields operated by local oil companies Andina and Chaco for 3.95mn bolivianos per field, newspaper Los Tiempos reported.

The tender of audits for fields operated by Spanish oil major Repsol YPF (NYSE: REP), UK gas company British Gas (NYSE: BG) and Brazil's federal energy company Petrobras (NYSE: PBR) were declared void. The government launched three new tender processes for the fields.

Bolivian officials were unavailable for comment Monday due to a national holiday.

The audits will serve as a basis to renegotiate operating contracts for the fields.

Jorge Alvarado, president of Bolivia's state oil company YPFB, believes the new contracts will be ready to be presented to congress before the 180-day contract renegotiation deadline expires, according to a report by government news agency ABI. The deadline was set on May 1.

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