Ecuador Launches Tender for Audit of Four Oil Companies

Ecuador's mines and energy ministry has launched tenders for the audits of state oil company Petroecuador and three other companies, a ministry source told BNamericas, confirming local news reports.

The other companies are the Ecuadorian subsidiary of Argentine holding company Petrobras Energia, local Petrobras Energia-owned oil company Ecuador TLC and the EDC Ecuador subsidiary of US oil firm Noble Energy (NYSE: NBL), the source said.

Bidding rules will be available for purchase through September 15. Interested companies can submit offers September 18-29. The ministry will open bids September 29. Winners have 90 days to conduct the audits.

The audits relate to 2005 investments, income, costs and expenses of Petrobras Energía Ecuador's block 31, EDC's block 3 and Ecuador TLC's block 18 and Palo Azul field.

The audit of Petroecuador relates to investments, operating income, non-operating income, costs and expenses of both the company and its subsidiaries in the second half of 2002 as well as 2003, 2004 and 2005.

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