Ecuador Re-launches Oil Company Audit Tender

Ecuador's mines and energy ministry has re-launched a tender to audit four oil companies after canceling the original process launched earlier this year.

Offers now are due by November 14, the ministry said in a statement. Offers had been due on September 29.

The contract winner will look at state oil company Petroecuador, auditing investment, operating income, non-operating income, costs and expenses of both the company and its subsidiaries in the second half of 2002 as well as for 2003, 2004 and 2005.

The other companies are Petrobras Energia Ecuador, local oil company Ecuador TLC and the EDC Ecuador subsidiary of US oil firm Noble Energy (NYSE: NBL).

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

The winner will have 90 days to conduct the audits.

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