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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                               (Amendment No. 2)*


                               IVANHOE ENERGY INC.
                               -------------------
                                (Name of Issuer)


                           COMMON SHARES, NO PAR VALUE
                           ---------------------------
                         (Title of Class of Securities)


                                    465790103
                                    ---------
                                 (CUSIP Number)


                                31 DECEMBER 2006
                                ----------------
             (Date of Event Which Requires Filing of this Statement)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of SECTION 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


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CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE
IS FILED:
[_]  Rule 13d-1(b)
[_]  Rule 13d-1(c)
[X]  Rule 13d-1(d)
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CUSIP NO. 465790103             Schedule 13G                       Page  2 of 9

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         NAME OF REPORTING PERSON
1.       I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         Robert Martin Friedland
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2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)     [_]
                                                                (b)     [_]
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3.       SEC USE ONLY


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4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         American and Canadian
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                                5.    SOLE VOTING POWER

          NUMBER OF                   51,011,725
                                ------------------------------------------------
           SHARES               6.    SHARED VOTING POWER

     BENEFICIALLY OWNED               -0-
                                ------------------------------------------------
     BY EACH REPORTING          7.    SOLE DISPOSITIVE POWER

           PERSON                     51,011,725
                                ------------------------------------------------
            WITH                8.    SHARED DISPOSITIVE POWER

                                      -0-
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9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         51,011,725
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10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                        [_]
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11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         21.1%
--------------------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON

         IN
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CUSIP NO. 465790103             Schedule 13G                       Page  3 of 9

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         NAME OF REPORTING PERSON
1.       I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         Newstar Holdings SRL
--------------------------------------------------------------------------------
2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)     [_]
                                                                (b)     [_]
--------------------------------------------------------------------------------
3.       SEC USE ONLY


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4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         Barbados
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                                5.    SOLE VOTING POWER

          NUMBER OF                   50,594,620
                                ------------------------------------------------
           SHARES               6.    SHARED VOTING POWER

     BENEFICIALLY OWNED               -0-
                                ------------------------------------------------
     BY EACH REPORTING          7.    SOLE DISPOSITIVE POWER

           PERSON                     50,594,620
                                ------------------------------------------------
            WITH                8.    SHARED DISPOSITIVE POWER

                                      -0-
--------------------------------------------------------------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         50,594,620
--------------------------------------------------------------------------------
10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                        [_]
--------------------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         21.0%
--------------------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON

         OO
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CUSIP NO. 465790103             Schedule 13G                       Page  4 of 9

--------------------------------------------------------------------------------
         NAME OF REPORTING PERSON
1.       I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         Newstar Securities SRL
--------------------------------------------------------------------------------
2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)     [_]
                                                                (b)     [_]
--------------------------------------------------------------------------------
3.       SEC USE ONLY


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4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         Barbados
--------------------------------------------------------------------------------
                                5.    SOLE VOTING POWER

          NUMBER OF                   46,866,172
                                ------------------------------------------------
           SHARES               6.    SHARED VOTING POWER

     BENEFICIALLY OWNED               -0-
                                ------------------------------------------------
     BY EACH REPORTING          7.    SOLE DISPOSITIVE POWER

           PERSON                     46,866,172
                                ------------------------------------------------
            WITH                8.    SHARED DISPOSITIVE POWER

                                      -0-
--------------------------------------------------------------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         46,866,172
--------------------------------------------------------------------------------
10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                        [_]
--------------------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         19.4%
--------------------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON

         OO
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CUSIP NO. 465790103             Schedule 13G                       Page  5 of 9


         This  Amendment No. 2 to Schedule 13G is filed by the  undersigned  to
amend and restate in its entirety the Schedule 13G,  dated as of April 28, 2000
and  Amendment  No. 1, dated  December 31, 2003,  with respect to the shares of
Common Stock, no par value, of Ivanhoe Energy Inc.

ITEM 1

1(a)     NAME OF ISSUER: Ivanhoe Energy Inc. (the "Company")

1(b)     ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

         Suite 654 - 999 Canada Place, Vancouver, British Columbia, Canada, V6C
         3E1

ITEM 2

2(a)     NAME OF PERSON FILING:

         This statement is being filed on behalf of each of the following
         persons (collectively, the "Reporting Persons"):

         (i)      Robert Martin Friedland;
         (ii)     Newstar Holdings SRL ("Newstar Holdings"); and
         (iii)    Newstar Securities SRL ("Newstar Securities").

2(b)     ADDRESS OR PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

         The address of the principal business office of Mr. Friedland is No. 1
         Temasek Ave., 37th Floor, Unit 2, Millenia Tower, Singapore, 039192.

         The address of the principal business office of Newstar Holdings and
         Newstar Securities is Stevmar House, Suite 202, Rockley, Christ Church,
         Barbados.

2(c)     CITIZENSHIP:

         (i)      Robert Martin Friedland - American and Canadian
         (ii)     Newstar Holdings - Barbados
         (iii)    Newstar Securities - Barbados

2(d)     TITLE OF CLASS OF SECURITIES: Common Shares with no par value (the
         "Common Shares" or "Shares")

2(e)     CUSIP NO.: 465790103

ITEM 3:  N/A


CUSIP NO. 465790103             Schedule 13G                       Page  6 of 9


ITEM 4.  OWNERSHIP

a.       Amount Beneficially Owned:

                  Newstar  Securities  may be  deemed  to  beneficially  own an
         aggregate of 46,866,172 Shares as follows:  (i) 36,695,000 Shares that
         it owns directly and (ii) 10,171,172 Shares through its sole ownership
         of Premier  Mines (as defined in Item 7 below)  2,200,000 of which are
         warrants exercisable into Shares in the next 60 days. Newstar Holdings
         may be deemed to beneficially own an aggregate of 50,594,620 Shares as
         follows:  (i) 46,866,172  Shares through its sole ownership of Newstar
         Securities  and (ii)  3,728,448  Shares  through its sole ownership of
         Evershine (as defined in Item 7 below). Mr. Friedland may be deemed to
         beneficially  own an aggregate of  51,011,725  Shares as follows:  (i)
         417,105  Shares  that he owns  directly  and  (ii)  50,594,620  Shares
         through his sole ownership of Newstar Holdings.

b.       Percent of class:

                  Mr. Friedland may be deemed to beneficially own approximately
         21.1% of the outstanding Common Shares. Newstar Holdings may be deemed
         to beneficially  own  approximately  21.0% of the  outstanding  Common
         Shares.   Newstar   Securities  may  be  deemed  to  beneficially  own
         approximately 19.4% of the outstanding Common Shares.

c.       Number of shares as to which such person has:

                  Newstar Securities may be deemed to have sole power to direct
         the voting and  disposition of the 46,866,172  Shares it  beneficially
         owns.  Newstar Holdings may be deemed to have sole power to direct the
         voting and disposition of the 50,594,620 Shares it beneficially  owns.
         Mr.  Friedland  may be deemed to have sole  power to direct the voting
         and  disposition  of  the  51,011,725  Shares  he  beneficially  owns,
         2,200,000 of which are warrants exercisable into Shares in the next 60
         days.

ITEM 5.

Ownership of 5 Percent or Less of a Class: N/A

ITEM 6.

Ownership of More than 5 Percent on Behalf of Another Person: N/A


CUSIP NO. 465790103             Schedule 13G                       Page  7 of 9


ITEM 7.

Identification and Classification of the Subsidiary Which Acquired the Security
Being Reported on By the Parent Holding Company or Control Person:

Mr.  Friedland is the sole owner of Newstar  Holdings.  Newstar Holdings is the
sole owner of  Evershine  SRL, a Barbados  society  with  restricted  liability
("Evershine"),  that  directly owns an aggregate of 3,728,448  Shares.  Newstar
Holdings also is the sole owner of Newstar  Securities.  Newstar  Securities is
the sole  owner of  Premier  Mines SRL,  a  Barbados  society  with  restricted
liability  ("Premier  Mines"),  that  directly  owns an aggregate of 10,171,172
Shares,  2,200,000 of which are warrants exercisable into Shares in the next 60
days.

ITEM 8.

Identification and Classification of Members of the Group: N/A

ITEM 9.

Notice of Dissolution of Group: N/A

ITEM 10.

Certifications: N/A


                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]


CUSIP NO. 465790103             Schedule 13G                       Page  8 of 9


SIGNATURE.

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


Dated as of February 1, 2007


                                    /s/ Robert Martin Friedland
                                    --------------------------------------------
                                    Robert Martin Friedland



                                   NEWSTAR HOLDINGS SRL


                                   By:  /s/ Robert Martin Friedland
                                        ----------------------------------------
                                        Name:   Robert Martin Friedland
                                        Title:  President



                                   NEWSTAR SECURITIES SRL


                                   By:  /s/ Robert Martin Friedland
                                        ----------------------------------------
                                        Name:   Robert Martin Friedland
                                        Title:  President


CUSIP NO. 465790103             Schedule 13G                       Page  9 of 9


                                  EXHIBIT INDEX
                                  -------------

Exhibit 99.1      Joint Filing Agreement as required by Rule 13d-1(k)(1) under
                  the Securities Exchange Act of 1934, as amended (filed as an
                  exhibit to the Scedule 13G filed on April 28, 2000).