CAG REPORT ON RELIANCE KG BASIN PDF
The Comptroller & Auditor General of India (CAG) Performance Audit Report on the Hydrocarbons Production Sharing Contracts (MoPNG) has. PAC rejects Reliance’s criticism of CAG’s audit process of KG Basin Block reports on the production sharing contracts — the RIL-operated KG. New Delhi: Reliance Industries has sought “suitable opportunity” to respond to a CAG report that indicts it on receiving undue favours from the oil ministry, saying .
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Full coverage of the RIL-KG D6 basin controversy
Drag according to your convenience. Also, cost recovery for doing discovery conformity test should be looked into, it said.
It said many of the issue it had pointed out in the previous audits eeliance the block still persist. CAG had in its previous reports slammed Oil Ministry and its technical arm DGH for not exercising enough control and vigil over KG-D6 block, leading to instance of excess cost recovery.
A new CAG report puts a number to how much Reliance Industries owes the exchequer: $ billion
As per the Production Sharing Contract PSCan operator is allowed to recover all his cost before sharing profit with the government, a provision which CAG says encourages companies to inflate cost to delay profit sharing. CAG in its report tabled in Parliament today said RIL refused to connect to production system four wells it had drilled on the D1 and D3 gas field in KG-D6 block on the pretext that they would not produce adequate incremental volume to justify the additional capex spend.
Also, the ministry had ordered RIL to relinquish 6, Are you a Business Owner? Read more on RIL.
CAG questions govt decision to give Reliance entire KG-D6 block – Indian Express
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