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 .
|Published (Last):||20 October 2004|
|PDF File Size:||14.7 Mb|
|ePub File Size:||16.93 Mb|
|Price:||Free* [*Free Regsitration Required]|
The numbers have been mentioned in a chapter of the CAG report released on August 2.
KG basin controversy: SC seeks response from Reliance
Where does it pinch the exchequer? This article is closed for comments. Cracking the new CODE of marketing In the new year, marketers will have to focus on four new essentials Flashback In terms of numbers, not much really.
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. This book excerpt outlines how saucy, edgy Fastrack was conceived out of the Titan stable and evolved into a The higher the cost recovery by the company, the lower the profit that goes to the exchequer. RIL is the first private sector company from India to feature in the Fortune Global list of Worlds Largest Corporations and ranks th amongst the worlds Top companies in terms of profits.
Seeking in-depth review in the award of 10 contracts of which 8 were awarded to Aker Group companiesit said, “We are not even remotely suggesting that the operator should follow government procurement procedures, yet any commercially prudent private acquisition would also attempt to generate competition and thereby obtain the most competitive price.
The independent nature of these studies conducted by globally reputed consultants has acknowledged RILs commendable efforts in bringing to stream Indias first deep water hydrocarbons production facility in record time. My Saved Articles Sign in Sign up. In a blow to Mukesh Ambani-led Reliance Industries Ltd RILthe Union government has declined to join the arbitration proposed by the company to resolve the dispute over the recovery of cost for developing the D6 hydrocarbon field in the Krishna-Godavari KG basin.
Written by fe Bureau Mumbai Updated: An RIL official said the letter was sent in September.
CAG flays Oil Min for allowing RIL to retain D6 area
Revision of price The panel is considering two reports on the production sharing contracts — the RIL-operated KG Basin Block and contracts of other players — simultaneously and is likely to submit a report in the upcoming monsoon session of Parliament. Second, the national auditor has also said unequivocally that many of the issues that had repot pointed out in the earlier audits still persist.
It involves one of the most prolific gas reserves discovered in India, playing an important role in the face-off between the two Ambani brothers, splitting the already divided Congress ruled United Progressive Alliance government into camps, claiming the career of former director general of hydrocarbons V.
Airtel, Vodafone to lose 50 mn users Economy in bad shape, but rich year for tycoons How loan waivers will hurt the states Where is Radha Mohan Singh?
However, when technical bids were received, all vendors except one were rejected, and the contract was finally awarded on a single financial bid,” it said.
This is well within any reasonable margin of error and is accommodated in the PSC. A source has said that Reliance was given enoughopportunities to present its views at various stages during the audit.
RIL commenced gas production from KG-D6 in six and a half years from discovery, in comparison to the global average of years for similar deep-water production facilities. The cabinet committee on economic affairs CCEA is slated to take up the proposal next week.
This flaw was pointed out in the explosive CAG report of ‘ This will alert our moderators to take action.
PAC rejects Reliance’s criticism of CAG’s audit process of KG Basin Block – The Hindu BusinessLine
This done, the private party and the government then share the remaining profit petroleum at a predetermined ratio. Simply put, the cost petroleum is the total investment made divided by the price of gas per unit.
This will reduce the incentive for skewed volume and timing of capital expenditure resulting in very low Government of India share of profit petroleum. Will reconsider support to Raj, MP govts if Moreover, RIL did not maintain separate records for each discovery. Also, cost recovery for doing discovery conformity test should be looked into, it said. Technological advances with 3D seismic data have placed seismic technology almost on par with drilling in respect of its ability to aid in appraising a discovery and in establishing a geological model.
As part of the audit process, RIL had provided its responses to the CAG and the views of technical experts on the subject. All these are counted as part of the D6 field.
Overall, RIL was yet to give up an area of What a year has been! Why CAG stopped putting defence reports online.
KG basin controversy: SC seeks response from Reliance – Business
Foul language Slanderous Inciting hatred against a certain community Others. Drag according to your convenience.
Skilling the youth — using their suggestions A multi-stake partnership to equip adolescents and youth for the job market is taking shape, with Unicef as However, the wheels of health financing are beginning to