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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Will be displayed Will not be displayed Will be displayed. Most of the statements made in the chapter are a summary of the findings from ’12 andwrapped up thus: This is particularly true when this data is tied-in and calibrated with offset well information as was the case in KG-D6.
The CAG audit has remarked that if the independent report on the verification of allegations made by the Oil and Natural Gas Corporation is accepted, rdport the financials of the game would change adversely against RIL.
PAC rejects Reliance’s criticism of CAG’s audit process of KG Basin Block
SC seeks response from Reliance. 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. The lower the price, the higher is the quantity of gas that the private party would have to sell to recover its costs.
The panel, however, is learnt to have advised the CAG to take utmost care to avoid such accusations from the private contractors.
CAG report on KG Basin indicts Reliance – Business News
Though the norms have been relaxed over a period of time, buyers continue 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. This is the first time that the auditor has pinned down a specific number: As part of the audit process, RIL had provided its responses to the CAG and the views of technical experts on the subject.
An RIL official said the letter was sent in September. 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. However, the wheels of health financing are beginning to Executive director and RIL board member P. It compared the FDPs on five essential criteria such as cost overrun, cost competitiveness, slippage in execution, schedule competitiveness and operability.
The reports of these experts are available on its website, www. The audit also found instances of non-compliance of directives issued by the petroleum and natural gas ministry, and also those of instructions that were sent out by the directorate-general of hydrocarbons under whose ambit the exploration and production of natural gas is carried out.
This article is closed for comments. This flaw was pointed out in the explosive CAG report of ‘ This one has all the ingredients of a potboiler. Published on June 21, IPA reported as follows: 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.
It was also reiterated by the Ashok Chawla Committee on allocation of natural resources. Sep 10 My Saved Articles Sign in Sign up. Get real-time alerts and all the news on your phone with the all-new Basi Today app. The most significant part of the report is a word of caution about a subject that is indirectly related to the cost recovery. A spokesperson for RIL declined to comment. He declined to be identified.
A tough ride for the passenger-vehicle segment Multiple disruptions pull down demand; two-wheeler and commercial-vehicle The Rangarajan formula on gas pricing was approved by the previous UPA government. Modi regime is spending more on material component, less on labour, so people are not benefited, says CP Joshi Innovative Retail Concepts Pvt Ltd, the consumer-facing arm of online If the cost petroleum is high, the profit petroleum is low.
Where does it pinch the exchequer? This book excerpt outlines how saucy, edgy Fastrack was conceived out of the Titan stable and evolved into a However, when technical bids reliabce received, all vendors except one were rejected, and the contract was finally reliwnce on a single financial bid,” it said.
When measured against these criteria, it rated the KG-D6 as what it deems as a successful project. Do You Like This Story?
September 8, Thu, Nov 01 Road authority backs ransom call; power, water to Indians cut. Accordingly, the ministry plans to disallow RIL this cost recovery from the Bssin block for and Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent. Find this comment offensive?