Odisha government has been urged by the office of the Comptroller & Auditor General of India (CAG) to conduct audit of non-major port projects during the construction stage. CAG feels audit during the time of construction will help determine the investments made by the port developers and also valuation of assets.
Tag: audit
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RIL may invest Rs 1.5 trillion in core businesses
Media reports indicate that the various businesses of Reliance Industries (RIL) may get Rs 179,000 crore investment in the next five years. Of the total amount, the firm may invest about Rs 151,000 crore towards core oil, gas, refining and petrochemical sectors in the next five years; the rest would go towards the t
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RIL’s US shale assets produce 11 mmscmd gas
Reliance Industries (RIL) produces 11 million standard cubic metre per day (mmscmd) of natural gas from its shale gas operations in the United States. This is higher than the company's share of 9.6 mmscmd gas from its Krishna Godavari basin (KG D6) in the Bay of Bengal. While gas output from KG Basin is a littl
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RIL submits proposal to relinquish low prospectivity area
Reliance Industries (RIL) has submitted to the government a proposal to relinquish low prospectivity area in its eastern offshore KG-D6 block, the company informed this in an investor presentation. Out of a total of 7,645 sq km in KG-DWN-98/3 or KG-D6 block, only 3,412 square kilometer of area will be retained, the firm
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RIL, BP chiefs meet PM to discuss investment plans
Reliance Industries (RIL) Chairman Mukesh Ambani and Bob Dudley, head of global energy firm BP met Prime Minister Manmohan Singh and some government officials recently to discuss their investment plans. The two companies, that are jointly operating the KG D6 gas basin in Andhra Pradesh, asked government to clarify regulatory issues plaguing the oil and gas secto
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RIL finds another reservoir below KG-D6 basin
In a development that may increase output from Reliance Industries' (RIL) KG D6 basin, the company said it discovered another reservoir of natural gas below its existing fields in the basin. Although the company could not ascertain the potential output at the reservoir as it is still drilling in the region, some reports indicate that the new reserve could
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CAG team resumes audit of RIL’s KG-D6 operation
Following assurance from the union petroleum ministry, the officials of the Comptroller and Auditor General of India (CAG) resumed audit of the KG-D6 gas field operated by Reliance Industries (RIL). Recently, the team of CAG arrived at the Mumbai officie of RIL for this purpose. The CAG received assurance from the oil ministry that the auditing team would have acce
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Govt resolves issues with RIL on CAG audit
Union Petroleum Secretary Vivek Rae informed reporters that the government resolved the audit issue pertaining to the operation of Reliance Industries (RIL)in the Krishna Godavari (KG) D6 basin. Speaking at the sidelines of a CII Annual General Meeting (AGM), Rae said RIL agreed to a Comptroller and Auditor General (CAG) audit on its operation in KG-D6 fi
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India’s natural gas import may rise
Reports indicate that India's dependence on import for natural gas may increase in the coming years because of the dwindling output from the Reliance Industries' KG D6 basin. Output at the KG-D6 basin declined to an all-time low of 17.3 million standard cubic meters per day (mmscmd) recently. Of this, about 15.2 mmscmd was suppl
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RIL produces 1.58 tn cubic feet of gas till March 2012
Minister of State for Petroleum Panabaaka Lakshmi informed Lok Sabha that the actual cumulative natural gas production at Reliance Industries' (RIL) D-1, D-3 fields of KG D6 Block up to March 31, 2012, was 1.584 trillion cubic feet against the projected 2.030 trillion cubic feet. The decline in output in 2011-12 is attributed to water or sand ingress in six out of the total 18 gas producing wells in the D-1 and D