The opposition party in Odisha wants the state government to cancel all the agreements signed between the state and different private sector companies for the implementation of the port projects. The demand comes following the tabling of a report by the Comptroller and Auditor General (CAG) in the s
Tag: CAG
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Panel upholds CAG’s right to audit blocks
The Rangarajan Committee on oil and gas sector opined that it was the prerogative of the Comptroller and Auditor General of India (CAG) to audit expenses incurred by block operators. The panel, which submitted its report to the union government recently, suggested that the blocks with low value can be audited by panel of auditors formed by CAG and f
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Excluding CBM blocks from CAG audit
An expert panel noted that the Coal Bed Methane (CBM) blocks of Reliance Industries (RIL) do not have elements of cost recovery and so CAG audit “may not be required.
This was said by the committee headed by Chairman of Prime MinisterÂ’s Economic Advisory Council, C Rangarajan, in its latest report on petroleum pricing and contracts. It may be noted that the CBM blocks were bid out based on the share of production a company offered from first day of production. The firm bidding the highest, got
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Excluding CBM blocks from CAG audit
An expert panel noted that the Coal Bed Methane (CBM) blocks of Reliance Industries (RIL) do not have elements of cost recovery and so CAG audit “may not be required.
This was said by the committee headed by Chairman of Prime MinisterÂ’s Economic Advisory Council, C Rangarajan, in its latest report on petroleum pricing and contracts. It may be noted that the CBM blocks were bid out based on the share of production a company offered from first day of production. The firm bidding the highest, got
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Govt to introduce shale gas policy soon
Petroleum and Natural Gas Minister, M Veerappa Moily said that his ministry was working on a “positive and forward-looking” shale gas policy that would be placed before the Union cabinet shortly.
Shale gas or natural gas trapped in sedimentary rocks (shale formations) below the earthÂ’s surface, is the new focus area in the US, Canada and China as an alternative to conventional oil and gas.
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Govt to introduce shale gas policy soon
Petroleum and Natural Gas Minister, M Veerappa Moily said that his ministry was working on a “positive and forward-looking” shale gas policy that would be placed before the Union cabinet shortly.
Shale gas or natural gas trapped in sedimentary rocks (shale formations) below the earthÂ’s surface, is the new focus area in the US, Canada and China as an alternative to conventional oil and gas.
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Heading for a revival?
Development of infrastructure is vital for the progress of Indian economy. However, a collective support of other sectors is required to achieve its goal. The year just gone was shaded with the dark patches of issues like slowdown and lack of policy initiatives. However, a realistic approach in policy frame work and the revival of the global economy can uplift the sentiments of the industry in the coming years. Arvind Mahajan writes on the performance and outlook of India's infrastructure sector
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CAG insists on its right to vet contractors’ documents
Comptroller and Auditor General (CAG) has asked oil ministry to ‘specifically incorporate’ its right to audit contractor(s) relevant documents of contractors in the future production sharing contracts (PSC).In a letter to Petroleum Secretary, the CAG’s Director General (Commercial) II, P Sesh Kumar said the government auditor must have access to the books, accounts, records, documents and financial statements of co
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RIL bats for linking gas price to market
In order to encourage firms to produce natural gas from technologically challenging ultra deepsea, Reliance Industries (RIL) requested a committee headed by C Rangarajan to propose market-linked pricing.C Rangarajan, who is the Chairman of Prime Ministers' Economic Advisory Council, is heading a committee that is formed to examine terms of future contracts for explo
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CAG warns ministry against clearing RIL plan
In a letter to the union petroleum ministry, the Comptroller and Auditor General of India (CAG) warned that any increase in capital expenditure by Reliance Industries (RIL) in its KG-D6 basin may have significant adverse impact on government's financial interests. Therefore, the CAG advised the ministry not to permit any investment plan by the company in the gas field unless RIL allows CAG unfettered access to audit its spen