Complains to ministry about co not co-operating with auditors due to differences over scope of the audit

The Comptroller and Auditor General’s (CAG) audit of the controversial KG-D6 gas fields operated by Reliance Industries (RIL) has again cast a shadow on pending approvals for the block’s budget and investment plans. The Director General of Hydrocarbons (DGH) has refused to issue approval letters for the block’s work plans and budget since 2010-11. A letter written by CAG to the oil ministry on January 17 said that Reliance was not co-operating with the auditors due to differences over the scope of the audit, official sources said.

New Delhi: The cabinet committee on investment (CCI) will focus on 47 oil and gas blocks, including Reliance Industries’ producing KG-D6 gas fields, where defence approvals have delayed the project

Their first target could be bulk buyers but state-owned companies are well-entrenched in that market

At 65 million tonnes per annum, diesel accounts for nearly 40 per cent of all petroleum products sold in the country. Not surprisingly, it is a huge opportunity for private oil marketing companies. Now that the government has decided to decontrol diesel prices for bulk users and allowed government-controlled oil marketing companies to raise retail prices in small monthly doses, private oil companies such as Reliance Industries, Essar Oil and Shell India have a real opportunity on their hands.

If the price rise is approved, it would raise costs for power and fertiliser companies and other natural gas buyers such as city gas distributors

The pricing of natural gas is set for a major revamp. An empowered group of ministers is likely to approve new policy guidelines based on the Rangarajan committee report; this would more-than-double the price of domestic gas sold by Oil and Natural Gas Corporation and Oil India. If the price rise is approved, it would raise costs for power and fertiliser companies and other natural gas buyers such as city gas distributors.

A panel headed by Prime Minister's Economic Advisory Council Chairman C Rangarajan has proposed creating a mechanism to carry out "concurrent audit" of blocks where companies have invested over $1

A committee headed by C Rangarajan, the head of the Prime Minister’s Economic Advisory, has suggested linking the price of domestically-produced natural gas to international benchmarks such as US’

EXPLORING REFORMS Wants cost-recovery clause removed, end to govt role in micromanaging fields, tax holiday extension

Block may contain over 100 million barrels of condensate or light oil and 3 trillion cubic feet of gas

The Comptroller and Auditor General (CAG) has asked the oil ministry not to approve any more investments in Reliance Industries’s KG-D6 oil and gas block till the company submits all records of its

The government has approved Reliance Industries’ plan to start drilling for developing a new area in KG-D6, the first major decision after Veerappa Moily took charge at the oil ministry late last m