Expansion of existing blocks was held up for environmental clearance, new blocks were either unexplored or partially explored

Rejecting the contention that Reliance Industries Limited (RIL) has been given any kind of leverage in grant of approvals, the Central Government, on Thursday, asserted that not only it had turned

After months of intense stand-off, the oil ministry has given nod to Reliance Industries’ plans to raise natural gas output from the flagging KG-D6 oilfield and agreed the Comptroller & Auditor

Clears KG-D6 investment plan RIL also allowed to declare commerciality of certain wells in NEC 25, KG-D6

The face-off between the government and Reliance Industries Ltd (RIL) is nearing an end, with the petroleum ministry agreeing to exempt the country’s largest private sector petroleum company from a performance audit. Simultaneously, the pending approvals for RIL’s KG-D6 block have also been granted. In a letter sent to RIL yesterday, the ministry has said an audit under section 1.9 of accounting procedure in the production sharing contract (PSC) would be conducted.

Business: Holding out hope for the future of Reliance Industries’ showcase KG-D6 hydrocarbon assets and India’s mining and energy industries, the government and the company have agreed on a develop

Oil Ministry says CAG can’t do performance audit of the company

After months of intense stand-off, the Oil Ministry has given nod to Reliance Industries’ plans to raise natural gas output from the flagging KG-D6, and agreed that CAG cannot do a performance audit of the company. The Ministry, on Tuesday, sent a letter to RIL stating that “all the government nominees” on the KG-D6 block oversight committee have “already approved” to all the development proposals made by RIL, sources said.

The CAG has pulled up the State Forest Ministry for allegedly diverting 1,883 hectares of forest land for non-forest purposes in violation of the rules in this district of Jammu and Kashmir.

NEW DELHI, 17 OCT: The oil ministry has informed the Prime Minister's Office (PMO) that it has not given final nod to Reliance Industries' plans to raise natural gas output from the flagging KG-D6

New Delhi The leeway for oil producers to stagger or defer sharing of profit with the government could go. The upstream oil regulator has proposed that these companies earmark a defined fraction of their revenue for the government, right from the start of production.

Currently, producers can decide whether and how to recover their investments before starting to share profits with the state. The Comptroller and Auditor General has criticised this system as it allows a perverse incentive to front-load capital expenditure and delay government’s share of profits.

The petroleum ministry has informed the Prime Minister’s Office that it has not given a final nod to RIL’s plans to raise natural gas output from the flagging KG-D6 fields as the firm has refused to allow audit of its expenditure by CAG.

Oil Secretary G C Chaturvedi told at a meeting convened by Pulok Chatterji, principal secretary to the PM, on September 24 that the KG-D6 block oversight committee, headed by DGH with representatives of the ministry, had agreed to all the development proposals made by RIL, sources said here.