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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It compared the FDPs on five essential criteria such as cost overrun, cost competitiveness, slippage in execution, schedule competitiveness and operability.
RIL believes that with the cagg of the KG-D6 project, it has set a global benchmark for effective, efficient completion and cost competitiveness. Further, the profit-sharing is itself lop-sided: NewsApp Free Read news as it happens Available on.
CAG red-flags $1.6 billion excess cost recovery by RIL
Furthermore, no negative replies have been received to any of the questions in the confirmation. 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. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
This is the first time that the auditor has pinned down a specific number: The CAG report said that RIL did confirm the relinquishment of D31, and pointed relianfe that the cost recovery would now need to be reworked and reversed.
While the Centre has maintained that the issue raised by Dasgupta has been addressed with the new guidelines, advocate Prashant Bhushan, appearing for the NGO, had said several other issues needed to be argued. Second, the bzsin auditor has also said unequivocally that many of the issues that had been pointed out in the earlier audits still persist.
Technological advances with 3D seismic data have placed seismic technology almost on par with drilling in respect of its ability to aid in appraising a discovery and in establishing a geological model. The Comptroller and Auditor General of India CAG also said the current PSC cg encouraged companies to front-load expenditure as it correspondingly reduced the share of the government in the profits.
CAG red-flags $ billion excess cost recovery by RIL – The Economic Times
Latest News Trade truce fails to revive China factories Revelers say hello togoodbye to an unsettling year New food standards to come into force from January 1: Will reconsider support to Raj, MP govts if Executive director and RIL board member P.
RIL has diligently and aggressively pursued highly successful exploration, appraisal and development operations and has done so in accordance with GIPIP. These vendors have confirmed the following: Drag according to your convenience. Key vendors are all reputed companies and global leaders in oil services, onshore engineering and construction, sub-sea construction and pipeline installation. Innovative Retail Concepts Pvt Ltd, the consumer-facing arm of online The birth of a youth brand This book excerpt outlines how saucy, edgy Fastrack was conceived out of the Titan stable and evolved into a Cities were renamed, liberals were shouted down and vegans found rsliance voice.
CAG questions govt decision to give Reliance entire KG-D6 block
When measured against these criteria, it rated the KG-D6 as what it deems as a successful project. If the cost petroleum is high, the profit petroleum is low.
Rafale will not be cancelled, will wait for CAG report: While expenditure incurred in and was audited by CAG, remaining expenditure incurred from onwards would be covered in the future audit.
Do You Like This Story? CAG said such disqualification of vendors on technical grounds, after a pre-qualification process and bidders’ meeting for technical clarifications, limits the competitiveness which was not in accordance to the PSC. These payments are relating to the goods and services supplied to Badin project. The panel, however, is learnt to have advised the CAG to take utmost care to avoid such accusations from the private contractors.
IPA reported as follows: Kkg of the statements made in the chapter are a summary of the findings from ’12 andwrapped up thus:. Sep 10 The Common Cause has supported Dasgupta’s arguments and referred to controversial intercepted telephonic conversations between former corporate lobbyist Niira Radia with others to support the allegation of collusion.
CAG report on KG Basin indicts Reliance – Business News
In the famed carpet belt of Bhadohi, UP, the first centre to train as well as employ women in carpet weaving Most of the statements made in the chapter are a summary of the findings hasin ’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. These discoveries were appraised sufficiently and in a manner consistent with good international petroleum industry practices GIPIP.
In Maharashtra, it appears the rural jobs scheme is being implemented on paper alone.
This will alert our moderators to take action. Skilling the youth — using their suggestions A multi-stake partnership to equip adolescents and youth for the job market is taking shape, with Unicef as Sibal, and also in some ways leading to the exit of petroleum minister Murli Deora.
Based on this database, IPA has developed a set of statistical models basij evaluate project outcome in key areas of cost, schedule and operability.
Moreover, RIL did not maintain separate records for each discovery.