CorporateCAG ready to audit RIL's gas field expenses
The government today said Mukesh Ambani-run Reliance Industries has provided most of the papers relating to its eastern offshore KG-D6 gas fields and the nation"s top auditor CAG is ready to begin audit of expenses incurred in developing the fields.
- No info on conflict of interest of members of gas pricing EGOM - Eyes on the world - GlobalLogic expects to double revenues in 3 years - Jharkhand loses Rs 663 cr due to irregularities:CAG - Morgan Stanley ropes in Merrill Lynch"s Fleming - Tata Group to build 50 Ginger hotels in four yrs
"Comptroller and Auditor General (CAG) would be in a position to commence the audit in respect of the KG-D6 block from December 14, 2009," Minister of State for Petroleum and Natural Gas Jitin Prasada said in a written reply to a query in the Rajya Sabha here.
Besides RIL"s KG-D6 block, CAG had also been asked to do a special audit of Cairn India"s Rajasthan block and British energy firm BG Group-operated Panna/Mukta and Tapti fields.
"RIL has expressed willingness to provide all details and access to the records of KG-D6 to facilitate audit by CAG," he said. "CAG has received most of the initial documents from RIL."
Petroleum Ministry asked CAG to audit the accounts of RIL, which is facing allegations of gold-plating gas field costs that has increased four-fold to $8.8 billion. RIL had on August 17 agreed to an audit by the country"s premier audit body.
Prasada said CAG would conduct audit of Production Sharing Contracts (PCS) in respect of the block KG-DWN-98/3 (KG-D6) awarded to RIL, for two financial years - 2006-07 and 2007-08, with access to records of previous years linked to transactions of these years.