RIL says KG D6 costs were not overstated

RIL says KG D6 costs were not overstated
Mumbai: Energy major Reliance Industries said on Friday there was no evidence to suggest that costs in development of the country's key natural gas field in the Krishna Godavari (KG) basin were overstated.

The Comptroller and Auditor General (CAG) has criticised Reliance and the government over development of KG D6 basin and called for revamping profit sharing arrangements from oil and gas blocks.

The offshore KG basin was expected to contribute up to one-quarter the gas supply for India, but lower-than-expected output has left the energy-hungry nation more dependent on expensive, imported LNG to fuel power and fertiliser plants.

Bureau Report