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CAG red-flags $1.6 bn excess cost recovery by RIL

CAG red-flags $1.6 bn excess cost recovery by RIL

Government auditor CAG has red- flagged USD 1.6 billion of excess cost recovered by Reliance Industries in the KG-D6 gas block and took note of state-owned ONGC's gas flowing into the eastern offshore fields of the Mukesh Ambani-led firm.

Oil Ministry rejects RIL arbitration notice, terms it 'untenable'

The ministry held that the move is in accordance with the provisions of the contract and there's no dispute that needs to be arbitrated upon.

Govt asks RIL to surrender 81% of KG-D6 gas block

The government Wednesday asked Reliance Industries to give up 81 percent of its KG-D6 gas block, including five discoveries, as the time allocated for producing from them had expired.

Moily to decide on RIL relinquishment proposal

The proposal based on recommendation of the Directorate General of Hydrocarbons (DGH) was put to Moily by his ministry a few days back, top officials said.

Govt not honouring contracts on KG-D6 gas block, says RIL

Amidst move to force Reliance Industries to sell gas from its main fields in KG-D6 block at old rates of USD 4.2, the Mukesh Ambani-run firm on Tuesday hit out saying the government was not honouring signed contracts and extraneous factors were being brought into business.

RIL sniffs gas in 1st exploration well in 5 yrs

The MJ-1 exploration well on the Dhirubhai-1 and 3 gas fields in the KG-DWN-98/3 or KG-D6 block has sniffed natural gas while drilling, sources privy to the development said.

CAG says it wants to check propriety of RIL spending on KG-D6

Having suspended audit of Reliance Industries' spending on KG-D6 gas block, the CAG has said that it is not planning to a do a performance audit of the company but wants to examine "propriety" of expenses made.

RIL to give up 4,266 sq km of KG-D6 block

The offer was made just as the ministry was readying an order asking the firm to vacate some 5,970 sq km of area of KG-D6 block.

Oil Min for CAG doing financial audit of RIL's KG-D6

With CAG suspending KG-D6 audit following differences with RIL over the audit scope and extent, the Oil Ministry is believed to have this week written to the official auditor explaining the scope, extent and manner of audit it wants.

Ministry of Defence clears RIL gas blocks

Defence Ministry has agreed to relax the "No-Go" zones imposed on its producing KG-D6 gas block and discovery block of NEC-25 in Bay of Bengal and permitted oil and gas activities with certain conditions.

No need for CAG audit of CBM blocks: Rangarajan panel

Amidst a row over CAG audit of Reliance Industries' KG-D6 gas block, the Rangarajan Committee has said official auditor CAG need not audit RIL's CBM blocks as they are governed by different contractual regime.

Reliance Industries shuts seventh well on KG-D6 gas block

Reliance Industries has shut its seventh well on KG-D6 gas block due to high water and sand ingress as it awaits regulatory nod to carry out urgent workover to plug the problem responsible for drastic fall in output.

RIL denies allegation of hoarding gas

Reliance Industries has denied allegation that it is hoarding gas by keeping KG-D6 output low saying it was technically impossible to store gas in the KG basin fields, and sought appointment of independent international experts to verify its claims.

RIL agrees to CAG scrutiny of expenses in KG-D6 gas block

Softening its stand on CAG audit, Reliance Industries has agreed to a scrutiny of its expenses in the flagging KG-D6 gas block by the official auditor even after expiry of the contractual period.

RIL's KG-D6 has 80% less reserves than estimated: Niko

Reliance Industries' flagging KG-D6 gas block holds 80 percent less reserves than previously estimated, the firm's junior partner Niko Resources of Canada said on Thursday.