New Delhi: The Comptroller and Auditor General of India (CAG) in its report on Oil and Natural Gas Commission (ONGC) has slammed the PSU for poor performance, static production and lowest drilling efficiency in the sector.
The report said that the company did not complete work in 74 per cent of its blocks and that its exploration costs overshot target by a huge margin.
"ONGC made lesser discoveries than Reliance India Limited (RIL) and Gujarat State Petroleum Corporation (GSPC). It monetised only two of its 56 offshore discoveries. The company paid Rs 133 crore in damages for not drilling 24 wells in 13 blocks.
"It understated its exploration costs by $4.84/BOE (barrel of oil equivalent) to $21.71/BOE. It overran its exploration costs target by 129-648 per cent," the report said.