New Delhi: Reliance Industries Ltd (RIL) and Petroleum and Natural Gas Ministry officials will meet on the company's oil and gas producing block KG-D6 audit on Wednesday. The meeting is being seen as the government's attempt to break the impasse on the proposed second round of the Comptroller and Auditor General (CAG) audit on the oil field. The Petroleum and Natural Gas Ministry decided to call RIL after the company wrote to it on October 18.
RIL holds 60 per cent share in the block followed by UK-based BP Plc's 30 per cent and Canada's Niko Resources' owns the remaining. The KG-D6 block accounts for more than 80 per cent of RIL's total oil and gas production.
RIL and the ministry have been at loggerheads as there has been a decline in output at KG-D6 in recent years. The CAG audit had questioned the company's revision of capital expenditure of the block to $8.8 billion from $2.39 billion, which further strained the relations between RIL and the government.
11:57 AM, Oct 31, 2012
New Delhi: Oil Ministry and its technical arm DGH on Friday refused approval to Reliance Industries' $ 1.529 billion investment plan to develop satellite fields to offset fall in gas output at its flagging KG-D6 block. At the KG-D6 block's oversight committee meeting on Friday, the ministry and the DGH blocked the investment saying RIL and its partners, BP Plc of the UK and Niko Resources of Canada, need to...
08:22 AM, Dec 03, 2011