The curious case of reliance kg basin gas business. Cag report on gujarat state petroleum corporations kg. Sultanpurjhajjarhissar, physical progress up to 17 % phaseii. Ril continues to give a hard time to cag on kgd6 audit. Cag in its report criticised reliance industries and the government over development of. Chapter 2 audit findings in respect of kgdwn983 block cag. A performance audit report on the hydrocarbon production sharing contracts with private operators, including reliance industries ltds kg d6 basin, is among 15 reports the. According to the cag report, a total of 25,46, documents were registered with various revenue department offices between and home cities ahmedabad gujarat. Will excess cost recovery affect reliance ind scrip.
What are the details of the so called reliance gas scam. Pac rejects reliances criticism of cags audit process of kg basin block reports on the production sharing contracts. National auditor cag comptroller and auditor general of india on thursday castigated the oil ministry for allowing reliance industries to retain its entire eastern offshore kgd6 block in contravention of the production sharing contract, but did not comment on more than tripling of the field development cost. Cag report on kg basin indicts reliance business news.
Cag report which has also highlighted other financial anomalies. The governments auditor said in a report that reliance industries ltd ril had breached some terms of a. The firm will have to invest more than rs 7,000 crore rs 70 billion in extracting gas from the krishnagodavari basin. The present jantri was in force since april 1, corporation areas were studied dividing the entire area in value zones,municipalities in 12, value zones and rural areas in 7,83, subgrids.
Reliances gas reserves are expected to feed the gasstarved country for almost a century. It is spread across more than 50,000 square kilometres in the krishna river and godavari river basins in andhra pradesh. Report on rils kg basin among 15 given by cag india. The kg basin is considered to be the largest natural gas basin in india. A performance audit report on the hydrocarbon production sharing contracts with private operators, including reliance industries ltds kg d6 basin, is among 15 reports the cag has. Respond to cag report, sc to ril supreme court today granted six weeks time to mukesh ambanis reliance industries ltd ril to respond to the final cag report which found alleged irregularities including in payments made to the contractors on drilling of d6 wells at the krishnagodavari basin. The governments auditor said in a report that reliance industries ltd ril had breached some terms of. Govt fines ril rs 2500 crore for not meeting kg basin production targets. Congress demands jpc in kg basin as cag picks other holes in gujarats development. Watch 10tv special story on kg basin gas scam, where the cag report has revealed that reliance industries has theft 9500 cores worth gas reserves of ongc from its fields in kg d6 basin. The cag, in its muchawaited report tabled in parliament. Reliance industries limited wikimili, the free encyclopedia. Pac rejects reliance s criticism of cag s audit process of kg basin block reports on the production sharing contracts the riloperated kg. Cag also noted that the gujarat urja vikas nigam ltd guvnl did not fix delivery points after the finalization of power purchase agreement, resulting in undue benefit of rs 587.
Kg basin gas theft row reliance illegally theft ongc gas. Reliance violated contract terms in kg basin, finds cag report. Management science by aryasri pdf pdf pro downloader. Cag indias top auditor cag has said that audit of the d6 oil block in the krishnagodavari basin operated by reliance industries is likely to take 45 months more to be finished. Performance audit on supply and infrastructure development for. But reliance industries ltd ril had cocked a snook at both the supreme court and the cag when it said in the aftermath of the above supreme court verdict that the cag can audit the kg basin. Krishna godavari basin located at the coast of andhra pradesh and is spread over 50,000 sq km. Reliance is the first private indian company to have struck gas in a deep water exploratory block in the country. Chainsasultanpur phasei, gas charged in march 2010. Leader of rajya sabha arun jaitley today rejected congress demand for a discussion on a cag report pointing to anomalies in gujarats kg basin gas project, saying this was a diversionary tactic. The other big scam which is presently unfolding relates to the production sharing contract between the central government and the reliance industries on natural gas extracted from the krishnagodavari kg basin in the bay of bengal. Kgdwn983 block for the financial years 2012 and 2014.
Reliance industries limited ril with a 90 per cent pi through a global. Cag report on kg basin gas theft row has revealed that reliance industries has theft 9307 cores worth ongc gas reserves from its fields in kg d6 basin. Methods for applied macroeconomic research is published. Congress demands jpc in kg basin as cag picks other holes in gujarats development the latest cag report on gujarat has highlighted many such gaps in psu projects in the states as well as development schemes, raising doubts about the gujarat model. Story telling wise, the strongest part of this book is the first third. Keep the change, rick check out what is happening at deceptions unlimited. The comptroller and auditor general cag of india is an authority, established by article 148 of the constitution of india, which audits all receipts and expenditure of the government of india and the state governments, including those of bodies and authorities substantially financed by the government. A draft performance audit report of the cag has already. The reliance industries limited ril was supposed to relinquish 25% of the total area outside the discoveries in 2004 and 2005, as. Ongc and reliance industries limited ril, for pursuing oil and gas. The panel is looking at a cag report tabled in 2016 that has reference of the followup audit of the kg block.
Performance audit of hydrocarbon exploration efforts by ongc. Modi as gujarat chief minister in 2005 had announced that gspc had struck 20 trillion cubic feet of gas reserves in its kg basin block. Thus as per the cag report there is every reason to believe that these investment costs have been doctored and in fact. The cag is also the external auditor of governmentowned corporations and. Indias top auditor cag has said that audit of the d6 oil block in the krishnagodavari basin operated by reliance industries is likely to take 45 months more to be finished. The figure relates to excess cost recovery from the kgd6 block of the krishnagodavari gas basin.
The site is known for the d6 block where reliance industries discovered the biggest natural gas reserves in india in 2003. In government records, the 7,645 sq km block is known as kgd. The cag in its report on performance audit of jnnurm, tabled in parliament on thursday, said though twoyear time was granted to complete each project. Reliance should relinquish half of its stake in kg. Cag can look into rils kg basin accounts the hindu. Thus as per the cag report there is every reason to believe that. Ril revenues from kg basin divided by costs cag commented, the private contractors have inadequate incentives to reduce capital. A roundup of the muchtalkedabout kgd6 basin and the role of cag. Reliance industries discovers natural gas in d9kg basin. The krishnagodavari basin is a deltaic plain formed by two. It is the first gas discovery for ril in the exploration well kgd9a2, with an estimated resource potential of the block being close to 5.
The comptroller and auditor general of india in a report tabled in parliament, said 831. Auto power off function when the ptouch labeller is. The cag, in its muchawaited report tabled in parliament on thursday, did not say if. Krishna godavari kg basin gas the reliance industries limited ril was supposed to relinquish 25% of the total area outside the discoveries in 2004 and 2005, as per the production sharing contract psc. Tell them you are going to rouches their aura, or conjure some sort of spirit. Mukesh ambani led reliance industries limited ril has landed upon rich natural gas reserves in the d9 block of krishnagodavari kg basin. All about the reliancekg basin controversy all about the reliancekg basin controversy last updated on. Reliance should relinquish half of its stake in kg basin, cag says mukesh ambanirun reliance industries ltd ril is in deep trouble as the final report of the comptroller and auditor general cag has. Congress demands jpc in kg basin as cag picks other holes. Fabio canova methods for applied macroeconomic research pdf free download as pdf file. Jairam ramesh addressing mediapersons here, the former union minister said the cag had rapped gspc for investing rs 19,576 crore in a krishnagodavari kg block for gas exploration.
The audit report has been prepared in accordance with the. A new cag report puts a number to how much reliance industries. Cag castigates the oil ministry for allowing reliance industries to retain its entire eastern offshore kgd6 block in contravention of the. Published june 1st by serpents tail first published want to read saving. Fresh round of negotiations between the two sides has failed to yield a breakthrough on the nature of audit for rils oil and gas block. In the report, the cag stated that the ministries of the central government were not equipped to monitor a project of jnnurms magnitude. Geographic location of the basin the cambay rift basin, a rich petroleum province of india, is a narrow, elongated rift graben, extending from surat in the south to sanchor in the north. However, the entire block was declared as a discovery area and ril was allowed to retain it. The reliance industries limited ril was supposed to relinquish 25% of the total area outside the discoveries in 2004 and 2005, as per the production sharing contract psc. Defined blocks of the kg basin have been allocated over time to various parties, including the oil and natural gas corporation limited ongc and reliance industries limited ril, for pursuing oil and gas discoveries. Recommended practice for inspection and classification of used drill stem elements, first edition identical adoption of. This is the site where reliance company discovered one of the largest gas reserve in india.
Comptroller and auditor general of india wikipedia. Audit report on hydrocarbon production sharing contracts. Reliance industries ltd ril has hardened its stand in its ongoing spat with the comptroller and auditor general cag. There may be a remote risk of electric shock from lightning. The figure relates to excess cost recovery from the kgd6 block of the krishna godavari gas basin. Were proud to have the strongest shipping guarantee in all of magic. Kg basin krishna godavari basin kg d6 krishna godavari d6 gas block kribhco krishak bharati cooperative limited ksfl kribhco shyam cooperative fertilizers limited. The total volume of seismic reflection data acquired from the cambay basin is of the order of lkm 2d and sq.
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