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Moily ropes in CAG on Krishna Godavari basin bid
The Union oil ministry has asked Comptroller and Auditor General of India (CAG) to quantify the loss to the government caused by Reliance Industries’ awarding contracts worth $2.4 billion for developing oil and gas finds in the KG-D6 block on the basis of a single bid.
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New Delhi: The Union oil ministry has asked Comptroller and Auditor General of India (CAG) to quantify the loss to the government caused by Reliance Industries’ awarding contracts worth $2.4 billion for developing oil and gas finds in the KG-D6 block on the basis of a single bid. It said that any loss to the government will be deducted from the capital cost allowed for developing oil and gas fields in the eastern offshore KG-D6 block. CAG had in its September 2011 report on the audit of RIL’s expenses on the KG-D6 block asked the ministry to carefully review the award of 10 specific contracts, of which eight were to Aker Group companies, after other bidders were disqualified on technical grounds.
The ministry wrote to the CAG saying audit exceptions should be concluded with the financial impact and “such conclusion can be brought out by the team of auditors who have carried out this exercise.”
