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RIL hopes CAG won't do a performance audit of KG-D6 block

Source : IANS
Last Updated: Sat, Nov 03, 2012 18:34 hrs
Undated handout photo of India's Reliance Industries KG-D6's facility

Mumbai: Reliance Industries on Saturday said the Comptroller and Auditor General's right to conduct a performance audit does not apply to private companies.

"We appreciate the fact that the CAG is in agreement that it does not conduct performance audit of private operators and expect that no such performance related audit issues applicable to the government will be applied to any such audit," the company said in a statement.

RIL was reacting to the CAG's statement that the audit of the RIL-operated Krishna-Godavari (KG) D6 oil and gas block has to be both a financial and performance audit.

"RIL has at no time contested the government's right to conduct an audit by any agency, including the CAG as provided in Section 1.9 of the Accounting Procedure of the Production Sharing Contract. At all times RIL has fully co-operated with any auditor appointed by the Government."

The statement further said that RIL welcomes comments on operational matters if such comments come from experts having the requisite knowledge of deep water operations in the oil and natural gas sector.




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