KG-D6: Petro min hits back on RIL-BP alarm | business | Hindustan Times
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KG-D6: Petro min hits back on RIL-BP alarm

business Updated: Jul 18, 2012 21:05 IST
HT Correspondent
HT Correspondent
Hindustan Times
Highlight Story

The strong warning by Mukesh Ambani-led Reliance Industries Ltd (RIL) and its partner British Petroleum (BP) over a massive drop in gas production from the KG-D6 gas fields off the eastern coast by 2015 in the absence of timely approvals has fallen flat with the petroleum ministry.

While RIL sought speedy approvals to the firm’s capital expenditure plans at a meeting on Tuesday, the petroleum ministry hit back stating that approvals were not given because RIL had denied the Comptroller and Auditor General access to its books.

RIL executive director PMS Prasad and BP India head Sashi Mukundan met petroleum minister S Jaipal Reddy for nearly three and half hours on Friday to highlight the exigency facing the flagging KG-D6 fields due to his ministry not approving annual budgets and capital spending for three years.

Oil ministry sources said RIL was denying CAG access to all its records for subsequent audit as it had disputed the scope of audit. RIL says CAG cannot do a performance audit.

Production from the KG-D6, largest gas producing fields in India, has been depleting for over a year now.