CAG to audit RIL spending by month-end
The Comptroller and Auditor General (CAG) will begin its second audit of Reliance Industries' spending on KG-D6 gas fields by this month-end.delhi Updated: Oct 24, 2012 00:55 IST
The Comptroller and Auditor General (CAG) will begin its second audit of Reliance Industries' spending on KG-D6 gas fields by this month-end. This follows a written assurance from the oil ministry that the audit will be done strictly in accordance with contractual provisions, and won't judge performance.
CAG has called a "kick-off meeting" on October 31 to begin the second round of audit, sources said. The RIL spokesperson offered no comments on the development.
RIL had stated that it was open to a financial audit of its spending on the field, which has seen production drop by over 55% to 26 million cubic metres per day, instead of rising to the planned 80 mmcmd. It had, however, ruled out the conduct of a performance audit.
The CAG, in the second round, would audit of KG-D6 field spending from 2008-09 to 2011-12.