Hand over KG-D6 documents to CAG or risk investment approvals: Govt tells RIL

Posted By: Religare
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Hand over KG-D6 documents to CAG: Govt tells RIL
Soon after the Reliance Industries Ltd (RIL) threatened to shut down the KG-D6 block by 2015-16 in the absence of approvals, the government has countered back asking the field operator to hand over documents of the KG-D6 to the national auditor or stay at the risk of investment approval standstill.

A media report highlighted government's verdict to RIL as "The Contractors (RIL & BP) were informed that denial of access to records to the CAG was adversely commented upon in previous audit by the CAG.

It was also brought to their notice that CAG recommended withholding of sanction to work plans and budgets if access to records is denied to CAG".

The statement comes soon after RIL and BP met petroleum minister last week to demand investment approvals for four oil and gas blocks in the Krishna-Godavari (KG-D6) and Cauvery (NEC-25) basins, which have been stuck amid the ongoing war-of-words between the two sides.

RIL, on Tuesday, warned the government of a severe production crisis at its KG-D6 fields by 2015, leading to a complete halt in the production, if its capital expenditure plans stay unapproved.

Read more about: reliance industries
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