CAG Seeks Petroleum Ministry's Help in Accessing RIL's Books for Gas Contract Audit

The Comptroller and Auditor General (CAG) has been unable to access Reliance Industries Ltd's (RIL) books for two years, hindering the audit of the Indian government's gas contract with the company. The CAG has written to the Ministry of Petroleum and Natural Gas seeking assistance in accessing RIL's accounts, which are necessary for conducting the audit of the government's production-sharing contract with the company for the Krishna-Godavari basin gas. The Ministry has agreed to facilitate a meeting between the CAG and RIL to resolve the issue.

Key Takeaways:

• The CAG has been unable to access RIL's books for two years, delaying the audit of the government's gas contract with the company.
• The CAG has written to the Ministry of Petroleum and Natural Gas seeking assistance in accessing RIL's accounts.
• The Ministry has agreed to facilitate a meeting between the CAG and RIL to resolve the issue.
• The audit in question is for the capital expenditure of Rs 450 billion (US$9.4 billion) made by RIL in its KG basin blocks.
• The CAG is trying to work out a solution to complete the audit that started about two years ago.
• RIL has been the subject of scrutiny due to its production-sharing contract with the Indian government for the Krishna-Godavari basin gas.

Statistics:

• Rs 450 billion (US$9.4 billion) - the capital expenditure made by RIL in its KG basin blocks.
• 2 years - the duration for which the CAG has been unable to access RIL's books.
• US$9.4 billion - the equivalent value of the capital expenditure made by RIL in its KG basin blocks in USD.

Sources:

• (Asia Pulse, New Delhi).
• (PTI, Directorate General of Hydrocarbons).
• .