• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 8 hours Its going to be an oil bloodbath
  • 27 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 1 hour Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 2 hours Marine based energy generation
  • 4 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 15 hours The Most Annoying Person You Have Encountered During Lockdown
  • 12 hours Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 18 hours Which producers will shut in first?
  • 6 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 16 hours Cpt Lauren Dowsett
  • 17 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 13 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 17 hours Washington doctor removed from his post, over covid

Breaking News:

IEA: OPEC Can’t Save The Oil Market

Oil Stocks Haven’t Hit The Bottom Just Yet

Oil Stocks Haven’t Hit The Bottom Just Yet

The coronavirus pandemic, in addition…

North Sea Oil Faces Crisis

North Sea Oil Faces Crisis

North Sea oil has a…

Energy Companies Run Afoul of India’s Official Auditor

Energy Companies Run Afoul of India’s Official Auditor

India’s Controller and Auditor General insists that his mandate includes “unfettered access” to investigate the fiscal accounts of private companies, including India’s Reliance Industries conglomerate and foreign operators such as British Gas and that the government back his inquiries.

The Times of India reported the Controller and Auditor General Vinod Rai stated in a press release that the government overrode objections from private oil firms by stating that the CAG audit body had the right to look into concerns regarding production-sharing contracts, adding, "Whether spectrum or profit-sharing in petroleum, these are performance audits because public goods have been made available to a private partner to exploit."

In June 2006 the Finance Ministry had backed such audits as being within the CAG's responsibilities. Rai's comments are a significant assertion on part of CAG to counter impressions made by Prime Minister Manmohan Singh's recent remarks about a leaked CAG audit report on Reliance Industries offshore KG-D6 natural gas fields. Singh criticized the report for implying a loss of projected government revenue and indicated that CAG should stick to its constitutional mandate.

Rai said, "We did the audit under the aegis of the (petroleum) ministry. Even when we got the replies, it was through the ministry. We have told the ministry that the portions that concern any private operator should be shared with all three operators to get their inputs."

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News