• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 51 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 56 mins Peak Oil is Now!
  • 5 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 7 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 3 hours Corporations Are Buying More Renewables Than Ever
  • 13 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 21 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 1 day The EU Loses The Principles On Which It Was Built
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 18 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Starvation, horror in Venezuela
Venezuela Takes Unprecedented Action To Stabilize Currency

Venezuela Takes Unprecedented Action To Stabilize Currency

Venezuelan President Nicolas Maduro has…

U.S., China Trade War Puts A Lid On Oil

U.S., China Trade War Puts A Lid On Oil

Negative signs for demand have…

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