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RIL, BP Asked To Share D6 Records With CAG

BW Online Bureau Nov 08, 2014

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[The oil ministry has asked Reliance Industries and joint venture partner BP to submit all records and accounts relating to their D6 gas block off the country's east coast to the Comptroller and Auditor General (CAG) , a government statement said on Tuesday. "It was ... brought to (the companies') notice that CAG recommended withholding of sanction to work plans and budgets if access to records is denied to CAG," the statement said, referring to a meeting between the companies and the ministry on July 13. "Therefore, the company representatives were requested to make all the records and accounts of the KG D6 block available to the Comptroller and Auditor General as provided for in the Production Sharing Contract," the statement said. Reliance holds a 60 per cent stake in the block, while BP has a 30 per cent share. Canada's Niko Resources Ltd, which has a 10 percent stake in the block, last month slashed the reserve estimate for the block. It estimated that total proved plus probable reserves at the block had decreased to 1.93 trillion cubic feet (tcf) as of March 31. (Reuters)