New Delhi, Nov.5 (ANI): Petroleum and Natural Gas Minister M. Veerappa Moily said on Monday that Reliance Industries Limited will undergo a financial audit of their KG-D6 gas field in south India, under a 'contractual obligation' the operator and the government.
Moily made the assertion in response to queries about the limited scope of the enquiry, which was objected to by the Comptroller and Auditor General of India (CAG).
"Let us not get repeatedly into all this about Reliance. Allow them to make a business, because I have already gone on record in full detail that it is a contractual relationship between the government and the respective contracting parties, and they will abide by that. We need not create problems either for them or for the government," he said.
Moily, who replaced Sudini Jaipal Reddy as Oil Minister last week, has promised to speed decision making in an effort to attract foreign investment, and will push domestic oil companies to aggressively bid for foreign oil and gas assets to meet growing energy demand.
Moily said his ministry would create a roadmap to help the energy-starved nation improve its investment climate and increase oil and gas output and build downstream infrastructure, such as liquefied natural gas terminals and pipeline networks.
Reliance, controlled by billionaire Mukesh Ambani, Asia's second-richest man, had clashed with the oil ministry under Reddy over gas output at the conglomerate's KG-D6 block on Andhra coast.
Reliance and partner BP Plc have blamed a decline in pressure and water ingress for falling production, and sought an increase in gas prices to justify higher expenditure to develop the block, but the government has so far remained unconvinced. (ANI)
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