No objection to CAG audit, says RIL: Full statement

No objection to CAG audit, says RIL: Full statement

A day after the national auditor or CAG objected to the oil ministry agreeing to Reliance Industries Limited's (RIL) conditions to restrict a scrutiny of its accounts in connection with gas extraction from the Krishna-Godavari D6 basin, the oil and gas company issued a statement saying it has no objection to an audit by the CAG.

Here is the full text of the statement:

"RIL has at no time contested the Government’s right to conduct an audit by any agency, including the CAG as provided in Section 1.9 of the Accounting Procedure of the PSC. At all times RIL has fully co-operated with any auditor appointed by the Government including in several cases where the Government had already exercised its audit rights earlier or where such audit was beyond the period stipulated in the PSC.  We are private operators functioning under a PSC. We have seen press statement made by the CAG as reported by the media. We appreciate the fact that the CAG is in agreement that it does not conduct performance audit of private operators and expect that no such performance related audit issues applicable to the Government will be applied to any such audit. As always RIL is fully confident of its technical capabilities and welcomes comments on operational matters if such comments come from experts having the requisite knowledge of the complexities of deep water operations in Oil and Gas sector."