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Wed, Jan 02, 2013 at 20:17
CAG has power to audit oil & gas blocks: Rangarajan
The Prime Minister-appointed Rangarajan Committee,
which went into oil and gas contracts, said CAG's authority to audit expenses
was unquestionable. "Audit is prerogative of CAG and so the power of audit
remains with CAG," C Rangarajan said after the report of the panel, headed
by him, was made public.
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Source: PTI
 |
The Prime Minister-appointed Rangarajan Committee, which went into oil
and gas contracts, said CAG's authority to audit expenses was unquestionable.
"Audit is prerogative of CAG and so the power of audit remains with
CAG," C Rangarajan said after the report of the panel, headed by him, was
made public.
The comments come in the backdrop of intense bickering over the scope of
CAG audit of Reliance Industries' spending on the flagging eastern offshore KG-D6 gas fields. RIL has
argued that while it is open to CAG doing a financial scrutiny as provided, the
Production Sharing Contract does not provide a performance audit by the
official auditor.
Rangarajan said blocks with low value can be audited by panel of
auditors formed by CAG and for high value blocks, the official auditor should
audit directly. The CAG have the power to decide the value of the block that
will be audited by it directly, he said.
In its report, the Rangarajan Committee has suggested shunning the
present cost recovery model that allows operators like RIL to first recover all
their investment before sharing profits with the government. This model had
come in for criticism from CAG which said it encouraged companies to keep
raising cost to defer higher profit for the government.
"We want to move from the present format of contracts," he
said adding the present system has run into lot of dispute. These disputes has
led to delay of implementation of contract, he said adding under the new system
both govt and contractor will have revenue share from day one of production.
For the future, the panel suggested bidding out the blocks based on the highest
production share offered.
On pricing of natural gas, the panel suggested a new model, Rangarajan
said. The average of three international gas hub price and the cost of imported
LNG will the well head price in India, he said adding the panel was not
interfering in gas utilisation or allocation policy that will be decided by the
government.
Rangarajan said the committee has recommended that the new gas price
formula will be reviewed every five years. "There are existing contracts.
Only after expiry of existing contracts new formula will be applied," he
said. RIL's USD 4.2 per million British thermal unit price for KG-D6 gas is
valid for the first five years of production ending March 31, 2014.
"I will not go into individual names," Rangarajan said when
asked pricing of KG-D6. Asked about the impact of new gas price on subsidies,
he said it all depends on if the fuel cost is passed on to consumers. "If
are really going to have situation when you will not allow the power prices to
increase or fertiliser prices to increase and you will always bear the
subsidies then your subsidies bill will go up," he said without getting
into specifics.
"I am saying impact on user industry will depend on what you will
do with price. It is impossible for us to say that we will contain the fiscal
deficit at 5.3 per cent ... we will have to take fresh look at pricing of end
product," he added.
*Subject: * *Today's 5 Minute Management Course*
read till the end and enjoy and learn something good in life.
_Lesson 1:_
A man is
getting into the shower just as his wife is
finishing up
her shower, when the doorbell rings.
The wife
quickly wraps herself in a towel and runs
downstairs.
When she opens the door, there stands
Bob, the
next-door
neighbour.
Before she
says a word, Bob says, 'I'll give you
$800 to drop
that towel.'
After thinking
for a moment, the woman drops her
towel and
stands naked in front of Bob,
after a few
seconds, Bob hands her $800 and leaves.
The woman
wraps back up in the towel and goes back
upstairs.
When she gets
to the bathroom, her husband asks,'Who
was that?'
'It was Bob
the next door neighbour,' she replies.
'Great,' the
husband says, 'did he say anything
about the $800 he owes me?'
_Moral of the
story:_
If you share
critical information pertaining to
credit and
risk with your
shareholders
in time, you may be in a position to
prevent
avoidable exposure.
_Lesson 2:_
A priest
offered a Nun a lift.
She got in and
crossed her legs, forcing her gown to
reveal a leg.
The priest
nearly had an accident.
After
controlling the car, he stealthily slid his
hand up her
leg.
The nun said,
'Father, remember Psalm 129?'
The priest
removed his hand. But, changing gears, he
let his hand
slide up her leg again.
The nun once
again said, 'Father, remember Psalm 129?'
The priest apologized 'Sorry sister
but the flesh is
weak.'
Arriving at
the convent, the nun sighed heavily and
went on her
way.
On his arrival
at the church, the priest rushed to
look up Psalm
129.
It said, 'Go
forth and seek further up, you will
find glory.'
_Moral of the
story:_
If you are not
well informed in your job, you might
miss a great
opportunity.
_Lesson 3:_
A sales rep,
an administration clerk, and the
manager are
walking
to lunch when
they find an antique oil lamp.
They rub it
and a Genie comes out.
The Genie
says, 'I'll give each of you just one wish.'
'Me first! Me
first!' says the admin clerk. 'I want
to be in the
Bahamas ,
driving a
speedboat, without a care in the world'
Puff! She's
gone.
'Me next! Me
next!' says the sales rep. 'I want to
be in Hawaii ,
relaxing on the
beach with my
personal masseuse, an endless supply
of Pina
Coladas and the love of my life.'
Puff! He's
gone.
'OK, you're
up,' the Genie says to the manager.
The manager
says, 'I want those two back in the
office after
lunch.'
_Moral of the
story:_
Always let
your boss have the first say.
_Lesson 4_
An eagle was
sitting on a tree resting, doing nothing.
A small rabbit
saw the eagle and asked him, 'Can I
also sit like
you and do nothing?'
The eagle
answered: 'Sure, why not.'
So, the rabbit
sat on the ground below the eagle and
rested.
All of a
sudden, a fox appeared, jumped on the
rabbit and ate
it.
_Moral of the
story:_
To be sitting
and doing nothing, you must be sitting
very, very
high up.
_Lesson 5_
A turkey was
chatting with a bull.
'I would love
to be able to get to the top of that
tree' sighed
the turkey, 'but I haven't got the
energy.'
'Well, why
don't you nibble on some of my
droppings?'
replied the bull. They're packed with
nutrients.'
The turkey
pecked at a lump of dung, and found it
actually gave
him enough
strength to reach the lowest branch of
the tree.
The next day,
after eating some more dung, he
reached the
second branch.
Finally after
a fourth night, the turkey was proudly
perched at the
top of the tree.
He was
promptly spotted by a farmer, who shot him
out of the
tree.
_Moral of the
story:_
Bull Shit
might get you to the top, but it won't
keep you
there.
_Lesson 6_
A little bird
was flying south for the winter. It
was so cold
the bird froze
and fell to
the ground into a large field.
While he was
lying there, a cow came by and dropped
some dung on
him.
As the frozen
bird lay there in the pile of cow
dung, he began
to realize how warm he was.
The dung was
actually thawing him out!
He lay there
all warm and happy, and soon began to
sing for joy.
A passing cat
heard the bird singing and came to
investigate.
Following the
sound, the cat discovered the bird
under the pile
of cow dung,
and promptly
dug him out and ate him.
_Moral of the
story:_
(1) Not
everyone who shits on you is your enemy.
(2) Not
everyone who gets you out of shit is yourfriend.
(3) And when
you're in deep shit, it's best to
keepyour mouth
shut!
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