September 8, 2011 5:46 PM

printer

CAG suggest improvement in management of hydrocarbon exploration

The Comptroller and Auditor General, CAG has strongly advocated greater role of Centre in operational control and high value procurement decisions. In its report tabled in the Lok Sabha on Thursday, the CAG has suggested improvement in the management of hydrocarbon exploration and production.The report also indicated that the profit sharing mechanism is not perfect and emphasised the need to change the mechanism which was designed in the late 1990s. Giving the details of management issues, the report has suggested that development plans should be considered not just from technical perspective but financial aspect must be taken in the consideration.It strongly advocated for annual work programmes and said that budgets should be strictly in line with the approved development plans. Objecting on the procurement procedures, the report suggested that high value contracts should be awarded only after the prior approval of the Management committee.

Most Read
View All arrow-right

No posts found.