INDIA: The Comptroller and Auditor Common (CAG) has drawn up state-owned Oil & Organic Gas Organization (ONGC) for not putting preferred focus on finding oil and gas and being tardy in monetising its findings.
CAG's review on Hydrocarbon Discovery Initiatives of ONGC, which was tabled in Parliament on Wednesday, indicated issue at the organization's deficiency of sufficient efforts and outcomes in new areas and desired the Oil Ministry to totally reset yearly objectives set out in MoU that the company symptoms with the govt.
"ONGC did not position the preferred focus on its primary exploration action. In addition to the low issue on exploration are the flaws in MoU focus on establishing and confirming as well as performance statistic which can possibly deceive the stakeholder," it said.
CAG said ONGC features a good and balanced source alternative rate while development remains as fixed.
"ONGC was also tardy in earning cash its findings which provided to low development ," CAG said. "While exterior benchmarking of performance was not done, nationwide ONGC had among the smallest performance in exploration in comparison to personal as well as main community industry business (Oil Indian Ltd) which led to non-achievement of work responsibilities and transaction of liquidated loss," it said.
The formal auditor also mentioned several inadequacies in functions (procurement, choosing and contracting).
"Though ONGC functions in a area of leading advantage technological innovation, it did not have a program of separate evaluation of its specialized potential which isn't able to guarantee its stakeholders," it said.
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