CAG raps OVL for loss due to improper evaluation
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Improper evaluations by ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) while investing in assets abroad has resulted in a losses of nearly Rs 2,300 crore, the government auditor CAG said today.
The Comptroller and Auditor General CAG conducted a performance audit of 20 of the company's 45 Exploration and Production (E&P) assets for the period April 2004-March 2010.
"Certain inadequacies were noticed in due diligence process for evaluation of investment opportunities by the company (ONGC Videsh). As a result, the company incurred a loss of Rs 1,108 crore," CAG said in its audit report.
Besides, the CAG found that OVL made "unrealistic" estimation of reserves and productions of Russia's Imperial Energy which it acquired in January, 2009.
"Unrealistic estimation of reserves/ production rate resulted in a huge loss of Rs 1,182.14 crore...
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