text: CAG pulls up ONGC - Rediff.com Business
  Rediff.com » Business » CAG pulls up ONGC
  August 28, 2012 13:24 IST
  The Comptroller and Auditor General has pulled up state-owned Oil and Natural Gas Corporation for not placing desired emphasis on discovering oil and gas and being tardy in monetising its discoveries.
  CAG's report on Hydrocarbon Exploration Efforts of ONGC, which was tabled in Parliament today, expressed concern at the company's lack of adequate efforts and results in new fields and wanted the Oil Ministry to reset annual targets set out in memorandum of understanding that the firm signs with the government.
  "ONGC did not place the desired emphasis on its core exploration activity. Coupled with the low priority on exploration are the anomalies in MoU target setting and reporting as well as performance measurement which can potentially mislead
  the stakeholder," it said.
  "ONGC was also tardy in monetising its discoveries which contributed to low production," CAG said.
  Tags: Hydrocarbon Exploration Efforts of ONGC, CAG, Oil India Ltd, Natural Gas Corporation, Oil Ministry