Reliance Industries Ltd has agreed to share the KG-D6 accounting details with the CAG under the purview of the production sharing contract (PSC).
Oil Minister Jaipal Reddy has been asking the company to stat sharing the accounts with the CAG. The block's management committee is set to meet soon to discuss matters. The minister had asked the company to provide data for audit last month.
The minister had assured the company that the government will work to increase approvals for various proposals in four blocks, including KG-D6. The management committee of Reliance Industries' KG-D6 block will review the commercial viability of the three new gas discoveries on Tuesday.
The company officials will consider declaration of commerciality of the D29, D30 and D31 discoveries in the KG-D6 block. The company had submitted documents for getting government approval in February 2010. RIL can only develop the block only after this approval. The meeting comes after the company saw falling production, which it says was mainly due to geological complexities in the region.
The shares of the company increased 4.64 per cent higher at Rs 777.40. The shares hit a high of Rs 785 and a low of Rs 745.55.
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