Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD
 
 
« News Headlines »
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax

ONGC audit raises questions about exploration record
May, 07th 2008

ONGC, the countrys largest oil producer, may have to answer some tough questions about its exploration operations. At a time when private oil majors like RIL are striking new oil and gas finds in every new well, ONGC appears to have missed oil and gas leads in as many as 20 wells drilled between 2002 and 2005.

These are findings of global petroleum consulting firm DeGolyer & McNaughton (D&M), which audited 350 wells as part of a third-party audit. D&M has identified approximately 20 wells, where the hydrocarbon potential may have been missed. This should result in future exploration leads, the interim report said.

The consultant recently submitted an interim report for the first phase comprising 350 wells. ONGC had appointed the exploration expert for a third-party audit of 579 exploratory wells drilled since 2002 to assess and improve performance.

ONGC, however, said this should not be interpreted as a missing of hydrocarbon potential. Explaining the D&Ms recommendations, ONGC said wells scoring low on three parameters - pre-drill, drilling and post-drill - might result in generating future exploration leads, if further work in the respective operations is undertaken.

D&Ms audit ranked the 350 wells at an average of 3.08, on a scale of 0 to 5.0, which is way above the cut-off rank of 2.5 to be considered as a successful exploratory well. This is a clear indication from a reputed third party that ONGCs exploration expertise compares favourably with almost all other major exploration companies, an ONGC official said. While concluding the audit, D&M has, however, observed that ONGC has matched and often exceeded the expected level of diligence and technical content.

D&M, which audits thousand of wells each year, has for the first time created a well-ranking system. According to the six-point ranking scale: 0 means data not available, 1 denotes unsatisfactory data and 2 means meeting some of the requirements. Point 3 means meeting most of the requirements, 4 is assigned for meeting requirements (a high level of competence) and 5 is an ideal situation of exceeding expectations.

The consultant has said with the completion of the audit of 579 wells, D&M will provide ONGC a comprehensive list of areas requiring additional attention to improve exploratory process. ONGC, which has been pulled up for not making enough efforts in its exploration activities, launched the third-party audit in line with its commitment to improved corporate governance.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions