CVC approval paves way for Ratna PSC

Vol 5, PW 21 (05 Dec 01) News in Brief
     

After eight years the PSC for the Mumbai offshore Ratna and R-Series oilfields is ready for signing.

PETROWATCH learns that 10 days ago the Central Vigilance Commission and the Comptroller and Auditor General cleared the proposal. "The CVC told us they have no objection," reveals a source.

"CAG said they'll conduct an audit after the PSC is signed." The Ratna 'File' will now move from the bureaucracy to oil minister Ram Naik and then to the law ministry and back. Premier Oil of Britain, Essar Oil and ONGC are the consortium partners for Ratna, which was awarded in 1993, but remains in limbo over allegations of corruption.