The oil and gas industry regulator has never been far from controversy during his five-year tenure.
It is now widely accepted that the faith placed in independent directors, to improve the standards of corporate governance, has often been misplaced. Most of them, and not just in the case of Satyam Computers, tend to go along with the promoters who appoint them.
Reliance Industries has already stepped up gas production from 28 mmscmd in June to about 36-37 mmscmd now. The production will soon reach 42 mmscmd once the supply to the Dabhol power plant is increased in the first week of October, said a company official.
With 4,00,000 sq km in acreage and over 100 blocks to be awarded, Nelp VIII is touted as India's biggest-ever auction of oil and gas blocks. Industry observers say there is a strong case for the government to postpone the Nelp VIII, keeping in account the present liquidity situation and low crude oil prices. "It will make sense to postpone Nelp VIII as a lot of exploration and production companies are re-looking at their investment strategies," said a sector expert.
Is the DGH right about ONGC's track record?
After awarding oil and gas blocks under NELP-VI, the government is now turning its focus to the seventh round of the New Exploration and Licensing Policy (NELP-VII).
The agency would probe whether Sibal had shown undue favour to RIL.
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