RIL denies finding oil in KG Basin

New Delhi: Reliance Industries on Tuesday denied finding any oil in the Krishna Godavari Basin.

This contradicts a statement made by the Director General of Hydrocarbons, VK Sibal, that there was a major oil find in the KG Basin.

When contacted, Sibal reiterated what he had said about the oil discovery, but added that it was still to be certified as to whether this was commercial oil or not.

He then added that the size of the discovery looked fairly large and promising. This affirmation and denial mode has made the whole situation quite absurd and also raises questions about disclosure norms.

As per new disclosure norms, companies are supposed to inform the regulator as well as the stock exchanges of any oil and gas finds.

While DGHC seems to be under the impression that there has been a discovery in the KG basin, the stock exchange has been told something else.

This begs the question: are disclosure norms are actually being adhered to or not.