GUWAHATI: Public Sector Navratna oil company, Oil India Limited (OIL), has signed an MoU with the University of Houston, one of the leading universities on oil and gas of the world, with the objective of augmenting its reserves base and maximising recovery from its aging oilfields
The MoU was signed in presence of Dharmendra Pradhan, Minister of State (I/C), Petroleum & Natural Gas at New Delhi, according to a communiqué issued by the OIL.
The MoU, amongst others, is focused to collaborate in the fields of Improved Oil Recovery and Enhanced Oil Recovery for production enhancement from matured fields, seismic interpretation and reservoir characterization studies, improvement of drilling and well intervention practices and unconventional hydrocarbon studies.
It is envisaged that the collaboration will help OIL to further consolidate and upgrade the various initiatives the company has undertaken to improve production and contribute significantly to the energy security of the country.
The OIL has announced a Rs 50 crore OIL Start-up fund to foster, nurture and incubate new ideas related to oil and gas sector.
The proposal for setting up the OIL Start-up fund was approved in the 469th board meeting of the company and is in line with government of India’s flagship program ‘Start-up India.’
The first key objective of the OIL Start-up fund is to develop new innovative solutions, technologies and products through start-ups, for solving business problems.
The second objective is to develop Start-ups as an important channel for OIL for expanding into new related business sectors.
Another objective is to create an entrepreneurial mindset and fresh thinking amongst employees and stakeholders, by working with Start-ups, for revitalising corporate culture
Utpal Bora, Chairman and Managing Director of the OIL, said that the company’s Start-up fund shall focus on promoting entrepreneurship amongst youth, especially of the North East India by enabling the growth of Start-ups for addressing various technical challenges and operational risks of the oil industry.
Detailed scheme of the OIL Start-up fund is being worked out and when finalised, shall be uploaded on the OIL website for public viewing.
