Oil India Limited has founded a fifty crore startup to encourage creative ideas in the oil and gas sector, especially in North East India. Oil India Limited’s chairman and managing director (MD) said the initiative was in line with the central government’s Stand up India Start up India’s scheme. “The Oil India Limited Start-Up fund is to encourage students, young entrepreneurs and institutions to come out with out of the box ideas for the benefit of the oil and gas sector that is contributing enormously to the growth of the economy,” Bora said. The initiative’s aim is to create an ecosystem that will be conducive for growth of start-ups in the oil and gas sector. “Currently the sector faces various critical challenges and new ideas are required to solve those problems. Oil India Limited will be partnering with institutes of excellence in the Northeast like IIT-Guwahati to take this initiative forward, wherein the institutes will facilitate ‘idea incubation’ for carrying out studies and experiments”, Bora said.
The startup company will soon have a dedicated website for it, to enable students from universities to post their creative ideas subjected to the approval of the company. This is apart from the newspaper ads it will create for the same purpose. The ideas or applications would be evaluated and examined by a screening committee comprising of experts from within Oil India Limited and outside. The areas of focus are going to be enhanced oil recovery, gas flaring in remote areas, environmental issues, renewables and ageing pipelines, Bora said.
Ever since the discovery of crude oil in the seventeenth century, crude oil and petroleum related products have become very essential to every country in the world. Oil extracting and refining technologies have seen much advancement since then. Every country in the world is looking to be as independent as possible in this regard. Unfortunately, in India, this technology is still in its primitive stage. Innovation is the need of the hour in India as far as this technology is concerned. Advancement in technology through innovation in this sector will allow companies to extract crude oil more efficiently from the ground and also enable more efficient distilling of crude oil into the various petroleum products. Indian IIT students are renowned throughout the world for their creativity, intelligence and technical knowledge. They can definitely make a big difference by contributing their creative ideas and out of the box thinking in this sector. If oil is extracted and refined more efficiently, it will make India a little less dependent on foreign countries. This is a wonderful initiative by Oil Industries Limited and is in line with PM; Narendra Modi’s Stand up India Start up India scheme. Read more on Startup News