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There is a 50 crore fund set aside for the “out of box” ideas for the start-up companies related to oil and gas sectors specifically in the Northeast, by OIL India.

Utpal Bora, the major chairman and managing director of the oil exploration company publicized in a press conference that this initiative was taken keeping in mind the ‘Start-up India’ initiative taken by the Central government.

Bora also said that the OIL start-up fund is meant to inspire the budding entrepreneurs and institutions to come up with new and creative ideas which could profit the oil and gas sector which plays an important role in the economic growth of the country.

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The idea was to fashion an ecosystem which was favorable for the development of start-ups in the oil and gas segment, which has enormous possibilities of ideas that are technology enabled.

Bora added that the present sector of oil and gas faces several dire situations and fresh ideas and inventions are needed to suppress these challenges. OIL will be making alliances with institutes in the Northeast such as IIT Guwahati so that this initiative can be taken ahead, whereas the institutes will expedite ‘idea incubation’ to carry out various studies and experiments.

The company also has plans to build a website exclusively for this Start-up initiative taken by them, to invite applications with new project ideas besides sending invites in the region in the form of newspaper ads where students coming for technical institutions and universities will be given special attention.

These applications or project ideas received will be weighed and scrutinized by a special screening committee which would comprise of specialists within OIL and from outside as well, said Bora. He also added that the known areas of thrust had environmental issues, enhanced oil recovery, ageing pipelines, gas flaring in remote areas and renewable.

Tags : Funding of Start-upsOil and Gas SectorOIL start-up fundStartups
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