Guwahati, Sep 10 (IANS) State-owned Oil India Limited (OIL) is stepping up its focus on research, innovation and startups to unlock new opportunities across the energy sector, with its collaboration with the Indian Institute of Technology (IIT) Guwahati emerging as an important part of the initiative.
OIL Chairman and Managing Director Dr Ranjit Rath said the company is working with IIT Guwahati on several innovation-driven projects and startups aimed at developing technologies with potential applications in the energy sector.
One of the projects being pursued with the institute is of particular importance to OIL and involves the development of enzymes that could improve the productivity and production efficiency of ethanol and other bio-based products derived from bamboo. The initiative could help advance the use of locally available biomass as a feedstock for alternative fuels and other value-added products.
Rath also highlighted programmes such as the MC2 + Ignite Challenge, which are designed to strengthen the startup ecosystem and encourage the development of new technologies. Such initiatives, he said, can provide a platform for innovation while deepening collaboration between industry and academic institutions.
The OIL chief also described Prime Minister Narendra Modi’s recently announced ‘Samudra Manthan Mission’ as a significant initiative for India’s energy sector, particularly in expanding exploration for oil and gas in deepwater and ultra-deepwater areas.
The mission is aimed at opening up large areas of India’s offshore territory for exploration. Around one million square kilometres of Indian maritime territory is being made available for exploration, covering strategically important areas along the country’s eastern and western coasts, its exclusive economic zone and the Andaman Basin.
According to Rath, the government has drawn up a comprehensive plan involving an allocation of around $8 billion to support exploration in deep-sea areas. Of this, approximately $2.4 billion is earmarked for data acquisition.
High-quality geological and geophysical data is critical for assessing the potential of deepwater areas and identifying prospective oil and gas resources. The proposed investment in data acquisition is therefore expected to provide a stronger foundation for future exploration campaigns and help improve understanding of India’s offshore hydrocarbon potential.
–IANS
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