By Our Business Affairs Bureau
NEW DELHI:Oil India Limited (OIL), an Upstream Oil & Gas PSU, with intent of augmenting its reserves base and maximising recovery from its aging oilfields, has entered into a Memorandum of Understanding with the University of Houston(USA), one of the leading universities on oil and gas of the world. The MoU was signed today in presence of Dharmendra Pradhan, Minister of State (I/C), Petroleum & Natural Gas in New Delhi.
The MoU, amongst others, is focused to collaborate in the fields of Improved Oil Recovery & Enhanced Oil Recovery for production enhancement from matured fields, seismic interpretation & reservoir characterisation 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.
This will also contribute towards national obligation as set by Hon’ble Prime Minister to reduce import dependency of oil and gas by 10% by 2022.
Located in the energy capital of the United States of America, home to the leading Oil & Gas operating companies and service providers, the University of Houston is a premier institute, involved in the quest of academic and translational excellence in the field of Oil & Gas through its outstanding faculty and research staff and has established well documented partnership with leading edge academia and industry subject matter experts.
Describing the signing of MoU as historic, the Petroleum & Natural Gas Minister Dharmendra Pradhan said this small event will lay huge impact in exploration sector. He said innovation, scientific temperament and institutional hand-holding is the way forward for the growth of oil and gas sector. He said that India is third largest energy consuming country in the world but is import dependent for crude oil.
The Minister said that India is an aspirational society, bound to grow and move very fast. The import centric mechanism can’t help meet our challenges. He said an ecosystem has to be created so that innovations, improvements and reforms are ushered in.
Pradhan said if there is willpower, good strategy and innovative technology, a good ecosystem can be created which will help in better oil recovery from the fields. He said there is no dearth of intellectual talent or good institutions in the country but these need to be harnessed and supported for the country’s growth.