Oil India Limited to Initiate Startup Fund to Promote Innovation in Oil & Gas Sector

The fund would promote the growth of Oil & Gas Sector in the country, thereby creating the demand for enhanced oil recovery market globally

India: Oil India Limited have initiated a startup fund of INR500 million to encourage the innovation in India’s Oil & Gas sector. The initiative would encourage the creation of ecosystem for growth of startups in the country’s oil & gas sector, particularly in technological development in oil & gas network inside the country. The thrust areas identified under the initiative includes enhanced oil recovery, gas flaring in remote areas, environmental issues, renewable and ageing oil and gas pipelines. 

TechSci Research depicts that the initiative undertaken by the Oil India limited would stimulate the technological advancement in oil & gas exploration in the country. To meet the increasing demand for crude oil, employing tertiary methods of crude oil production is essential in eastern part of India. Over the last few years, global Enhanced Oil Recovery (EOR) market has been growing because increasing global energy demand. Increasing number of mature oil wells and high productivity levels achievable by using EOR techniques, are some of the major factors because which the global market for EOR is expected to grow during 2015 - 2020.

According to TechSci Research report “Global Enhanced Oil Recovery Market Forecast & Opportunities, 2020”, the global enhanced oil recovery market is projected to witness growth of around 8% through 2020. With a share of over 30% in 2014, North America is forecast to continue its dominance in the global enhanced oil recovery market during 2015 - 2020. Gaseous enhanced oil recovery methods are expected to lead the global enhanced oil recovery market, with the most favorable substance used for this method being carbon dioxide.