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.