|Petroleum Minister D Pradhan|
the MoU, amongst others, was focused to collaborate in the fields of improved and enhanced oil recovery for production enhancement from matured fields. The MoU would also focus on seismic interpretation and reservoir characterisation studies, improvement of drilling and well intervention practices and unconventional hydrocarbon studies.
The collaboration between Houston University and OIL is expected to help the latter 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 would also contribute towards national obligation as set by the Prime Minister to reduce import dependency of oil and gas by 10 per cent by 2022.
Located in the energy capital of the United States of America, which is home to the leading oil and gas operating companies and service providers, the Houston University is a premier institute, involved in the quest of academic and translational excellence in the field of oil and 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, Petroleum & Natural Gas Minister Dharmendra Pradhan said, “This small event will lay huge impact in exploration sector. 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. “An ecosystem has to be created so that innovations, improvements and reforms are ushered in. 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.”
The Navratna PSU is premier national oil PSU engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. OIL also provides various E&P related services and holds 26 percent equity in Assam-based Numaligarh Refinery Limited (NRL).