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OIL signs MOU with University of Houston

Press Trust of India  |  Houston 

Oil India Limited (OIL) has signed an MoU with the University of Houston (UH), with the "intent" of augmenting its reserves base and maximising recovery from its ageing oilfields.

The MoU was inked on Tuesday in the presence of Petroleum & Natural Gas Minister Dharmendra Pradhan.

MOU was signed by Utpal Bora, CMD, OIL and University of Houston, represented at the signing ceremony by UH Chancellor and President Renu Khator.

Terming the MoU as historic, Pradhan said that this will go a long way for pilot study of CO2 capture technology application in Assam oil fields. "Innovation, institutional hand-holding and scientific temperament is the way ahead for oil and gas sector's growth".

"If there is good strategy, innovative technology and willpower, a good ecosystem can be formed that will help in more oil recovery from the oilfields," Pradhan said.

The major focus of the MoU is collaboration in the areas of Improved Oil Recovery and Enhanced Oil Recovery (EOR) for augmenting the production from matured fields, improvement in drilling and well intervention practices, seismic interpretation and reservoir characterisation studies, and unconventional hydrocarbon studies.

"I hope that the benefits of this partnership between these two institutions would trickle down to the Indian E&P sector and help increase our domestic production of oil & gas, thereby strengthening India's energy mix and securing India's energy needs to fuel the desired economic growth in the medium to long term," Pradhan said.

It is believed that this 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 Prime Minister Modi to reduce import dependency of oil and gas by 10 per cent by 2022.

"OIL is also in talks with NRG (NRG Energy Inc.), a leading power company in the US, and world leader in de-carbonisation who along with its partners completed construction on the world's largest post-combustion carbon capture system on-budget and on-schedule for using it for EOR project. NRG can help OIL to assess CO2 availability from the nearby industry sources and support as well as advise viability of Carbon Capture & Sequestration pilot project," OIL spokesperson told PTI.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, March 09 2017. 04:43 IST