Start-up Programmes for entrepreneurs in Oil and Gas sector

• The oil and gas PSUs have setup venture capital funds to encourage start-ups based on innovative ideas in the energy sector. Start-ups in the oil and gas sector are not short-term investments, but a long-term commitment.
• Ten public sector undertakings under the Ministry of Petroleum and Natural Gas, including the IOCL, ONGC, EIL, OIL, NRL, BPCL, HPCL, GAIL and MRPL, have created a corpus of Rs. 320 crore to support start-up initiatives.
• Since the launch of the scheme by the PSUs, there has been a constant flow of applications and some extremely innovative ideas have come through.
• The Start-up ideas have been received from a varying age group (from a fresh engineering graduate to a 70-year-old entrepreneur) from across the country.

The 10 oil PSUs have together selected nearly 30 start-up projects for support in the first round of the scheme. Some of the many innovative projects include:

• Electronic leak detector for detecting body and bung leak of LPG cylinders
• Self - sustaining low-maintenance toilets, or eco-toilets
• Multiuse Fuel from Agricultural Waste Biomass
• Remotely Operated Vehicles (ROVs) for underwater inspections
• Converting waste plastics to high value petroleum fuels
• Solar Stove - Revolutionary Day and Night Indoor Solar Cooktop System for all lifestyles

Significance:

• It will change the status of the youth of our country from job seeker to that of job provider.
• Business partnership between the start-ups and the PSUs of Petroleum Ministry will create a new benchmark for growth and job creation

By: Vishal