Oil India Ltd. (OIL) and the University of Houston (UH) have entered into an agreement to collaborate on technologies required to maximize recovery from aging oilfields in India.
The duo will cooperate in the fields of improved oil recovery and enhanced oil recovery; seismic interpretation and reservoir characterization studies; drilling and well intervention practices; and unconventional hydrocarbon studies.
It is envisaged that the collaboration will help OIL to further upgrade the initiatives the company has undertaken to improve production. It will also contribute significantly to the energy security of India, which aims to reduce hydrocarbon imports dependency by 10% by 2022.
Petroleum Minister Dharmendra Pradhan said this partnership would lay huge impact in the country’s exploration sector, as innovation, scientific temperament, and institutional handholding is the way forward for growth.
He said that India is third largest energy consuming country in the world and is import dependent for crude oil. An ecosystem has to be created so that innovations, improvements, and reforms are ushered in to help oil recovery from aging fields. Pradhan also highlighted that there is no lack of intellectual talent or good institutions in India but these need to be harnessed to support the country’s growth.