Indian Institute of Technology, Bombay and Public sector oil companies inked a ‘Memorandum of Understanding’ on Wednesday for setting up a center of excellence in Oil, Gas, Energy.
“We aim to develop a mechanism to link up our energy industry and academics and utilize the innovative prowess of our academia to help address our energy requirements with new and innovative, indigenous technology,” said Dharmendra Pradhan, Minister for Petroleum and Natural Gas, at the event.
“The center of excellence will collaborate to research and explore new frontiers of technology to improve quality, productivity, and efficiency in the energy sector,” Pradhan added.
Pradhan further stated, “With changing nature of jobs as old jobs are becoming obsolete, new job roles are replacing the existing work profiles. We are on the verge of Industrial Revolution 4.0 (fourth industrial revolution) bringing blockchain, big data analytics into play. IR 5.0 may allow us customized manufacturing capabilities.”
The MoU was signed by heads of Indian Oil Corp (IOC), Oil and Natural Gas Corp (ONGC), GAIL India Ltd, Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), Oil India Ltd and Engineers India Ltd.
The Centre will aim to explore new frontiers in the field of technology. This Centre will also be able to provide industry and academic interactions. The Center will aim to research new solutions for development and necessary changes in the industry of oil, gas, and energy.