Globally, the demand for energy continues to be on the rise and this is especially true for India. The country is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally, with the demand for energy projected to grow at 5% per annum. In 2017, India was the third largest consumer of oil in the world with consumption of 4.69 million barrels per day, and oil imports rose sharply to US$ 87.37 billion in 2017-18 from US$ 70.72 billion in 2016-17.
In this backdrop, the challenge is to meet the rising demand for energy, at the same time bringing down emissions. Leveraging technology and innovation and fostering collaboration between the traditional hydrocarbon sector and innovative startups can play a major role in addressing this challenge.
A fund of Rs 300 crore to promote entrepreneurship
As part of an initiative to foster, nurture and incubate new ideas from startups, 10 oil & gas PSUs (ONGC, OIL, IOCL, BPCL, HPCL, MRPL, GAIL, EIL, NRL and Balmer Lawrie) have earmarked a fund of Rs 300 crore to promote entrepreneurship among young Indians. The initiative aims to create an ecosystem that will enable energy startups with innovative technologies to grow, aided by mentoring, funding and incubation support from established oil and gas PSUs.
As part of this, a single, unified platform called ‘O&[email protected]’ aims to bring together key stakeholders from the government, investors, industry to support and reward and recognise startups with the most innovative concepts and solutions for problems faced in the energy industry, particularly oil and gas. The ‘O&[email protected]’ programme gives startups an opportunity to collaborate with the broader ecosystem of investors, mentors and incubators, showcase their innovations, ideas and solutions, and take them to the next stage.
‘O&[email protected]’ at PETROTECH 2019
The first edition of ‘O&[email protected]’, is being launched at PETROTECH 2019 – a biennial International hydrocarbon conference and exhibitions held under the aegis of Union Ministry of Petroleum & Natural Gas organized jointly by Federation of Petroleum Industry (FIPI) & Oil and Natural Gas Corporation (ONGC).
As an event, PETROTECH showcases India’s hydrocarbon sector and brings together global technologists, scientists, planners, policy makers, management experts, entrepreneurs, service providers and vendors from the hydrocarbon industry onto a single platform.
“Shaping the New Energy World through Innovation and Collaboration” is the theme for PETROTECH – 2019, the 13th edition of the event being held at the India Expo Mart in Greater Noida between 10-12 February 2019.
Why ‘O&[email protected]’ is important for both startups and established oil & gas players
The initiative aims to:
- Stimulate, foster and enhance strategic research and innovation capabilities in the oil & gas industry for addressing its short-term needs and building a sustainable ecosystem.
- Enable startups on their own or in public private partnership (PPP) mode to realise their potential in terms of products and processes for the oil & gas industry.
- Prioritise early stage funding for high risk innovative research and product development in small and medium companies in the energy sector.
Funding and incubation support
As part of a two-stage evaluation process for ‘O&[email protected]’, a maximum of 40 entries will be shortlisted by an expert panel, who will then be asked to submit a detailed proposal. Following further evaluation, a maximum of 20 will be shortlisted to take part in the Pitching Session of ‘O&[email protected]’ in February 10, 2019. The startups will get to:
- Interact with experts in the global oil & gas
- Present their case to corporates venture capital, investors, mentors, and other key stakeholders
- Get access to funding and incubation support from companies in the sector.
The top three teams will also win tablet computers – two per team.
Who can apply?
Innovative startups associated with any of the following major sectors in the energy sector are invited to apply:
The following persons and their immediate relatives cannot participate in the programme:
The programme is open to individuals and startups. Participants need to be Indian Nationals, at least 18 years of age as on 01/01/2019.
- Any employee of companies connected with execution and evaluation of ‘O&[email protected]’ and PETROTECH 2019 events, and
- Any member of the evaluation panel, expert panel and jury for the event.
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