India's ONGC Launches $15M Fund to Nurture New Ideas for O&G Industry

India's state-owned Oil and Natural Gas Corp. Ltd. (ONGC) launched Sunday the 'ONGC Start-up' fund, with a value of $15 million (INR 1 billion), in conjunction with its Diamond Jubilee year to foster, nature and incubate new ideas for the oil and gas industry.

Under 'ONGC Start-up', which is in line with the government's initiative ‘Start-up India’, the company will provide the entire support chain for start-ups, including seed capital, hand-holding, mentoring, market linkage and follow-ups. ONGC has set up a dedicated website for the initiative, which is intended to encourage fresh implementable ideas in the oil and gas sector.

ONGC Chairman and Managing Director Dinesh K Sarraf said Aug. 14 the initiative aims to promote entrepreneurship among younger Indians by creating an ecosystem that is conducive for growth of start-ups in the industry, which has a huge potential for technology-enabled ideas to mitigate the various critical challenges the sector faces.

ONGC encourages its employees to innovate and the firm has given awards to three young officers for their innovations. Rajendra Bhambhu and Deepak Naik have developed an innovative safety device for rigs that facilitates setting up of emergency brake to augment safety mechanism on drilling rigs, while Prajesh Chopra has created a unique dual SIM cellular router system that provides data connectivity at work-over rigs  -- which reduces the hassle of frequent dismantling and reinstallation during rig transportation, resulting in saving time and money.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Administrative Assistant
Expertise: Secretarial or Administrative
Location: Mobile, AL
 
Document Control Specialist
Expertise: Document Control
Location: Columbus, GA
 
US Duncan, OK: Administrative - Senior Administrative Specialist Specialist
Expertise: Secretarial or Administrative
Location: Duncan, OK
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours