NEW DELHI, India – ONGC has launched a start-up fund in its Diamond Jubilee year to help develop new ideas related to the oil and gas industry.
The “ONGC Start-up” initiative will provide the entire support chain for start-ups including seed capital, hand-holding, mentoring, market linkage, and follow-ups.
ONGC is also creating a dedicated website to move the program forward.
CMD Dinesh K Sarraf said the company hoped to promote entrepreneurship among younger Indians by creating conditions that are conducive for growth of start-ups in the oil and gas industry, which has a huge potential for technology-enabled ideas, he added.
Currently, the industry faces various critical challenges and new ideas are required to mitigate those challenges, he continued.
To encourage its own employees to innovate, ONGC is giving awards to three of its younger engineers for their innovative ideas. Rajendra Bhambhu and Deepak Naik have developed a safety device for rigs that facilitates setting up of an emergency brake, as an extra safety mechanism.
Prajesh Chopra has developed a dual SIM cellular router system that provides data connectivity at workover rigs, which is said to avoid the need for frequent dismantling and reinstallation during rig transportation, thereby saving time and money.
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