Government approves setting up of Rajiv Gandhi Institute of Petroleum Technology at Rai Bareli

The Government has today approved setting up of Rajiv Gandhi Institute of Petroleum Technology at Jias, Rai Bareli District, Uttar Pradesh as ‘Institute of National Importance’ under an Act of Parliament . The Rajiv Gandhi Institute of Petroleum Technology (RGIPT) is envisaged to serve as the fountainhead for the nurturing of world class technical human resources capable of serving as the leaders and innovators of tomorrow in the field of Petroleum Technology. To start with the Institute will commence its academic operations by admitting students in basic undergraduate courses from the academic year 2008-09, from a rented campus. The institute will become fully operational in 2015-16. On its becoming fully operational the Institute would have 7 B. Tech, 6 Integrated Masters Degrees, 8 M.Tech/MBA and 12 PGD and Ph.D programmes.

The total estimated capital cost of the project is Rs.435 crores which would be met partially through budgetary support of Rs. 285 crores and Rs. 150 crores from Oil Industry Development Board. The total estimated recurring expenditure of Rs. 260.58 crores would be met from the accrual of interest on Endowment Fund of Rs. 250.00 crores to be created with the contribution of Oil Public Sector Undertakings (PSUs), student fees, donations and other earnings of the Institute through Research & Development, consultancies, students’ placement fees, etc. The Institute is envisaged to be self sufficient and self-reliant by the year 2015-16.

It is important to note that Government had come out with the New Exploration Licensing Policy in 1999 and with the passage of time this policy has been made more and more attractive to foreign companies as well as Indian private and public sector companies. As on date, only 30% of the sedimentary basins in India has been explored and there is still a vast potential in terms of acreages that are to be explored. The Government is committed to increase the exploration coverage to an extent of 100% by the year 2015. In a recent study conducted by consultant Price Waterhouse Coopers for Petrofed, the gap between the availability and requirement of trained manpower in India is projected to be about 36000 by the year 2019 and the existing institutes may not be adequate to meet the increasing requirement of technical manpower in the petroleum sector. The proposed Rajiv Gandhi Institute of Petroleum Technology is expected to meet this shortfall to a significant extent.

Source : Press Information Bureau

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