Experts have told that the sputtering oil and gas industry is notorious for being challenging when it comes to new technology given the gestation, high costs and sheer complexity and scale and with support from academia and intensive R&D have taken it on as a challenge and are devising solutions for companies in the oil and gas industry.
Recently the oil minister Dharmendra Pradhan has announced that the state-owned oil companies will set up a fund that will finance start-ups based on innovative ideas in the energy sector and experts have said that there is a demand pull for innovation and entrepreneurship in the sector.
Krishnan Balasubramanian, dean, ICSR, head, Centre for Non Destructive Evaluation (CNDE) at IIT Madras has told that the entry points for any aspect of the oil and gas sector are restricted and the entrepreneurs have to prove the technology and find long term strong backup before they find acceptance amongst the big players.
Derek Jose, co-founder, Flutura a startup that provides data analytics solutions to OEMs for oil and gas companies in Houston says companies that spend $1.2 million every hour look for startups to truly understand real world problems.
