NEW DELHI: The Union Cabinet on Thursday approved the setting up of the Rajiv Gandhi Institute of Petroleum Technology at Jias in Rae Bareli district of Uttar Pradesh as ‘Institute of National Importance’ under an Act of Parliament.
The Institute is expected to produce world class technical human resource in petroleum technology.
The institute will commence its academic operations by admitting students in basic undergraduate courses from the academic year 2008-09, from a rented campus. It will become fully operational in 2015-16, when it would have seven B.Tech, six integrated Masters Degrees, eight M.Tech/MBA and 12 PGD and Ph.D programmes.
The Rae Bareli Parliamentary constituency is represented by UPA chairperson and Congress president Sonia Gandhi.
The total estimated capital cost of the project is Rs. 435 crore which would be met partially through a budgetary support of Rs. 285 crore and Rs. 150 crore from the Oil Industry Development Board.
The total estimated recurring expenditure of Rs. 260.58 crore would be met from the accrual of interest on an Endowment Fund of Rs. 250.00 crore to be created with the contribution of Oil Public Sector Undertakings (PSUs), student fees, donations and other earnings of the Institute through research and development, consultancies and students’ placement fees.
Only 30 per cent of sedimentary basins in India have been explored so far. The Government is committed to increase the exploration coverage to 100 per cent by 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 expected to be 36,000 by 2019.