New Delhi, Nov 30 (UNI) The Rajya Sabha today passed a Bill providing for setting up the Rajiv Gandhi Institute of Petroluem Technology (RGIPT) at Jais in Uttar Pradesh at a cost of Rs 435 crore as an institution of national importance for meeting the future needs of technological manpower in the country.
The RGIPT would start basic undergraduate courses from the academic year of 2008-09 from a rented campus and would offer seven B. Techn and six integrated Masters Degrees and eight M.Tch/MBA and 12 PG Diploma and PhD programmes upon becoming fully operational.
He said the RGIPT had been designed to serve as a fountain head for nurturing world class technical human resources capable of serving the leaders and innovators of tomorrow in the petroleum technology.
He said the RGIPT would have budgetary support of Rs 285 crore and Rs 150 crore would come from the Oil Industry Development Board.
The total recurring expenditure of Rs 280 crore would be met from accrual of interest on Endowment Fund of Rs 250 crore to be created with the contribution of Oil Public Sector Undertakings, student fees, donations and other earnings of the Institute which is expected to be self sufficient by 2015-16. It has been empowered to grant degrees in the manner similar to that of IITs, he said.
Piloting the Bill, Petroleum Minister Murli Deora said with the advent of National Exploration Licencing Policy of 1999, there was enthusiasm among both Indian and foreign companies for acquiring exploration sites. The domestic petroleum production accounted to only 30 per cent of consumption and plans were afoot to increase this to cent per cent by 2015. The availability of qualified personnel would be the prime requirement in the coming years and a consultant had estimated that the gap and availability of requirement of trained manpower would be about 36,000 by 2019. To meet the shortfall of manpower, the RGIPT would go a long way.
On the petroleum scenario in the country, the minister said Indian consumption stood at 130 million tonnes of petroleum while 112 of this came from imports. The government had held back the prices even when the crude prices had surged upto 100 dollars from Rs 20 dollar a barrel despite suffering heavy losses.
With the New licencing policy in force, the scenario is likely to change both in upstream, midstream and down stream sector of petroleum industries. In the refining sector, the country was making a big leap with world class refineries coming up in Paradip, Bhatinda and Bina. Many of the foreign companies were impressed the way in which the petroleum sector in India were making progress.
With the discovery of coal methane gas in a big quantum near Asansol bordering Jharkhand and West Bengal, the authorities were estimating the there may be no need for the country to import gas for energy the discovery followed the findings in Godavari basin in Bay of Bengal, he said.