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RGIPT to commence academic Opts with two courses
21
Feb '08
In a significant development towards setting up a world- class petroleum technology institute in India, Smt Sonia Gandhi, Member of Parliament and UPA Chairperson laid the foundation stone of Rajiv Gandhi Institute of Petroleum Technology (RGIPT) at Jais, near Raebareli in Uttar Pradesh on 20th February 2008.

The Ministry of Petroleum and Natural Gas piloted the enactment of the Rajiv Gandhi Institute of Petroleum Technology (RGIPT) Act 2007 with a view to incorporate RGIPT as an 'Institute of National Importance' under an Act of Parliament having a governance structure as well as legal empowerment to grant degrees in a manner similar to that enjoyed by the IITs.

Special function held for the purpose was presided over by Shri Rahul Gandhi, Member of Parliament. Shri Murli Deora, Minister of Petroleum and Natural Gas and Shri Dinsha Patel, Minister of State for Petroleum and Natural Gas were also present with senior officers of the Ministry and oil PSUs.

The Rajiv Gandhi Institute of Petroleum Technology (RGIPT) is envisaged to serve as the fountainhead for nurturing world class technical human resources capable of serving as the leaders and innovators of tomorrow in the field of Petroleum Technology.

The total estimated capital cost of the project is Rs.435 crore which would be met partially through budgetary support of Rs. 285 crore and Rs.150 crore from Oil Industry Development Board.

The total estimated recurring expenditure of Rs. 260.58 crore would be met from the accrual of interest on Endowment Fund of Rs. 250 crore 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 may be noted that the year 1999 witnessed the advent of the New Exploration Licensing Policy which has been progressively made more and more attractive. This policy has evoked great enthusiasm among foreign companies as well as Indian private and public sector companies for acquiring exploration acreages in India.

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