Lok Sabha passes Rajiv Gandhi institute of petroleum technology billDecember 3rd, 2007 - 10:09 pm ICT by admin
New Delhi, Dec 3 (ANI): The Lok Sabha today passed the Rajiv Gandhi Institute of Petroleum Technology (RGIPT) Bill 2007.
The bill is aimed at declaring the Institute as an “Institution of National Importance” and to provide for its incorporation and matters connected therewith.
On November 29, the Rajya Sabha had passed this bill.
“The 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,” a government release said.
The total estimated capital cost of the project is 435 crore rupees, which would be met partially through budgetary support of 285 crore rupees, and 150 crore rupees from Oil Industry Development Board.
As on date, only 30 per cent of the sedimentary basins of the country 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 per cent by the year 2015, said the release.
According to a Price Waterhouse Coopers study for Petrofed, the gap between the availability and requirement of trained manpower in the country 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 RGIPT is expected to meet this shortfall to a significant extent. The Institute will commence its academic operations by admitting students from the academic year 2008-09. (ANI)
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