WellRx Technologies Private Limited, an Oilfield startup, earlier this month, received Rs 5 crore in funding from ONGC Startup Fund to promote indigenously developed technology in the Oil and Gas industry in India.
According to the company’s statement, the raised funding would be used for the commercialization of indigenously developed WellRx’s “GURV” Depth Gas Lift System, “KARP” and “AKSAT” Tubing System, “AVAK” non-profiling plug system, “AVAZ-D” Specialized Liner Hanger System, in order to revive the sick Oil Wells in India and helps in the construction of new Oil Wells in India.
This will be earmarked as a pioneer step in becoming “Atmanirbhar Bharat” in the development of new technologies in Oil and Gas Industry in India resulting in saving of millions of US Dollar for India.
The startup said the oil and Gas industry is going through a paradigm shift. Low oil prices are expected to prevail in the future, which will challenge the investment and expenditure capacity of E&P Operators. Thus Cost Control will be in sharp focus, it said.
India aims to commercialize 50% of its strategic petroleum reserve in order to meet the growing demands of Oil and Gas and its dependency upon imports of Oil and Gas. ONGC Limited in May 2022 has announced in its Board Meeting to increase investment to Rs 31,000 crore in a span of three years (2022-2025) in order to revive and create more Oil Wells in India.
Oil and Gas industry has some of the best technology levels when it comes to downhole equipment and associated surface equipment.
However this industry has perpetually stayed away from implementing the next generation technology and platforms like Cloud based services, End to End integration, ToT, Artificial Intelligence or Machine Learning.
In last few years, this has seen a dramatic change with operator companies opening up to such tech platforms and have already witnessed the optimization, safety, quality and cost savings these platforms can bring.
Source @Indianstartupnews
