Petroleum Ministry focuses on startups

Petroleum Ministry focuses on startups

Iran’s Ministry of Petroleum has decided to provide special support to startups and knowledge-based oil companies.  The Ministry of Petroleum had a detailed plan for startups, which would become operational in the second half of the current Iranian calendar year.

Using technology and innovation in the petroleum industry is the main factor effective in reducing costs, increasing competitive power and countering future problems of the petroleum industry. That is why technology and innovation have turned into major actors in the oil sector.

 The petroleum sector would see major changes, should this objective materialize.  Therefore, there is a firm will on our side and we have allocated investment for this purpose.

Established to develop and upgrade the ecosystem of petroleum industry technology and innovation, this committee is determined to make long-term plans, create active relationship between stakeholders, use existing capacities in inner and outer bodies and lead entrepreneurship groups to recognize oil startups and knowledge-based companies with a view to preparing the ground for the development of technology and commercialization.

New Experience in Oil Sector

Over the past decade, startups have emerged in various sectors, but they are yet to make themselves known in the energy sector, particularly the petroleum industry. But now the mission has been assigned to the Office of Deputy Minister for Engineering, Research and Technology to study and assess the development of ideas. Furthermore, the Administration of Technology Commercialization and Supply Regime is tasked with this issue specifically.

Today, many things have been done in the startup sector. In the energy sector, with the e-sale of gasoline, a new project would emerge.

Investment in startups started in 2005. North America has the highest share in this ecosystem, followed by China and India. It should be also taken into consideration that when startups get engaged in the petroleum industry, new businesses would take shape and this issue will definitely face resistance.

 Currently, many renowned international companies have issued appeals in support of startups. Even at an offshore technology conference in Houston, 10 out of 60 startups were selected as model companies. They held negotiations with 40 companies including Chevron, BP and Schlumberger.

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