The Union Cabinet
chaired by the Prime Minister Shri Narendra Modi has given its approval
for setting up of Indian Institute of Petroleum and Energy (IIPE) at
Visakhapatnam in Andhra Pradesh as "an Institute of National Importance"
through an Act of Parliament. The Institute will have the governance
structure as well as legal mandate to grant degrees in a manner similar
to that enjoyed by IITs. A separate Act will also impart the required
status to the Institute to become a "Centre of Excellence" in petroleum
and energy studies.
The Cabinet has also approved Rs 655.46 crore as capital expenditure to
set up IIPE and contribution of Rs 200 crore towards its Endowment Fund
(in addition to a contribution of Rs 200 crore from Oil Companies
towards the Endowment Fund).
As committed under the 13 Schedule of Andhra Pradesh Reorganization Act,
2014, it has been decided to set up this Institute. The objective is to
meet the quantitative and qualitative gap in the supply of skilled
manpower for the petroleum sector and to promote research activities
needed for the growth of the sector. The academic and research
activities of IIPE will derive strength from the Institute's proximity
to sector-related activities such as KG-Basin, Visakhapatnam refinery
and the planned Petrochemical complex at Kakinada.
Andhra Pradesh Government has allocated 200 acres of land, free of cost,
for setting up of IIPE at Sabbavaram Mandal in Visakhapatnam district.
IIPE has been registered as a Society under the AP Society Registration
Act, 2001 on 18/04/2016. A temporary campus of IIPE has been set up from
academic session 2016-17 from the Andhra University Campus with two
undergraduate programmes namely, Petroleum Engineering and Chemical
Engineering (with capacity of 50 students each). IIT, Kharagpur has
taken up the responsibility of mentoring the Institute.