GAIL (India) Ltd is the country's biggest gas marketing and trading firm and owns most of the nation's pipelines, giving it a stranglehold on the market for the fuel.
"Internationally, the hydrocarbon sector is witnessing unprecedented technological developments," the minister said at inauguration of Petrotech 2016 here.
Oil India (OIL) has set up an OIL Start-Up fund of Rs 50 crore to encourage new "out of the box" ideas related to the oil and gas sector, particularly in the Northeast.
The MoU between the TERI and Petroleum Federation of India was signed in the presence of Dharmendra Pradhan, Minister of State, Petroleum and Natural Gas.
The profits are poised to double over the next three years as the valuations, even after running so strongly, are not very expensive, Jal Irani, Oil and Gas Analyst, Edelweiss Financial Services told CNBC-TV18.