"In yet another step towards providing leadership in quest of indigenisation in import intensive oil and gas industry, ONGC has undertaken an important initiative for innovation in the field of hydraulic fracturing, while significantly addressing environmental concerns," the company said in a statement.

Super Wave Technology (SWTPL) is a company incorporated by Society for Innovation and Development, Indian Institute of Science, Bangalore.

The MoU signing was held at IISc, Bangalore in the presence of Prime Minister Narendra Modi. Oil Minister Dharmendra Pradhan was also present.

The agreement was signed by Shashi Shanker, Director (Technology & Field Services) on behalf of ONGC and Prof K P J Reddy on behalf of SWTPL.

"With this partnership ONGC will provide assistance to SWTPL for developing Shock Wave Assisted Fracking Technology, an alternate to the conventional hydraulic fracturing which if proven effective as a substitute to hydraulic fracturing, in particular for shale gas exploitation, will be a game changer for the oil & gas industry," it said.

Hydraulic fracturing requires very large quantity of fresh water and huge quantity of energy for pumping the same at very high pressures. Post hydraulic fracturing, the well produces substantial quantity of effluent water which needs to be disposed of.

These are issues regarding safe disposal of the water. The global oil and gas industry has been searching of late for alternate technique for fracturing which either does not require any water or minimum quantity of water.

Shock Waves are one of the most efficient energy dissipation phenomena. Sudden release of massive amount of energy in a miniscule space domain triggers the formation of  these waves. The impulse generated by these waves can be used for many interesting and innovative applications.

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