Students and research Olympiads in both national and international levels are usually held with the aim of screening of university and industry elites and making a comprehensive data bank in specific fields. Petroleum Engineering Olympiad (Oilympic) is divided into the two students and research sections in order to reach to the above mentioned goals. Other noteworthy goals of the Olympiad are motivation and team work, use of potentials and innovative ideas in oil and gas industries of the country, effective industry and university relations, better development of solutions, attracting human capital, etc.