You are in the right path... It is a really futuristic approach that would be appreciated...Wish you good luck

To start with you can look into local microalgae with biodiesel potential and then improvise on it

It is a challenging and interesting research area. Start with some review papers on biofuels from microalgae.

This is a wonderful review paper:

Brennan L, Owende P. (2010) Biofuels from microalgae e a review of technologies

for production, processing, and extractions of biofuels and co-products.

Renewable and Sustainable Energy Reviews, 14 (2): 557–577

https://www.massey.ac.nz/~ychisti/Biodiesel.pdf

https://file.scirp.org/pdf/JSBS20120300004_75016858.pdf

http://cdn.intechopen.com/pdfs/33981/InTechProduction_of_biodiesel_from_microalgae.pdf

https://www.rvo.nl/sites/default/files/bijlagen/Biodiesel_production_by_microalgal_biotechnology.pdf

http://www.uva.fi/materiaali/pdf/isbn_978-952-476-501-5.pdf

http://www.chemeng.lth.se/ket050/Finalreport2008/StatoilHydroAlger2008.pdf