Oil & Gas Industry in India

Primary energy demand is expected to nearly double to 1,123 million tonnes of oil equivalent, as the country's gross domestic product (GDP) is expected to increase to US$ 8.6 trillion by 2040.

Advantage India

Growing
Demand

* Oil demand in India is projected to register a 2x growth to reach 11 million barrels per day by 2045.

* Diesel demand in India is expected to double to 163 MT by 2029-30, with diesel and gasoline covering 58% of India’s oil demand by 2045.

* Crude oil imports increased by 4.2% to 242.4 MT in FY25 compared to rise by 9.7 MT from previous year.

* India’s natural gas consumption is projected to grow by nearly 60% by 2030, reaching 297 million standard cubic metres per day (mmscmd), up from 188 mmscmd in FY24.

Rapid
Expansion

* India aims to commercialize 50% of its SPR (Strategic Petroleum Reserves) to raise funds and build additional storage tanks to offset high oil prices.

* Indian refining capacity has increased from 256.8 Million Metric Tonne Per Annum (MMTPA) in FY24 to 258.1 MMTPA as of FY25.

* The industry is expected to attract Rs. 218,475 crore (US$ 25 billion) investment in exploration and production. Refining capacity in the country is expected to increase to 667 MTPA by 2040.

*India plans a capex push of Rs. 3,28,227 crore (US$ 37 billion) to transform itself into a petrochemicals powerhouse by 2030, aiming to supply as much as one-third of global capacity additions.

Supportive FDI
Guidelines

* The Government has allowed 100% Foreign Direct Investment (FDI) in upstream and private sector refining projects.

Policy
Support

* The Union Budget FY26 has allocated Rs. 5,597 crore (US$ 640.46 million) to the petroleum and natural gas (PNG) ministry for phase II of the Indian Strategic Petroleum Reserves Ltd (ISPRL) project, aimed at turning two vast underground caverns into petroleum storage facilities.

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Last updated: Feb, 2026

Reliance Industries Limited (RIL)

Reliance Industries Limited is engaged in refining, including manufacturing of refined petroleum products, and petrochemicals, including manufacturing of basic chemicals, fertilizers and nitrogen compounds, plastic, and synthetic rubber in primary forms. The company's segments include refining, petrochemicals, oil and gas, organized retail, and others. The Refining segment include production and marketing operations of the petroleum products. The Petrochemicals segment include production and marketing operations of petrochemical products, including polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, butadiene, acrylonitrile, caustic soda, and polyethylene terephthalate. The oil and gas segment include exploration, development and production of crude oil and natural gas. The organized retail segment includes organized retail business in India. The ‘others’ segment include textile, Special Economic Zone (SEZ) development, telecom or broadband business and media.

Company Website

Oil and Natural Gas Corporation (ONGC)

ONGC, a Maharatna company, is the biggest crude oil and natural gas name in India, contributing around 75% to Indian domestic production. The company ranks 11th among global energy majors (Platts). It is the only public sector Indian company to feature in Fortune’s ‘Most Admired Energy Companies’ list. The company ranks 229 overall in Forbes Global 2000 list for 2022. Acclaimed for its Corporate Governance practices, Transparency International has ranked ONGC 26th among the biggest publicly traded global giants. It is the most valued and largest exploration and production (E&P) company in the world and one of the highest profit-making and dividend-paying enterprise. ONGC has a unique distinction of being a company with in-house service capabilities in all areas of E&P of oil & gas and related oil-field services. Winner of the Best Employer award, this public sector enterprise has a dedicated team of over 33,500 professionals who toil round the clock in challenging locations.

Company Website

Indian Oil Corporation Limited (IOCL)

With a 33,500 plus workforce and an extensive refining, distribution and marketing infrastructure and advanced R&D facilities, Indian Oil plays a significant role in fuelling the socio-economic development of the country. With a mandate to ensure India's energy security and self-sufficiency in refining & marketing of petroleum products, Indian Oil has, in the past six decades, provided energy access to millions of people across the length and breadth of the country through its ever-expanding network of over 47,800 customer touchpoints. With revenue of Rs. 885,078.30 crore (US$ 106.89 billion) in FY24, it is recognised as one of India's most valuable companies. The company continues to be the largest contributor to the national exchequer in the form of duties and taxes.

Company Website

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