Top Oil and Gas Companies in India

India ranks as the world’s third, single-largest consumer of oil and gas. India depends heavily on imported crude oil and natural gas to fuel the nation.

During the calendar year 2017, India consumed 221.1 Million Tons Equivalent of Oil (MTOE) and some 46.6 MTOE of natural gas.

India is witnessing rapid industrialisation and development. It is therefore imminent that the country’s requirement for energy will increase. Consequently, it is essential to know about oil and gas companies in India.

Oil and Gas Companies

List Of 15 Best Oil and Gas Companies in India

1. Oil & Natural Gas Corporation


Oil and Natural Gas Corporation is an Indian government enterprise. It is one of the Maharatna companies of India.

ONGC is the largest oil and gas companies which are known to be a significant importer, producer and supplier of crude oil and natural gas of this country.

It contributes over 70% of India’s domestic oil and gas production and allied products. ONGC ranks 11th among leading energy companies of the world.

Further, ONGC is the only state-owned Indian company to win the accolade Fortune’s ‘Most Admired Energy Companies’.

ONGC ranks 18th in the ‘Oil and Gas operations’ companies and stands at 183 in the Forbes Global 2000 list.

Transparency International ranks ONGC as the 26th biggest publicly traded global giants companies of the world.

It is also one of the valued and largest exploration and production giants of the world in the oil and gas sector.

The company has a strength of 33,500 employees. ONGC Videsh is a wholly owned subsidiary of ONGC.

ONGC Videsh is extensively involved in 41 projects in 20 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Israel, Iran, Kazakhstan, Libya, Mozambique, Myanmar, Namibia, Russia, South Sudan, Sudan, Syria, United Arab Emirates, Venezuela, Vietnam and New Zealand.

Also Read: Top 20 Chemical Companies in India

2. Indian Oil Corporation Ltd

Indian Oil Corporation

In May 2018, Indian Oil Corporation (IOC) became the most profitable public sector unit (P.S.U.) in India. IOC was established in 1964. The company has over 33,000 employees.

During the financial year 2017-2018, IOC recorded a turnover of Rs.504.28 billion with profits more than Rs.213.46 billion.

It contributed Rs.1.90 trillion to the national exchequer during fiscal 2017-2018.IndianOil has a massive presence in Sri Lanka, Mauritius, Singapore, UAE and the US.

Additionally, the company has opened offices in Myanmar and Bangladesh during 2017-2018.IOC’s core businesses include refining, transportation and distribution of petroleum products in India.

The company is strengthening its foreign presence through tie-ups and agreements with foreign counterparts.

3. Hindustan Petroleum Corporation Ltd

Hindustan Petroleum Corporation

Hindustan Petroleum Corporation Ltd (HPCL) is an Indian government enterprise that ranks among the ‘Navratna’ companies of the country.

In January 2018, Oil and Natural Gas Corporation acquired 51.1% stake in HPCL following clearances from the Indian government.

HPCL was established in 1952 as Standard Vacuum Refining Company of India Ltd. After several acquisitions and changes in corporate identity, the enterprise was named HPCL in 1974.

HPCL figures rank among the Forbes 2000 and Global Fortune 500 companies. During the financial year 2017-2018, HPCL recorded profits after tax worth Rs.65.37 billion.

HPCL’s primary activities include retail sales of petrol and diesel for vehicles through its branded gasoline stations.

Additionally, HPCL also manufactures lubricants for vehicle and holds 30% of the Indian market share.

HPCL is a household name, thanks to its Liquefied Petroleum Gas (LPG) supplied to homes and restaurants across India. HPCL also refines Aviation Turbine Fuel (ATF) for civilian and military aircraft.

Also Read: Top 10 Petrochemical Companies in India

4. Bharat Petroleum Corporation Ltd

Bharat Petroleum Corporation

Bharat Petroleum Corporation Ltd (BPCL) is the oldest oil and gas company in India. It traces roots to 1860, to the Burma Oil Co Ltd, that was incorporated in Scotland.

It ranks among the Maharatna enterprises of India. BPCL also finds mention in the Global Fortune 500 list of companies. BPCL has over 13,000 employees

During the financial year 2017-2018, BPCL recorded a turnover of Rs.2.44 trillion and income of Rs.80.39 billion. BPCL has numerous services and products in the oil and gas sector of India.

These include petrol and diesel for vehicles sold through the company’s brand gasoline stations, household LPG cylinders, lubricants and allied products and Aviation Turbine Fuel among others.

BPCL operates four refineries- Mumbai, Kochi, Bina and Numaligarh.

5. Petronet LNG Ltd

Petronet LNG Ltd

Realising the need for green or environment-friendly energy, the Indian government established Petronet LNG Limited in 1998. Today it ranks as the fastest growing world-class companies in the Indian oil and gas industry.

Petronet LNG Ltd was created as an Indian joint venture (JV) between ONGC, IOCL, BPCL and GAIL (India) Ltd. Each partner holds a 12.5% stake in the company.

Petronet LNG Ltd is at the forefront of receiving Liquefied Natural Gas (LNG) from foreign countries and processing it in India. The company’s strategic partner is Gaz de France.

Petronet LNG Ltd has agreements with Qatar’s Ras Laffan Liquefied Natural Gas Co Ltd (RasGas) for the supply of 8.5 Metric Tons Per Annum (MTPA) of natural gas.

More agreements with other foreign countries, including Gazprom of Russia and the government of Iran are likely to be signed shortly.

Petronet LNG Ltd has the distinction of establishing India’s first LNG receiving and regasification terminal at Dahej in Gujarat that has a capacity to process 15 MMTPA.

Its second terminal at Kochi terminal has a capacity of processing 5 MMTPA of LNG. Another terminal is planned at Gangavaram, Andhra Pradesh.

Also Read: Top 10 Biggest Energy Resources in India

6. Oil India Ltd (OIL)

Oil India Ltd

Oil India Ltd also traces its history to the era of oil exploration worldwide in the 19th century. It was established as a subsidiary of Burmah Oil Co registered in Scotland.

The new company was tasked with the exploration of oil wells in the Assam Basin and parts of North East India. In 1981, the company became a wholly owned enterprise of the Indian government.

During the financial year 2017-2018, OIL reported revenues in excess of Rs.120.28 billion.

The Indian government holds a controlling stake of 68.43% in OIL while the balance is owned by the public, in the form of equities traded on Indian stock exchanges.

Oil has over 100,000 sq. Km of Petroleum Exploration Lease/Mining License areas for exploring and producing oil and natural gas, primarily in North Eastern states of India.

The company owns and operates 13 drilling rigs and 14 work-over rigs.

It is actively exploring oil and gas in blocks in Mahanadi basin, deep waters off the Mumbai coast and the Krishna–Godavari basin among others.

The company also has several projects outside India. These are located in Venezuela, Russia, Bangladesh, Libya, Gabon, USA, Nigeria and Sudan, among other countries.

7. GAIL (India) Ltd

GAIL India

GAIL (India) Ltd was formerly called Gas Authority of India Ltd. GAIL was incorporated in August 1984 under the Ministry of Petroleum and Natural Gas (MoP & NG).

In 2017, GAIL (India) Ltd reported net revenues in excess of Rs.500.59 billion. GAIL operates the Hazira-Vijaypur-Jagdishpur natural gas pipeline that spans some 1,850 km and ranks among the largest in the world.

The Indian government entrusted GAIL for establishing city gas distribution (CGD) network in India. Under the project, GAIL provides piped LNG in various cities across the country.

Its regional piped gas companies  Gas Ltd (IGL), New Delhi, Mahanagar Gas Ltd (MGL), Mumbai, Southern Gas Ltd, Goa and Green Gas Ltd for Agra and Lucknow, among others.

GAIL also has several Indian joint ventures with regional partners to supply piped LNG to households and commercial consumers in Hyderabad, Agartala, Kanpur, Indore, Vadodara, and Pune, among other cities.

In 2008, GAIL formed its wholly owned subsidiary, GAIL Gas Ltd (GGL) for implementing the CGD project in four cities namely Kota, Dewas, Sonepat and Meerut, among others.

Also Read: Top 10 Lubricant Companies in India

8. Reliance Petroleum Ltd

Reliance Petroleum Ltd

Reliance Petroleum Ltd is a petroleum company in India’s owned by India’s leading business group, Reliance Industries Ltd.

The company was established in 2008. During the fiscal year 2017-2018, it reported of Rs.36.78 billion.

The company has a strategic alliance with Singapore based Chevron India Holdings Pvt Ltd, a wholly owned subsidiary of the global energy giant, Chevron of USA.

With a capacity of 1.2 million barrels per stream per day, Reliance Petroleum Ltd’s Jamnagar refinery ranks among the biggest in the world.

Additionally, Reliance Petroleum Ltd is involved in retail petrol and diesel sales for vehicles, LPG for auto-rickshaws, Aviation Turbine Fuel and lubricants.

The company has over 1,300 retail outlets for sales of fuel and lubes. Reliance Petroleum Ltd is also a significant player in the aviation sector.

It operates at over 25 airports across India and fuels one aircraft every three minutes, round the clock.

9. Tata Petrodyne Ltd

Tata Petrodyne Ltd

Tata Petrodyne Ltd was established in 1993. The Indian petroleum industry has initially been a subsidiary of Tata Industries Ltd.

It was formed with the objective of meeting the growing energy needs of India. Today, Tata Petrodyne Ltd is an independent company of India’s well reputed industrial group Tata Sons Ltd which is one of the best companies to work in India.

The company has successfully bid for exploration and production of oil and gas in various blocks auctioned by the Indian government.

These projects are ongoing in collaboration with major Indian partners and foreign companies that have a strong reputation in the oil and gas Industries.

Tata Petrodyne Ltd also has operations in various foreign countries. These include exploration and production blocks in India, Indonesia, and Tanzania.

Subsidiaries are located in Amsterdam, the Netherlands with representative Offices in Perth, Jakarta and Dar-E-Salaam.

Also Read: Top 10 Public Sector Companies in India

10. Nayara Energy (Essar Oil Ltd)

Essar Oil Ltd


Essar Oil Ltd was renamed as Nayara Energy after the company was acquired Rosneft, the world’s largest oil and gas company in India in terms of liquid hydrocarbon production and reserves.

The acquisition was led by an investment consortium led by Transfigura & UCP Investment Group.

Nayara Energy is calling itself an integrated downstream oil company of international scale with a strong presence in the hydrocarbon value chain from refining production to marketing in a number of segments including retail.

Nayara Energy operates India’s second largest single-site refinery in Vadinar, Gujarat. The Vadinar refinery has a capacity of 20MMTPA.

This refinery is said to be one of the world’s most modern refineries and is capable of refining some of the hardest types of crude oil.

Nayara Energy is now striving to produce Euro IV and Euro V grade products in India. Nayara Energy also manages the fastest growing retail chain in India with the largest private sector fuel retail network.

The company has over 4,500 operational outlets across India, and over 2,600 outlets are at various stages of completion.

11. Hindustan Oil Exploration Co Ltd

Hindustan Oil Exploration Company Ltd

Hindustan Oil Exploration Company Ltd (HOEC) is the first private sector enterprise in India’s oil and gas industry.

It was established in 1983 to explore and produce (E&P) oil and gas to meet India’s increasing fuel needs.

HOEC began operations in 1991 after the Indian government announced the fourth round of exploration bidding for private sector participation.

The company signed a strategic alliance with America’s Bardahl Manufacturing Corporation Inc.

Now it has a wholly owned subsidiary, HOEC Bardahl India Ltd that markets high-performance fuel and engine additives.

The company has participating interest in nine oil and gas fields in India. These are located in Cambay basin, Cauvery basin, Assam Arakan basin and Rajasthan basin.

They are in various stages of E&P such as exploration, development and production.

12. Cairn India

Cairn India

Cairn India ranks among the largest independent oil and gas companies in India known for its most significant oil and gas exploration and production it handles around 30% of India’s domestic crude oil production.

This oil and gas company is a significant player in India’s oil and gas industry for over 20 years. The company is playing a vital role in developing India’s oil and natural gas resources.

Cairn India’s operations are predominantly in Rajasthan. It has developed four frontier basins with over 40 discoveries. Of these, 31 are in Rajasthan.

The Mangala field in Rajasthan, discovered in January 2004, is the largest onshore oil discovery in the country in more than two decades, says the company.

Mangala, Bhagyam and Aishwariya fields, which are significant discoveries in the Rajasthan block, have gross ultimate oil recovery of over 1 billion barrels. It has a portfolio of nine blocks.

These include one block in Rajasthan with multiple assets, two on the west coast, four on the east coast, and one each in Sri Lanka and South Africa.

Oil and gas are currently being produced from Rajasthan, Ravva and Cambay, the company states.

Also Read: Top 15 Most Admired Companies in India

13. GE Oil & Gas India

GE Oil & Gas India

GE Oil & Gas India is a division of US-based GE Energy group- a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from exploration and production to downstream.

In India, GE Oil & Gas is involved in offshore and land drilling, subsea solutions, enhanced oil recovery solutions, unconventional resources, full range LNG solutions, industrial power generation, refinery and petrochemicals, gas storage and pipelines, among others.

The company also produces various oil and gas industry requirements such as subsea trees, manifolds and connection systems, compressors, surface wellheads and others.

14. Total Oil India Pvt Ltd

Total Oil India Pvt Ltd


French oil and gas exploration company Total has a massive presence in India. Total’s operations in India include marketing and Services, gas and power, new energies, refining and chemicals.

This oil industry operates in India with a domestic and foreign partner since 1993.

Total’s projects in India include a world-class LNG receiving facility established in collaboration with Hazira LNG Pvt Ltd, and LPG with India’s first underground cavern storage facility through South Asia LPG Company Pvt. Ltd.

Total India’s Technical Centre was opened in 1993 to provide better energy solutions in the Asia-Pacific region.

The company’s businesses include lubricants, LPG, bitumen, special Fluids and additives.

Total in India conducts various community engagement programs in for promoting education, health and traffic safety, the company states.

15. Gujarat State Petroleum Corporation


Gujarat State Petroleum Corporation


Gujarat State Petroleum Corporation (GSPC) is wholly owned by the state government of Gujarat and is part of the larger eponymous group.

GSPC is one of the leading oil and gas companies in India well known for its oil and gas exploration, development and production.

It is also one of the largest gas trading companies in India. GSPC is involved in gas transmission and gas distribution businesses.

The company’s development and production activities are onshore and offshore. GSPC also has interests in foreign countries.

GSPC is involved in 22 onshore and offshore exploration and production blocks and fields in India, including 17 producing areas in the Cambay Basin one Krishna Godavari Basin.

Additionally, the company is involved in the production of oil and has Cambay Basin, Mumbai Offshore and Kutch Offshore.

The company acquired several discovered oil and gas fields in the first and second rounds of bidding initiated by the Indian government in g 1994-95.

Oil & Gas Industry of India: Overview

The oil and gas sector of India is headed for a boom as the country moves towards massive industrialisation.

According to the India Brand Equity Foundation (IBEF), the country’s crude oil imports rose sharply to US$ 87.37 billion in 2017-18 from US$ 70.72 billion in 2016-17.

India retained its spot as the third largest consumer of oil in the world in 2017 with consumption of 4.69 Million Barrels Per Day of oil in 2017, compared to 4.56 Million Barrels Per Day in 2016.

India was the fourth-largest Liquefied Natural Gas (LNG) importer in 2017 after Japan, South Korea and China.

LNG imports increased to 26.11 Billion Cubic Meters in 2017-18 from 24.48 BCM in 2016-17.

Gas pipeline infrastructure in the country stood at 16,771 km at the beginning of September 2018.

Data released by the Department of Industrial Policy and Promotion (DIPP), the petroleum and natural gas sector attracted FDI worth US$ 7.00 billion between April 2000 and June 2018.

The Final Thought

India has opened its oil and gas sector to private sector players. Hence, major Indian companies are expected to diversify into this booming field in coming years.

Since the Indian government auctions exploration and production at oil and gas companies in India, you might see large and small firms forming joint venture (JV) partnerships to cash on this lucrative sector in coming years.

3 thoughts on “Top Oil and Gas Companies in India”

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