Production of oil and gas from nearly four dozen overseas assets in which Indian energy firms hold stakes fell more than 12.3% over five years to 19.2 million metric tonnes of oil equivalent (MMTOE) in 2025-26, according to government data.
Overseas production as a proportion of domestic output also declined sharply during the period, as domestic production increased while overseas output fell, the data showed.
In 2020-21, India’s domestic oil and gas output was 59.2 MMTOE, while production from its overseas assets stood at 21.9 MMTOE, equivalent to 37% of domestic output. By 2025-26, domestic output had risen to 62.7 MMTOE, while overseas production had fallen to 19.2 MMTOE, reducing the ratio to 30.7%.
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Investment in oil and gas assets
The decline comes as a parliamentary panel has emphasised the need for India to invest in oil and gas assets abroad to strengthen energy security, noting that the country imports more than 88% of its crude oil and about 50% of its natural gas to meet rising energy demand.
“Since India is a net importer of oil & gas, investment in overseas oil & gas assets is essential for ensuring energy security,” the Committee on Estimates said in its recent report on ‘Supply and Distribution of Natural Gas-Challenges and Prospects’.
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According to the report, state-run oil and gas firms have stakes in 45 assets (21 producing, 14 under exploration, seven under development and three pipeline projects) across 21 countries. Overseas oil and gas production was about 20.2 MMTOE in 2024-25, the report said. ONGC Videsh Ltd (OVL), the overseas arm of state-run Oil and Natural Gas Corporation, holds stakes in most of these assets. Other state-run companies, including Indian Oil Corporation, Bharat Petroleum Corporation, Oil India and GAIL India, also have overseas portfolios.
The petroleum ministry, ONGC and OVL did not respond to emails seeking comment.
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Indian companies have stakes in assets in countries including Azerbaijan, Brazil, Bangladesh, Canada, Colombia, Gabon, Indonesia, Iraq, Iran, Libya, Mozambique, Myanmar, Nigeria, Oman, Russia, South Sudan, Syria, the UAE, the US, Venezuela and Vietnam.
According to OVL’s 2025-26 annual report, the company has 30 assets across five continents in 14 countries. Industry experts said geopolitical upheavals affected its output during the year.
OVL’s oil and gas production fell about 6% to 9.67 MMTOE in 2025-26 from 10.28 MMTOE a year earlier, according to the annual report.
Its Russian assets, including Vankor and Sakhalin-1, account for the largest share of its production.