India’s oil and gas production from overseas assets declined by more than 12.3% over five years, falling to 19.2 million metric tonnes of oil equivalent (MMTOE) in 2025-26 from 21.9 MMTOE in 2020-21, according to government data. At the same time, domestic oil and gas production increased during the period. As a result, overseas production as a share of India’s domestic output fell significantly.
Overseas Production Share Declines
In 2020-21, India produced 59.2 MMTOE of oil and gas domestically, while its overseas assets contributed 21.9 MMTOE. Overseas production therefore equalled around 37% of domestic output. By 2025-26, domestic production had increased to 62.7 MMTOE. However, overseas production declined to 19.2 MMTOE, reducing the ratio to approximately 30.7%. The decline comes as India continues to rely heavily on imports to meet its energy requirements. The country imports more than 88% of its crude oil requirements and around 50% of its natural gas, according to a recent parliamentary report.
Parliamentary Panel Calls for Overseas Investment
The Committee on Estimates has highlighted the importance of investing in overseas oil and gas assets to strengthen India’s energy security. In its report, Supply and Distribution of Natural Gas – Challenges and Prospects, the committee noted that overseas investments remain important because India is a net importer of oil and gas. The report also stated that state-owned Indian oil and gas companies hold interests in 45 overseas assets across 21 countries. These include 21 producing assets, 14 assets under exploration, seven under development and three pipeline projects. According to the report, overseas oil and gas production stood at around 20.2 MMTOE in 2024-25.
ONGC Videsh Leads Overseas Asset Portfolio
ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), holds stakes in most of these international assets. Other state-owned companies, including Indian Oil Corporation, Bharat Petroleum Corporation, Oil India and GAIL India, also maintain overseas oil and gas portfolios. Indian companies have interests in assets across a wide range of 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. The petroleum ministry, ONGC and OVL did not respond to requests for comment.
OVL Production Declines Amid Geopolitical Challenges
According to OVL’s 2025-26 annual report, the company operates 30 assets across five continents and 14 countries. However, geopolitical developments affected production during the year. OVL’s oil and gas output declined by around 6% to 9.67 MMTOE in 2025-26, compared with 10.28 MMTOE in the previous year. The company’s Russian assets, including Vankor and Sakhalin-1, contributed the largest share of its overseas production. The decline in overseas output highlights the challenges Indian energy companies face while managing international assets amid geopolitical uncertainty. As reported by hindustantimes.com, at the same time, continued investment in overseas resources remains a key consideration for India as it seeks to strengthen energy security and diversify its sources of oil and gas supply.
