The energy sector has always been a big piece of India’s growth puzzle. It powers industries, supports livelihoods, and fuels everyday life. But with the world now shifting gears towards cleaner alternatives, the top oil and gas companies in India are rethinking how they operate.
It’s no longer just about drilling and refining—it’s about leading change. And surprisingly, many of these firms are already laying the groundwork for a low-carbon future.
The Energy Transition
India’s one of the largest energy consumers globally, and it’s only going to grow from here. With more cities expanding and infrastructure booming, the demand for fuel is sky-high. But here’s the challenge—it can’t come at the cost of the environment.
That’s why oil and gas companies in India are facing a serious turning point. They have to continue meeting demand while also cutting emissions, improving efficiency, and building greener systems. And the good part? Some of them have already started taking bold steps in that direction.
Meet the top oil and gas companies in India
Let’s look at the key players that are not only shaping the energy sector but also leading India’s green push:
1. ONGC (Oil and Natural Gas Corporation)
Still holding its ground as one of the top oil and gas companies in India, ONGC has been around for decades. It’s mainly known for upstream exploration, but now it’s setting its sights on cleaner options too.
ONGC has pledged to hit net-zero for Scope 1 and 2 emissions by 2038. It’s also experimenting with offshore wind energy, green hydrogen projects, and even carbon capture—all aimed at building a more sustainable future.
2. Reliance Industries Limited
Reliance has come a long way. From refining and petrochemicals to now talking about green hydrogen, solar energy, and EV battery manufacturing—it’s really shifting its game.
Though still a major name among oil and gas companies in India, Reliance plans to become net carbon zero by 2035. Its Jamnagar refinery is already getting revamped to produce cleaner fuels and reduce its carbon load. This is one company that’s not just following trends—it’s setting them.
3. Indian Oil Corporation Limited (IOCL)
IOCL, another big one among the top oil and gas companies in India, has a large footprint in refining and retail. But over the last few years, it’s stepped up its green energy investments.
It’s working on compressed biogas, ethanol blending, and even LNG for public transport. There’s a green hydrogen project on the cards too. IOCL’s also rolling out solar and wind energy assets across multiple states.
4. GAIL (India) Limited
When we talk about natural gas companies in India, GAIL tops the list. It runs India’s biggest natural gas network and has a big role to play in shifting the country’s energy mix.
What’s interesting is that GAIL is now going beyond gas—it’s getting into solar, hydrogen, ethanol, and even battery storage. It's proof that even established companies can evolve fast when there’s a clear purpose.
5. HPCL (Hindustan Petroleum Corporation Limited)
HPCL might have been known for petrol pumps and refining earlier, but it’s doing much more now. It’s investing in EV charging, biofuels, and compressed biogas plants.
It’s also expanding its LNG infrastructure to support cleaner transport options. These steps show why HPCL is still counted among the top oil and gas companies in India—not just for its legacy, but for how it’s adapting to the future.
6. Essar Oil and Gas Exploration and Production Ltd.
Essar is making waves as one of the rising natural gas companies in India, especially with its success in coal bed methane.
It is the leader in India’s Coal Bed Methane (CBM) exploration with 50% of India’s CBM production. Additionally, the company is India’s first CBM project producing over 1 million cubic meters of gas. Essar has till date invested Rs 5,500 crore and has drilled over 450 wells with plans to scale that up to 100in 18-24 months. Aiming to increase India’s gas output contribution to 5% in five years (from 1%). Essar is also exploring shale gas potential in the Raniganj CBM block.
How these companies are shaping a cleaner energy future
So how exactly are these top oil and gas companies in India changing the game? Let’s break it down.
Expanding natural gas infrastructure
Natural gas burns cleaner than coal or diesel, which makes it a smart choice for transition. Many natural gas companies in India—like GAIL and Essar—are building out pipelines, city gas distribution systems, and LNG terminals to boost gas access.
The government wants natural gas to make up 15% of India’s energy use by 2030 (right now it’s just about 6%). To get there, the backing of key oil and gas companies in India is essential—and luckily, it’s happening.
Leading the ethanol and biofuel push
Ethanol blending helps reduce carbon emissions and cuts India’s oil import bill. Plus, it supports sugarcane farmers. IOCL, BPCL, and HPCL are all investing in ethanol plants and blending programmes.
The goal is 20% ethanol in petrol by 2025, and these top oil and gas companies in India are making sure it’s not just a dream on paper.
Investing in green hydrogen
Green hydrogen’s getting a lot of buzz these days—and for good reason. It’s clean, versatile, and has the potential to decarbonise sectors like steel and refining.
ONGC, GAIL, and Reliance are all running pilots and building partnerships to explore hydrogen tech. While it’s still early, this could be one of the biggest disruptors in the next decade.
Supporting electric mobility
Petrol pumps aren’t the only future. EV charging stations are popping up across the country—and who’s building them? You guessed it—oil and gas companies in India.
IOCL, HPCL, and BPCL are all working on EV corridors and charging infrastructure to support the rise of electric vehicles. They’re seeing transport not just as fuel supply, but as mobility solutions.
Carbon capture and renewable projects
To hit net zero, companies need to do more than just reduce emissions—they also need to remove carbon from the air. That’s where carbon capture comes in.
ONGC and IOCL are working on pilot projects to capture and store carbon emissions from refineries. Meanwhile, investments in solar and wind energy are helping these companies meet internal green targets too.
Challenges they must overcome
It’s not all smooth sailing. These companies face a bunch of hurdles:
- Green hydrogen and CCS tech is still expensive
- Infrastructure for natural gas needs serious expansion
- Fossil fuel revenue still dominates their books
- Consumers are still price-sensitive to cleaner options
But despite all that, the momentum’s real—and most of these firms are in it for the long haul.
What does the future look like?
India’s energy future will need to strike a balance—keeping fuel affordable, reliable, and sustainable. And the top oil and gas companies in India will play a key role in achieving that balance.
As they pour money into renewables, hydrogen, cleaner fuels, and mobility solutions, they’re not just reacting to change—they’re helping create it.
And with India’s manufacturing ambitions and growing logistics sector, energy demand isn’t going away anytime soon. So, building out the role of natural gas companies in India, expanding cleaner transport, and supporting biofuels is going to be key.
Conclusion: A sector in transition, but with purpose
The top oil and gas companies in India are no longer just suppliers—they’re turning into energy transition leaders. They’re walking a tricky line between legacy systems and new-age expectations, but they’re showing it can be done.
From GAIL’s natural gas expansion to Reliance’s big hydrogen bets—from IOCL’s ethanol push to Essar's coal bed methan productionapproach—every player is contributing to a greener tomorrow.
The oil and gas companies in India might’ve once been seen as the problem. But if things keep going this way, they could actually be a huge part of the solution.
