Oil and Gas
Driving Sustainable Growth with Trusted Advisory
India’s oil and gas sector is navigating a period of transformation — growing domestic demand, tightening energy security concerns, and ambitious policy shifts. With refining capacity rising and natural gas set to play a larger role in the energy mix, the industry is investing in exploration, infrastructure, and green fuels even as it tackles import reliance, regulatory complexity, and environmental obligations.
At Baker Tilly ASA India, we support E&P (Exploration & Production) companies, refiners, midstream operators, and downstream distributors with strategic, financial, and compliance advisory. Whether you’re planning upstream expansion, refinery modernization, LNG terminal investment, or sustainability transition, our cross-disciplinary expertise helps convert energy potential into operational resilience and growth.
Our services include:
- Financial modeling and forecasting for infrastructure and energy projects
- Regulatory compliance under Indian energy and environmental laws
- Joint venture accounting and reporting for multi-partner projects
- Cross-border tax and structuring advisory for global operations
- Risk assurance and control testing for financial reliability
- CERT-In cybersecurity and industrial system audits for infrastructure protection
- Tax and transfer pricing optimization under Indian regulations
- Valuation and due diligence for M&A and restructuring decisions
Industry Size
India’s nameplate refining capacity stood at 256.8 million metric tons per annum (MMTPA) as of April 2024. The total refining capacity across all refineries was recorded at 258.10 MMTPA as of April 1, 2025.
Import Dependency
Oil: India’s oil import dependency in FY 2025 was about 88.2%, up from ~87.8% in FY 2024. Natural Gas: Gas import dependency reached 50.8% in FY 2025, compared to 47.1% the previous year
Natural Gas Production
Gross natural gas production for Jan 2025 was 3,066 MMSCM, slightly down year-over-year. Total natural gas consumption (domestic production + LNG imports) in FY 2025 was ~61,282 MMSCM. India’s natural gas import bill rose to USD 15.2 billion in FY 2025 (a jump of ~13%) due to growth in LNG imports and consumption.
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