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Oil & Gas Sector in India

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With its increasing population and industrial growth, India has become a major player in energy consumption, making the Oil & Gas sector vital for its economy. As the world’s third-largest oil consumer, this sector powers India’s industries, affects its global interactions, and sustains everything from major cities to small villages.

Oil & Gas

This sector’s growth and India’s development have been closely linked. New infrastructures and technologies in this area are vital for our energy demands. It’s essential for everyone, from investors to the average person, to understand this sector’s role in India’s energy strategy and its economic significance.

Additional Read: Engineering Sector in India

History

India’s Oil & Gas journey started in the late 19th century with the discovery of oil in Assam, leading to Asia’s first refinery in Digboi in 1901. Initially, growth was slow and largely governed by state-owned firms. However, post-independence, energy’s role in India’s ambitions became evident.

The 70s and 80s saw a shift, with the government emphasising exploration and development. Institutions like ONGC and IOCL, established in the 1950s, became significant players, exploring new reserves and driving the energy market.

Liberalisation saw India welcoming foreign firms in this sector. Initiatives like the 1997 New Exploration Licensing Policy (NELP) allowed smoother licensing, opening opportunities for both local and global players. Today, this sector goes beyond fuel supply. It offers jobs, drives innovation, and elevates India’s stance in the global energy arena.

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List of Top 10 Oil & Gas Stocks

S.No.Company NameMarket Cap (in Cr)
1.Reliance Industries Ltd₹ 16,48,408
2.Oil and Natural Gas Corporation Ltd₹ 2,34,936
3.Indian Oil Corporation Ltd₹ 1,30,762
4.Bharat Petroleum Corporation Ltd₹ 77,922
5.Hindustan Petroleum Corp Ltd₹ 36,470
6.Oil India Ltd₹ 30,997
7.Mangalore Refinery and Petrochemicals Ltd₹ 16,588
8.Chennai Petroleum Corporation Ltd₹ 7,579
9.Hindustan Oil Exploration Company Ltd₹ 2,236
10.Asian Energy Services Ltd₹ 641

Reliance Industries Ltd 

Reliance Industries, under the leadership of Mukesh Ambani, has transformed from a textile company to a large conglomerate. Today, it stands as a major player in the Oil & Gas sector, primarily because of its world-class refining complex in Jamnagar – the largest of its kind globally. Beyond its core petroleum business, Reliance is also famous for its brands like Reliance Fresh in the retail sector and Jio in telecommunications. A significant achievement for Reliance was its strategic partnerships with global entities, ensuring that it is a leading name in the industry’s innovations.

Also Read: Reliance Industries Ltd.

Oil and Natural Gas Corporation Ltd

As the top public sector entity in India’s Oil & Gas sector, ONGC has been an important figure in exploration and production activities. Producing almost 70% of India’s crude oil and natural gas, the company has constantly ventured outside India, acquiring assets and forming partnerships. Their deep-water drilling operations and major discoveries have helped India maintain a steady energy supply.

Indian Oil Corporation Ltd

A giant in the refining sector, IOCL has been vital in fuelling India’s growth. Apart from its massive refining capacity, the company is also renowned for its extensive network of petrol stations under the brand “IndianOil”. It also has popular LPG brands like Indane. In terms of research and development, IOCL has pioneered several innovations to ensure cleaner and more efficient fuel products for the Indian market.

Bharat Petroleum Corporation Ltd

BPCL’s journey, spanning exploration to marketing, has been marked by its commitment to quality and sustainability. With brands like ‘Speed’ and ‘Mak Lubricants’, BPCL has ensured its products serve a wide range of consumers. Its innovations in green fuel alternatives and customer-centric services have further enhanced its reputation.

Hindustan Petroleum Corp Ltd

HPCL, another big name in refining and marketing, is known for its consistent quality and services. With brands like ‘Power’ and ‘Club HP’, they’ve managed to create a large consumer base. Their commitment to sustainable operations, be it through wind energy projects or rainwater harvesting, showcases their all-inclusive approach to business.

Oil India Ltd

Mainly focussed on the exploration, production, and transportation of crude oil and natural gas, Oil India’s strategic operations in India’s northeast make it a company of national importance. The company has continually performed well and has played a significant role in increasing India’s oil and gas supplies.

Mangalore Refinery and Petrochemicals Ltd

A subsidiary of ONGC, MRPL stands out with its advanced refining techniques. Their ability to produce high quality fuels and their constant efforts in producing eco-friendly products like green diesel makes them an industry leader. Their commitment to sustainable growth is evident in their carbon-neutral initiatives and water conservation projects.

Chennai Petroleum Corporation Ltd

CPCL, a significant player in South India, has consistently ensured the region’s energy needs are met efficiently. Their products, known for their quality, cater to diverse sectors, from textiles to pharmaceuticals. Their research and development team’s efforts in promoting cleaner fuels stands out.

Hindustan Oil Exploration Company Ltd

HOEC uniquely emphasises exploration and production. While it may not be as big as some other companies, its dedication to increasing India’s hydrocarbon reserves has been impressive. Their strategic alliances and partnerships with other businesses have led to important discoveries of oil and gas, which are valuable for the country

Asian Energy Services Ltd

Asian Energy Services focuses on collecting, analysing, and understanding seismic data, making it vital in the initial stages of oil and gas exploration. Even though it might not be as commonly known as some other big companies, its services are essential for businesses wanting to find new oil and gas sources. Their ability to provide complete solutions from start to finish makes them a preferred choice in the field.

Current Performance

The Oil & Gas industry in India is a crucial pillar supporting its industrial growth, ensuring consistent fuel availability for transport, households, and factories. A closer look at this sector presents a varied scenario.

India’s ever-growing energy needs are propelling the industry to enhance its offerings. With more people moving to cities, a growing middle class, and an increase in vehicles, factories, and homes using energy, there’s a heightened demand for oil products like petrol, diesel, and LPG.

However, the industry does face hurdles. The ever-changing global oil prices significantly influence this sector’s stability. Since India buys over 80% of its oil from other countries, any price change abroad can affect everything – from company profits to the cost of petrol and diesel for people.

Also, political issues in major oil-producing areas can make these price changes even more unpredictable. Relying heavily on imported oil puts India at risk, making the sector’s stability uncertain. Yet, despite such challenges, the industry remains strong. Companies are trying different ways, like buying oil from various countries, storing more oil for future use, and making their processes more efficient. The focus on introducing cleaner options like BS-VI fuel and expanding the use of natural gas shows the sector’s willingness to change and grow.

Future Outlook

Looking ahead at India’s Oil & Gas sector reveals a mix of promising chances and obstacles. India’s need for energy is predicted to double by 2040, and oil and gas are likely to fulfil over half of this requirement. This rising need indicates a bright future for businesses in this sector.

At the same time, the world is clearly moving towards green energy. India is also joining this move by setting high goals for using renewable energy sources. This situation puts the Oil & Gas sector in an important spot. The industry needs to grow and change to match worldwide goals for a cleaner planet.

Many see natural gas as a key player in this change. It releases less carbon than coal and oil, so both the Indian government and businesses are working to use it more. They are planning to make more natural gas pipelines, create more places to get LNG, and grow the city gas networks.

There’s also a clear effort to bring in new technology. Businesses are trying out digital tools, smart computer systems, and data study to improve how they find, produce, and give out oil and gas. These new methods can change how things work, save resources, and make the industry more money.

However, the future has some challenges too. Companies need to grow, but they also face issues. The world might use less fossil fuel, prices can go up and down, there are global tensions, and there’s a strong need to cut down on pollution.

 

Advantages of Investing in the Oil & Gas Sector

The Oil & Gas industry plays a crucial role in India’s industrial growth, directly influencing our economy. Investing in this field offers several benefits due to the nature of its work and the essential products it delivers. Here are some key reasons to consider investing in this sector:

  • Strategic Importance: The Oil & Gas sector holds a key position in any country’s industrial framework, especially for a nation like India with its vast energy requirements. This strategic significance translates into consistent governmental support, making investments more secure.
  • Consistent Demand: Regardless of economic fluctuations, the demand for energy remains relatively high. Even in times of economic challenges, households and industries require fuel. This consistent demand ensures stability in the sector, making it a relatively safer investment option.
  • Diverse Revenue Streams: Companies in the Oil & Gas sector often operate across multiple segments, from exploration to distribution. This diversification within the sector provides multiple revenue streams and safety against potential losses in any one segment.
  • Infrastructure Development: The government is working to improve oil and gas facilities like pipelines. This offers more chances for investment and helps other related areas grow, showing this sector’s importance.
  • High Dividend Yields: Historically, many established Oil & Gas companies have offered attractive dividend payouts. For investors, this means a regular income stream in addition to potential capital appreciation.
  • Entry into the Global Market: Given that the pricing of oil and gas is often determined by global events, investing in this sector offers an indirect entry into the global market. Investing in this sector can protect against changes in the local market.
  • Natural Gas – The Transition Fuel: As the world moves towards cleaner energy sources, natural gas stands out as a transition fuel. Investment in companies focusing on natural gas exploration and distribution can yield significant returns, given the expected growth in its consumption.
  • Potential for Mergers and Acquisitions: The Oil & Gas sector often witnesses mergers and acquisitions, providing opportunities for quick growth. Investors can benefit from these industry consolidations and the value they create.

Additional Read: The Benefits of Investing in Stocks

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Frequently Asked Questions

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1. Which company has the largest market capitalisation in the Oil & Gas sector in India?

Answer Field

Reliance Industries Ltd holds this leading position with a market cap of ₹ 16,48,408 Cr.

2. What factors should be considered when investing in the Oil & Gas sector?

Answer Field

Potential investors should evaluate global oil prices, geopolitical conditions, technological advancements in energy, company financials, government policies, and the shift towards sustainable energy sources.

3. How do fluctuations in global oil prices affect Indian Oil & Gas companies?

Answer Field

Since India is a significant importer of oil, global price dynamics play a direct role in influencing costs for Indian companies. A rise in global oil prices can increase operational costs, and vice-versa.

4. How does Reliance Industries’ Oil & Gas segment compare to its other ventures in terms of revenue generation?

Answer Field

While Reliance has made substantial inroads into sectors like telecommunications, retail, and digital services, its Oil & Gas segment, especially the refining and petrochemicals division, has historically been a significant revenue contributor. However, with the rise of its digital and retail arms, the revenue distribution has become more diversified.

5. Why are some companies, like Asian Energy Services Ltd., with a smaller market cap still significant in the industry?

Answer Field

Companies with smaller market caps, like Asian Energy Services Ltd, often offer niche services or cater to specific market segments. Their significance isn’t solely dependent on their size, but their expertise, strategic position, and the unique value they bring to the industry.

6. How are government policies and regulations expected to shape the future of the Oil & Gas sector in India?

Answer Field

Government policies play a critical role in determining the sector’s trajectory. Initiatives promoting cleaner energy sources or those incentivising exploration and production activities can have a lasting impact. Regulatory frameworks around pricing, taxation, and environmental standards will also guide the sector’s evolution and profitability.

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Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : https://www.bajajbroking.in/pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

IPO FINANCING

IPO Financing is done through Bajaj Finance Limited. Bajaj Finance Limited (BFL or Lender) reserves the sole right to decide participation in any IPO and financing to the client shall be subject to credit assessment done by the lender. Also, BFL shall have full rights to decide the commercial terms for IPO and final application and financing shall be subject to all requirements being met by the client in a timely manner including documentation, account setup and payment of required Interest and Margin. Bajaj Finance Limited also reserves the exclusive rights to change any of the above-mentioned terms and conditions without prior notice to clients. The scheme margin is subject to change. UPI is mandatory to bid in all IPOs through our platform. As per exchange guidelines, all the UPI mandates will only be accepted till 5:00 PM on IPO closure day. 

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.