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Indian oil and gas sector developments
Overview
The Indian oil and gas sector is undergoing regulatory adjustments and experiencing significant market growth. In early October 2026, the Indian government raised the ceiling price for natural gas from technically challenging deepwater, ultra-deepwater, and high-pressure, high-temperature fields to $9.89 per MMBtu for the period between October 1, 2026, and March 31, 2027. This move aims to provide financial relief to producers in complex offshore environments, such as the KG-D6 block, while maintaining a $7 per MMBtu cap for legacy nomination fields from state-run companies.
Following these regulatory updates, the sector's financial outlook remains strong, with a projected 41.2% quarter-on-quarter increase in aggregate EBITDA for Q2FY27. This growth is supported by oil marketing companies and a resilient upstream segment. Additionally, the Indian Gas Exchange Limited (IGX) reported record-breaking activity, with volumes for the first half of fiscal year 2027 reaching 69.52 million MMBtu, a 70.78% year-on-year increase.
Entities
Oil and Natural Gas Corporation · Oil India Ltd · BP · ONGC · Bharat Petroleum Corporation
Timeline
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[BUSINESS] 2 sourcesIndian oil and gas sector projected to see 41% EBITDA growth
India's oil and gas sector expects a 41.2% quarterly EBITDA increase for Q2FY27, while the Indian Gas Exchange reports record-breaking trading volumes for the first half of the fiscal year.
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[BUSINESS] 5 sourcesIndia raises gas ceiling price for deepwater fields to $9.89/MMBtu
India has raised the natural gas ceiling price for deepwater and high-pressure fields to $9.89/MMBtu for late 2026 to 2027, while maintaining a $7 cap for legacy fields from ONGC and Oil India Ltd.
Sources
bhaskarlive.in · businessfortnight.com · businessnewsthisweek.com · deccanchronicle.com · ibc24.in · sanmarg.in · tv9hindi.com