India’s overseas oil and gas production fell more than 12.3 per cent over five years to 19.2 mn metric tonnes of oil equivalent (MMTOE) in 2025-26, according to government data. Production from nearly four dozen overseas assets in which Indian energy companies hold stakes stood at 21.9 MMTOE in 2020-21.

Overseas output also declined as a proportion of domestic production during the period. Domestic oil and gas output increased from 59.2 MMTOE in 2020-21 to 62.7 MMTOE in 2025-26, while overseas production fell, reducing its ratio to domestic output from 37 per cent to 30.7 per cent.

The decline comes as a parliamentary panel has called for greater investment in oil and gas assets abroad to strengthen India’s energy security. The country imports more than 88 per cent of its crude oil and about 50 per cent of its natural gas to meet rising energy demand, according to the Committee on Estimates.

State-run oil and gas companies hold stakes in 45 assets across 21 countries, including 21 producing assets, 14 under exploration, seven under development and three pipeline projects. Overseas production was about 20.2 MMTOE in 2024-25. ONGC Videsh, the overseas arm of Oil and Natural Gas Corporation, holds stakes in most of the assets, while Indian Oil Corporation, Bharat Petroleum Corporation, Oil India and GAIL India also have overseas portfolios.

The assets are spread across countries including Azerbaijan, Brazil, Canada, Colombia, Iraq, Libya, Mozambique, Nigeria, Oman, Russia, South Sudan, the UAE, the US and Vietnam. ONGC Videsh reported production of 9.67 MMTOE in 2025-26, down about 6 per cent from 10.28 MMTOE a year earlier. Its Russian assets, including Vankor and Sakhalin-1, account for the largest share of its output, while geopolitical disruptions affected production during the year.