5 Stocks to Watch as India Launches Mega Offshore Oil & Gas Exploration Mission

#2 Deep Industries

Next on the list is Deep Industries.

The company is a leading energy sector solutions provider.

It specialises in air and gas compression services, drilling and workover services, gas dehydration solutions, and integrated project management services.

Over the years, the company has evolved into a one-stop solutions provider for oil and gas field operations by offering a wide range of equipment and services on a rental and charter-hire basis.

Its portfolio caters to multiple segments of the oil & gas value chain, ranging from exploration and production services to midstream operations.

Deep Industries has been active in the onshore oil & gas services segment for more than three decades.

To strengthen its offshore presence, the company acquired Dolphin Offshore Enterprises (India) through the NCLT route in 2022.

This expanded its capabilities in offshore oil & gas operations, including services for shallow-water and deep-water energy platforms, as well as offshore renewable energy projects such as offshore wind platforms.

As India ramps up offshore exploration activities across multiple basins, Deep Industries is a stock to watch due to its growing offshore capabilities and diversified oil & gas services portfolio.

Rising offshore activity could increase demand for drilling, compression, offshore support, and project management services.

For more details, see the DEEP INDUSTRIES company fact sheet and quarterly results.

#3 Jindal Drilling and Industries

Next on the list is Jindal Drilling and Industries.

The company is one of the leading private-sector offshore drilling companies in India's oil & gas industry. Part of the D.P. Jindal Group, the company has been operating in the offshore drilling space since 1989 and brings nearly three decades of industry experience.

The company operates across key segments such as offshore oil & gas drilling, horizontal and directional drilling, and mud logging services, making it an important player in India's upstream energy ecosystem.

As India accelerates offshore oil and gas exploration across multiple basins, demand for offshore drilling and related technical services could rise significantly. With its established presence in offshore drilling and long operational track record, Jindal Drilling and Industries is a stock to watch.

For more details, see the JINDAL DRILLING company fact sheet and quarterly results.

#4 Oil India

Next on the list is Oil India, a Maharatna PSU and integrated energy company with operations spanning the upstream, midstream, and downstream segments of the energy value chain.

The company is engaged in the exploration, development, and production of crude oil, natural gas, LPG, and condensate, while also providing services such as pipeline transportation and renewable energy generation.

Oil India possesses strong expertise across the upstream exploration and production value chain, including seismic data acquisition, drilling, wireline logging, field development, reservoir management, enhanced oil recovery (EOR), and pipeline laying.

Its infrastructure capabilities include 2D and 3D seismic crews, 19 drilling rigs, 28 workover rigs, and 10 logging units.

The company also operates a 1,157-km crude oil pipeline with a capacity of over 6 MMT and holds the record for drilling the deepest onshore well in India.

Oil India has also been expanding its offshore presence through exploration activities in the Mahanadi, Andaman, and Kerala-Konkan basins.

As India ramps up domestic oil and gas exploration to reduce import dependence, Oil India's integrated operations, strong exploration expertise, and growing offshore presence make it a stock to watch.

For more details, see the OIL INDIA company fact sheet and quarterly results.

#5 Oil and Natural Gas Corporation

Last on the list is ONGC.

It is India's largest crude oil and natural gas producer, contributing nearly 71% of the country's domestic crude oil and gas production.

As a Maharatna PSU, the company plays a critical role in India's energy security and remains one of the country's most important upstream energy companies.

ONGC has integrated in-house capabilities across the entire exploration and production value chain, including offshore and onshore exploration, drilling, production, and oilfield services.

The company operates extensively across both onshore and offshore oil & gas fields, making it a key beneficiary of India's rising focus on boosting domestic hydrocarbon production.

Its wholly owned subsidiary, ONGC Videsh, serves as the overseas exploration arm of the company and holds interests in 35 oil and gas assets across 15 countries.

The subsidiary focuses on exploration, development, and production of overseas oil & gas reserves, further strengthening ONGC's global presence.

As India accelerates offshore exploration activities across major basins, ONGC's dominant market position, extensive offshore expertise, and integrated exploration capabilities place it among the key stocks to watch in the energy sector.

For more details, see the ONGC company fact sheet and quarterly results.

Conclusion

India's aggressive push toward offshore oil and gas exploration could create long-term opportunities for companies involved in drilling, seismic surveys, exploration services, and energy infrastructure.

However, investors should note that offshore exploration is a long-gestation and capital-intensive sector, where earnings visibility often depends on crude oil prices, government policies, project execution, and global energy demand.

While the sector offers strong long-term potential amid India's energy security push, stock selection and valuation remain crucial.

Investors should carefully evaluate factors such as crude oil price volatility, order inflows, execution capability, debt levels, and the long gestation nature of offshore projects before investing in these stocks.

Investors should study these companies' fundamentals, corporate governance, and valuations as key factors when conducting due diligence before making investment decisions.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...