<P> The oil and gas industry in India dates back to 1889 when the first oil deposits in the country were discovered near the town of Digboi in the state of Assam . The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Gujarat . As on 31 March 2015, India had estimated crude oil reserves of 763.48 million tonnes and natural gas reserves of 1488.49 billion cubic meters (BCM). </P> <P> India was the fourth top net crude oil (including crude oil products) importer of 163 Mt in 2015. 1 </P> <P> The first oil deposits in India were discovered in 1889 near the town of Digboi in the state of Assam . </P> <P> The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Gujarat . Natural gas gained further significance after the discovery of large reserves in the South Basin fields by ONGC in the 1970s . </P>

Current scenario of oil and gas industry in india