Oil and Gas Industry

The oil and gas industry underpins much of India's energy security, spanning exploration and production, refining, transportation, city gas distribution, and marketing of petroleum products. It is a capital-intensive sector involving long project cycles, large-scale infrastructure investment, and close interaction with central regulators and licensing authorities. Companies operating across this value chain need financial and compliance frameworks that can handle high-value contracts, cross-border transactions, and continuously evolving policy requirements.

Why Oil and Gas Companies Need Specialised Advisory Support

Exploration, production, and distribution activities in this sector are governed by licensing conditions, production sharing contracts, and pricing regulations, in addition to standard tax and company law requirements. Projects often involve joint ventures, foreign partners, and long-term financing structures, each carrying specific accounting, tax, and regulatory implications. Reliable financial reporting and proactive compliance planning are essential to keep projects on track and defensible during regulatory review.

How We Support Oil and Gas Sector Clients

Taxation Advisory

We advise on direct tax, GST, and customs matters relevant to exploration contracts, refining operations, and the import and distribution of petroleum products, including treatment of exploration expenditure and production-linked income.

Regulatory and Compliance Advisory

We help companies track licensing conditions, statutory filings, and sector-specific regulatory requirements tied to exploration blocks, refining capacity, and distribution networks.

Structuring and Joint Venture Advisory

We assist with structuring joint ventures, production sharing arrangements, and consortium contracts, along with related accounting treatment for shared costs and revenue.

Statutory Audit and Financial Reporting

We conduct statutory and internal audits for exploration, refining, and distribution entities, verifying that capital expenditure, depletion accounting, and revenue recognition comply with applicable accounting standards.

Transaction Advisory

Our team supports due diligence, valuation, and deal structuring for asset acquisitions, farm-in and farm-out arrangements, and stake transfers within the oil and gas value chain.

Risk and Internal Control Advisory

We help design internal control frameworks suited to large capital projects, procurement processes, and inventory management across exploration, refining, and distribution operations.

Corporate and Secretarial Compliance

We manage company law filings, board documentation, and secretarial compliance for companies and joint venture entities operating across multiple project sites.

Sub-Sectors We Serve

• Exploration and Production Companies
• Refining and Petrochemicals
• City Gas Distribution
• LPG and LNG Marketing and Distribution
• Oilfield Services and Equipment Providers
• Pipeline Infrastructure Operators

Our Approach

Oil and gas projects involve significant capital, long timelines, and multiple regulatory touchpoints. Our team combines tax, regulatory, and transaction advisory expertise with an understanding of how projects in this sector are structured and financed, so that clients receive advice grounded in how the business actually operates.

Get in Touch

To discuss how we can support your oil and gas business, write to us at info@agarwalurs.com.