Indus Gas

What Indus Gas does

Indus Gas Limited is a single-asset upstream oil and gas exploration and development company incorporated in Guernsey in 2008 and listed on the AIM market of the London Stock Exchange under ticker INDI.L. The company holds a 90% participating interest in the onshore Block RJ-ON/6, covering approximately 4,026 km² in the Rajasthan desert region of western India, through wholly owned subsidiaries iServices Investment Limited (Mauritius) and Newbury Oil Co. Ltd. (Cyprus). Focus Energy Limited operates the block with a 10% interest, while ONGC holds contractual back-in rights to acquire 30% in any discovered field.

The core operations center on the SGL Field, where commercial gas production commenced in July 2009. Production capacity was ramped to up to 65 mmcf/d by September 2012 following the commissioning of one of India's largest CO2 Amine Stripping plants, which enables processing of high CO2-content gas. Total discovered resources on the block are estimated at 5.45 TCF (per Senergy Plc 2012), comprising 573 bcf of 2P reserves, 2,699 bcf of 2C contingent resources, and 2,182 bcf of best estimate prospective resources, indicating significant untapped resource potential beyond current production.

The business model is a B2B direct-sales model built on a single long-term Gas Sale Purchase Agreement (GSPA) with GAIL (India) Limited, signed August 2009, under which approximately 33.5 mmcf/d of processed gas is committed under Take-or-Pay terms. GAIL then supplies the Rajasthan State power plant at Ramgarh (270 MW, expanding to 430 MW) under a back-to-back arrangement. Natural gas sales account for approximately 92% of revenues, with condensate (a gas production byproduct) sold to local parties contributing the remaining 8%. Pricing is governed by Indian government gas pricing regulations. In December 2025, the company announced a proposed cancellation of its AIM trading admission, signaling potential corporate restructuring.

Name

Indus Gas

Legal name

Indus Gas Limited

Website

https://indusgas.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Indus Gas Limited is a Guernsey-incorporated, AIM-listed upstream oil and gas company holding a 90% interest in the onshore Rajasthan Block RJ-ON/6, producing natural gas under a Take-or-Pay GSPA with GAIL (India) Limited and selling condensate to local buyers.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Natural Gas Extraction (21113), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Sour Gas / High-CO₂ Gas E&P (Acid Gas Fields) (EUAAAAAE)

akta.pro secondary industry

Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG)

Keywords

• Natural gas production
• Upstream exploration development
• Petroleum production sharing
• Gas processing operations
• Hydrocarbon resource extraction

Headquarters

HQ city

St. Peter Port

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Others

Revenue model

1. Natural Gas Sales: Revenue from sale of processed natural gas under long-term Gas Sale Purchase Agreement (GSPA) with GAIL (India) Limited. The agreement includes Take-or-Pay commitments for approximately 33.5 mmcf/d of processed gas. This represents approximately 92% of revenues.
2. Condensate Production and Sales: Gas production generates condensate as a byproduct, sold to local parties. Currently accounts for approximately 8% of revenues.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Indus Gas explores, develops, and produces natural gas (and condensate as a byproduct) from the onshore Block RJ-ON/6 in Rajasthan, India, where it holds a 90% participating interest. Processed natural gas is sold to GAIL (India) Limited under a long-term Gas Sale Purchase Agreement with Take-or-Pay commitments of approximately 33.5 mmcf/d, while condensate is sold locally to third parties. The company also conducts ongoing exploration and appraisal of additional prospects across the 4,026 km² block.

Product overview

Indus Gas is an oil and gas exploration and development company operating as a single-focus business rather than a platform architecture. The company holds a 90% participating interest in Block RJ-ON/6 through wholly owned subsidiaries iServices (Mauritius) and Newbury (Cyprus). The core product portfolio consists of three integrated offerings: (1) Natural Gas Production and Sales from the SGL field, sold under a GSPA with GAIL; (2) Condensate Production as a byproduct of gas processing; and (3) Ongoing exploration and appraisal of the block to expand reserves. The company is not a software or technology platform company.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Production and Sales (SGL Field) Exploration, development, and production of processed natural gas from Block RJ-ON/6 in Rajasthan, India, sold to GAIL (India) Limited under a long-term Gas Sale Purchase Agreement with Take-or-Pay commitments of approximately 33.5 mmcf/d.
• Condensate Production Byproduct condensate generated from gas processing at Block RJ-ON/6, sold to local parties and contributing approximately 8% of company revenues.
• Block RJ-ON/6 Exploration and Development Concession Ongoing exploration, appraisal, and development of the approximately 4,026 km² onshore Block RJ-ON/6 in Rajasthan, India, where Indus holds a 90% participating interest. Senergy Plc estimated 5.45 TCF of discovered reserves/resources, comprising 573 bcf of 2P reserves, 2,699 bcf of 2C contingent resources, and 2,182 bcf of best estimate prospective resources as of 2012.

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Focus Energy Ltd. (India)coreStrategic or Co-development Partner · 1 August 2009Focus Energy is the Operator of Block RJ-ON/6 with day-to-day operational responsibilities. Focus holds 10% Participating Interest and has significant E&P operating experience with over 2,000 employees in its exploration division. Focus is beneficially owned by one of the Executive Directors and major beneficial shareholders of Indus Gas.
• GAIL (India) LimitedcoreStrategic or Co-development Partner · 1 August 2009GAIL is the primary gas offtake partner under a Gas Sale Purchase Agreement (GSPA) signed in August 2009 with committed gas off-take of approximately 33.5 mmcf/d (processed gas) under Take-or-Pay terms. GAIL has entered into a back-to-back arrangement with the Rajasthan State power plant at Ramgarh.
• Oil and Natural Gas Corporation Ltd. (ONGC)coreStrategic or Co-development PartnerONGC is the licensee of Block RJ-ON/6 under the PSC and holds contractual back-in rights to acquire 30% participating interest in each discovered field. ONGC bears 100% of applicable royalty, cess, tax, and license fees payable to the Rajasthan state government. ONGC has exercised this option in respect of the SGL field (June 2008).

Scale indicators9 records

Recent moves8 records

Expansion highlights4 records

Broad incumbents

• Cairn Oil & Gas (Vedanta): One of India's largest private-sector E&P companies operating onshore and offshore assets including Rajasthan production. Overlaps with Indus geographically in Rajasthan and in PSC structure, though at substantially greater scale and asset diversification.
• Oil India Limited: State-owned Indian upstream E&P company with significant onshore natural gas operations across multiple basins. Comparable regulatory and operating environment to Indus, though at much larger scale and with diversified asset base.
• Oil and Natural Gas Corporation (ONGC): India's largest state-owned E&P company and Indus's PSC partner; holds back-in rights on Indus's discovered fields. Overlaps with Indus in Indian upstream gas production and regulatory regime, though ONGC operates at vastly greater scale and asset diversification.
• Reliance Industries (KG-D6): Major Indian conglomerate with significant offshore natural gas production from the KG-D6 block, supplying Indian gas buyers including power and fertilizer sectors. Comparable in targeting the same demand pool but vastly larger scale and integrated downstream operations.

Others

• GAIL (India) Limited: India's largest state-owned natural gas pipeline and marketing company; Indus's primary customer and offtake counterparty under the GSPA. Not a competitor but a deeply connected counterparty in the same Indian gas value chain.
• Adani Total Gas: Indian city gas distribution and natural gas marketing company. While not an upstream peer, it operates in the same Indian gas ecosystem and reflects the demand-side counterparties for domestic gas production.

Direct peers

• Selan Exploration Technology Limited: Indian small-cap upstream oil and gas producer operating a portfolio of marginal fields under similar PSC structures with government-regulated pricing. Comparable in scale, asset concentration, and dependence on Indian hydrocarbon pricing policy.
• Hindustan Oil Exploration Company (HOEC): Small-cap Indian E&P company operating discovered fields under PSCs, including gas production tied to Indian buyers. Similar regulatory exposure, single-asset concentration, and capital-market profile on Indian exchanges.
• Great Eastern Energy Corporation: Indian small-cap natural gas E&P company focused on coal bed methane, similarly structured around a single producing asset with offtake agreements to Indian gas buyers. Closely comparable in size, single-asset focus, and Indian regulatory exposure.
• Focus Energy Limited: Operator of Block RJ-ON/6 and 10% participating interest holder; the operating counterparty for all Indus production activities. Focus Energy is beneficially owned by an Indus executive director, making it the most direct functional peer and a related-party partner in the same concession.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indus Gas