Maintaining a stable outlook for the exploration and production companies for next year, the report said this segment should fare better going forward.
The three firms signed the pact for the 60-million tonne a year refinery in Maharashtra with IOC as leader of the consortium, officials said.
Rosneft and its partners had in October signed an all-cash deal to acquire Essar Oil at an enterprise value of about $13 billion.
India is the world's fourth-biggest importer of liquefied natural gas (LNG) - behind Japan, South Korea and China.
RasGas supplies 8.5 million tonnes per annum of LNG to India on long-term contracts
On the back of lower crude prices, Finance Minister Arun Jaitley had slashed petroleum subsidies in 2015-16 by 50 per cent to Rs 30,000 crore.
Tata Power shares were up 2.73% higher at Rs 75.25 apiece on the BSE, whose benchmark Sensex index was up 80.5 points, or 0.31%.
Cairn India has been operating for more than 20 years playing an active role in developing India's oil and gas resources.
The expansion is subject to availability of land adjacent to the company's existing refinery.
The board of power giant NTPC has approved an investment of Rs 323.35 crore in the PSU's first wind power project of 50 MW at Rojmal in Gujarat.
The transaction, would see Rosneft and its partners taking over India's second biggest private oil firm Essar Oil in an all-cash deal valued at about $13 billion.
Moody's has upgraded the outlook for India's power sector to stable from negative in view of surge in domestic coal production and likely improvement in discoms' financial health due to UDAY scheme.
LPG rates were last hiked on November 1 by Rs 2.05 per cylinder.
India is pursuing trans-national pipeline projects like Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline.
All domestically produced liquefied petroleum gas (LPG) should necessarily be sold to PSUs for subsidised sale to consumers.
The solar push comes as Adani continues to battle opposition to its plans to build a $7 billion coal mine in Australia.
2017 is a test year for the success of the reforms package launched by India to make state-owned electricity distribution companies operationally profitable.
These reserves as well as storages at refineries and depots are enough to meet 73.5 days of India's crude requirement, he added.
NLCI, jointly with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL), is setting up a 1,980 MW coal-based super critical thermal power plant at Ghatampur, Uttar Pradesh through its subisidiary firm NUPPL.