It is India's only state government-owned oil and gas company under the ownership of Department of Energy and Petrochemicals, Government of Gujarat.

[1][2][3][4] Incorporated in 1979 as a petrochemical company, GSPC was originally involved in a wide gamut of hydrocarbon activities.

In 1992, GSPC widened the scope of its activities, and rechristened itself as Gujarat State Petroleum Corporation in 1994.

With the Government of India's decision to privatize the hydrocarbon sector in 1994, GSPC acquired several discovered fields in the first and second rounds of the bidding process.

Gujarat State Petronet Limited (GSPL) is a natural gas transmission company.