In a span of about two decades, India has become the second fastest growing economy in the world after China. India has surpassed other Asian developing countries not only because of increases in inflows of foreign direct investment but also because of its potential to be a significant outward investor, including in the energy sector. With less than one percent of the world’s oil and gas reserves, more than 80% of its oil requirement is imported. Overseas equity oil investment gradually emerged as a policy instrument of augmenting energy security. In the early 2000s, Indian national oil companies (NOCs) were encouraged by the Government to seek sourcing fossil fuels from abroad. While equity ownership ensures long-term supply security, they are complex and bring in strategic and... geo-political considerations. Within India, there are demands for stronger diplomatic support. In this paper, the factors governing outward investment for equity oil are analysed in the context of an energy security framework with four vectors of Accessibility, diversity, reliability, and affordability.