GSPC has grown from operatorship of small fields in Gujarat into an expansive oil and gas exploration and production company across India in 6 quick years. Its rise in the Hydrocarbon sector was helped in no small measure by the Central Government's opening of the sector to private participation in the early 1990s.

GSPC constructed India's first and only Land Based Drilling Platform (now known as Ratnakar) in the Hazira gas field in 1998 through which it is currently producing 4.5 MMSCMD of gas which is being supplied to various industries across Gujarat. It currently has twenty one fields/blocks in the country.  GSPC has also made the largest discover of Natural Gas from its KG Exploration Block recently apart from the crude oil discoveries from well PK#2 at Ahmedabad Exploration block, Tarapur Exploration Block, etc.