B.Tech Scope

The Oil & Gas Industry is a cyclical one. If you can ride through the low tides and cash in during the high ones, petroleum engineering is the right choice for you.
Having said that, PE can get placed in PSUs and other private companies like Schlumberger, Shell, Cairn etc. The post of a petroleum engineer is a lucrative one, considering the humongous packages that they earn.
Once you go for a higher degree and with relevant experience, you will become indispensable to the industry as it it slowly facing manpower shortage and a generation gap in its workforce.
This branch is available in IIT Bombay & Madras and other few good institutes to pursue this course are ISM Dhanbad, University of Petroleum and Energy Studie & Rajiv Gandhi Institute of Petroleum Technology.

Zaheer, if you are interested in going into academics and opt it as a profession then M.Tech is going to be a good option. But if this is not your cup of tea then you can go for MBA so that you can get a corporate job.
But before this make up your mind on this that whether you want to do a job or want to go for higher studies. Without clarity about this don't move ahead, as it can pose serious troubles for you when you are going to face companies for placements. No company wants to recruit a candidate who says I want to go for higher studies in near future. Why will a company train a person and spend money on him if he tells them that he will leave. So, be clear.
Now for admission to M.Tech you need to give GATE and for MBA, CAT/ XAT/ MAT/ GMAT etc. In case you missed out on them, then look for some good universities like LPU, SRM, SMU etc which offer world class environment along with good placements and scholarships. Check their websites or call their toll free no.s.
Good luck.