IIT Dhanbad (ISM) - Indian Institute of Technology (ISM)

When it comes to petroleum engineering in particular, IIT (ISM) Dhanbad has got no match all across India. If we talk about last 2-3 years, almost top 60% (GPA wise, good communication skills, good CV) of the total strength (100 - 110) got placement in core companies like Schlumberger, Shell, Cairn India, Halliburton etc. which is above Rs 10 to Rs 12 lakhs per annum. Rest of them have to accept either the placement offers of IT companies or have to go for further studies. There is a very little scope of off-campus placements in India. Quality placements are very good but quantity placements are not so good in core companies - this means that average package and percentage of batch placed is not that great as compared to other branches of IITs, but ISM, Dhanbad has recently been recognized as Indian Institute of Technology. It may take time to get more quantity of placements, but it may improve in years. In 2017, out of 97 students who appeared for the placement process in total, almost 35 students grabbed the core company job. Some of the students joined the non-core one.
The recent placement statistics of 2017 session is mentioned in the link given below:-
http://iitism.ac.in/result/2017.pdf
Hope this helps! All the Best!

The two options you gave, I would advise you to go with electrical engineering at IIT(ISM) Dhanbad. It is because your branch matters and certainly electrical is much better than geophysical and electrical is core branch too.
Electrical engineering students at IIT(ISM), Dhanbad has got decent placements in past few years. Since we got the IIT tag last year only, the number of companies visiting the campus is bound to increase from here on. You can check out the placement records at the official website of IIT(ISM) IIT (ISM) - Training & Placement. Also, non-core companies are visiting our campus for all branches such as Capgemini, Goldman Sachs, etc.
And, if your college matter to you, we are not a bad choice there too. Yes, IIT(ISM)-Dhanbad is not among old IITs but it is older than all the old IITs (established in 1926). The infrastructure is quite good and lots of things are coming up. It has a rich legacy and culture of its own and most importantly it has a very strong alumni base throughout the world. If you are interested in higher studies after graduation this alumni base helps a lot no matter from which department you are.
All the best.