IIT

Will be published today; April 27th.
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For IITs Mention your board marks too.

check list of colleges on shiksha

No 2.5 years wont be a problem but ya work ex more than 3 years starts causing problems in placements and internships

The other best colleges for petroleum engineering are
ISM Dhanba
UPES Dehradun
PDPU Gandhinagar
MIT Pune
L.D. College of Engg Ahmedabad
RGIPT U.P.
You can any one of them. They offer good career opportunities.

You should have minimum 60% in 12th to be eligible for IITs. More over you have to cross cutoff score in JEE mains and get a good rank in jee advanced.

If you could specify course. specific Input could be provided.
FYI. Admission Process is going on in premier private colleges like Lovely Professional University, Manipal university, Thapar university etc.

No
Rather you can join 2nd Year of Engineering as the process of Lateral Entry in any State based Engineering college
where are you from?

Hi Aashish,
About 1.36 lakh students have registered for BITSAT 2016. The candidates will compete for 2000 seats in degree courses offered by Birla Institute of Technology and Science at Pilani, Hyderabad and Goa. Hence, BITSAT will see an average of 68 students competing for each seat. The figure trumps the competition density of IIT JEE.
For more details, kindly refer the link below:
https://goo.gl/lDa3ec
Hope this information helps. Please feel free to revert.
Wish you luck.

You need to have atleast Masters or else preferably a PhD from reputed institutes of the country to Land into a teching job.
Yes IIT's could go well for you. Other than that you can consider good private colleges for your education too. You will have equal/Better oppertunities from there too.