Oil and gas being the most important source of energy is considered the life line of any economy. It’s profitable and hassle free operations are of major importance to the economic growth of the country. Today the sector is at turning point. On one hand the demand for oil and gas is constantly increasing and on the other hand there are certain issues (such as green house gas emission and climate change, pricing, security of supply and constantly increasing budgets of exploration and production) that are pressing the industry severely. But high on the list are the work force related issues.The challenge for them is to develop rigorous talent management system which will ensure the availability of the right people for the industry and create high performance work system to enhance productivity and profitability. The present study aims at finding out that how the firms in oil and gas industry in India find and nurture value added human resource, how do they define high performance work system and to what extent talent management has a significant impact on creativity and innovativeness, competence development, career development, motivation and commitment and employee flexibility.