One of the most prominent industries in the world is oil and gas which plays a major role in influencing the global economic scenario. The primary source of fuel all around the world is delivered by these industries. In general, financial statement analysis focuses on evaluating the performance of organizations that contribute to developing the economy or thriving in a highly competitive environment. The objective of the research is to examine the various approaches adopted by the researchers of recent times towards predicting the Financial Performance and Financial Distress of Oil and Gas Companies. An attempt is made by the researcher to identify the techniques through which financial distress and performance of the Oil and Gas Companies belonging to India and Oman are predicted. The research also has identified and proposed a few strategies that are to be adopted by the Oil and Gas Sector to improve their financial performance and stay sustainable in the market in the long run.