Thanks for the details.
1. Please provide a general evaluation:
Generally, i would say you are well on your way to distinguishing yourself in the process, which is key when applying from India, from where b-schools get many thousands of applicants each year. Your background would be considered atypical from your applicant pool, which is a good thing, and I like how your career and your post MBA vision are aligned.
2. Please let me know about specific strengths and weaknesses of my profile. And any advice on how to improve/correct them over a long period of time to suit my goals. Also, if you don't mind letting me know which part of my applications may be too unproductive to mention.
Specifically, as you point out in your profile, you have much leadership responsibility at at early point in your career. Also, you work on international teams and in a very "hot" area--oil and gas production. These key elements will help you stand out. You might consider applying to some good b-schools in the US which have an energy track, such at TX or Duke if you can figure out the financing piece.
2. Since, I have been working only for 15 months now, how much work experience should I gain in order to achieve desired goals? Is my target of 5 years a decent choice?
Five years would be more than enough, and I would say if your career continues to provide you with the quick trajectory you seem to be on, you could make application after only two or three years. This would depend on the kind of leadership stories you'd be able to tell.
3. What kind of MBA programs should I approach to suit my goals? Comparison between "2 year MBA and Executive MBA" for my profile? Also, suggest some schools (if possible) which would best serve my interests considering my financial constraints.
EMBA programs look for 10 years plus WE, so you should set your sights on fulll time 2 year programs, including your target schools and those i already mentioned. If your goal is to work in Asia or Europe, you could be wise to target schools in those regions for purposes of building a network. It also might make sense to reverse engineer your post MBA job search by targeting companies for which you'd like to work and then doing some research on where those companies prefer to recruit.
4. All of my extracurricular activities, except for my personal interests as listed, are a thing of the past now. This is due to the hectic nature of my work. Is a that a negative point?
in a way, yes. B-schools definitley dont like to hear that you are too busy to be involved, because b-school itself is a very busy time and they still expect you to get involved. you have the advantage of time, so you should discipline yourself to find areas in which you can get involved which could contribute posititvely to the community and also potentially help your school or career preparation.
5. Any other advice.
Plan now to do a tour of schools so you can visit in person and take a tour, sit in on a class, etc. Many applicants put this off and then end up skipping this important part of the application process.