I will highly recommend you against joining IIT Jammu as it lacks the necessary academic environment and facilities required for a rich Engineering course. My aunt is not only a graduate of IIT Kharagpur (Applied Geology) but also is currently working for Schlumberger in the Middle East.

IIT Kharagpur Geophysics is a good option only if you are interested in the field or have no other option. Honestly, the demand for Geophysics is gradually deteriorating and in the upcoming future, it will generate very less revenue and jobs in the oil industry. This definitely does not mean it lacks lucrative opportunities. Someone who is genuinely passionate about Geophysics will always choose this over other branches. 

• This course comes with excellent exchange opportunities that will allow you to travel during your five years at IIT Kharagpur. 
• Geophysics offers great opportunities to apply numerical, quantitative, and computational methods to geological investigations.
• IIT KGP focuses on holistic development and thus has a rich extracurricular culture that helps develop bonds between students of different branches.

This program is not for everyone but it can be the dream branch for some.