India needs energy champions across public & private sectors to cut import dependence: KPMG’s Anish De

India must create strong national champions in the energy sector to scale up exploration and production, said Anish De, Global Head of Energy at KPMG.

Speaking to CNBC-TV18, he emphasised that this responsibility should not rest only with public sector companies but also with private sector players capable of driving large-scale projects.

“Unless we build champions who can really scale up exploration and eventually production of energy commodities, we will remain exposed to external vulnerabilities,” De said.

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At present, India imports 90% of its crude oil and more than half of its natural gas, making it one of the most import-dependent energy markets globally. De warned that this reliance creates extreme vulnerability to geopolitical developments, which directly impact India’s energy security.

While the government has taken steps to simplify contracts, improve fiscal policies, and open up previously restricted exploration areas, De argued that the pace of domestic production needs to accelerate. He said from the award of exploration acreage to actual production takes 7-10 years, particularly for offshore assets, making urgent action critical.

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De cautioned that unless India increases oil and gas production by 30-40% in the next decade, the country risks facing serious supply troubles. He also highlighted the importance of bringing natural gas under the GST framework, calling it a long-pending step that could ease business in the sector.

Additionally, he noted that clearing historical litigations and fiscal bottlenecks would be essential to attract international investment. “We need to unwind these residual cases to truly open up the sector further,” he said.

Watch accompanying video for entire conversation.