ONGC has decided to open up the Bengal Basin for targeted exploration, based on a recent discovery of a gas well even as the extent of the reservoirs is being ascertained.

The basin occupies an area of 89,000 sq km in total with 57,000 sq km on land and 32,000 sq km offshore. The potential hydrocarbon resources are placed at 190 mmt of oil plus gas equivalent.

However, the company is looking to undertake and complete the assessment of the new wells, drilling work of 5-6 additional wells, and creation of the techno-economic analysis within three to four years.

The company has taken new acreages in the latest Open Acreage Licensing Programme rounds of bidding.

Regarding exploration, the company will engage oil and gas majors of international repute to assist in the exploration of offshore deep and ultra-deep waters. Multiple projects will open up such opportunities in the western offshore area in Arabian sea in the next three to four years.