Oil & Natural Gas Corporation (ONGC), the national oil company of India, has started crude oil production from the Asokenagar-1 well, Bengal Basin in 24 Paragana district.

"The Asokenagar-1 well was completed as an oil producer under Early-Monetization Plan issued by the Government of India. This makes ONGC having discovered and put to production seven out of the eight producing basins of India covering 83% of established oil and gas reserves," company said.

ONGC said that it is had sent its first hydrocarbon consignment produced during well testing to Indian Oil Corporation’s Haldia Oil Refinery on Nov. 5, 2020.

This producing basin was dedicated to the nation by Minister for Petroleum and Natural Gas, Dharmendra Pradhan on December 20.

Pradhan said that the discovery would contribute towards attaining the goal for reducing oil import dependence given by Prime Minister Narendra Modi.

 Shares of the company declined Rs 6.05, or 6.11%, to trade at  Rs 92.90.  The total volume of shares traded  was  1,647,301 at the BSE (1.55 p.m., Monday).