Oil and Natural Gas Corporation (ONGC) has opened India's eighth hydrocarbon producing basin when it started oil flow from a well in the Bengal basin. Oil production commenced from the well Asokenagar-1 in 24 Pargana district. The well Asokenagar-1 was completed as an oil producer under early-monetisation plan issued by the Government of India. With this ONGC has discovered and put to production seven out of the eight hydrocarbon producing basins of India, covering 83 per cent of established oil and gas reserves.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
