State-owned Oil and Natural Gas Corporation (ONGC) has recently announced four new oil discoveries in Ashoknagar, West Bengal, building upon its initial discovery made in 2018. Despite these advancements, ONGC is currently awaiting approval from the West Bengal government for a Petroleum Mining Lease (PML) necessary to commence production.

The first oil field was identified in Block WB-ONN-2005/4 on September 24, 2018. This marked a significant milestone as it was the first oil field discovered in West Bengal and eastern India after decades of exploration efforts by ONGC in the Bengal sedimentary basin.

The additional discoveries include wells named Ashoknagar-2, Kankpul-1, Bhurkunda-1, and Ranaghat-2. These findings have enhanced the hydrocarbon potential of the region, leading to an Integrated Field Development Plan (FDP) that encompasses an area of 99.06 square kilometers.

ONGC submitted its application for the PML on November 5, 2024, after receiving a recommendation from the central government on October 29, 2024. However, the approval from the West Bengal government is still pending. The delay in obtaining this lease is affecting ONGC's ability to implement its Early Development Plan (EDP), which is crucial for the monetization of these discoveries.

The crude oil discovered in Ashoknagar is categorized as a light variety with an American Petroleum Institute (API) gravity of 40-41 degrees. This quality is comparable to renowned benchmarks like Bombay High and Brent Crude, making it particularly valuable for refining into fuels such as petrol and diesel.

The successful exploration at Ashoknagar could significantly impact West Bengal's economy by establishing it as a notable player in India's oil and gas sector. ONGC has also indicated plans for further exploration in additional blocks within North 24 Parganas following these discoveries.