According to the companies, the Bhagyam reservoir and facilities will entail a gradual and safe ramp up to reach the currently approved plateau rate of 40,000 barrels of oil per day.
The Bhagyam field is located in the Barmer Basin in Block RJ-ON-90/1.
ONGC chairman and managing director Sudhir Vasudeva said beginning of oil production from this field is a significant step towards further development of the Mangala, Bhagyam and Aishwariya (MBA) fields.
"This underlines our continued commitment to the optimal development of the Barmer basin in Rajasthan," Vasudeva said.
The MBA fields have gross recoverable oil reserves and resources of about one billion barrels.
