Shares of three oil exploration firms rose 0.17% to 0.52% at 10:21 IST on BSE, after crude oil prices gained more than $1 a barrel on the New York Mercantile Exchange on Thursday, 1 April 2010. Meanwhile, the BSE Sensex was up 96.66 points, or 0.55%, to 17,789.28. India's second biggest oil and gas exploration firm by revenue, Oil India, rose 0.17% to Rs 1151.35. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) gained 0.35% to Rs 1088.80. Cairn India advanced 0.52% to Rs 310.40. On BSE, Oil India reported volumes of 371 shares, ONGC clocked volumes of 7,308 shares and Cairn India notched volumes of 1.01 lakh shares. ONGC underperformed the market over the past one month till 1 April 2010, falling 2.87% as compared to the Sensex's 7.69% rise. It had also underperformed the market in the past one quarter, declining 7.86% as compared to the Sensex's return of 1.30%. Cairn India outperformed the market over the past one month till 1 April 2010, gaining 16.05% as compared to the Sensex's 7.69% rise. It had also outperformed the market in the past one quarter, rising 9.74% as compared to the Sensex's return of 1.30%. Oil India underperformed the market over the past one month till 1 April 2010, falling 0.78% as compared to the Sensex's 7.69% rise. It had also underperformed the market in the past one quarter, declining 7.30% as compared to the Sensex's return of 1.30%. Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms. Light, sweet crude oil gained $1.11 or 1.3%, to $84.87 a barrel on the New York Mercantile Exchange on Thursday, 1 April 2010, the highest settlement price since 9 October 2008, after upbeat US economic data signaled better oil demand ahead. Oil extended gains, by increasing 81 cents or 0.95% to $85.68 a barrel in the Asian trade on Monday, 5 April 2010 after data showed US employers created jobs in March 2010 at the fastest rate in three years. ONGC's net profit rose 23.4% to Rs 3053.58 crore on 23.1% increase in net sales to Rs 15314.49 crore in Q3 December 2009 over Q3 December 2008. ONGC specializes in the exploration and production of crude oil and gas. The company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The groups' other activities include deep-sea explorations on the east and west coasts of India, and the exploration of coal bed methane. Oil India's net profit rose 23.5% to Rs 717.28 crore on 46.5% increase in net sales to Rs 2041.33 crore in Q3 December 2009 over Q3 December 2008. Last month, Cairn India's UK parent Cairn Energy revised upwards its estimates for reserves at its Indian operation and said the unit's Rajasthan fields could produce more oil. Cairn raised its estimates of oil and gas in place in Rajasthan to 4 billion barrels of oil equivalent (boe) from 3.7 billion boe and said there could be another 2.5 billion boe yet to be discovered. The Edinburgh-based company said the fields had the potential to pump 240,000 boe per day. Previously the company said it hoped to exceed its target of 175,000 boe per day but did not specify by how much. Cairn India reported net loss of Rs 36.17 crore in Q3 December 2009 compared to net profit of Rs 45.12 crore in Q3 December 2008. Net sales surged 48.5% to Rs 1.47 crore in Q3 December 2009 over Q3 December 2008. Cairn India is into exploration and production of crude oil and natural gas in India.

Source