Meanwhile, the BSE Sensex was down 40.94 points, or 0.24%, to 17,009.71.
India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) rose 0.43% to Rs 1177.25, India's second biggest oil and gas exploration firm by revenue, Oil India, gained 0.68% to Rs 1213. Cairn India advanced 1.14% to Rs 284.30.
On BSE, Oil India clocked volumes of 17,558 shares, ONGC reported volumes of 91,418 shares and Cairn India clocked volumes of 2.30 lakh shares.
ONGC underperformed the market over the past one month till 17 November 2009, falling 5.37% as compared to the Sensex's 1.59% fall. It had also underperformed the market in the past one quarter, rising 0.68% as compared to the Sensex's return of 15.32%.
Cairn India underperformed the market over the past one month till 17 November 2009, falling 4.52% as compared to the Sensex's 1.59% fall. It had outperformed the market in the past one quarter, rising 18.71% as compared to the Sensex's return of 15.32%.
Oil India outperformed the market over the past one month till 17 November 2009, rising 1.34% as compared to the Sensex's 1.59% fall.
Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms. Light sweet, crude rose 57 cents or 0.72% to $79.71 a barrel on the Asian electronic trading on Wednesday, 18 November 2009 after the US industry reports showed fall in US stock piles last week.
Last month, ONGC bagged over a third of the 70 blocks offered under India's eighth New Exploration Licensing Policy (NELP 8), amid luke-warm response towards the bidding round. ONGC bid for 25 blocks and was awarded 11 offshore and two onshore concessions.
Cairn India, a unit of Cairn Energy, won 2 offshore blocks in the auction. Oil India won 5 offshore blocks in the auction.
ONGC had on 28 August 2009, said it had discovered gas at a block in the northeastern state of Tripura. The gas contains up to 96.3% methane.
Cairn India had on 5 November 2009 signed a pact with Reliance Industries (RIL) for supply of crude oil. Cairn India will supply crude oil from Mangala field to RIL in Jamnagar, Gujarat. The crude oil will be delivered to RIL's Jamnagar refinery through heated crude oil tankers. The implied price realization on sale of crude to RIL represents an average 10-15% discount to Brent on the basis of prices prevailing for the six months to September 2009, Cairn said.
Cairn India had on 14 October 2009 said it secured $1.6 billion from domestic and overseas lenders for funding its Rajasthan oil field project. The company will also use the funds to repay its existing debt of around $850 million, it said. The borrowings, with tenure of six years, have been arranged through a combination of dollars and Indian rupees.
Cairn India had on 29 August 2009 began pumping crude from its Mangala oil field in the Rajasthan block.
Cairn India's net profit declined 61.8% to Rs 31.09 crore on 64.7% fall in total income to Rs 38.02 crore in Q2 September 2009 over Q2 September 2008.
ONGC's net profit rose 5.8% to Rs 5089.64 crore on 13.4% fall in net sales to Rs 15080.59 crore in Q2 September 2009 over Q2 September 2008.
Oil India's net profit rose 0.8% to Rs 722.56 crore on 2% fall in net sales to Rs 2100.25 crore in Q2 September 2009 over Q2 September 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.
Cairn India is into exploration and production of crude oil and natural gas in India.