Meanwhile, the BSE Sensex was up 143.77 points, or 0.90%, to 16,079.38

India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) rose 0.36% to Rs 1118.50. India's second biggest oil and gas exploration firm by revenue, Oil India, gained 1.74% to Rs 1180. Cairn India advanced 2.67% to Rs 259.40.

On BSE, Oil India reported volumes of 10,396 shares, ONGC clocked volumes of 44,490 shares and Cairn India notched volumes of 4.73 lakh shares.

ONGC outperformed the market over the past one month till 8 February 2010, falling 8.40% as compared to the Sensex's 9.15% fall. It had underperformed the market in the past one quarter, declining 3.86% as compared to the Sensex's decline of 1.38%.

Cairn India underperformed the market over the past one month till 8 February 2010, declining 17.29% as compared to the Sensex's 9.15% fall. It had also underperformed the market in the past one quarter, falling 7.42% as compared to the Sensex's decline of 1.38%.

Oil India outperformed the market over the past one month till 8 February 2010, falling 7.79% as compared to the Sensex's 9.15% fall. It had also outperformed the market in the past one quarter, gaining 0.19% as compared to the Sensex's decline of 1.38%.

Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms. Light, sweet crude oil gained 70 cents, or 0.98%, to $71.89 a barrel on the New York Mercantile Exchange on Monday, 8 February 2010 on weak dollar.

Oil extended gains by increasing 23 cents or 0.32% to $72.12 a barrel in the Asian electronic trading on Tuesday, 9 February 2010.

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. The company declared its results on 21 January 2010.

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.

As per recent reports, Oil India is willing to take over the assets of ONGC's Assam oilfields. Another report suggests that Oil India is seeking to buy oilfields in Africa, Latin America and Australia to cut imports and meet energy demand in India.

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. The company declared its results on 30 January 2010.

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. The company declared its results on 28 January 2010.

Cairn India is into exploration and production of crude oil and natural gas in India.