Xinhua reported that the China National Offshore Oil Company net profits soared by 51.4%YoY to reach CNY 39.34 billion in the first half of 2011 boosted by the construction of new oilfields and projects amid high oil prices.

In a statement posted on its website, China biggest offshore oil producer said that its net oil and gas production amounted to 168.7 million barrels of oil equivalent (BOE) during the period up by 12.9%YoY.

According to the statement the company basic earnings per share reached CNY 0.88 with a proposed pretax interim dividend of HKD 0.25 per share. The company realized oil price reached USD 108.16 per barrel during the period, 40.8%YoY while its realized gas price rose 15.5YoY.

According to the statement stable production growth and higher realized prices lifted the company oil and gas sales revenues by 45%YoY to reach CNY 97.03 billion in the first half of the year.

Despite rising prices for oilfield services and raw materials, the company production costs have remained low. Cost cutting measures and more efficient company practices sent its operating costs down 3.8% from 2010.

The company acknowledged in its statement that recent oil spills originating from one of the company joint venture platforms in north China Bohai Bay have caused a certain impact on the marine environment.

(Sourced from Xinhua)