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HONG KONG: CNOOC Ltd., the largest offshore oil producer China, reported first half profit more than doubled to beat analyst predictions triggered a national economic growth rebounds to trigger demand and pushing up prices.

CNOOC reported net income rose to 25.99 billion yuan (U.S. $ 3.8 billion) or 0.58 yuan per share, from 12.4 billion yuan or 0.28 yuan a year earlier. Figures residence is more than the median estimate of six analysts surveyed is 23 billion yuan.

Earnings growth that exceeds that achieved by Exxon Mobil Corp. and Royal Dutch Shell Plc. CNOOC performance reached a record after China lead the world out of recession and the price of crude oil jumped 50% during the semester I.

Oil company that has offices in Beijing's Bridas Corp. of Argentina stake worth U.S. $ 3.1 billion in May. The Company believes this acquisition will drive growth.

"CNOOC issued a statement of attainment of the best production number compared with other oil companies in the world so far this year. With oil prices above the level of U.S. $ 70 per barrel to make them able to achieve strong earnings," said Neil Beveridge, an analyst with Sanford C. Bernstein & Co. in Hong Kong.

Meanwhile, the profits of Exxon, the largest oil company by market value, rose 63% the first semester, while Shell posted a 35% increase.

Fu Chengyu of CNOOC Chairperson targeting 28% production increase this year, while Exxon's output growth forecast to 4%, and Shell set a figure similar to 2009.

CNOOC reports to the bourse said operating expenses fell by around 15% from a year earlier to U.S. $ 6.80 per barrel in the first six months of this year. While average realized prices increased 55% to U.S. $ 76.59 per barrel.

CNOOC shares surged 29% on the stock exchange of Hong Long in the last 12 months, higher than Shell's 11% in London, opposite Exxon fell 12% in New York. (Yn)

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