The China National Offshore Oil Company (CNOOC; CEO.NYSE) reported that first-half profits surged 51.4% year-on-year to US$5.16 billion, state media reported. The country’s largest offshore oil producer reported a 12.9% increase in production, boosted by new oilfields coming online. Earnings per share were US$0.14, and a pretax dividend of US$0.03 per share was proposed. The company’s realized oil price for the first half was US$108.16 per barrel, up 40.8% from a year earlier, which helped to boost revenues by 45% to US$15.18 billion. At the same time the company was able to reduce operating costs by 3.8%. However, CNOOC reduced net production targets for 2011 following recent oil spills in Bohai Bay on a point-venture oil field with ConocoPhillips (COP.NYSE).