Cnooc Limited announced on September 4 that for the six months ended June 30, 2003, the unaudited net profit surged to 6.3 billion yuan (US$765 million), a 75.0% year-over-year increase from 3.6 billion yuan (US$437 million), the highest in the company's history, and the total revenues increased 68.3% to 17.9 billion yuan (US$ 2.16 billion) from 10.6 billion yuan (US$1.29 billion). The oil and gas revenues were 14.2 billion yuan (US$1.7 billion), a 47.3% year-over-year increase from 9.6 billion yuan (US$1.2 billion). The significant increase in oil and gas revenues was a result of a 14.8% increase in oil and gas production and a 30.9% increase in realized oil prices. In the first-half period, the offshore oil giant's average daily production increased 45,446 BOE (barrels of oil equivalent) per day, or a 14.8% year-over-year increase, to 352,780 BOE per day.
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