London-listed Russian oil producer Sibir Energy PLC (SBE.LN) Tuesday said its first-half net profit more than doubled to $233.7 million compared with the same period a year earlier, due to increased production.
Sibir's first-half 2007 net profit was $87.8 million.
Average output for the six months ended June 30, rose 44% to 67,887 barrels a day from 47,180 barrels a day a year ago, helping the company to increase its revenue to $1.9 billion from $680.6 million in the previous year.
Sibir said output at Salym, its main field has risen to 117,000 barrels a day in the period, from 95,000 barrels a day at the end of the first half.
Royal Dutch Shell (RDSB.LN) and Sibir are equal partners in the Salym development in western Siberia, which is estimated to hold more than one billion barrels of oil.
In August, Sibir said that it is in preliminary talks with Shell to expand its business in Russia.
Reports suggested that talks have been held about a deal under which Shell would swap its 50% stake in the Salym fields for an equity holding in Sibir itself.