CNOOC posted a 38 percent year-on-year increase in net profit to 16.28 billion yuan (2.04 billion US dollars), boosted by increased production and soaring oil prices, The Wall Street Journal reported. The paper quoted Rachel Tsang, an analyst at Daiwa Institute of Research, as saying: "I think CNOOC can still meet the full-year [output] target, thanks to its new projects...but of course it'll be better if Liuhua can resume production sooner." CNOOC said four new oil and gas projects had come on stream during the first half and it also discovered six new fields. CNOOC Chairman Fu Chengyu said the company may increase investment in Canada's oil sands, but he didn't elaborate. In April, CNOOC paid 150 million Canadian dollars (US$135 million) for a 17% stake in closely held MEG Energy Corp., of Calgary, Alberta, giving it a small stake in Canada's oil sands, a technically challenging but potentially lucrative oil source.