ENERGY giant BG Group said soaring commodity prices lifted profits by 92% to £1.4bn in the second quarter of its financial year.

BG said earnings had also been boosted by a 2% rise in production volumes – although this figure was hit by maintenance shutdowns at two UK gas fields and an industrial dispute at its Grangemouth refinery.

Total operating profits from liquefied natural gas rose by £279m to £367m due to “favourable market conditions” in the quarter to June 30.

BG launched a hostile £6.7bn takeover bid for Australian business Origin Energy – after its approach was rejected – in an effort to expand its presence in the region.