Soaring commodity prices have bolstered the profits of Australia's largest oil and gas producer, as it walks away from some of its emissions investment targets.

Woodside Energy a leading Australian oil and gas company reported a modest 7% profit increase in the June half year, adding to speculation of a takeover bid

The nation’s top listed oil and gas producer delivered a 7 per cent increase in net profit for the first half, driven by a strong increase in prices.