China National Petroleum Corporation (CNPC)'s 2007 Net Profit reaches 192 billion yuan ($27 bln), according to Li Xinhua, the deputy general manager of CNPC.

Xinhua said on an Summit Forum that until the end of 2007, the total assets of CNPC reached more than 1.5 trillion yuan. The company paid taxes 198.5 billion yuan, it said.

The general manager also said in 2007 CNPC found oil geological reserves of more than 800 million tons and natural gas geological reserves of more than 400 billion cubic meters. The Fort Jidong oilfields yielded an excess of 1 billion tons, while the Sugeli Gas District was finally formed with the scale of trillions cubic meters.

The tense situation of resources using has been improved, and the structure and sequence of reserves has become more reasonable. Now we have entered a new peak period of oil and gas reserves growth, said Xinhua.

CNPC is an integrated energy companies which set the business of oil and gas exploration, oil refining industry, oil sales, oil and gas storage and transportation, and oil trade, engineering and technical services and oil equipment manufacturing together.

It is China's biggest Oil and gas producers.