The revamped China National Petroleum Corp (CNPC), one of two integrated petrochemical and oil groups formed last month, said first-half profit tumbled to 150 million yuan (about HK$139 million), down from 6.39 billion yuan previously. The decline in profit, which started at the beginning of the year, followed the region's financial turmoil and a global slump in oil prices, Xinhua reported yesterday. The situation was worsened in June when Beijing deregulated the country's oil-pricing system, letting prices of crude and oil products be driven down to levels on international markets. CNPC, however, fared better than revamped China Petrochemical Corp (Sinopec), which widened losses to 2.19 billion yuan in the first half of the year. However, it is not known how CNPC-controlled Daqing oil fields, the mainland's largest, will be affected by floods swamping the northeastern region. Xinhua reported on Saturday that 355 out of 20,000 pumps had been flooded, cutting daily production by 807 tonnes. CNPC president Ma Fucai said the company planned to earn 2.7 billion yuan in profit this year. Beijing has set a profit target of 10 billion yuan for the combined Sinopec and CNPC - a level analysts say is 'very optimistic' in the wake of falling world oil prices and slowing demand. Mr Ma said this ambitious target indicated that CNPC was trying its best to contribute to fulfil Beijing's projected 8 per cent economic growth target. Mr Ma has ordered its oilfields to improve output in the second half of this year, with daily output aiming at 298,500 tonnes by the end of next month. CNPC plans to produce 107.8 million tonnes of crude oil this year. It pumped 53 million tonnes in the first six months of this year. Producing 67 per cent of the mainland's crude oil, CNPC recorded 10.18 billion yuan in profits and paid 22.89 billion yuan in taxes last year.