The Beijing-based company’s total output for the year was 1.034 billion barrels of oil equivalent, trumping its own target of a 4% rise, after stepping up drilling to cash in on record oil prices.

This output included a 1.5% increase in oil production to 842 million barrels of oil – the largest annual rise in recent years, the company said. Meanwhile, gas output increased 27.2% to 1.152 trillion cubic feet.

PetroChina said it expected global crude oil prices would stay high and China's demand for oil, gas and petrochemical products would remain strong, providing a solid foundation for the company's continued growth.

With a market capitalisation of almost US$160 billion, the company is expected to remain acquisitive this year as it seeks to sustain output growth and replenish reserves for energy-hungry China - the world's second largest oil user after the United States.

Last June, PetroChina announced plans to buy PetroKazakhstan from parent CNPC. This would hand PetroChina fields in 10 new countries including Kazakhstan, Peru and Venezuela.

Petrochina controls 67% of China’s oil production.