PetroChina looks to cut production costs amid sluggish demand

PetroChina Co, the listed arm of the country's biggest oil and gas producer China National Petroleum Corp, reported nearly 67 percent fall in net profit for last year, according to its financial report on Wednesday.

The State-owned oil giant generated a profit of 35.5 billion yuan for 2015, while its revenue declined 24.4 percent to1.7 trillion over the same period.

The oil company contributed the profit slide to the sharp fall of crude oil prices as well as the declining sales of oil and gas products amid the sluggish demand.

"We will continue to focus on supply of high-quality products and carry out a series of measures to cut production cost and raise efficiency against a backdrop of slowing recovery of the global economy," said PetroChina in its annual report.

Last year the company's total crude oil output reached 806.3 million barrels, down 2.1 percent compared with the previous year. Natural gas output reached 2.9 trillion cubic feet, up 0.8 percent over the same period.