On Thursday, PetroChina Co., China's biggest-listed oil company, said that in 2009, its net profit dropped 9.7% as lower oil prices hit income. However, its 2010 end results could benefit from enhanced production and higher energy prices.

The company said that its net profit for the 12 months that ended Dec. 31 was 103.39 billion Yuan ($15.14 billion), down from 114.45 billion Yuan in 2008, because of minor inputs from its upstream business.

According to the International Energy Agency, this year, China could account for a quarter of the total rise in global oil consumption.

PetroChina, which is listed in Hong Kong and Shanghai, hopes to raise its crude oil production 1.2% to 853.7 million barrels this year and refinery output 8.8% to 122 million barrels in response to improving of domestic demand.

The company also plans to raise its 2010 capital spending by 9.7% to 292.7 billion Yuan from 266.84 billion Yuan in the preceding year, as chief projects like the second West-East gas pipeline are still in the construction stage.

However, the company's natural gas production swelled 13% to 2.112 trillion cubic feet from 1.864 trillion cubic feet as Beijing has been urging the use of clean energy to lower carbon emissions.

In 2009, PetroChina refined 828.6 million tons of crude oil, a 2.5% drop from a year before.

In spite of the turn down in net profit, analysts said that this year, PetroChina will profit from high crude prices and increasing energy demand.