PetroChina announced a planned increase in capital expenditure to fund exploration after posting a record annual profit of US$16.6 billion, the South China Morning Post reported. The firm has proposed a capital expenditure budget of US$18.6 billion this year, up 19.39% on 2005. Investment last year was 28% higher than forecast a year ago, and 21.16% more than estimated in a June filing with the Securities and Exchange Commission in the United States. The company wants to increase oil and gas output by 5.19% to one billion barrels of oil equivalent this year. Gas output is to increase by 26%, while oil production will rise by a modest 0.4%.