Expert sees more reforms at big oil firms

The top three State-owned oil companies in China will continue to cut production and enhance ownership reforms in 2016 as their net profits slumped amid sluggish prices in 2015, according to a leading energy expert.

Sinopec Group, China National Offshore Oil Corp and China National Petroleum Corp have seen their combined profits shrink by 59 percent to 87.97 billion yuan ($13.6 billion) in 2015, compared with the previous year.

Sinopec posted a 32.2-billion-yuan net profit in 2015, down 32 percent from 2014, according to the company's earnings report released on Tuesday.