UK oil, gas output to rise modestly in 2007 despite spending cut

Britain’s oil and gas output is expected to rise modestly by 3 pct in 2007 despite a cut in spending on field exploration and development, according to a report published by the Oil & Gas UK.

Production is to reach 3.0 mln barrels of oil equivalent per day in 2007, up from 2.9 mln boepd last year. About 55 pct of the expected volumes will still be oil, while the remaining 45 pct is gas.