BG Group sets lower targets for oil production

The gas and oil giant BG Group has set itself more modest but what it said could be more profitable targets after it had to give up some of its more ambitious projections earlier this year.

Having put aside its 1 million barrels of oil equivalent a day target in February, Chris Finlayson, the chief executive, yesterday set a target of between 750,000 and 825,000 barrels a day in 2015. He said he expected capital spending to come down as big fields in Brazil and Australia come on stream. He added: "BG Group has a strong pipeline of projects and deep-set skills and expertise."