text: &lt;Esso U.K. Plc>s 1987 exploration scheme involves less activity than last year said a company spokeswoman. She confirmed that Esso UK a member of Exxon Corp &lt;XON> was likely to participate in 15 to 20 wells this year against 25 wells last year. Total capital expenditure budget this year however will be similar to last years budget of about 450 mln stg she said. She added that exploration and production expenditure last year was 370 mln stg and Esso UK turned the year with 1.2 billion stg of forward capital commitment. The spokeswoman said 30 to 40 pct in cost savings had been made for development plans for Kittiwake - the only field in the Shell-Esso Gannet North Sea oil and gas cluster still being considered for development over the next few years. Esso UK and &lt;Shell U.K. Exploration and Production> part of the Shell Transport and Trading &lt;SC.L> group have so far spent between 300 to 350 mln stg on Kittiwake with recoverable reserves of some 70 mln barrels. Cost savings were also made on the 40 to 45 mln barrel Osprey field which is expected to cost at least 150 mln stg to develop. Development of both fields are expected to go ahead this year or early next year she said. REUTER
target: ESSO UK PLANNING SLIGHTLY LESS OIL EXPLORATION