Preliminary government data showed oil and gas output over the first six months of this year rose 3 percent compared with 2014. The increase comes after years of investments in new technologies that have meant new fields are run more efficiently. However, the recent slump in oil prices has tightened oil companies' purse strings and Oil & Gas UK expects capital expenditure to fall to 10-11 billion pounds ($16.91 billion)this year, down from 14.7 billion pounds last year.

Based on financial statements from selected international oil and natural gas companies, spending on upstream investments was 12% lower in fourth-quarter 2014 compared to the same period in 2013. Upstream spending on exploration and development typically accounts for the bulk of these companies' investment expenditures.

Investment bankers and analysts entrenched in the oil and gas industry say companies have so far staved off the major negative impacts of the current industry downturn better than previous downturns by acting more proactively and aggressively.

Schlumberger CEO Paal Kibsgaard said Monday he expects global exploration and production capital expenditures to drop between 10 to 15 percent in 2015.

Investment by British companies slowed in the final quarter of 2014, official data showed Thursday, as the fall in oil prices drove the North Sea extraction industry to cut down spending on infrastructure.

Chevron’s $35 billion capital budget down 13% from last year

Shell cuts $15 billion in spending for 2015-17