The Chancellor has been urged to help energy intensive industries in the upcoming Budget.
The manufacturers organisation EEF is pressing George Osborne to avoid a pre-election “giveaway” in the upcoming Budget and instead focus on boosting economic growth.
Canacol Energy has increased its budget for 2015.
The Colombian-based firm has upped its spending in light of newly acquired contracts and a major gas discovery.
Last year, the company executed three new gas sales contracts for a combined 65 million standard cubic feet per day.
Marathon Oil has estimated its investment and exploration budget will be 20% lower for 2015.
The company said the capital program of around $4.5billion for next year will reflect a significant weighting to the company’s high return investment opportunities in the US as well as lower exploration spending.
Marathon said the “continuing dynamic change” in crude oil markets, together with the expected impact to oilfield service cost, mean it will need additional time before the budget is finalised.
