National oil companies are estimated to be cutting exploration budgets by more than a quarter, on average, according to new research from Wood Mackenzie.

The consultancy said the combined budgets of 11 top spending NOCs could potentially be reduced by about 26%, or $5 billion, to around $14 billion this year, based on announcements and tracking well plans.

The list of NOCs considered in Wood Mackenzie’s research included three Chinese NOCs, PTTEP, Petronas, Oil & Natural Gas Corporation (ONGC), Qatar Petroleum, Rosneft, Gazprom, Petrobras and Pemex.