courtesy BP

Investments in Norwegian oil and gas industry projects are expected to increase to 136 billion kroner ($19.67 billion) in 2009, according to a recent report by local oil companies’ biggest lobby.

“We submit that these investments will be able to increase further,” the Norwegian Petroleum Association’s chief economist, Bjoern Harald Martinsen was quoted as saying.

“Looking beyond that, these assertions clearly become uncertain,” he added.

The report hints at “good investment activity” through to 2012 but with the caveat that the oil price remains over $70 a barrel “and the solution to the finance crisis rapidly finds itself.”

Investments in 2012 are still seen reaching 115 billion kroner, a 20 million kroner drop from forecasts for next year.

In a twist, Martinsen was cited saying Norwegian renewable energy could also be hurt by fewer petro-dollars from government should project spending fall away.