courtesy Transocean

Investments in the Norwegian oil and gas industry in 2010 are expected to reach 136.1 billion kroner ($21.36 billion), a number expected to rise considerably as more oil comanies report in and approve project budgets.

And for 2010, new forecasts based on oil industry surveys put Norwgian industry spending at 136.1 billion kroner ($21.33 billion), almost 15 percent higher than was once expected for all of 2009.

Citing the Statistics Norway numbers, the Norwegian Oil Industry Association’s chief economist said the investment was keeping the oil-rich country from the worst of a worldwide economic downturn.

While money put into expanding production is seen growing, exploration is expected to dip by a billion kroner ($156.7 million) in 2009. Not so in 2010, when a record-high 33 billion kroner ($5.2 billion) — 17.7 billion kroner ($2.82 million) more than for 2009 forecasts.

Money put into field expansion could to settle at 24 billion kroner ($3.76 billion), over 40 percent lower than expected modifications will accrue to this year.

“The drop comes mostly as a result of the investment projects Skarv, Gjøa and Yme approaching conclusion,” the Industry advocacy said in a statement.

Funding expected for new fields Goliat, Dagny, Hild and Gudrun have yet to enter the statistical count and are expected to hike later forecasts for 2010, when investments in Ekeofisk, Troll, Valhall and Ormen Lange are seen reaching 71,5 milliarder ($11.11 billion).

ws@scandoil.com