OREANDA-NEWS. Investment in Norway's upstream oil and gas sector is projected to fall to 146.6bn Norwegian kroner ($17.2bn) next year from Nkr169.1bn this year, according to the latest forecast from state-run data provider Statistics Norway.

The previous forecast — made in August — pegged investment at Nkr163.5bn this year, falling to Nkr150.5bn in 2017.

The upwards revision to this year's forecast is mainly because of increased projections within the field development and "shutdown and removal" categories.

The downwards revision to the 2017 forecast is driven by lower projected spending on exploration and on shutdown and removal. But this is partly offset by higher projected investment on field development, underpinned by the recent submission of development plans for the Dvalin gas discovery and the Trestakk oil discovery in the Norwegian Sea. Russian-owned Dea operates Dvalin, while state-controlled Statoil operates Trestakk.