With Oil and Gas UK predicting spending will comfortably surpass the record £19.1bn set last year, the industry body's chief executive Malcolm Webb noted the planned vote on Scottish independence did not seem to have deterred firms from making big bets on the North Sea.
The total projected spend includes £13.5bn capital investment in the North Sea.
"There isn't any evidence that the posing of the question is yet causing damage," said Mr Webb.
However, stressing the referendum was a matter for the electorate in Scotland, he said politicians on both sides of the debate should ensure they do nothing that would harm the interests of an industry that is a key driver of the economy on either side of the Border.
"We are going to stay neutral. What we're saying to both sides of that debate is please don't do things which damage in any way this industry because this industry is too important for these British Isles no matter what their constitutional set up," said Mr Webb.
He was speaking ahead of publication of the latest Economic Report by Oil & Gas UK today.
This found the industry paid £6.5bn Corporation Tax and contributed 15% of the Exchequer's takings under that heading in 2012-13.
Oil & Gas UK reckons the industry supports 450,000 jobs in the UK.
The report provides further evidence of the boom in activity in the waters off the UK, which is being stoked by strong demand for energy in countries such as China.
Oil and Gas UK said firms had confirmed plans to invest £44bn in new facilities in coming years.
Latest soundings by the organisation have increased confidence in an earlier estimate that firms will spend £13.5bn on new facilities this year, compared with a record £11.4bn last year.
Spending on running existing operations will increase to £8.5bn from £7.7bn in 2012.
Oil & Gas UK highlighted the fact the boom in spending on new facilities is being powered by major oil and gas firms.
The likes of BP and Shell are developing a series of giant new fields in areas like West of Shetland.
Oil & Gas UK noted this reflects renewed confidence in the United Kingdom Continental Shelf among major oil and gas firms. These have tripled investment in UK since 2009, after reducing their exposure to the region in previous years.
The report says tax breaks introduced in recent years have had a significant impact on activity levels.
It said £6bn would be invested in 2012 and 2013 on fields that qualify for tax allowances.
Mr Webb said the changes reflected a big shift in the thinking of the UK Government to the industry in the wake of the surprise hike in taxes in the 2011 Budget, which sparked outrage in some quarters.
He noted both the Scottish and UK Governments have developed strategies to support the industry and seem to recognise the long-term importance of the industry.
With up to 24 billion barrels to be recovered from the North Sea, Oil & Gas UK believes there could be strong activity in the area beyond 2050.
However, the organisation has said it would require £1000bn investment over the remaining life of the UK North Sea to recover that level of reserves.
Against that backdrop, Mr Webb said ministers need to do more to support the industry. He said: "This is not the end of the story."
Oil and Gas UK said the tax regime will have to be refined to ensure investment levels are maximised.
Spending on new assets may fall to around £8bn to £10bn from 2015 following completion of some big new field developments.
The organisation highlighted the fact exploration drilling remains below the levels recorded before taxes were increased in the last decade. Production costs increased last year.