Petroleum precinct planned

Prime Minister Kevin Rudd announces plans for a petroleum research centre.
Prime Minister Kevin Rudd announces plans for a petroleum research centre.

Mr Rudd said the petroleum precinct would bring together private resource companies and experts from the University of Western Australia, Curtin University and the CSIRO to seek new petroleum resources for the future.

‘Perth would be headquarters of the first oil and gas innovation partnership with the aim of attracting $180 billion in investments to Australia,’ he said.

Mr Rudd said Perth would be the hub and connect to centres in Brisbane, Darwin, Adelaide, Melbourne and Sydney.

The oil and gas industry is investing $200 billion in Australia over five years, creating over 100,000 new jobs.

He said the government would invest $30 million in the centre. The funds would be matched by investment from project partners, taking total investment to $60 million over three years.

‘This partnership has attracted over 250 expressions of interest from industry as well as 35 core partners, including many of Australia’s and the world’s biggest oil and gas companies,’ he said.

Mr Rudd said Woodside, Shell and Santos had signed up to the project.

‘Improvements in productivity, development of new technologies and new investment have the potential to create over 150,000 new jobs, even with the China resources investment boom winding down,’ he said.

‘To sustain a world-class industry, we need to export more than just raw commodities ” our IP, our expertise, our technologies are valuable commodities that will grow the industry and jobs.’

Mr Rudd said if re-elected the government would establish a new National Floating Systems Research Centre in Perth, led by the CSIRO and the Australian Institute of Marine Science in partnership with industry.