Federal Labor plans to invest in two new projects to boost research and innovation in the West Australian oil and gas industry if it's re-elected.
Prime Minister Kevin Rudd said the sector was investing $200 billion in Australia over five years, creating more than 100,000 new jobs.
By 2025, it would add $260 billion to Australia's economic output.
"But with investment growth from China slowing, now is the time to diversify, to innovate and to put in place strategies that will see our resources sector keep creating jobs and export revenue," he said in Perth on Friday.
Labor would invest $30 million in a new National Floating Systems Research Centre in Perth to catch the industry trend toward floating gas production facilities.
The centre would be led by the CSIRO and Australian Institute of Marine Science in partnership with industry.
Labor would also establish an Oil and Gas Innovation Partnership under its previously announced $1 billion plan to support Australian jobs.
"This industry-led network will increase collaboration between industry and researchers and create new opportunities, both here and abroad including multi-billion dollar investments and new products and services," Mr Rudd said.
The partnership had the potential to attract a further $180 billion of oil and gas investment.
