WA and Norway build on resources bonds

• Inaugural business seminar to promote investment

• Focus on petroleum sector partnerships and co-operation

A new annual event is set to boost business and investment ties between Western Australia and Norway.

Opening the first Norwegian Embassy Annual Business Seminar in Perth today, Mines and Petroleum Minister Bill Marmion said WA and Norway had much in common, despite the vast differences in size and location.

"We're both richly endowed with mineral, oil and gas resources and these have formed the backbone of each of our economies," Mr Marmion said.

"The development of our petroleum industries has run almost in parallel, both of them kicking off during the 1960s.  And, like WA, Norway exports the bulk of its energy production."

A number of major Norwegian companies have already been attracted to the State, especially in the fields of surveying, design and engineering on major ventures, including the Ichthys and Wheatstone projects.

A Norwegian company also holds an interest in the State's most recent major oil discovery, at Phoenix South, off the Pilbara coast.

Norway has a proud reputation for supplying high-tech petroleum services and now employs more than 120,000 in the sector.

"While Australian companies have more than $5 billion invested in Norway, there is undoubtedly scope for more," the Minister said.

"With WA leading the world in areas of mining technology, resources computing and environmental rehabilitation I am excited about the potential for our businesses and research institutions to learn from each other, through events like this."

The Australian Petroleum Production and Exploration Association and Austrade joined Australian and Norwegian businesses at today's seminar.

Fact File

• Norway has more than $1.2 billion invested in Australia

• Norway's Sovereign Wealth Fund (generated from a 78% tax on oil and gas companies) is valued at more than $850 billion and includes major shareholdings in Woodside Petroleum and BHP Billiton

• Statoil, Norway's State petroleum company, already has gas exploration permits in the Northern Territory and South Australia

Minister's office - 6552 6800