The Foundation aims to bring together industry specialists and universities such as UWA, Murdoch and Curtin to conduct research on behalf of the WA's $10 billion petroleum industry. It is being sponsored by Woodside Energy and Clough Engineering.

"It will ensure students can continue to benefit from classwork featuring case studies and state-of-the-art international technology and receive the benefits from excellent graduate recruitment opportunities," the Minister said. "The industry also gains valuable research information as well as graduates with an excellent grounding in the industry."

Royalties from the WA petroleum industry alone was worth $755 million to the state last year, according to the Minister.