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European Australian Business : 2008
61 approximately 25per cent of the world’s vessels in this category. WA’s ship building industry, within the state of the art Australian Marine Complex (AMC) excels in building luxury or super yachts, tugs, fishing, patrol, paramilitary and offshore oil and gas supply vessels. The AMC is one of the most exciting maritime activity clusters in the Asia Pacific Region, de- livering value-adding opportunities for international clients and investors. Mining Mineral production in Western Austra- lia is very diverse, covering more than 50 different minerals in commercial production. In fact Western Australia provides significant global shares of many essential mineral products, including iron ore, alumina, nickel, mineral sands, gold, diamonds, salt and several rare earths. Mineral exploration reached A$840 million in 2006-07, almost 50 per cent of the total Australian mineral exploration budget. There has also been a very significant rise in the value of new capital expenditure, to A$13.5 billion. A further A$82.4 billion worth of potential resource projects currently either under construction or consideration. Against this background, Western Australia’s mining equipment and services industry has developed and established globally its capabilities and reputation to support this sector. It services the State’s domestic mar- ket, worth in excess of A$5 billion and has successfully entered markets in China, Russia, India, Africa and Latin America. Oil and gas Petroleum is the State’s largest resource sector, with sales reaching A$16.4 billion for the 2006-07 period. Western Australia accounts nationally for approximately 69 per cent of natu- ral gas production and 71 per cent of crude oil and condensate production. The value of oil and gas production continues to break records and sees the likes of global players Shell, BP, Total, Chevron, ExxonMobile and BHP Billiton prominent in the market. The key Asian markets of China, Japan and Korea, with their increasing energy- dependency, continue to drive the dynamics of the sector’s phenomenal expansion in WA. In the oil and gas and mining sectors WA is increasingly recognised as a global centre for resource technol- ogy solutions in both established and emerging sectors. Given Europe’s - and increasingly the world’s - con- cerns over energy security and its nexus with climate change, WA’s role in related science and technology will only expand. western australia