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At the latest ordinary council meeting, the City of Perth council voted in favour of a motion to support the Australasian Oil & Gas Energy Exhibition & Conference in 2021.
This motion included $50,000 which could be spent as the organisers pleased, a welcome move for an events industry on its knees.
The conference is managed and presented by Diversified Communication Australia.
AOG is the largest independent oil and gas conference in Australia, with the exception of the annual Australian Petroleum Production Exploration Association Conference and has been held in Perth for nearly four decades.
Speaking to the motion to provide financial assistance to the AOG conference, Councillor Brent Fleeton said the City of Perth should support the conference or "risk losing it to Brisbane."
Brisbane City Council is renowned for "buying conferences" for attendees' lucrative spending.
"I highly value this conference in Perth. We need to look to the future. If we were to lose Australia's most important oil and gas event to Brisbane we would look like absolute idiots," Cr Fleeton said.
"This is a very important conference for our hotels, our restaurants, and the supply chain that is based here."
The total cost of running the AOG conference is $1.22 million. It will be held on March 10 and 11 at the Perth Convention and Exhibition Centre.
The $50,000 has been provided as part of the City of Perth's Economic Development Sponsorship program.
In October, the conference organisers rebranded AOG to AOG Energy to reflect the industry's transition.
"AOG Energy will remain a platform for innovation in all aspects; now with a renewed focus on the energy transition, including hydrogen, renewables and emissions reduction technology, and the importance of local capabilities in driving the industry forward," commercial director Bill Hare said.