The group, established by global technology facilitator ITF, also includes GE Oil & Gas and Siemens.
The regional cluster will meet every three months to seek out common technology challenges and potential solutions relevant to the industry in Australia.
ITF said Australian technology companies would have the chance to respond to calls for proposals, with up to 100% funding available for the right solutions.
Some of the main issues the group would look at include subsea technologies, LNG, carbon dioxide sequestration and unconventional gas.
Woodside chief science and technology manager Neil Kavanagh said Woodside looked to ITF to bring Australian-based operators together in the region and increase the amount of jointly funded research work to directly address Australian challenges.
"Gas reservoirs in Australia share all the usual challenges such as recovery factor, development costs, safety and environmental impact, just like the reservoirs operated by other ITF members around the world.
"We hope to learn and share best technology practices where working together is more effective than working alone."
ITF is a not-for-profit organisation and is owned by 28 major global operators and services companies. Its key objective is to identity technology needs and facilitate the development of new technologies.