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Woodside's North Rankin platform, being assembled in Western Australia's North West Shelf region.

Oil giants to spend $303m on new acreage

The federal government has granted some of the world’s largest oil and gas players, including Woodside Petroleum and BHP Billiton, the right to drill new permits off the coasts of Western Australia and Victoria, stimulating more than $300 million in exploration over the next three years.

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