Chevron (CVX) Latest to Get Gulf Drilling Permit

There is no doubt the tension and unrest in the Middle East has forced the hand of the Obama administration to reward more permits to drill in the Gulf of Mexico, as they had been dragging their feet for months for no reason. Chevron (NYSE:CVX) was the latest to receive a permit to drill in the Gulf.

The federal government on Thursday approved Chevron Corp. for the first permit for completely new exploration in the Gulf of Mexico, saying the oil company had satisfied requirements to show that it could contain a subsea blowout.

It is the fifth deepwater permit since new standards were put in place after the Deepwater Horizon blowout and spill last year, but the first to drill in a new oil field.

The Bureau of Ocean Energy Management, Regulation and Enforcement issued a revised permit to drill in 6,750 feet of water 216 miles south of Lafayette, La.

Chevron closed Thursday at $105.38, dropping $0.10, or 0.09 percent.





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