Noble Energy (NBL) Lands first Gulf Permit After BP (BP) Spill

Shares of oil driller like BP PLC (NYSE:BP), Transocean (NYSE:RIG), Diamond Offshore Drilling (NYSE:DO), Hess Corp. (NYSE:HES), Marathon Oil Corp. (NYSE:MRO), Chevron Corp. (NYSE:CVX) and ConocoPhillips (NYSE:COP) jumped on the news Noble Corp. was awarded the first deepwater drilling permit since the Gulf of Mexico oil spill.

Contrary to the assertions by the Obama administration, mounting pressure to drill for more oil in the Gulf of Mexico in light of the weak economic conditions and growing unrest in the Middle East played a big part in pushing the permit forward. More permits will be sure to follow as the administration socializes people into gradually accepting the reality.

The well Noble received a permit to drill on in is located in 6,500 feet of water, and which they had started to drill in April 2010, the same month the Deepwater Horizon exploded.

Drilling was suspended in June as a moratorium was imposed upon the Gulf by Obama.