Wednesday, July 7, 2010

Chevron (NYSE:CVX) Lands Gulf Drilling Permit

Chevron (NYSE:CVX) landed a Gulf drilling permit and according to Hercules Offshore, the largest provider of shallow-water drilling rigs in the Gulf, they've already began drilling the oil well.

Drilling under the federal permit started on July second, according to Hercules.

After the explosion on the Deepwater Horizon oil rig, which resulted in a ban on drilling in over 500 feet of water, it also generated changes in in shallow-water drilling as well, in waters under 500 feet in depth.

Under the new rules for drilling in shallow waters in the Gulf, this is the 15th drilling permit given out.

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