Chevron Expects Another Gulf Approval Soon

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Chevron, the second-largest U.S. oil company, said it expects to receive approval from federal regulators to resume work on the Buckskin well in the Gulf of Mexico in a ''couple of months.'' Bobby Ryan, Chevron's vice president of global exploration, made the comments at an energy industry conference today in New Orleans, Reuters reported.

Chevron (CVX) had planned to drill the well last year before the government-imposed moratorium on deepwater drilling in the Gulf was implemented was implemented following the largest oil spill in U.S. history.

Last week, Chevron won approval to drill in the Keathley Canyon Block 736, which is almost 220 miles off the coast of Louisiana. That permit is the first for a field that has never produced oil since the moratorium on deepwater drilling in the Gulf was lifted.