Chevron Gets Buckskin Approval

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Chevron, the second-largest U.S. oil company, said U.S. regulators gave the company the go-ahead to resume drilling the Buckskin project in the Gulf of Mexico, a project that was halted after the Gulf oil spill in April 2010. California-based Chevron said it plans to resume work on the project as soon as possible.

Chevron (CVX) started drilling the well soon after the Gulf spill in May 2010, but was forced to halt the project when the federal government imposed a moratorium on deepwater drilling. The company said all of its drillships in the Gulf will be back at work once drilling at Buckskin resumes.

This is the second deep-water drilling permit that the Bureau of Ocean Energy Management, Regulation and Enforcement has awarded Chevron under the new rules implemented after the spill, the Wall Street Journal reported. The company's Moccasin project was approved in March.

The Discoverer Clear Leader made by Switzerland-based Transocean (RIG), the world's largest provider of offshore drilling services, will drill Buckskin, the Journal reported.