Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Obama issues first deepwater drilling permit

deep water oil drillingThe first Gulf of Mexico deepwater drilling permit since the BP disaster was issued to Noble Energy. By Steve Hargreaves, senior writer


NEW YORK (CNNMoney) -- The Obama Administration approved a permit to drill a deepwater oil well in the Gulf of Mexico Monday, the first such permit issued since the BP disaster last spring.

The permit is for a Noble Energy well in Mississippi Canyon Block 519, approximately 70 miles south east of Venice, La., close to the spot where the BP rig sank.

"This permit represents a significant milestone for us and for the offshore oil and gas industry, and is an important step towards safely developing deepwater energy supplies offshore," said Michael Bromwich, director of the Bureau of Ocean Energy Management, Regulation and Enforcement.

The agency has been heavily criticized by the oil industry and others along the Gulf coast for delays in issuing new drilling permits.

Only 37 shallow water permits have been issued since a moratorium issued following the BP spill in April was lifted in the summer. The deepwater moratorium was officially lifted in October, but no new permits had been issued until Monday.

The industry argued the delays have cost jobs and hurt domestic production. Supporters of the go-slow approach contend it was necessary to reform a badly flawed oversight process in the wake of the worst oil spill in U.S. history.  To top of page

Index Last Change % Change
Dow 20,981.80 43.89 0.21%
Nasdaq 6,148.85 10.14 0.17%
S&P 500 2,400.29 1.87 0.08%
Treasuries 2.29 0.00 0.09%
Data as of 2:11pm ET
Company Price Change % Change
Bank of America Corp... 23.40 0.01 0.04%
General Electric Co 27.65 -0.63 -2.24%
Advanced Micro Devic... 10.94 0.05 0.51%
Ford Motor Co 10.93 -0.12 -1.09%
Micron Technology In... 28.86 0.57 2.01%
Data as of 1:56pm ET
Sponsors

Sections

President Trump may be focused on saving coal miners, but solar continues to be the hot spot in today's jobs market. Solar employment expanded last year 17 times faster than the total US economy. More

Analysts at Morgan Stanley estimate that Waymo -- the self-driving car startup that is owned by Google parent Alphabet -- could be worth $70 billion. It seems like a stretch given that Waymo is unlikely to be profitable until 2022. More

Want to keep more of your money? Do these five things -- each of which takes 20 minutes or less -- so you can cut your spending and fatten your pocketbook. More