Chevron (NYSE:CVX) Cleared for Drilling Off UK, First Since BP (NYSE:BP) Spill

Chevron (NYSE:CVX) was given the okay to start offshore drilling in deep waters off the coast of Britain; the first oil company to be given clearance since the BP (NYSE:BP) oil spill.

In a decision that raised a few eyebrows, Chevron will be bringing in Halliburton (NYSE:HAL), the company that did the cement work on the Deepwater Horizon oil rig leased by BP, which plummeted into the Gulf waters after the explosion.

BP has largely blamed Halliburton for the failure of the rig because of alleged faulty cement work.

Also being hired by Chevron is Cameron International (NYSE:CAM), who provided the failed blowout preventer for the Macondo well. They're providing the blowout preventer for Chevron's drilling.

Responding to some criticism, Britain's Department of Energy and Climate Change said this:

"All lessons learnt from [BP's Macondo well] have been applied to this well and steps have been taken to prevent the specific failures on Macondo. Close scrutiny of the well will continue, by the Health and Safety Executive, by DECC, and by Chevron itself."

Some see the approval for Chevron to go forward as the first step in increasing drilling off the Shetland islands.

BP is also negotiating with the British government over permission to drill in the area.