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BHP Billiton Ltd’s (ASX:BHP) plan to explore for oil in the Gulf of Mexico has been given the green light from US regulators, clearing the way for the global miner to now seek drilling permits.
The proposed deepwater well sits more than 7,000 kilometres under water, off the coast of Louisiana.
The approval is third such plan BHP has had approved from federal offshore regulators, after the Bureau of Ocean Energy Management enforced strict new safety requirements for companies looking to drill.
The new regulations come after the Deepwater Horizon explosion in April 2010, causing the biggest oil spill in US history.
BHP Billiton posted a net profit of $10.5 billion, in the first six months of its 2011 financial year.
News: US approves BHP oil exploration plan
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