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U.S. oil major Chevron Corporation (CVX - Analyst Report) is ready to dive into the UK waters of the North Sea, following the drilling permission granted by the British government. Accordingly, Chevron will drill the first deepwater exploration well in the region on the Lagavulin prospect.
On April 20, the Deepwater Horizon rig of BP plc (BP - Analyst Report) exploded, killing 11 people and sparking the worst oil spill in U.S. history. Soon after, the U.S. government imposed a deepwater drilling moratorium.
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