Anadarko chief says Gulf slowdown won’t hurt reserves

* Uncommitted project spending could go overseas

* No effect seen before 2014

NEW YORK, Nov 12 (BestGrowthStock) – The slowdown in oil and gas
drilling in the Gulf of Mexico will not hurt Anadarko
Petroleum’s (APC.N: ) plans to book new reserves, and the company
could move spending to other regions, Chief Executive Officer
James Hackett said on Friday,

The company, a minority owner of BP Plc’s (BP.L: ) Macondo
well that blew out earlier this year, has about $200 million of
uncommitted spending per year for exploration or appraisal
wells in the Gulf.

“We’re prepared … to have that be delayed for some time.
It doesn’t have any impact before 2014,” Hackett told a Bank of
America Merrill Lynch investors conference.

The company, one of the largest lease holders in the Gulf
of Mexico with more than 3 million acres, could book reserves
from its Lucius project there as early as 2012 or 2013, Hackett
said, or it could push ahead with wells on land in the United
States or overseas.

“We feel good about being able to reallocate that spending
to other places,” Hackett said. “We have places to go get those
reserves and get those bookings overseas.”

A drilling moratorium in the Gulf of Mexico implemented
after the BP well disaster was lifted in October, but the
restart of activity is expected to drag as oil and gas
companies deal with new permitting rules in deepwater areas.

The company shifted about $100 million in spending to more
liquids-oriented fields onshore in the United States this year
because of the Gulf moratorium.

Anadarko has announced a string of finds in the waters off
West Africa, and also has projects in Brazil, as well as
onshore fields in North America.

Anadarko shares were down 2.9 percent at $63.35 in early
trade on the New York Stock Exchange.
(Reporting by Matt Daily, editing by Dave Zimmerman)

Anadarko chief says Gulf slowdown won’t hurt reserves