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BP Delays Alaska, Gulf of Mexico Projects in Aftermath of Spill

BP Plc delayed the Liberty project in Alaska, and the Na Kika and Galapagos developments in the Gulf of Mexico, following the worst oil spill in U.S. history.

The Galapagos project has been put back until 2012 while the third phase of Na Kika will be implemented after that year, Chief Executive Officer Bob Dudley said in a presentation today in London. Last March, BP said it was planning to bring these developments on stream this year.

The Liberty project was postponed until beyond 2013 from 2011, said Mike Daly, BP’s vice president for exploration. “We’ve revisited exactly how we are going to do it,” he said in an interview in London.

BP plans to start 32 projects, which will contribute about 1 million barrels a day of production, by the end of 2016. It aims to pump 3.4 million barrels of oil equivalent a day this year, down from 3.822 million last year.

Uncertainty surrounding deepwater drilling regulations in the U.S. “will affect Gulf of Mexico production overall, and we anticipate a further decline in production in 2011 before returning to growth in 2012 -- depending of the timing of the restart,” Dudley said today.

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