RPT-UPDATE 1-Gulf moratorium hits U.S. oil and gas spending

(Repeats to add subscribers)

* Gulf of Mexico pares growth in U.S. project spending

* U.S. spending to climb 18 pct, Canada up 28 pct

* Global spending forecast up from December survey (Recasts, adds U.S. gulf data, details on global spending)

By Matt Daily

NEW YORK, June 16 (Reuters) - The moratorium on new deepwater projects in the U.S. Gulf of Mexico will cut planned spending on exploration and production projects by about $1.6 billion from previous forecasts, according to a Barclays Capital survey of oil companies.

That moratorium imposed by the U.S. government follows the April 20 oil well blowout that has become the nation's worst ever environmental disaster, idling rigs in the Gulf for six months as regulators craft new rules for drilling.

"Overall, we have estimated a spending reduction as a result of the deepwater drilling moratorium put in place following the Macondo oil spill of 2 percent," the analysts said in a note to investors.

Still, spending in the United States is expected to rise 18 percent to $85 billion from last year, boosted by higher oil prices, shale drilling projects and drilling undertaken by companies to hold onto leases on land.

Spending on exploration and production is heavily dependent on oil and gas prices, and is the key driver of revenues for oilfield services companies such as Schlumberger Ltd (SLB.N), Halliburton Co (HAL.N) and Baker Hughes Inc (BHI.N).

The moratorium is widely viewed as a threat to revenues at companies such as Diamond Offshore (DO.N), Ensco Plc (ESV.N) and Transocean Ltd RIGN.S (RIG.N), the owner of the rig that exploded and sunk after the BP Plc (BP.L) well blowout.

GLOBAL RISE

Global spending on oil and gas exploration and production will rise 12 percent in 2010, slightly higher than predicted six months ago despite the drop in U.S. spending, according to the survey of 427 companies.

Overall global spending on the projects, which had dropped in 2009 amid a steep downturn in energy prices, is expected to total $447 billion this year.

In December, Barclays' semi-annual survey had shown companies were likely to increase spending by 11 percent.

Canada will show a 28 percent increase to $27 billion, and spending outside North America will climb 9 percent, slighlty below the 10.5 percent increase expected in December's survey.

Much of that drop was focused on Russia, where spending hikes were cut to 13 percent from 20 percent, partly because of weather-related delays, Barclays said.

Spending in the Middle East and Africa was likely to rise 16 percent from 2009, slighty above the 15 percent previously expected. (Reporting by Matt Daily; Editing by Derek Caney)