1200 cals a day, healthy?

I recently decided to lose weight for the first time, I'm 5'6 and 266 pounds. I don't want to go on a drastic diet. I just want to eat good healthy food and maybe do a little exercise. I don't have much time to exercise. so I was wondering if I eat 1200 calories a day of healthy food since I burn around 2900 calories normally (BMI=43) will I be able to moderately lose my extra weight 134 pounds over time? or is 1200 too low? I don't want to put my body in starvation mode since it would cause it to restore fat. Im healthy and the only reason I'm fat is because I eat a lot.but I would like to stop at this point.