By: Arab news

French energy giant TotalEnergies said it has lost 15 percent of its oil and gas global output as the ongoing conflicts between the US-Israel alliance and Iran shut fields across the UAE, Qatar and Iraq.

This accounts for 10 percent of upstream cash flow, the company said in a press statement.

The disruption highlights the growing impact of the widening US-Israel-Iran conflict on global energy companies operating across the Middle East, where escalating military tensions and shipping disruptions in the Gulf have forced several operators to suspend or scale back production.

TotalEnergies has significant operations in the region, including the SATORP refinery in Saudi Arabia, the Al Shaheen offshore oil field in Qatar, and the Halfaya oil field in Iraq.

“Production has been shut down or is in the process of shutting down in Qatar, Iraq and UAE offshore, representing approximately 15 percent of our total output,” said the company in the statement.

It added: “The Middle East barrels’ CFFO (cash flow from operations) is lower than our portfolio average due to higher taxation, and these 15 percent of our volumes account for roughly 10 percent of Upstream cash flow.”

The French firm further said that the impact of liquefied natural gas production shutdowns in Qatar on its trading activities is limited, as most Qatari LNG is marketed by QatarEnergy.

It added that operations at the SATORP refinery are running normally and supplying the Kingdom’s domestic market.

Onshore production in the UAE, representing approximately 210,000 barrels per day, also remains unaffected due to the conflict.

Regarding the future outlook, TotalEnergies said that growth of its accretive barrels is expected to come overwhelmingly from outside the Middle East in 2026.

TotalEnergies said an $8 rise in Brent crude price would compensate for the 2026 cash flow impact from its assets in Iraq, UAE offshore, and Qatar, at an oil price assumption of $60 per barrel.

Earlier this month, the company said that it resumed oil production at the Mabruk field in Libya following the completion of a new production facility designed to restore operations at the site.

The onshore field has been inactive since 2015, and TotalEnergies holds a 37.5 percent interest in it.