TotalEnergies, opens new tab has lost 15% of its oil and gas output as the U.S.-Israeli war with Iran shuts fields across the Middle East, including in the UAE, Qatar and Iraq, the French oil major said on its investor website.
That output accounts for about 10% of Total’s upstream cash flow, it added.
The statement became the first confirmation of widespread output outages in the UAE due to the crisis. Qatar and Iraq have previously announced production cuts, but the UAE has not released any official information.
Total said its offshore production in the UAE is shut. The UAE produces around half its oil output from offshore fields.
The French firm added that income from an $8 per barrel rise in oil prices that has occurred as a consequence of the war would more than offset the loss of output in the Middle East this year as it brings online additional production elsewhere.
Operations at its SATORP refinery in Saudi Arabia are normal, it added.
The impact of shutdowns in Qatar of liquefied natural gas production are limited to two million tonnes of LNG for Total.
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