TotalEnergies says it has shut down 15 per cent of its total oil and gas production due to the war in the Middle East, AFP reports.
“Production has been shut down or is in the process of shutting down in Qatar, Iraq and UAE offshore, representing approximately 15pc of our total output,” the French oil and gas major has said.
TotalEnergies said, however, that higher oil prices would more than compensate for the loss of Middle East production.
“A $8 per barrel increase in the Brent price is enough to offset the expected 2026 cash flow from operations from our Iraq, Qatar, UAE offshore assets at $60 per barrel,” the company said.
