French energy giant TotalEnergies has announced the suspension of about 15% of its global oil and gas production, located in the Gulf States, due to the ongoing Middle East conflict.
Production has been halted or is in the process of being shut down in Qatar, Iraq, and offshore in the United Arab Emirates, the company confirmed in a statement to investors on its website. This includes both oil and gas operations in these regions.
However, TotalEnergies’ onshore oil production in the UAE, which accounts for about 210,000 barrels per day, remains unaffected. The company clarified that exports continue through the Fujairah terminal on the Gulf of Oman, bypassing the Strait of Hormuz, which is currently blocked.
Operations at the Satorp refinery in Saudi Arabia have not been impacted and continue to supply the domestic market, according to the company.
TotalEnergies stated that higher global oil prices for its production outside the Middle East will more than compensate for the loss in production from the region. A $8-per-barrel increase in Brent oil prices is sufficient to offset the 2026 cash-flow that was expected from the affected assets in Iraq, Qatar, and UAE offshore operations, assuming a $60-per-barrel Brent price.
The company’s shares have risen 4.64% since the start of the month, shortly after the conflict began, reaching €70.4 and making it a leading growth figure on France’s CAC40 stock index.
Due to higher taxes in the Middle Eastern regions, the 15% drop in production volumes represents roughly 10% of cash flows from TotalEnergies’ exploration and production segment, the company explained.
Regarding liquefied natural gas (LNG), TotalEnergies reported limited impact from production stoppages in Qatar, with an estimated loss of 2 million tonnes by 2026. Most Qatari LNG is marketed by Qatar Energy, according to the company.
