By America Hernandez PARIS, March 12 (Reuters) - TotalEnergies 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
TotalEnergies Output Falls 15% as US-Iran War Shuts Down UAE, Middle East Fields
Impact of Middle East Conflict on TotalEnergies Operations
By America Hernandez
Production Losses and Financial Impact
PARIS, March 12 (Reuters) - TotalEnergies 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.
Contribution to Upstream Cash Flow
That output accounts for about 10% of Total's upstream cash flow, it added.
Confirmation of Outages in the UAE
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.
Offshore Production Shutdown
Total said its offshore production in the UAE is shut. The UAE produces around half its oil output from offshore fields.
Offsetting Losses and Ongoing Operations
Oil Price Increases and New Production
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.
Refinery and LNG Operations
Operations at its SATORP refinery in Saudi Arabia are normal, it added.
Qatar LNG Production Impact
The impact of shutdowns in Qatar of liquefied natural gas production are limited to two million tonnes of LNG for Total.
(Reporting by America Hernandez; Editing by Sudip Kar-Gupta, Makini Brice and Jan Harvey)
