TotalEnergies SE said Friday it was suspending production in Qatar, Iraq and the Emirati offshore but assured growth elsewhere and a surge in oil prices cushion the company from the Middle East war.
The stoppages represent about 15 percent of the French energy giant’s output, it said in an online statement. “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 ~10 percent of upstream cash flow”, TotalEnergies said.
It said its onshore production in the United Arab Emirates, amounting to around 210,000 barrels per day (bpd), remained unaffected.
“Operations at the Satorp refinery are continuing normally for now and are supplying the Saudi domestic market”, TotalEnergies added. TotalEnergies’ joint refinery with Saudi Arabian Oil Co has a declared capacity of 460,000 bpd. TotalEnergies owns 37.5 percent.
“The impact of LNG production shutdowns in Qatar on our LNG trading activities is limited (around 2 Mt expected in 2026), as most Qatari LNG is marketed by QE”, TotalEnergies said.
Early this month Qatar, through QatarEnergy, declared force majeure on its liquefied natural gas operations, following what the state-owned company said were “military attacks on QatarEnergy’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City”.
“[F]ull supply will resume once the situation stabilizes and the safety of facilities is assured”, said a statement from Qatar’s Foreign Affairs Ministry on March 9, citing Prime Minister and Foreign Affairs Minister Mohammed bin Abdulrahman bin Jassim Al Thani.
TotalEnergies added Friday, “Growth of our accretive barrels is expected to come overwhelmingly from outside the Middle East in 2026, meaning that a higher oil price more than offsets the loss of Middle East production: an $8/b increase in the Brent price is enough to offset the expected 2026 CFFO from our Iraq, UAE offshore and Qatar assets at $60/b”.
Earlier TotalEnergies set a goal to increase oil and gas production in 2026 by 3 percent from 2025, when it averaged 2.53 million barrels of oil equivalent a day. The growth would come from ramp-ups from projects that started up last year and new start-ups expected in 2026, the company said in tis quarterly report February 11, 2026.
Last week TotalEnergies said the Lapa Southwest project had begun production, increasing the oil production capacity in the Lapa field in the Santos basin offshore Brazil to about 60,000 bpd. TotalEnergies operates Lapa with a 48 percent stake.
Last month TotalEnergies and Libya’s National Oil Corp restarted flows at the Mabruk field, shut down 2015 after what was said to be a “terrorist” attack. The restart capacity is 25,000-30,000 bpd, according to the owners. TotalEnergies owns a 37.5 percent interest.
Other projects that TotalEnergies expects to put onstream this year are North Field East in Qatar, Ratawi in Iraq, TFT II & South in Algeria and Tilenga in Uganda.
“These new barrels support a 7 percent increase in cash flow at $60/b, higher than production growth”, the quarterly report added. “The company intends to maintain its competitive advantage by keeping production costs below $5/b through strong operational discipline”.
To contact the author, email jov.onsat@rigzone.com
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