RIYADH: French energy giant TotalEnergies said it has lost 15 percent of its oil and gas global output as the ongoing conflicts between the US-Israel alliance and Iran shut fields across the UAE, Qatar and Iraq.
This accounts for 10 percent of upstream cash flow, the company said in a press statement.
The disruption highlights the growing impact of the widening US-Israel-Iran conflict on global energy companies operating across the Middle East, where escalating military tensions and shipping disruptions in the Gulf have forced several operators to suspend or scale back production.
TotalEnergies has significant operations in the region, including the SATORP refinery in Saudi Arabia, the Al Shaheen offshore oil field in Qatar, and the Halfaya oil field in Iraq.
“Production has been shut down or is in the process of shutting down in Qatar, Iraq and UAE offshore, representing approximately 15 percent of our total output,” said the company in the statement.
