TotalEnergies is suspending oil and gas production in several countries as fighting continues in the Middle East.
The French energy company said production has stopped or is currently being stopped in Qatar, Iraq and off the coast of the United Arab Emirates. This corresponds to around 15 percent of the company’s total production. The conflict has no impact on onshore production in the United Arab Emirates.
TotalEnergies further announced that operating cash flow from production in the Middle East was below the average of the group portfolio due to higher taxation. Therefore, the production cuts accounted for 15 percent of the funding volume, but only contributed 10 percent to the cash flow in the funding area, according to the company.
The group expects most of its value-added output growth to come from outside the Middle East this year, meaning higher oil prices more than offset production cuts in the region.
By Kelly Cloonan
DOW JONES
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