The group has provided an update on its Middle East exposure. Several sites have suspended production, but management is working to signal that the financial impact remains limited, and that growth expected in 2026 is set to come from other regions.
TotalEnergies has initiated the shutdown or progressive closure of certain production sites in the Middle East. Operations involve Qatar, Iraq, and offshore assets in the United Arab Emirates. These assets represent approximately 15% of the group's production, the company announced. Conversely, onshore production in the UAE, representing about 210 kbpd for TotalEnergies' share, remains unaffected as exports transit through the Fujairah terminal, which opens onto the Gulf of Oman.
Not the most profitable assets
The financial impact remains limited, the major assures. Barrels produced in the Middle East generate lower cash flow than the portfolio average due to higher taxation. Consequently, these 15% of volumes represent only about 10% of the Upstream cash flow. According to the group, an 8 USD increase in Brent prices would be sufficient to offset the cash flow expected in 2026 for assets in Iraq, Qatar, and offshore UAE, based on a Brent price of 60 USD.
Certain activities are continuing as normal. The Satorp refinery in Saudi Arabia continues to supply the domestic market. The impact of halting certain LNG production in Qatar remains limited for the group's trading activities, with around 2 Mt expected in 2026, as the majority of Qatari LNG is marketed by QatarEnergy.
On the stock market, the group's exposure to the Middle Eastern region, which is higher than that of other European integrated oil companies, has prevented the share price from shining recently.
TotalEnergies SE is one of the leading worldwide oil groups. Net sales break down by activity as follows:
- refining and chemistry (43.3%): refining of petroleum products (operated, at the end of 2025, 14 refineries throughout the world) and manufacture of basic chemistry (olefins, aromatics, polyethylene, fertilizer, etc.) and of specialty chemistry (rubber, resins, adhesives, etc.). The group is also operating in trading and sea transport of crude oil and oil products;
- petroleum products distribution (39.1%): at the end of 2025 operated 12,775 service stations worldwide;
- electricity generation (9.7%): from combined cycle gas plants and renewable energies;
- gas production, trading, transport and distribution (5%): primarily liquefied natural gas (43.9 million tons sold in 2025), natural gas, biogas, hydrogen, liquefied petroleum gas, etc.;
- hydrocarbon operating and production (2.8%): 2.5 million barrels of oil equivalent produced per day in 2025;
- other (0.1%).
Net sales are distributed geographically as follows: France (22.8%), Europe (45%), Africa (10%), North America (7.2%) and other (15%).
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