TotalEnergies will keep about 15% of its upstream output offline in the Middle East until Strait of Hormuz shipping stabilizes, CEO says.
Restarting production will require two to three months after genuine stabilization, with oil prices expected to stay above $80 per barrel in 2026.
Higher oil prices and output from other regions offset Middle East losses; the company reported strong first‑quarter profit.
CEO highlighted plans to accelerate Mozambique LNG project, targeting operations start in 2029, likening it to Qatar of Africa.