The United States and TotalEnergies on Monday, March 23 signed an agreement to end the French company's offshore US wind farm projects and redirect those funds towards fossil fuel production, with the US interior secretary saying the deal was worth "nearly $1 billion."
TotalEnergies has committed to invest approximately $1 billion—the value of its renounced offshore wind leases—in oil and natural gas and LNG production in the United States. Following their new investment, the United States will reimburse the company dollar-for-dollar, up to the amount they paid in lease purchases for offshore wind. Under this innovative agreement driven by President Donald J. Trump’s Energy Dominance Agenda, the American people will no longer pay for ideological subsidies that benefited only the unreliable and costly offshore wind industry.
Additionally, in light of the national security concerns, TotalEnergies has pledged not to develop any new offshore wind projects in the United States.
For its part, TotalEnergies will invest $928MM, on the following projects in 2026:
The development of Train 1 to 4 of Rio Grande LNG plant in Texas;
The development of upstream conventional oil in Gulf of America and of shale gas production.
