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US, TotalEnergies to shift nearly $1 billion from wind to oil and gas
TotalEnergies will redirect $928 million from U.S. offshore wind leases to oil and gas projects, with the U.S. reimbursing the company dollar-for-dollar, officials said.
- The United States and French energy major TotalEnergies reached a deal where TotalEnergies will redirect nearly $1 billion from offshore wind leases to U.S. oil and natural gas production.
- TotalEnergies pledged not to develop any new offshore wind projects in the United States and will invest $928 million in a liquefied natural gas plant in Texas and oil and gas production.
- After TotalEnergies makes those investments, the U.S. will terminate its offshore wind leases off the coasts of North Carolina and New York and reimburse the company.
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On March 23, TotalEnergies concluded an agreement of $928 million with the Trump administration. The agreement provides for the abandonment of offshore wind projects, against the exploitation of gas and oil in the United States. - TotalEnergies and the Trump administration conclude an agreement of approximately $1 billion to stop offshore wind projects (International).
Trump administration to pay French company US$1B to walk away from U.S. offshore wind leases
The Trump administration will pay US$1 billion to a French company to walk away from two U.S. offshore wind leases as the administration ramps up its campaign against offshore wind and other renewable energy.
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Total News Sources53
Leaning Left12Leaning Right6Center20Last UpdatedBias Distribution53% Center
Bias Distribution
- 53% of the sources are Center
53% Center
L 31%
C 53%
R 16%
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