TotalEnergies Plans to Use Offshore Wind Funds for US Oil and Gas Exploration

MaticHoleFiller · 2026-03-24T21:28:50+00:00

U.S. Interior Secretary Burgum announced that TotalEnergies has agreed to use $920 million in compensation for U.S. oil and gas development in exchange for abandoning offshore wind leases. Burgum pointed out that offshore wind costs are too high and would impact consumer energy prices.

MaticHoleFiller

2026-03-24 21:28:50

Abstract generation in progress

U.S. Interior Secretary Deb Haaland on Monday announced that French oil giant TotalEnergies has agreed to use the $920 million compensation paid by the U.S. government for abandoning offshore wind leases to fund more oil and natural gas extraction in the United States.

At the S&P Global CERAWeek energy conference in Houston, Haaland stated that the high costs of offshore wind make subsidies for the technology an unnecessary expense that would raise energy prices for American consumers. Haaland said, “The era of affordable energy will continue.”

TotalEnergies CEO Patrick Pouyanne said that under an agreement signed with Haaland on Monday, the nearly $1 billion in compensation will mainly be invested in the company’s natural gas and liquefied natural gas projects in the U.S.

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