TotalEnergies has reached an agreement with the United States Department of the Interior to withdraw from offshore wind lease development in the USA and redirect capital towards oil and gas projects. Under the agreement, TotalEnergies will not pursue new offshore wind developments in the USA.
The company will instead invest around USD 1 billion, equivalent to the value of its offshore wind leases, into natural gas, LNG and oil projects in the country.
As part of this arrangement, the USA will reimburse TotalEnergies up to the amount originally paid for the offshore wind leases, on a dollar-for-dollar basis following the company’s investments.
For 2026, TotalEnergies plans to invest USD 928 million in energy projects in the USA, including the development of trains 1 to 4 of the Rio Grande LNG plant in Texas, as well as upstream conventional oil developments in the Gulf of Mexico and shale gas production.
Following these investments, the USA will terminate two offshore wind leases. Lease OCS-A 0535, located in the Carolina Long Bay area, was secured in June 2022 for USD 133 million. Lease OCS-A 0538, located in the New York Bight area, was awarded in May 2022 for USD 795 million.
