The government of the United States and French energy group TotalEnergies announced an agreement under which the company will receive close to $1 billion in compensation for abandoning two offshore wind projects.

The announcement was made by U.S. Secretary of the Interior Doug Burgum and TotalEnergies CEO Patrick Pouyanné on the sidelines of the global energy conference CERAWeek held in Houston.

The funds are expected to be reinvested in oil and gas projects across the United States, with the aim of strengthening energy security and boosting national competitiveness.

According to Doug Burgum, the agreement enables the company to redirect previously committed funds toward more stable and affordable energy production, particularly natural gas and oil. For his part, Patrick Pouyanné described the deal as a “pragmatic” and “win-win” solution, allowing the group to fully recover its initial investments and channel them into more viable energy projects in the U.S.

Before the return of Donald Trump to the White House, TotalEnergies had acquired two offshore wind leases for $928 million off the coasts of New York and North Carolina. These projects were suspended at the end of 2024.