TotalEnergies ditches wind for oil and gas in $1b US energy pivot

The US will reimburse Total around $1 billion the company paid in lease purchases for offshore wind, and TotalEnergies has pledged not to develop any new offshore wind projects in the country, a US Department of the Interior statement said.

Total will invest $928 million in 2026 in the development of four trains at the Rio Grande LNG plant in Texas, and the development of upstream conventional oil in the US Gulf and shale gas production, the statement said.

Following those investments, the US will terminate leases in the Carolina Long Bay area and the New York Bight area, both executed in 2022, and reimburse Total.