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US, TotalEnergies reach 'nearly $1 bn' deal to end offshore wind projects

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Patrick Pouyanne, CEO of TotalEnergies SE (left), and US Interior Secretary Doug Burgum signed the agreement in Houston on Monday

Patrick Pouyanne, CEO of TotalEnergies SE (left), and US Interior Secretary Doug Burgum signed the agreement in Houston on Monday

The United States and TotalEnergies on Monday signed an agreement to end the French company's offshore US wind farm projects and redirect those funds towards fossil fuel production, with the US interior secretary saying the deal was worth "nearly $1 billion."

US Interior Secretary Doug Burgum made the announcement at the annual CERAWeek conference in Houston, at an event where he appeared alongside TotalEnergies CEO Patrick Pouyanne, after which both men signed the agreement.

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