U.S. Interior Secretary Doug Burgum Says U.S., France's Total To Redirect Nearly $1B From Offshore Wind Leases To Us Natural Gas Production; TotalEnergies CEO Pouyanne Says Offshore Wind Is Not The Most Affordable Way To Produce Electricity In The United States; Innovative Agreement Allows Us To Recycle Money In Smarter Investment; We Will Recoup $928M In Wind Lease Costs And Invest It In U.S LNG, Natural Gas And Oil

U.S. Interior Secretary Doug Burgum announced that the U.S. and France's TotalEnergies will redirect nearly $1 billion from offshore wind leases to U.S. natural gas production. TotalEnergies CEO Patrick Pouyanne stated that offshore wind is not the most affordable electricity source in the U.S. The agreement will allow for the recouping of $928 million in wind lease costs, which will be reinvested in U.S. LNG, natural gas, and oil projects.