US, TotalEnergies to shift $1 billion from wind to oil and gas

The United States and French energy major TotalEnergies announced on Monday they would redirect nearly $1 billion from offshore wind leases to U.S. oil and natural gas production. 

The United States 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 United States.