The US Department of the Interior has announced two agreements with Bluepoint Wind and Golden State Wind to voluntarily end their offshore wind leases and make financial investments in fossil fuel energy projects.

The swap model follows a similar and recent deal with TotalEnergies redirecting $1bn from offshore wind leases to oil and gas as the Trump administration seeks to reinforce fossil fuels as the main energy source in the US under its Energy Dominance Agenda.

Secretary of the Interior Doug Burgum said: “The companies that bid for these offshore wind leases were basically sold a product in 2022 that was only viable when propped up by massive taxpayer subsidies.” The Department argues that fossil fuels will provide greater energy security at a lower cost and leave the US less reliant on energy imports.

“We appreciate the very constructive engagement with Secretary Burgum and the Department of the Interior and are pleased to have reached a practical resolution based on our shared commitment to pragmatic outcomes. We look forward to continuing to deploy capital into conventional and other energy sources in furtherance of the twin goals of increasing US energy independence and affordable energy,” said Salim Samaha, chair of midstream & LNG, Global Infrastructure Partners, a part of BlackRock, a 50 per cent owner of Bluepoint Wind.

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