Total SA, the French oil major, has agreed to utilize a $920 million compensation payment from the U.S. government—received for relinquishing offshore wind leases—toward increased extraction of American oil and natural gas, according to a statement on Monday from U.S. Interior Secretary Bergom.

Speaking at the CERAWeek energy conference by S&P Global in Houston, Bergom stated that offshore wind power is excessively costly and that subsidizing investment in the technology would drive up energy prices for U.S. consumers. "The era of affordable energy will continue," Bergom remarked.

Patrick Pouyanné, CEO of Total SA, confirmed that under an agreement signed with Bergom on Monday, the nearly $1 billion compensation will primarily fund the company’s natural gas and liquefied natural gas projects in the United States.