The U.S. is pursuing a potentially massive expansion into Venezuela’s oil industry as Chevron, Halliburton and SLB position for increased activity across one of the world’s largest petroleum resource bases. A long-term recovery in Venezuelan heavy-oil production could create billions of dollars of OFS opportunities while increasing competition for Canadian heavy crude in the critical U.S. refining market.

TORM CEO Jacob Meldgaard warns the Iran conflict could become a prolonged, Ukraine-style stalemate, creating lasting risk and higher costs for moving Middle Eastern oil through the Persian Gulf. A prolonged disruption strengthens the U.S. “Safe Barrel” thesis, increasing the strategic value of reliable American production and the opportunity to maximize existing wells through workovers, artificial-lift optimization, chemicals, automation and other production technologies.

Utah FORGE is testing whether drilling and hydraulic stimulation technologies developed by the U.S. shale industry can create commercial geothermal reservoirs in locations previously unsuitable for geothermal power. Success could open a significant adjacent market for drilling contractors and OFS suppliers while extending America’s shale technology base into reliable, domestic geothermal energy.