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.
Rystad Energy estimates direct data centre cooling-water consumption could increase from 222 billion litres in 2025 to nearly 644 billion litres annually by 2030 without efficiency improvements. The expansion creates opportunities for energy and service companies that can support reliable power, water treatment, recycling, monitoring and lower-water cooling infrastructure.
SLB will acquire Kelvion from Apollo for approximately $4.1 billion, adding a global cooling and heat-exchange business expected to generate as much as $2.4 billion in 2026 revenue. The deal expands SLB beyond traditional oilfield services and targets a combined data center business producing up to $5 billion in annual revenue by 2028.
Nabors Industries has invested $35 million for a 14% stake in Quaise Energy as the companies advance deep geothermal drilling technology at Project Obsidian in Oregon. The investment could create a new market for conventional drilling rigs, engineering, automation and OFS capabilities if superhot geothermal development progresses toward commercial scale.
Enbridge, KKR and Apollo are backing approximately C$2.7 billion of investment into the Aspen Point and Sunrise expansions of the Westcoast natural gas pipeline system in British Columbia. The projects will increase takeaway capacity for Western Canadian gas, strengthen connections into the U.S. Pacific Northwest and create a multi-year pipeline and infrastructure opportunity for oilfield service companies and suppliers.
Enbridge will acquire Salt Creek Midstream’s Orla and Wink North crude systems and a 50% interest in DCX for $600 million, adding approximately 500 miles of Delaware Basin gathering infrastructure with 420,000 bpd of capacity. The deal strengthens Enbridge’s wellhead-to-export network and reinforces the Permian Basin’s role in supplying reliable U.S. “Safe Barrels” to domestic and global markets
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.
Ring Energy is an active Permian Basin operator with approximately 919 gross producing wells, while accelerating Crane County development with 12 well records showing 2026 activity, including 10 horizontal wells. The new Havara 400 Gas Battery air permit in Block B21 strengthens the development signal and creates OFS opportunities spanning drilling, completions and facilities through artificial lift, chemicals, automation, well servicing and long-term production optimization.
Arctic oil and gas development is gaining momentum as ConocoPhillips advances its Willow project and U.S. policy shifts toward potentially opening additional Alaska offshore resources. With Willow approximately 50% complete and Norway maintaining its commitment to Barents Sea development, northern regions are emerging as an important long-term market for operators and the oilfield service supply chain.
