Bass Energy & Exploration is independently owned and operated by the Bass family.
Bass Energy & Exploration
7 NE 6th Street
Oklahoma City, OK 73104
As 2026 begins, energy strategy and security are dominating headlines across the globe. Major moves in different arenas reveal how control of resources and new technology are reshaping the energy landscape. The U.S. has launched a naval “quarantine” to choke off Venezuelan oil exports. Oklahoma is pushing to create a high-tech energy research hub fusing oil, gas, and AI. Meanwhile, Norway’s natural gas output has hit a 12-month high, solidifying its role as Europe’s primary supplier. Together, these developments carry immediate market impacts and long-term implications for investors navigating the evolving oil and gas sector.
Bullet Points:
The U.S. Southern Command announced the capture of the motor vessel Sagitta, marking the seventh Venezuela-linked oil tanker seized in recent weeks. This confirms that Washington’s strategy has shifted from passive sanctions to active maritime interdiction, effectively closing off Venezuela’s ability to export crude without U.S. permission. The campaign of tanker seizures—initiated on December 10 as part of a “quarantine” on sanctioned oil shipments—demonstrates American resolve to ensure that only oil leaving Venezuela is “coordinated properly and lawfully” with U.S. approval.
The Trump administration has openly acknowledged seizing roughly 50 million barrels of Venezuelan crude and selling it on the open market in an effort to drive down global prices. Officials say proceeds from these confiscated oil sales are being funneled into U.S.-controlled accounts rather than back to Caracas. In effect, Washington is not only blocking revenue to President Nicolás Maduro’s regime, but actively redirecting the nation’s resource wealth to align with U.S. foreign policy goals. By dictating when and how Venezuela’s oil is sold (and even pressuring countries like Cuba that depend on it), the U.S. is blurring the line between sanctions enforcement and outright appropriation of a sovereign country’s chief export. Energy control has become a primary tool of U.S. statecraft. This raises a sobering question: Does exerting such a grip on oil flows help stabilize markets, or does it introduce a new kind of geopolitical property risk?
Back in the United States, Oklahoma is positioning itself for long-term influence at the crossroads of energy and technology. Oklahoma House Bill 3176 has been introduced to establish an Oklahoma Gas, Artificial Intelligence, and Space Research Hub—known as the “GAS Hub”—as a centralized entity to pursue a future federal national laboratory. Rather than launch a single project, this hub would coordinate state agencies, universities, and industry in preparing sites, workforce, and infrastructure to attract major research facilities as opportunities emerge. Lawmakers note that national laboratories can anchor decades of growth; for example, Oak Ridge National Lab contributes over $7 billion annually to Tennessee’s economy. By leveraging Oklahoma’s strengths in oil & gas, aerospace, and supercomputing, the state hopes to replicate that success and transform its traditional energy sector into an engine for high-tech investment.
The GAS Hub legislation also explicitly links Oklahoma’s oil and gas prowess with U.S. national security priorities. As the bill’s author, State Rep. Nick Archer, points out, nearly every energy source is represented in the national lab system except oil and gas. HB 3176 aims to fill that gap by making the state’s hydrocarbon industry a direct partner in defense and space research initiatives. The hub would align Oklahoma’s resources with the needs of agencies like the Department of Energy, Department of Defense, and NASA, effectively reframing oil and gas not just as fuels but as strategic assets for supply-chain resilience and aerospace technology. This pivot comes as Oklahoma has been losing ground in advanced industries relative to other states—a trend Archer says is a sign that the old economic model must change. By proactively preparing incentive packages and talent pipelines, the GAS Hub proposal seeks to secure new federal investment and put Oklahoma at the forefront of energy innovation for the next generation.
Over in Europe, Norway’s natural gas output hit a 12-month high as 2025 drew to a close, solidifying its role as the continent’s most crucial energy partner. Production averaged 367.6 million cubic meters per day in December—about 1.6% above the previous December and the highest monthly level of 2025. This winter surge exceeded Norway’s own forecasts and underscores how fully the Nordic country has stepped up to fill the void left by Russia’s exit from the EU gas market.
In the third quarter of 2025, Norway accounted for approximately 51.8% of all pipeline gas flowing into the European Union, supplying roughly 30% of the EU’s total gas consumption. With Russian pipeline exports largely cut off, Norway has become Europe’s largest single gas supplier—a position anchored by decades of investment in its continental shelf and giant fields like Troll, which alone provides roughly one-third of Norway’s gas output. Not only gas: Norwegian oil production in December climbed to about 2.0 million barrels per day, up nearly 10% year-on-year. In short, Norway’s reliability and capacity have proved indispensable in stabilizing European energy supply during a turbulent period.
Despite these record outputs, Norway is eyeing a potential investment downturn that could reshape its mid-term outlook. The Norwegian Petroleum Directorate forecasts that capital spending on the continental shelf will drop by about 6.5% in 2026—to around NOK 256 billion (~$25.6 billion)—and then continue declining gradually toward 2030. This expected pullback reflects the fact that several development projects (17 are currently underway) will be completed and brought online by the late 2020s, without new mega-projects on the horizon to replace them. Thanks to past discoveries, production is expected to stay at a high plateau for the next few years. After that, output will likely begin a steady decline unless new fields are developed. Norwegian regulators highlight undeveloped discoveries like the Wisting field in the Barents Sea, Linnorm in the Norwegian Sea, and Peon in the North Sea—major resources that could extend Norway’s petroleum era if brought online. For a Europe heavily dependent on Norwegian gas, a failure to invest in the next generation of fields (or alternatives like renewables) could pose long-term supply challenges beyond 2030.
Industry Tidbit: Norway’s colossal Troll field alone provides roughly one-third of the country’s total gas output. That means a single offshore asset—Troll—is now critical to European energy security, given Norway currently meets about 30% of the EU’s gas needs.
At Bass EXP, we don’t just follow the news — we put it to work. Learn more about direct participation in oil and gas at bassexp.com.
Preston Bass is the founder of Bass Energy Exploration (BassEXP) and an experienced operator in the private oil and gas sector. He helps accredited investors evaluate working-interest energy projects with a focus on disciplined execution, cost control, and transparent reporting. Preston also hosts the ONG Report (Oil & Natural Gas Report), where he breaks down complex oil and gas investing topics—including tax considerations and deal structure—into clear, practical insights.
Read Full BioBass Energy & Exploration is independently owned and operated by the Bass family.
Bass Energy & Exploration
7 NE 6th Street
Oklahoma City, OK 73104