Global Energy Roundup: SMR Push, Troll Expansion, India's Strait of Hormuz Crisis

The global energy landscape is shifting, with significant developments in nuclear power, natural gas supply, and Asian energy security that could influence markets relevant to Bakken operators.

In the United States, the federal government is pushing to revitalize nuclear power, according to an OilPrice.com report. In May 2025, President Trump issued four executive orders aimed at supporting nuclear power, with a goal to expand American nuclear energy capacity from around 100 GW today to 400 GW by 2050. The administration is focusing on small modular reactors (SMRs), advanced nuclear reactors with a power capacity of up to 300 MW(e) per unit. Leading companies in U.S. SMR development include TerraPower, X-energy, and NuScale. In December 2025, the Department of Energy selected the Tennessee Valley Authority and Holtec Government Services for early deployments of advanced light-water SMRs, with the teams expected to receive a combined total of $800 million in federal funding for projects in Tennessee and Michigan.

Meanwhile, in Europe, Norway's Equinor and its partners are investing more than NOK 4 billion ($390 million) to expand the giant Troll gas field in the North Sea, OilPrice.com reported. The project, called TWIN (Troll West Increased Gas Recovery North), is expected to unlock around 11 billion cubic meters of natural gas, equivalent to roughly 69 million barrels of oil equivalent. Production is expected to begin as early as 2028. The Troll field is a cornerstone of Europe's energy system, supplying around 10% of Europe's natural gas and containing 40% of Norway's remaining gas reserves. The new volumes from TWIN are expected to cover roughly 2% to 3% of annual European gas demand.

In Asia, a crisis at the Strait of Hormuz has forced India to radically rethink its energy strategy, according to OilPrice.com. Months-long restrictions on trade through the strait led to a dramatic rise in India’s crude weighted average price from $69 in March to over $114 per barrel in April. India is the world’s third-largest oil importer and a major driver of global demand growth. The closure exposed its vulnerabilities, as around 45% of its crude imports, 50% of its LNG, and 90% of its LPG passed through the strait when operational. In response, India is seeking to deepen energy ties with the United States to secure more stable LNG supplies and reassess its long-term energy security plans.

These global developments underscore a continued reliance on fossil fuels alongside a push for alternative base-load power like nuclear. For Bakken operators, Europe's focus on securing stable, low-emission gas supplies from Norway and India's urgent need to diversify its import routes highlight the strategic value of secure, non-OPEC oil production. U.S. policy favoring both nuclear expansion and fossil fuels could shape the long-term energy mix and regulatory environment for domestic oil and gas.