Global Nuclear Push, LNG Deal Highlight Long-Term Energy Shifts

The global energy landscape is shifting with major developments in nuclear power and liquefied natural gas, creating a backdrop of long-term competition for investment and market share that will influence the Bakken's position. According to a report from Goldman Sachs, the nuclear power buildout is accelerating, with small modular reactors (SMRs) now factored into long-term uranium demand models.

Goldman analyst Brian Lee's latest "Nuclear Nuggets" report, published by OilPrice.com, adds SMR deployments to its forecast, projecting nearly 46 GW of cumulative SMR capacity by 2045. This increases the firm's 2045 nuclear generation forecast by about 6% and creates an additional 62 million pounds of uranium demand—a 17% upside to prior estimates. The report also warns of a cumulative uranium supply deficit of 2.3 billion pounds between 2025 and 2045, with uranium spot prices stabilizing in the mid-to-high $80s per pound.

Concurrently, in the global natural gas sector, Japan's INPEX Corp. is moving to acquire PetroChina's stake in the Browse gas project offshore Australia, Rigzone reported. The project, which has yet to reach the front-end engineering design (FEED) stage, plans to deliver gas from the Browse Basin to the existing Karratha Gas Plant for LNG export.

For Bakken operators and North Dakota policymakers, these developments underscore the intensifying, decades-long global competition in both baseload power generation and export-oriented natural gas. A sustained rally in uranium prices and capital flows into nuclear energy could further pressure the economic rationale for fossil-fuel-based power generation over the long term, potentially affecting demand forecasts for associated gas from oil production.

The consolidation of major LNG projects like Browse also highlights the scale of international gas competition. While the Bakken produces primarily oil with associated gas, its gas volumes must still compete in broader North American markets, which are increasingly influenced by global LNG trade dynamics. Large-scale, integrated LNG projects securing investment can shape global gas pricing and buyer preferences for decades.

The Goldman report details specific nuclear advancements in North America, including Duke Energy's Robinson plant in South Carolina being cleared for extended operation to 80 years and license renewals for the St. Lucie plant in Florida. These decisions, alongside a joint venture to potentially complete the VC Summer units in South Carolina, signal regulatory and corporate support for extending the life of existing nuclear assets, a factor that competes with new gas-fired generation for market share.

Together, these moves represent strategic positioning in the global energy transition. For the Bakken, the key takeaway is that capital and policy are flowing toward diverse, long-duration energy assets worldwide, setting the stage for a complex market environment where oil and associated gas must continually prove their competitive value.