Big oil companies have been moving their crews around the globe much like game pieces in the board game "Risk". And risk is certainly the name of the game in the oil space as well. Companies like ExxonMobil (NYSE: XOM ) and Chevron (NYSE: CVX ) are pushing the boundaries of what has been tested in the past. Crews are moving to harsher environments and rougher waters in search of reserve replacements.
Arctic and offshore drilling, once pipe dreams in the energy world, are quickly becoming the norm. Royal Dutch Shell (NYSE: RDS-A ) has identified 14 offshore areas in which it has plans for exploration. Because of this, existing rigs will need to be updated with newer capabilities and outfitted for increased safety. That's why a company like National Oilwell Varco (NYSE: NOV ) could be in for a big payday since it is in the business of retrofitting rigs both onshore and offshore. Warren Buffett clearly believes in this company. Maybe you should too.
National Oilwell Varco is perhaps the safest investment in the energy sector due to its industry-dominating market share. This company is poised to profit in a big way; its customers are both increasing the number of new drilling rigs and updating aging fleets of offshore rigs. To help determine if it could be a good fit for your portfolio, you're invited to check out The Motley Fool's premium research report featuring in-depth analysis on whether NOV is a buy today. For instant access to this valuable investor's resource, simply click here now to claim your copy.