Not so well, after the US companies got the boot. Given ten minutes on a drilling rig, the average roughneck could fix it so it would not work well for a month. Just saying.
What makes the US oil industry the world leader is the competition between companies to produce oil more economically (which brings marginal wells into the range of economical wells) and the fact that it is private enterprise.
Given the government's penchant for one-size-fits all policy, I'd expect disaster after disaster as they tried to produce oil.
Of course I was being facetious.
But, that WOULD be their “solution” - government takeover.