While we are still focussed on deep water expecting Oil prices to recover soon no one seems to be looking ahead. The technology that has increased oil supplies and dropped it's price has not yet been applied to many tight formations in the Middle East. Horizontal drilling and zipper fracas is not just enhancing shale it will enhance production from massive low permeability reservoirs in the Middle East that have not been produced. How do our deep water projects look at $50/bbl, $40/bbl, $30/bbl, oil?
Add to that Russia, China and every other producing nation. Plus service companies eager to spread the technology to anyone willing to pay. For better or worse the industry has changed for good.