“All shale, all the time” might characterize the industry’s endless fascination with unconventional plays. Meanwhile the offshore arena has been plagued by massive cost overruns and ambitious projects that don’t make sense at sub-$50/bbl oil.

But don’t count the offshore out just yet. Operators are waging war against costs and are being successful in driving them down, and not just by demanding lower day rates. The same efficiencies that streamlined the shale plays are being applied offshore, with some notable successes.

One major project outlined in the next few pages is Shell’s Stones Field in the U.S. Gulf of Mexico (GoM). As the world’s deepest production facility, Stones has been home to some major technological breakthroughs. But it also symbolizes a “grow as you know” philosophy, in which huge capex decisions won’t be made until the field’s potential is proven.

In fact, Stones is one of the few fields in the GoM to use an FPSO unit, and a recent Stratas Advisors study indicates that this type of production option will continue to grow in popularity as the industry moves into 2020 and beyond. And it’s not just deep water that is getting attention—several operators are quite content to exploit shallow-water reserves and are having great success doing so.

As the Offshore Technology Conference gets into full swing early this month, it’s fitting that offshore oil and gas E&P gets its due as a continued force in the industry.

Read each cover story:

Stones: a true ultradeepwater success story

New projects will contribute to growth

FPSO outlook: Long time lag creates ‘seeming prosperity’

Intervention applications enhance shallow-water GoM viability

Expanding hole enlargement to deeper reservoirs