A sustainable future for the industry in deepwater is further investment in proven sweet spots and a search for similar plays. The two prime characteristics of these sweet spots are exceptional reservoirs at unexceptional depths. Expensive deepwater wells must add as many barrels as possible. The industry is making progress developing deepwater finds. Projects sanctioned since 2012, and green fields now approaching FID, will together recover over 30 billion barrels of oil. These fields need just US$42/barrel on average to achieve a 10% return. Better reservoirs break even at lower prices.