Deepwater is a core resource theme for the Majors and Petrobras. Brazil and Petrobras lead the industry from a reserves and production basis. For the Majors, it provides high-margin cash flow. Shell's enormous deepwater asset base with leading production and cash flow stands out while ExxonMobil and TotalEnergies are amongst the companies with highest growth rates. Globally, deepwater production has grown from below 300 kboe/d in 1990, to 10.4 million boe/d in 2022. Output will reach 17 million boe/d by 2030. We look at the countries and companies driving that growth and some signs that maintaining growth into 2030s will be more difficult. We also investigate the asset economics, supply chain pressures and scope 1 and 2 emissions from the resource theme.