Although investment in the deep water is finally rising, intense competition for capital continues. New areas with increasingly diversified investors, such as in Mexico, Brazil, and Africa’s MSGBC Basin, appear to be vying (successfully) with more traditional deepwater areas, such as the US Gulf of Mexico, Angola, and Nigeria, where consolidation and focus are key drivers. What are the new areas where the industry anticipates much greater investment focus? What are the different risks? What are the more traditional areas where investment outcomes appear to be less optimistic? Is the overall level of deepwater investment going to be lower or will technology and government terms react to increase attractiveness?