Now is the time for the deepwater industry to "come back," according to Roger W. Jenkins, president and CEO of Murphy Oil Corp.
Jenkins conceded that 2016 was a "very difficult" year for the deepwater oil and gas sector during a presentation at the Offshore Technology Conference (OTC) in Houston, but was optimistic about the future of the industry.
“We’re at a very low point in the cycle here,” Jenkins told oil and gas delegates at OTC.
“This has gone on for 30+ months and now is the time for deepwater to come back, in my view,” he added.
Jenkins warned, however, that national oil companies, service providers, drillers and operators will need to collaborate to get good returns from the deepwater sector.
Deepwater has suffered during the oil price drop, losing investment from a number of oil and gas companies.