Eoin Treacy's view At this point we have reached the following conclusions about the future shape and direction for the oil and gas and oilfield service industries: onshore oil and gas resources will become more valuable than offshore ones; shallow-water petroleum resources may be worth more than deepwater ones; international markets will be more active and attractive for energy and oilfield service companies than the U.S. market; the domestic oil and gas industry will be less profitable in the future; new U.S. offshore drilling and operating procedures will become more onerous and expensive and likely require different, more capable equipment such as standby vessels, large and more powerful blowout preventers with redundant systems; equipping all offshore service vessels with firefighting capability, for example.