Some investors who were long O&G after the downturn are cautiously enjoying returns as majors report profitable earnings on trimmed operations (e.g. BP, Shell, Total, Equinor, ConocoPhillips).  “BP stoked interest in the exploration potential of the North Sea in January when it announced it had made two finds and said it expected to double production in the area in coming years”.  Could translate to new projects that benefit suppliers to the industry in the medium term.