These are turbulent and uncertain times for the global oil and gas industry. This paper examines the industry's emerging new political economy in terms of competition (or a trade-off) both between and within International Oil Companies (IOCs) for rival oil and gas prospects. A qualitative cross-case analysis of Argentinian shale and Brazilian deep-water finds that unconventional and deep-water projects are complementary rather than competing assets of an IOC's portfolio. Further, despite the technical challenges IOCs face in developing these reserves, it is the non-technical risks and uncertainties that are more pressing for these companies and are the greater inhibitors to investment.