General aspects of deepwater petroleum exploration and production were identified and related technical challenges were addressed. Historical perspectives, insight, processes, and engineering applications are reviewed to enhance the design capability of the domestic offshore industry. The technical challenges and unique aspects of deepwater exploration and production were identified. The assessment of deepwater exploration, drilling, and production systems is a key stage for performing the front end engineering design (FEED). The global trends in deepwater development, including the feasibility for Korea, were reviewed.