Abstract The success or failure of any offshore oil and gas development project is dependent on effective integration of intelligent processes, deep-seated technical expertise, multiple company and agency interactions and relationships, solid management and vigorous leadership. This is especially true for deepwater oil and gas developments where the costs are high, the schedules are critical, the technologies used are broad-based and deep, and there is heavy involvement of engaged stakeholders. Recent papers and books, with solid support in data and statistics, have shown that less than one-quarter of the international offshore oil and gas development projects have achieved "success" in any meaningful sense of that word. Furthermore, in a few cases, those that do are the beneficiaries of changed economic circumstances that override the real deficiencies. Based on many years of project experience, involving both success and failure, this paper deals with the many elements that create the environment where success is probable and failure is NOT inevitable.