As our industry moves to new offshore frontiers, with exploration wells being drilled in increasingly deeper waters, this presentation will discuss some of the technical challenges present in such operations, the magnitude of the costs involved, the risks and the need for well-structured planning, operation follow-up and post-drilling analysis. This will include possible risk analysis studies, use of real time data and importance of compliance with safety and environmental standards and regulations. An approach to optimize deepwater drilling operations will be described.