The global deep water oil and gas has characteristics of rich resources, low exploration discovery level and huge potential. Expanding the deep water business is still the core strategy of the seven major international oil companies and the inevitable choice for these company's exploration and development. Based on the analysis of the characteristics and operation modes of global deep water exploration and development, we believe that although the deep water project has large investment, high risk, complex technology and difficult operation, the threshold for entering the deep water domains is not unattainable as long as we uphold the concept of win-win cooperation. Therefore, we summarized our thoughts on the development of deep water oil and gas business including actively entering the deep water domains not only by following but also striving to be a deep water operator, learning the successful experience from Petrobras and focusing on the advanced research and development of deep water technology, establishing a partner list mechanism and promoting the win-win cooperation, and implementing the strategy of“talents rejuvenating the deep water E & P”and vigorously strengthening the development of talent team.