Oil prices have fallen dramatically to the average range of USD $30 to $50 per barrel and are expected to stay in this average range through 2017 or beyond. Field development costs for deepwater have fallen but are still a major obstacle to efficient field development and this is not expected to change in the foreseeable future. A failure to adapt to this new economic reality could seriously impact the industry. New strategies and concepts are needed to ensure a sustainable deepwater industry, especially for the more challenging reserves. This presentation will discuss a step change solution to providing a field development concept that will be economic in today's conditions. New strategies and concepts for deepwater field development will be discussed for a cost-challenged environment. Partnering and development strategies will be defined, as these will facilitate subsea development of the most challenged assets and could reduce project cost by up to 30% and to shorten project schedule by 18 months to 2 years. This paper will discuss the following: Development strategies to go forward for a cost-challenged deepwater businessNew development concepts for field development, including processes and equipment beyond Jules Verne conceptNew partnership models to allow for economic provision of resources: utilities, water, etc.Standardization recommendations. Major changes are needed to empower the move to an economic field development concept and these will be discussed with details showing the future of deepwater development.