A deepwater drilling and production platform has been designed based on a floating spar. The spar is a catenary-moored cylindrical vessel having a deep draft which minimizes heave motions. The concept is an economic competitor with other deep water designs such as compliant towers and tension leg platforms. The spar's oil storage capacity makes it particularly applicable for remote areas where pipeline infrastructure is unavailable and production is primarily from oil reservoirs. Without the need for a swivel, offloading of oil can be accomplished either directly from the spar, by use of a floating hose and support vessel, or by transfer to an offloading buoy. The concept is compatible with early production or phased development scenarios, permits surface completions of producing and injection wells, and allows for direct well intervention. The ability to reposition the spar by manipulations of the mooring lines favors a system of individual wellheads on the seafloor. Wells can be drilled, completed, and produced without pulling the drilling riser. When production from the field reaches its economic limit, the entire system can be towed to a new location and reused.