Introduction. The article considers the main risks (technological, geological, societal and environmental) of offshore fields development, facilities construction and exploitation with the use of subsea production of hydrocarbons. Research aim is to analyze the main risks of offshore oil and gas projects implementation, which are associated with harsh natural and climatic conditions of the Sakhalin Island shelf, their impact on subsea facilities and to develop the remedial measures for the risks. Methodology. Risk analysis made it possible to identify the main risk factors in offshore projects development and determine remedial measures that are high-priority in offshore field exploitation at the stage of design and, most importantly, at the stage of project implementation. Analysis and discussion. Based on actual data of large oil and gas fields development, an in-depth analysis of the main risks associated with the climatic conditions on the Sakhalin shelf has shown that the region’s main geological risks are: seismicity, surface gas, seabed gouging by ice and soil liquefaction. Therefore, it is necessary to use modern environmentally sound technologies of subsea oil and gas production, which are based on successfully implemented projects abroad and the experience of shelf fields development in Russian. Conclusion. Effective development of oil and gas fields on the Sakhalin shelf is possible only if in the course of project implementation the geological, technological, societal and environmental risks are taken into account and controlled based on the developed remedial measures.