A method and apparatus for conducting simultaneous drilling and production are provided. The apparatus can include a ship shape floating vessel, wherein the ship shape floating vessel includes at least two drilling derricks, at least two drilling modules, and at least one production module, all situated on the upper surface of the ship shape floating vessel. The drilling modules are adapted for conducting drilling operations; the production module is adapted for conducting production operations. The apparatus can include at least two marine risers, wherein each marine riser depends from a drilling or production module toward a hydrocarbon bearing zone or sea floor and is adapted for conducting drilling and/or production operations; at least one production turret located on the lower surface of the ship shape floating vessel; and at least one production riser, wherein the production riser depends from the production turret, extends toward the sea floor, and is adapted for conducting production operations.