Traditional technologies of oil production on shelf have low oil recovery factor, and it causes an enormous damage to the environment, as it is evidenced by the increasing number of spills around the world. This paper presents a new method of oil field development that can significantly improve the oil recovery factor by using the artificially generated gravity drainage. Due to this fact, the new method of oil production is based on the principle of close well spacing and wells are drilled from the underground mine workings so that it can eliminate the environment pollution during the development of shelf fields. In comparison with the surface methods of oil production on a shelf, such as the development of artificial islands, oil platforms and racks, this method has a number of technological and economic advantages. The world experience of these technologies application is reviewed here. In order to give comparative analysis of methods of oil field development, the Krykmyltyk oil field is taken here as an example for calculation of wells flow rates and capital expenditures.