A joint AAPG/Associacion Mexicana de Geologos Petroleros (AMGP) Hedberg Research Conference was held to examine issues associated with heavy oil in deep water. This article reports on the meeting highlights. Deep-water exploration has become increasingly important over the last three decades. For the deep-water environment to be economically viable, these accumulations need to be both volumetrically significant and capable of maintaining high production rates. Largely independent of the rise in crude oil price, there has been an increasing number of economically viable deep-water discoveries, where the resource base now exceeds 100 billion bbl oil equivalent. A significant percentage of this resource is heavy oil, with heavy oil dominating the resource base in such settings as offshore Mexico and Brazil. Economic success in both exploration and commercialization requires integration across disciplines as well as across the value chain, integrating the upstream, midstream, and downstream operations. Basin models were commonly used as the integration tool for exploration programs.