At the present stage, most oil and gas condensate fields in the southern part of the East Siberian oil and gas province are characterized by an increasing proportion of difficult oil reserves in tight reservoirs. Multistage hydraulic fracturing (MHF) is proposed for the offshore Challenger Sea field (Southeast Dome). The implementation of this technique at a shelf will be a source of additional risks. For example, the properties of the RR-2 overlying seal have not been unambiguously assessed, and there are a number of geological uncertainties, such as the tectonic regime. However, there are a number of arguments in favor of MHF: heterogeneity of the reservoir; low permeability; low water cut of the field; sufficient thickness of the pay zone; and the overlying seal. One more positive factor is that sand ingress is not observed in the process of oil production. The selection of a principal well completion scheme on the eastern side of the RR-7 formation is aimed at effectively recovering the remaining reserves. The objectives of the study performed are: to create a geological and hydrodynamic model of the Challenger Sea (Southeast Dome); develop 1D and 3D geomechanical models; evaluate oil production forecasts based on fundamentally different well completion schemes; and determine the optimum parameters for multistage hydraulic fracturing. The research methods included: petrophysical methods; logging methods; core studies; drilling reports and formation testing data; and 3D, 4D geomechanical simulation. Other geophysical methods included acoustic logging, density logging, and gamma-ray logging. After building a geomechanical model of the reservoir at the beginning of drilling, a hydrodynamic calculation was performed. This established the reservoir pressures and saturations at certain points in time. The results made it possible for the principal stress directions, the values of effective and principal stresses, and the values of elastic strains to be determined. In order to assess MGF process efficiency, production forecasts were made using a hydrodynamic model for an exploration well with conventional completion (perforated liner) and with five-stage MGF. In the first case, the accumulated production was 144 kt over 15 years, and in the second case, 125 kt over 17 years. The difference in cumulative production is due to different initial well flow rates, as well as the rate of oil withdrawal during the first few years of development. Thereafter, the production and daily flow rate curves showed similar behavior. In order to select the most effective option, an economic analysis of the efficiency was performed.