As everyone knows, oil and gas exploration and development process are rather complex. Effective risk management and reasonable avoidance of losses caused therefrom means so much to healthy and sustainable development of China's oil and gas industry. This paper analyzes the oil and gas exploration and development risks from the perspective of economic benefit, for example, in North China. Eventually, it turns out that the oil and gas resource extent in North China is richer and takes up a great portion. Among the eight areas where oil and gas reserves are distributed, K1 and K5 belong to the low-risk and high-yield areas with highest exploration value. A case study conducted on an oil and gas exploration and development project in the region K2 shows that the cost has the highest impact on the return on oil and gas exploration and development. Therefore, we should endeavor to reduce the discovery cost and thus increase the yield rate. The findings provide important clues to the exploration and development of oil and gas resources in other areas of China.