The upper Shasi reservoir in the LN block is characterized by low abundance and greater depth, low porosity, low permeability, and low pressure. Due to high water injection pressure, the LN block has been developed in an elastic way. The natural productivity of oil wells in this block is low, but the productivity can be improved after fracturing. However, the field development effects show that the oil well has high initial production, but rapid decline and rapid pressure drop. At present, the recovery factor of this block is only 0.38%, and it is difficult to realize the economic and effective development of a difficult-to-develop block by conventional fracturing technology. Based on the geological characteristics of the LN block and the fracturing experience of adjacent wells, the fracturing process is optimized and the key fracturing parameters are determined in combination with the sand body distribution and logging curve of well LN-1. Due to the low-pressure coefficient and medium water sensitivity of well LN-1, a new high-efficiency stimulation fracturing fluid system was selected and the formula of the fracturing fluid system was formed. The cluster perforating process is optimized according to reservoir differences, and the perforating “sweet spot” is optimized. Based on the sand body spread point of well LN-1, the high diversion channel technology and the temporary plugging and turning fracturing technology are selected to form a new fracturing and stimulation technology suitable for this kind of oil reservoir. A fracturing test was performed in layers 17# (electrical sequencing number) and 22# of well LN-1. The initial oil production was 12.5 t/d, and the stimulation effect was significantly higher than the 8.3 t/d (general fracturing) of adjacent wells. At present, the well LN-1 has been producing steadily for more than six months, and the results of this work can provide technical guidance for the efficient development of low-abundance and greater-depth oil reservoirs that are difficult to develop.