A system and method for creating a subsea well for the production or injection of hydrocarbons, fluids, or gases which can include installing an assembly having a subsea template and at least one conductor housing installed in a slot in the template. A drill string can be passed through the at least one conductor housing and drill directly into the seafloor to create a first bore associated with the slot in the template. The bore can be of a diameter suitable for a surface casing and the surface casing can be passed through the conductor housing and into the bore.