Considering the influences of fluid penetration, casing, excavation processes of wellbore and perforation tunnels, the seepage-deformation finite element model of oil and gas well coupled with perforating technique is established using the tensile strength failure criterion, in which the user-defined subroutine is developed to investigate the dynamic evolvement of the reservoir porosity and permeability. The results show that the increases of perforation angle and decreases of perforation density lead to a higher fracture initiation pressure, while the changes of the perforation diameter and length have no evident influences on the fracture initiation pressure. As for initiation location for the fracture in wellbore, it is on the wellbore face while considering the presence of the casing. By contrast, the fractures firstly initiate on the root of the tunnels without considering casing. Besides, the initial fracture position is also related with the perforation angle. The fracture initiation position is located in the point far away from the wellbore face, when the perforation angle is around $30^{circ}$; however, when the perforation angle is increased to $45^{circ}$, a plane fracture is initiated from the wellbore face in the maximum horizontal stress direction; no fractures was found around perforation tunnels, when the angel is close to $90^{circ}$. The results have been successfully applied in an oilfield, with the error of only 1.1% comparing the fracture initiation pressure simulated with the one from on-site experiment.