AbstractWe report an essential result of offshore exploration, that is, the discovery of a new oil- bearing region in the eastern part of the Pechora Sea shelf. Large oil fields, that is, the Prirazlomnoye, Varandey-more, Medyn-more, and Dolginskoye fields, have been discovered. The explored reserves and resources of hydrocarbons suggest that a new oil-producing region will be formed on the Pechora Sea shelf in the near future. According to the State Balance, the total initial raw oil resources in the Pechora Sea amount to 3273.2 million tons. The main purpose of our work is to draw attention to the problem of accelerating the research of the promising objects on the Pechora Sea shelf and to the additional exploration of the discovered deposits in the Ordovician–Lower Frasnian oil and gas megacomplex in the Varandey–Adzva structural zone (VASZ). The disproportion between the plans for the development of the fuel and energy complex, its resource availability, and the rate of replenishment of the mineral resource base of hydrocarbons on the Pechora Sea shelf may cause serious problems for the energy safety of the country. The further development of the large oil production cluster on the shelf of the Pechora Sea is primarily associated with the prospecting and development of hydrocarbon resources of the relatively deep-lying oil and gas bearing predominantly carbonate Ordovician–Lower Frasnian megacomplex (MC). This complex occurs on the shelf of VASZ and adjacent areas, especially at the Prirazlomnoye and Medyn-more fields.