Four oil and gas generation intervals of different ages are identified in the Barents-Kara region. A number of large and unique oil and gas fields(1) have already been discovered and partially appraised. Besides those, three potential hydrocarbon areas, still insufficiently studied, are identified within the subject area. If significant commercial fields are discovered there, the hydrocarbon potential of the region will be substantially increased. These potential hydrocarbon areas are the northern extremity of Murmansk District in the Rybachy Peninsula, Franz-Joseph Land Archipelago, and the North-Kara Shelf. The highest potential exists in the former two of these areas. Gas-hydrate abiogenic deposits are also discussed.