Some development features of one of the oldest Volga-Urals oil and gas province field are reviewed. its current development status is characterised by the following peculiarities: main production objects are at the latest stage of development; fraction of hard-to-recover reserves is increasing in overall reserve structure; over half of producers stock have the fluid rates of no more than 3 t/day; etc. Conclusion is made, that Serafimovskoye field should be included into the list of fields, subject to tax liberalization for further development.