Based on the results of the studies by Russian petroleum geologists, the Upper Proterozoic is considered to be new oil and gas-bearing interval, showing high prospects of discovering the large hydrocarbon accumulations there. In particular, in the Siberian Platform, the large Lena-Tunguska province is distinguished where above 40 fields have been discovered with hydrocarbon pools in Riphean, Vendian, and Vendian-Lower Cambrian deposits. The biological and biogeochemical prerequisites of the Upper Proterozoic petroleum potential are rather favorable. Significant amounts of the organic matter of ancient biospheres underwent active photosynthesis and generated hydrocarbons (shungites, anthraxolites, etc.). Oil is derived mainly from lipid and lipoid components as well as from polymer-lipid kerogen complexes formed during diagenesis and protocatagenesis stages.The naphthide genesis conditions in the Precambrian are characterized by a number of features (higher heat flow, small sizes of sedimentary basins, high-carbonaceous formations, etc.). On a global scale, distinguished are the Riphean and Vendian-Lower Cambrian oil and gas-bearing intervals with sedimentary basins, different in morphology and structure. Geodynamical processes were the major controlling factor in the evolution of naphthide genesis. Forecast of the petroleum potential of the Upper Proterozoic basins requires more careful analysis of the parameters and detailed reconstruction (relationship between the generation centers and oil and gas accumulation zones, reservoir structure, etc.). Of particular importance are the presence of reliable seals; evaporite seals are optimal for pool preservation. Identification of favorable zones of oil and gas accumulation and traps is the final stage of the forecast of petroleum potential of ancient basins. The spatial combination of centers and zones of accumulation predetermines most regularities of field distribution (Yurubchen-Tokhomskaya zone, Nepa-Botuoba anteclise, Pripyatskiy trough).By the Siberian petroleum geologists' estimate, above 70% of oil and 65% of gas are concentrated in the Upper Proterozoic reservoirs. The Riphean and Vendian deposits are highly prospective, but poorly studied. The Upper Proterozoic is a new and prospective target for exploration for large hydrocarbon accumulations. The ancient petroleum complexes are of major importance for expansion of the resource base of fuel-power industry in the XXI century.