The Yarakta-Chona field is one of the most promising and best studied terri
tories of the Lena-Tunguska petroliferous province. Its high petroleum pote
ntial is due to the long history of hydrocarbon accumulation and abundance
of reservoirs in Vendian-Cambrian terrigenous and carbonate complexes. The
paper outlines a historic background of oil and gas prospecting in the regi
on, summarizes the main results, and justifies the necessity to resume the
exploration and set up petroleum production and refining.