The shallow migrating hydrocarbon fluids in the western Barents Sea are usually found to be associated with high seismic amplitudes. We have attempted to characterize such shallow high-amplitude anomalies in the Hoop Fault Complex area of the western Barents Sea. The workflow is devised for discrimination of anomalies that are associated with the presence of hydrocarbons from those that are not, and quantifying them further includes the computation of a set of seismic attributes and their analyses. These attributes comprise coherence, spectral decomposition, prestack simultaneous impedance inversion, and extended elastic impedance attributes, followed by their analysis in an appropriate crossplot space, as well as with the use of rock-physics templates. Finally, we briefly evaluate the futuristic efforts being devoted toward the integration of diverse data types such as P-cable seismic as well as controlled-source electromagnetic data so as to come up with an integrated assessment for the prospects and to mitigate risk.