This paper gives a review of oil and gas resource potential of the North Caspian petroleum province. A new potential for finding several giants and large-size discoveries exists, respectively, in the presalt and postsalt sequences. Recommendations for future directions in exploration targeting at postsalt deposits (Upper Permian–Triassic and Jurassic–Paleogene petroleum systems) are given. It is emphasized that, given adequate exploration techniques, the postsalt sequence may provide stable and commercial production for decades. Most of the prospects are located within nonlicensed area. Therefore, the future exploration activity will have to be implemented through special-purpose governmental projects, namely, state-funded integrated projects aiming at investigation of the individual petroleum regions and zones.