The relationship between the petroleum potential of the West Siberian province and the Mesozoic to Cenozoic tectonic processes is analyzed. The studies were based on structural and isopach maps of seismogeologic megacomplexes compiled from generalized geological and geophysical data on the province at the Trofimuk Institute of Petroleum Geology and Geophysics as well as on the results of interpretation of regional seismic CDP (common depth point) profiles. The main stages of formation of structures of different ranks and faults have been established. It is shown that the petroleum potential of the province was determined mainly by its structure and tectonic processes at the Cenozoic stage of evolution. At that time, the Koltogory–Urengoi megatrench formed, which became the main zone of hydrocarbon generation, as well as large positive structures—petroleum accumulation zones. Also, disjunctions originated, which served as channels for hydrocarbon migration from the oil source rocks of the Bazhenovo Formation to the main Neocomian and Aptian–Albian–Cenomanian petroleum reservoirs of the province.