We present results of research into the tectonic, lithofacies, and geochemical formation conditions of the Erema–Chona oil ans gas accumulation. We characterize present-day structures and their formation history, consider the composition, structure, formation conditions, postdepositional alterations, and porosity–permeability properties of the Osa, Ust’-Kut, Preobrazhenka, Erbogachen, and Upper Chona Horizons, assess the quality of the overlying seals, and describe the technique and results of quantitative estimation of the petroleum potential of pay beds. Modern technologies for the development of oil reserves are also presented, along with geological and economic assessment of hydrocarbon resources of the study object.

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