The Hope Basin,an independent petroleum province that lies mostly offshore in the southern Chukchi Sea north of the Chukotka and Seward Peninsulas and south of Wrangel Island, the Herald Arch, and the Lisburne Peninsula,is the largest in a series of postorogenic (successor) basins in the East Siberian-Chukchi Sea region and the only one with exploratory-well control and extensive seismic coverage.
In spite of the seismic coverage and well data, the petroleum potential of the Hope Basin Province is poorly known. The adequacy of hydrocarbon charge, or in combination with uncertainties in source-rock potential and maturation,was the greatest risk in this assessment. A single assessment unit was defined and assessed, resulting in mean estimates of undiscovered, and technically recoverable resources that include ~3 million barrels of oil and 650 billion cubic feet of nonassociated gas.
Source: usgs.gov