The Bazhenov Formation is the main source rock in the West Siberian Basin, because of high organic-rich Bazhenov black shales, with a total organic carbon (TOC) content of 10-15wt.% generally. Based on Rock-Eval pyrolysis data, the initial generative potential for a significant part of West Siberian Bazhenov Formation organic matter (OM) is from 10 to 60% expended. Most West Siberian oils are in the Bazhenov Formation due to very high oil potential (initial hydrogen index = 710mgHC/gTOC) and widespread regional distribution). Vitrinite reflectance (Ro) does not correctly indicate the transformation ratio (TR) of the OM in Bazhenov black shales. However, GC-MS analysis of extracts indicated a good correlation between some molecular maturity and Rock-Eval maturity parameters. Molecular maturity parameters based on naphthalenes and phenanthrenes are not applicable for Bazhenov Formation OM. While the parameters based on 4-methyldibenzothiophene and 1- methyldibenzothiophene ratio (4MDBT/1MDBT) is applicable in estimating the hydrocarbon potential of Bazhenov Formation black shales and, consequently, provides more reliable information about marine OM TR than does Ro. The 4MDBT/1MDBT ratio is more consistent and precise than pyrolysis data. Therefore, it is more applicable in the case of scarcity of core samples throughout the whole formation.