Yarega oil and titanium deposit is a unique facility due to a combination of two mineral resources – oil and titanium ore – in one geologic structure. The paper describes mining and geologic conditions of the field, as well as engineering solutions to enhance oil recovery and the efficiency of heat transfer. The author focuses on the issues of deposit opening and preparation for development, and provides recommendations regarding the exploitation procedure of the oil and titanium parts of the field, which take into account field data on the extraction rates of high viscosity oil and titanium ore from the start of deposit development. The paper contains analysis of existing technological schemes of high viscosity oil extraction and steam heating of the oil bed, as well as assessment of their feasibility. Issues of field preparation for development are reviewed from the position of accumulated practical experience, and recommendations on the feasibility of combined underground and open-pit mining are supported with evidence. The main advantages of the proposed system are explained; key technical and economic indicators are calculated.