The speed of international social-economic development closely depends upon the growth of world energy consumption, which in turn has to meet the stringent environmental protection policy that controls the total amount of greenhouse gas released to the atmosphere in the burning of fuel. In order to achieve the sustainable development of all nations, it is advisable to give an outlook to the future situation of world oil and gas industry as the representatives of the non-regenerable energy resources. This paper presents an opinion on the future development of oil and gas industry based on limited data published in literature together with controversial forecasts by different authors and covers four subjects： (1) the demand and supply of oil and gas in the new century; (2) the specifications of oil products to meet the environmental regulations; (3) the role of unconventional oil in the energy industry and (4) the brilliant future of natural gas.