Until the middle of this century, Chinese oil&gas resources have great potential for sustainable development. Chinese petroleum industry has developed sixty years.Now it has been one of the greatest oil &gas producing country from a "oil-poor country"  , and built 24 large-scale oil and gas production bases. A series of theories and techniques have been setted up independently. It is known that the Chinese geological condition is very complex,which gave birth to all kinds of new areas, new strata and new conceptions for hydrocarbon exploration.The undiscovered resources are still relatively abundant,although a large amount of oil and gas resources have been found.The oil exploration is just in the medium term, and natural gas exploration is still in its early stage. At the same time, we are confronted with many stern challenges which lies in the further development, such as the rapid development of China's economy will enlarge oi & gas demand gap, the exploration will become more and more difficult,the costs of exploration and development are rising continuously,etc. Therefore, we must always strengthen oil & gas exploration work. On one hand,the exploration of domestic new area must be insisted on to keep stable growth of exploration, reserve and production. A variety of ways should to be taken actively to share international energy resources, introduce and explore foreign oil and gas. On the other hand, we must also actively take measures to fully promote the conservation strategy for oil & gas and try our best to achieve oil & gas resources' sustainable development.