Abstract: This paper analyzes the world and domestic petroleum potential resources, proven in place reserves and recoverable reserves in 2007. The study shows that in the 21st century, oil and gas will still play important roles in the energy family. Chinese petroleum industry should make efforts on independent innovations in theory and practice for its extraordinary, energy-saved and globalized developments. The waterflooding process is still crucial technology for EOR in domestic oilfields. The CO 2 miscible injection in reservoirs for incremental EOR and reducing emission should be promoted and popularized in the future. The 21st century should be a multielement era for energy development, and in the 22nd century a global economic society with guarantee of renewable resources and/or new energy sources will be hopefully created.

Key words: petroleum potential resource, proved reserve, recoverable reserve, CO₂ injection, oil displacement, renewable resource, new energy source