Abstract: The reserve-production ratio is the ratio between the remaining reserves and production in the same year, reflecting the changes in the oil production situation. Based on the study of the oil and natural gas reserve-production ratio of major oil areas nationwide in the past decade, this paper makes analysis of the oil and gas development momentum. The strategy to put the same emphasis on both oil and natural gas has been basically realized in the efforts for exploration and development in the past three decades, with new oil and gas industrial bases established. The practice indicates that tapping of potential in old oil areas is an important condition for sustainable development. Lowgrade reserves and even unconventional oil and gas reserves have become more and more important strategic areas of oil and gas exploration and development. However, the growth of reserves and production has been obviously slowed down in recent years with the reserveproduction ratio reduced. Since the early-developed oilfields become aging and deteriorating, it is of great urgency to open up new fields and new producing areas while tapping the potential in old oil areas for strategic resources replacement. The development strategy should be focused on the following areas. First, put the same emphasis on both conventional and unconventional oil and gas development. Investment in conventional oil and gas development should follow the order of such priorities: increase of reserves and production in old oil areas, development of unproduced reserves, expansion of new oilfields and oil areas and drilling of adequate risk exploration wells. (2) The efforts should be continued for onshore deep layers and offshore Mesozoic oil and gas areas of marine facies. (3) Energetically promote exploration and development of the new producing areas which are confirmed to have oil and gas prospect, such as the well-preserved Qiangtang block of marine in Tibetan Plateau and the rift belt of continental facies represented by Bangong Lake – Nujiang River area, and the Upper Paleozoic System of marine facies in the north excluding Huabei area and Tarim area as well as the deep to ultra-deep zones outside the continental shelf of South China Sea.