More than 40 years have been passed since exploration and development of oil-gas began in the Bohai Bay Basin. Though we have faced with many difficulties during our exploration, exciting discoveries in petroleum-rich sags have been made in recent years. Studies show that the petroleum-rich sags are characterized by multiple sets of oil-gas accumulation in the pre-Eogene to Neogene strata in profile and large-area connection or superimposition of oil-gas reservoirs in different strata. Therefore, petroleum-rich sags continue to be a focus of future oil-gas exploration in the Bohai Bay Basin. There is still a great potential of petroleum resources. Inshore and offshore areas, onshore stratigraphic reservoirs, high-precision exploration in old oilfields, reservoirs inside buried hills, and volcanic reservoirs will contribute a lot in increasing the annual oil-gas production and reserves in the basin.