Abstract: In 2016, the oil and gas industry struggled to rebalance.The international oil and gas industry still needs a certain time to achieve a balance between supply and demand, oil prices and gas prices will continue to maintain low prices, and global oil and gas up stream investment has been fallen sharply.Oil producers face a positive adjustment in the form of low oil prices, and international oil companies are responding actively to a slump in operating performance.When Trump took office, the US implemented a new energy policy, and China’s construction of “Belt and Road”, they all have the influence on the international and domestic oil and gas markets.Based on the fundamental state of the global oil and gas market and the external invest situation of China oil and gas enterprises in 2016, we researched and analyzed the risks of politics, economy, law and society that exist in the oil and gas invest.Finally, according to the trend of supply and demand and the international situation, we made a brief introduction to the future investment prospects of China’s oil and gas enterprises.