Through applying the new developed concept of sectoral income, the thesis discussed income arising from the petroleum extraction sector in various theoretical models. Income arising from the petroleum sector comes from the sectoral current and future cash flow, which can be classified as two types of resource rents: Hotelling's rent and Ricardian rent. However, in all cases we discussed, Hotelling's rent is not included in the sectoral income. On the other hand, Ricardian rent is one part of the sectoral income. But in the cases of exogenously determined extraction, part of Ricardian rent is deducted from the sectoral income. In a Dasgupta-Heal-Solow model, the resource income equals the price change effects. Then in the partial equilibrium analysis, we considered four main factors that have effects on the sectoral income: petroleum real price, real interest rate, the remaining stock at a point in time, and the technological improvement. We classify partial models as two types: one with endogenous price determination and another with exogenous price determination. The discussion in the thesis assumes that all the information is known at each point in time.