A new formulation of the general problem of the large-scale energetics for the global oceans is presented and analyzed. Using a variety of ocean surface observations, some of the terms in the energy balance equations, such as the time rates of change, the generation rates of available gravitational potential energy G(P) and kinetic energy G(K), and the conversation rate from available gravitational potential energy into kinetic energy C(P,K), are estimated for annual and seasonal mean conditions. An attempt is also made to measure the uncertainty of these terms in order to assess the reliability of the results. The interseasonal variability is analyzed showing that the winter hemisphere represents the most active region of the globe. Using the data and some reasonable assumptions, pictures of the energy cycle in the global oceans for yearly and seasonal conditions are constructed. The hemisphere and global dissipation rates of available gravitational potential energy D(P) and of kinetic energy D(K) are estimated as residuals, assuming that the contribution from the internal energy C(I,K) is only a minor factor. After analyzing the general consistency of the picture of the energy cycle for the oceans, the conclusion is reached that the G(P) and G(K) terms are about equally important terms needed to describe and understand the structure and dynamics of the global ocean circulation.