The present invention provides a process for producing synthesis gas blends which are especially suitable for conversion either into oxygenates such as methanol or into Fischer-Tropsch liquids. Such a process involves reforming of two separate gaseous hydrocarbon feedstreams (formed, for example, by dividing a natural gas feedstock) in a steam-reforming unit and an oxygen-blown reforming unit, respectively. The syngas effluent from each reforming unit is then combined, after appropriate pressure adjustments, to realize a synthesis gas blend containing selected amounts and ratios of H.sub.2, CO and CO.sub.2. In further invention embodiments, processes are provided for converting the resulting syngas blends into oxygenates or Fischer-Tropsch hydrocarbons. Further conversion of the oxygenates so produced into light olefins also constitutes part of this invention.