Oparin, in 1924 and Haldane in 1928 suggested the biochemical theory for the origin of life. They suggested that the primitive earth conditions were reducing in nature due to the absence of the oxygen. There was a constant supply of energy in the form of lightning and this resulted in the accumulation of inorganic molecules to form organic molecules. Several organic molecules like polypeptides, polysaccharides, polynucleotides and fats gathered to form a coacervate. These coacervates were capable of dividing by budding. A layer of water and fats surrounded them. They were present in hot sea water, which provided conditions for their metabolism. This led to the appearance of the first cell.
Since a lot is known about the metabolic processes today, life can be created in the lab. Urey and Miller successfully demonstrated the precipitation of coacervate-like structure in their famous lightning experiment. Hence, life can be created in lab today.