As the measures are taken against global climate issues, more than 120 countries/regions have set the goal of “carbon neutrality”. The global energy transition is progressing rapidly, and the oil companies mainly engaged in traditional oil and gas businesses are facing pressures from both multiple environmental protection regulations and carbon emission reduction. Therefore, the low-carbon transition strategy has received extensive attention. On the basis of analyzing the global energy transition under the background of “carbon peaking and carbon neutrality”, the current situation and trend of the global oil and gas development were investigated from several aspects such as supply-demand pattern, exploration and development trends, business structure, international oil prices, and geopolitics. Finally, relevant countermeasures for the development of China’s oil and gas industry were put forward: (1) take both oil and gas as the main energy sources, put more efforts in exploration and development, and attach equal importance to “unconventional and conventional resources, offshore and onshore resources, deep and shallow resources”, in order to increase reserves, stabilize oil production and enhance gas production for purpose of national energy security; (2) combine carbon emission reduction with carbon utilization, and accelerate energy conservation and emission reduction, in order to realize green and low-carbon development; (3) keep the integrated development of oil, gas, and new energy, and promote the development of new energy step by step with a clear strategy by relying on the advantages (e.g. funds, technologies and talents) of oil/gas exploration and development; (4) follow the technological innovation strategy centered on theory/technology research, key technology R&D and supporting technology applications, in order to drive the oil and gas industry to achieve green transition and high-quality development
