<p>The word nanotechnology became a humming word of decennary. Nanotechnology application hikes oil and gas industry growth, as witnessed by undertaken research in the past few years. The application of nanotechnology has penetrated through different disciplines in the petroleum industry. This study covers nanotechnology applications in exploration, drilling, enhanced oil recovery, and well cementing. In order to improve the recovery of a field, nanoparticles can change certain formations and oil properties, which is beneficial. Accurate control and modification of particles at measurements (1–100&#xa0;nm) have become the development direction of the oil and gas industry. The major challenges linked with the usage of nanoparticles are transportability in reservoir rocks and stability in liquid media; in order to achieve new applications and better performance, synergistic effects studies are proposed for examination in future nanotechnology research. The technology resulting from the synergistic studies can strengthen future nanotechnology applications in the oil and gas industry, chiefly for extreme pressure and temperature conditions. Most of the nanotechnology research in the oil and gas industry investigates laboratory experimental work. The lowest possible nanoparticle concentration is suggested for cost-effectiveness while achieving the desired performance. Further advancement in nanotechnology boosts the application of nanotechnology in the petroleum industry.</p>