The urgency of decarbonizing energy systems has grown since the entry into force of the Paris Climate Agreement in 2015. The impact of global climate change has been linked to the escalation in the atmospheric concentration of carbon dioxide (CO2). The world community is currently promoting the idea of decarbonization—the restructuring of the economy and energy systems to drastically reduce CO2 emissions, which will reduce the burden on the environment. The oil and gas industry has a huge impact on the climate. Therefore, oil companies are actively implementing decarbonization projects using advanced technologies and responsible investments. This research examines the primary techniques and technologies employed in decarbonizing the oil and gas sector, specifically within the Oil and Gas Climate Initiative (OGCI), which comprises the largest international corporations in the industry. A correlation analysis is carried out to ascertain the correlation between the volume of greenhouse gas (GHG) emissions and investments in decarbonization technologies.