The study is particularly relevant in light of the increasing impact of industry on climate change, especially in connection with the increase of greenhouse gas emissions. The article examines the legal regulation of the activities of oil and gas companies in a low-carbon economy, identifies areas of cooperation, and analyzes the practice of the largest oil and gas companies in Russia and China on the path to carbon neutrality and energy transition within the framework of the concept of sustainable development. The aim of this article is to explore strategies for the development of oil and gas companies toward carbon neutrality. This will make it possible to formulate recommendations for improving their activities. To achieve this goal, a systematic approach, a comparative analysis method, and an analysis of the ecological and sustainable development statements of organizations were used. The analysis made it possible to conclude that climate change is increasingly affecting the strategic goals of modern organizations. This requires a reconsideration of the categories of efficiency in the framework of sustainable development, with a particular focus on decarbonization.