The current energy system is facing one of the most complex challenges seen to date. The heavy reliance on fossil fuels, coupled with the severe environmental impact generated, makes the energy transition one of the key issues of this century. Oil and Gas (O&G) companies have been—and will continue to be—the major players in the global energy demand matrix. They are also at the center of criticism related to the environmental impact of their activities, especially the emission of greenhouse gases (GHG). Improving efficiency and optimization, through the implementation of new technologies, will serve the sector to improve its environmental performance. Innovation may serve as a lifeline for O&G companies to reduce their emissions as well as other environmental impacts associated with their activities, enabling them to remain a major player in the global business market. In this chapter, a set of technological alternatives implemented by the O&G industry is presented. The main goal is to learn about the current state of technology in the O&G sector and its application to decarbonization and environmental performance improvement. Additionally, a mapping process is performed according to the main projects currently being carried out by large O&G companies globally, in order to illustrate the efforts to reduce their impact. From a practical and global perspective, technologies such as Artificial Intelligence (AI), Carbon Capture Usage and Storage (CCUS), and electrification, among others, will be analyzed. Given the projected increase in energy demand due to the rise of AI and cryptocurrency, and population growth in some countries, fossil fuel use is expected to remain intensive. This situation underscores the pressing need to reduce environmental impact through technological innovation and its commercialization.