As a cornerstone of the global economy, the oil and gas industry faces the critical challenge of balancing stable energy supply with environmental protection to achieve sustainable development—essential for mitigating climate change driven by greenhouse gas (GHG) emissions and ensuring long-term industry viability. This paper explores key technologies powering the industry’s sustainable transformation across the entire value chain, elaborates on the standardization system for sustainable development and put forward a standardization framework comprising three modules—basic requirements, carbon emission reduction, and carbon removal. Propose recommendations including strengthening global-regional standard-setting collaboration, prioritizing standards for emerging decarbonization technologies, improving carbon data credibility, involving enterprises in standard drafting, and dynamically updating standards to drive the industry’s decarbonization, enhance ecological and economic resilience, and realize sustainable development.