Energy Transition in the Oil and Gas Sector: Decarbonization Strategies and Repurposing Infrastructure for a Net-Zero Future

The oil and gas (O&G) industry accounts for over half of global CO 2 emissions, requiring coordinated actions to align with the Net Zero Emissions scenario by 2050. Two major pathways emerge for O&G companies: developing diversified energy portfolios that include renewable energy sources and decarbonizing residual O&G operations. However, both strategies require, to varying degrees, the retrofitting of existing infrastructure and expertise. This critical review examines how the current O&G framework can be repurposed to advance energy transition initiatives of O&G companies, namely by developing renewable energy systems and reducing CO 2 emissions across upstream and downstream operations. The strategies covered herein are based on projections, goals, and ongoing actions reported by the International Energy Agency, the Oil and Gas Climate Institute, and oil companies. In the upstream segment, geological knowledge and reservoir infrastructure can enable geothermal energy development and carbon storage in depleted and active fields. Also, offshore wind, tidal, and solar energy projects may benefit from upstream expertise in working in harsh marine environments. In the downstream segment, refineries can be partially or fully converted into coprocessing refineries and stand-alone biorefineries, respectively. Biofuels, green hydrogen, and synthetic fuels are envisioned in renewable-focused scenarios, whereas low-carbon and drop-in fuels support lower-emission fossil cases. Other integrated actions, such as electrification of operations, integrated energy hubs, and participation in carbon credit markets, can strengthen the decarbonization of the O&G value chain. Overall, the initiatives reviewed illustrate multiple routes through which O&G companies can leverage their infrastructure and expertise to accelerate the energy transition and contribute to a net-zero economy.