Abstract:In the current global energy transition process, which is accelerating overall but with further uncertainty, the global oil and gas industry is showing four major trends: a shift in business structure from oil and gas dominance to multi-energy complementarity, a shift in market structure from globalization to differentiation between the Eastern and Western hemispheres, a shift in policy orientation from radical transition to orderly development, and an expansion of technological innovation from traditional to emerging fields. Governments of various countries and international oil companies have made adjustments to policies, strategic goals, implementation paths, and other aspects based on their own situations. China’s oil and gas industry actively integrates into the historical process of global energy transition, and has achieved significant achievement in green transition development under the guidance of national strategy. Focusing on the upstream sector, stabilizing oil production and increasing gas production to support the continuous optimization of energy structure, accelerating the low-carbon transition of the oil and gas industry through the integration of new energy development, and technological innovation leading the forging of new quality productivity in the oil and gas industry. However, it still faces challenges from various aspects such as resources, economy, and technology. Based on China’s basic national conditions and actively drawing on international experience, four suggestions are proposed to promote the green transition of the upstream petroleum industry. Namely, coordinate oil and gas supply security and green development, and firmly increase the exploration and development efforts of oil and gas both domestically and internationally. Based on the energy super basin, cultivate industrial clusters, and accelerate the integrated development of oil and gas and new energy according to local conditions. Play the role of technological innovation and policy guidance to promote high-quality development of traditional oil and gas and new energy industries. Enhance financial and tax support, accelerate the improvement of oil and gas supply capacity, and promote green development of upstream industries.