Energy efficiency lies at the intersection of growing industry cost pressures and a focus on reducing the carbon-intensity of oil and gas operations. As a major cost component, even small improvements can have big impacts on project economics. In most assets, fuel consumption is the largest single contributor to greenhouse gas emissions. Yet, with energy efficiency only recently gaining attention as a major operational objective, oil and gas companies are still grappling with how best to achieve targeted improvements. In what areas are companies realizing the most significant early gains? Where does the next wave of opportunities lie? To what extent should companies look toward collaborative technology development partnerships and investments in start-up energy technology companies to deliver innovative solutions?