The involvement of oil and gas companies, including National Oil Companies (NOCs) that account for about 50% of the world’s oil and gas production, in decarbonization efforts will greatly impact advancement toward global climate goals. Climate advocates must increasingly consider the wide array of developmental challenges the energy transition poses to both International Oil Companies (IOCs) and NOCs, including producing countries where their NOCs play a key role in achieving progress. Meanwhile, oil and gas companies, and the governments of countries in which they operate are grappling with markets evolving toward a more diversified energy mix, and a mandate to decarbonize. Action toward a lower carbon profile is now a prerequisite to secure long-term strategic positioning and energy security. How do companies adopt their strategies for future success? What are the pathways to increase energy production, security with a lower carbon footprint?