Companies in the oil and gas industry continue to face headwinds in keeping pace with evolving industry trends such as decarbonization, digitalization, fluctuating commodity prices, unpredictable market demand, climate change concerns, intense competition from renewable energy sources, aging assets, etc. The industry is also afflicted by increasing pressure to improve sustainability. Against this background, can the oil & gas companies target to achieve carbon neutrality? What will it take for the companies to achieve that goal? Frost & Sullivan has identified five key market trends that will shape the future of the oil and gas industry. This includes the emergence of carbon capture and storage technology, industrial electrification, role of LNG in the energy spectrum, rise of the hydrogen economy and automation in the oil & gas industry.