In recent years，ESG concept has profoundly changed development environment of the oil and gas industry. Firstly，ESG investment guides funds to green industries，improving financing constraints of high carbon projects. Secondly，ESG consumption concept drives market preference towards green products，promoting low-carbon transformation of petroleum enterprises. Thirdly，ESG regulatory policies increase compliance risks and operating costs. Fourthly，ESG incentive mechanism helps to realize the goal of “carbon neutrality” in oil and gas industry. ESG practice of oil and gas industry is being deepened continuously for facing challenges and opportunities. Oil and gas industry is racing to promote energy transition，undertake social responsibility，improve corporate governance and follow ESG information disclosure standards. Looking forward，oil and gas industry should proactively adapt to the changing environment and timely adjust company development strategy，including implementing the low-carbon development strategy，utilizing green finance policies and products，considering ESG factors in the investment decision process，establishing the well-structured and scientific ESG management system，enhancing the quality of ESG information disclosure.