Abstract: In an environment of low oil price shocks,the oil and gas industry faces great difficulties and challenges.It is universally acknowledged that technology innovation in petroleum engineering is necessary in the industry to achieve low cost and high efficiency.In this context,many international oil companies vigorously promote transformational technical innovation and have established innovation management divisions.Their approach has resulted in new characteristics and new trends in technological innovation and technical development,and their experiences can serve as a useful reference for China.The paper analyzes the innovation background of petroleum engineering technology,and studies the characteristics of petroleum engineering technology developed by foreign companies.The strategies studied include examining howe technology innovation management has moved from being project and strategic driven to being value driven.In the new model,transboundary cooperation becomes a new form of business,the integrated technology service model becomes more important,and the technology innovation activities pay more attention to the practical technology of reducing the cost and increasing efficiency.Given the situation and challenges of oil and gas exploration and development in China,some of the best future development directions of petroleum engineering include intelligent drilling and completion technology,one-trip drilling technology,HTHP drilling and completion technology,complex structure well drilling and completion technology,refined fracturing technology and integrated solutions.We will start with a focus on the key technologies involved in these development directions.Developing a series of cost-reducing and efficiency-improving petroleum engineering technology as soon as possible is of great significance to the economic and efficient development of oil and gas resources in China.