Abstract: To further advance the development of CNPC’s key oil and gas engineering equipment, the main progress and strategic approaches in this field during the“14th Five-Year Plan”period were systematically reviewed. Critical challenges anticipated for the“15th Five-Year Plan”period were analyzed, and corresponding development pathways for key equipment were outlined. During the“14th Five-Year Plan”period, strategic focus was placed on the “two deeps, one unconventional, and one mature”directions (deep-layer and deep-water formations, unconventional resources, and mature oilfields). Breakthroughs in core technological bottlenecks for drilling and completion, reservoir stimulation, oil and gas production, as well as power and new energy equipment were prioritized. A series of major equipment was successfully developed, including a 12 000 m ultra-deep automated drilling rig, a quiet and energy-efficient permanent-magnet direct-drive top drive, 10 000 meter-class high-load drill pipes, high-temperature-resistant screw drill, 175 MPa well control equipment, and electric-drive fracturing skids. Significant enhancements in drilling depth, operational efficiency, intelligent capabilities, and green transformation were thereby driven. For the upcoming“15th Five-Year Plan”period, key challenges were identified, including the deteriorating quality of resources, heightened safety and environmental requirements, integration of artificial intelligence, and industrial chain security risks. In response, four pathways were proposed: empowerment through digitalization, domestic substitution of critical components, integration of low-carbon technologies, and strengthening industrial chain resilience. These measures are aimed at constructing an independent, secure, and efficient oil and gas engineering equipment system, thereby providing support for China’s national energy security.