Abstract: In the context of energy transformation, the energy market has begun to undergo fundamental changes towards low-carbon and new energy. In order to ensure the competitiveness of oil and gas in the energy industry, oil and gas companies adhere to their main business and implement the energy transformation path of “oil and gas with low and negative carbon technology”. Oil and gas engineering technologies, as important approaches to support the efficient development of oil and gas and new energy, present both opportunities and challenges. On the basis of summarizing the development situation of energy transformation and its impact on oil and gas engineering technology innovation, the new development directions for oil and gas engineering technology innovation were analyzed. Based on the development challenges faced by China’s oil and gas industry, development suggestions were put forward, including transforming technology research and development from being driven by economic benefits to value, continuously strengthening the promotion and application of cost reduction and efficiency enhancement technologies, deepening the research and development of low-carbon oil and gas engineering technologies, implementing classified policies to promote the deep integration of oil and gas with new energy, and exploring innovative management models for technologies. These suggestions have certain guiding significance for rapidly forming a new technological innovation and management innovation system for oil and gas engineering in China and enhancing the competitiveness of the oil and gas industry.