Abstract: In 2021, oil and gas production of national oil companies accounted for nearly 50% of the total amount in the world. On the other hand, national oil companies are facing huge pressure of carbon peaking and carbon neutrality. In order to adapt to the changing energy market,the latest performance of national oil companies in the context of energy transition is analyzed, and relevant suggestions are proposed based on China’s national conditions and the actual situation of oil and gas supply. The analysis results show that Chinese oil companies should integrate traditional energy and new energy, and gradually transfer to alternative energy resources, so as to achieve stable energy supply and sustainable development. First, the trend of decarbonization should closely be followed and carbon emission reduction requirements should strictly be complied; Second, the asset portfolio should be optimized to decentralize key risks; Third, the leadership of technological innovation should be strengthened and the CCUS industrial chain system should be built; Fourth, research and innovation should be implemented, and the development of new energy fields should be diversified.