Abstract: Oil and gas are nonrenewable resources. As an organization, an oil company may accomplish sustainable development by transforming itself into energy enterprise. This paper discusses three stages oil companies may undergo to accomplish sustainable development: the traditional energy production structure stage dominated by oil; the adjustment stage of energy production structure in which oil and gas are laid equal stress and gas develops rapidly; the transformation stage in which the proportion of oil and gas decreases while utilization of new and renewable energy soars. It is pointed out that the adjustment stage is the key for enterprises to realize sustainable development. Currently Chinese oil companies are experiencing the adjustment, as well as natural gas is the most critical supersede energy in the stage. To maintain sustainable development, it is necessary to develop natural gas and unconventional oil and gas resources, and actively exploit international markets in a short term. The long-term objective is to develop new and renewable energy, especially fuel ethanol, wind energy, and solar energy. This provides a solid basis for the transformation of energy structure, the accomplishment of sustainable development by transforming oil companies into energy enterprises.

Key words: oil company, sustainable development, energy security, energy structure, new energy, countermeasure