The oil and gas industry is evolving rapidly into a new, emerging energy system partly anchored in traditional petroleum engineering and partly evolving rapidly in new skill areas (digitalization, sustainability, emissions reductions, energy efficiency) and emerging industries (hydrogen, offshore wind, geothermal, carbon sequestration). Country pledges and investor demands have moved sustainability and the energy transition forward rapidly. Company commitments to reduce Scope 1 and Scope 2 emissions, along with new regulations, put the challenge into the hands of petroleum engineers to invent novel ways to increase energy efficiency and reduce emissions. Volatility in energy prices emphasizes the need to manage oil and gas supply and investments carefully to ensure energy affordability, while the advent of the Fourth Industrial Revolution brings the integration of physical assets (e.g., rig platforms, flow stations) with advanced digital technologies (e.g., machine learning, artificial intelligence).