In the oil and gas industry, there has not been a consistent, concerted effort to reduce global greenhouse gas (GHG) emissions across the supply chain. In addressing this challenge, this study evaluates the potential GHG emissions reduction that may be realized through deployment of a geothermal power co-production system in two Colombian oil fields, compared to a base case where energy needs are derived through non-renewable sources such as gas and diesel. These geothermal power co-production systems make use of organic Rankine cycle (ORC) engines to convert the heat from produced oilfield fluids into electrical energy. The energy potential of this resource is evaluated through the exergy concept, and a life cycle analysis is implemented to calculate the carbon footprint using the Intergovernmental Panel on Climate Change (IPCC) 2013 methodology. In the two oil fields of interest, OFA and OFB, the results show a maximum potential energy production of 2260 kWe for OFA and 657 kWe for OFB. The co-production of crude oil and electrical energy from geothermal resources suggests a possible a carbon footprint reduction of 19% and 11% for OFA and OFB, respectively, when compared to conventional power systems. In addition, four emissions scenarios are assessed where the current energy sources in these oil fields are substituted by gas, diesel, co-generated geothermal power, or a combination of the three while maintaining the average power output in each field. The highest carbon footprint reduction is found in Scenario 1, which replaces 100% of the liquid fuel consumption with purchased gas (gas provided by a third party and treated outside the system’s limits), thereby achieving carbon footprint reductions up to 54% for OFB. This research opens the prospect for the use of renewable energies in the oil and gas industry.