The oil and gas industry is experiencing an evolution, motivated by new challenges related to the exploration and production of hydrocarbons in complex geological environments as well as in areas which are highly sensitive both socially and environmentally. Every day the world demands more energy to sustain its growth. This poses a double challenge for the oil and gas industry, which must reinvent itself to ful ll the world demand for energy in a way that is economically, socially and environmentally responsible. This article presents a perspective of the oil and gas industry in the world and local contexts, as well as a perspective of its main requirements and challenges. These could be met with innovation and technology in a positive environment of collaboration between our academic and industrial sectors.