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The Fourth Industrial Revolution has ushered in several changes in the Oil and Gas (O&G) sector—all with a unified goal of improving, optimizing, and digitalizing existing processes and techniques. Digitalization in the O&G sector provides superior solutions for the efficiency of operations. In digitalization, the machines are connected to digital systems such as sensors; they generate accurate insights, respond in real-time and are efficient. Current digital narratives in the O&G sector are limited in space and use bottom-up technologies. However, a top-down strategy that not only overcomes the digital deluge but also assists O&G executives in following a digital revolution might be beneficial to the business. The advantages of prominent technologies such as artificial intelligence, the Internet of Things, and big data analytics are the same, yet they are interconnected. While conventional approaches like SCADA and wireless sensor networks (WSN) have served their purpose, the advent of edge computing and IoT heralds a new era of data-driven decision-making and operational efficiency. Digital transformation can deliver increased safety while minimising the environmental impact of the industry. The technologies that are used in the past and the development of such technologies are discussed in detail in this study.