Climate change is becoming one of the key challenges for the global oil sector in general, and for national oil companies from oil and gas producing countries in particular. By now, two models of de-carbonization policy of oil companies have emerged. The European model envisages transformation of oil majors into broad energy companies with expanding share of renewables in their asset portfolio. Under the American model ExxonMobil and Chevron continue to make a bet on hydrocarbons and decrease their carbon footprint by improving energy efficiency and reducing carbon intensity of their operations. Therefore, progressive national oil companies either follow the European model (e.g. Ecopetrol) or the American model (e.g. Petrobras), while preserving their specifics. NOCs with a long-term strategic perspective pursue de-carbonization policy along several key directions: reducing gas flaring, carrying out carbon capture, utilization and storage projects, expanding into renewables, beginning to produce "green" hydrogen and implementing forestation programs.