Operations research is a science/process in which one applies mathematics to real-life business problems to come up with the most highly effective and efficient solutions/ decisions. Algorithms, simulations, and optimization are the key to finding any solution with the help of OR. The oil and natural gas industry were one of the early adopters of this scientific process and the use of OR helped this industry to grow and overcome several hurdles throughout. The report further provides insights into the different problems faced in the operations of the business in this industry and how different models and theories of Operations Research help in making the best decisions regarding it. We have also discussed in detail how several oil corporations have used OR in their functioning.