The integral role of the oil and gas (O&G) industry in the global economy and digital ecosystem exposes it to escalating cyber threats that target critical operational technology and information systems. This literature review comprehensively examines the sector's cybersecurity complexities, drawing from academic articles, industry reports, and case studies. Critical vulnerabilities exposing the industry to cyber-attacks are identified, and existing cybersecurity measures implemented by companies to combat these threats are evaluated. The review categorizes industry challenges into technological, organizational, and regulatory segments. Integrating legacy systems with modern technologies like cloud computing and IoT presents challenges. Organizationally, the focus is on cybersecurity culture, including employee training and policy enforcement. Regulatory challenges stem from the compliance burdens of national and international cybersecurity standards. The review discusses cybersecurity solutions, emphasizing innovative technologies like artificial intelligence for efficient risk detection and response. Strategic measures, such as incident response plans and executive leadership, are highlighted in fostering cybersecurity awareness. Future challenges driven by technological advancements and evolving cyber threat tactics are explored, with recommendations for ongoing research areas to strengthen the industry's cyber defenses and resilience. This review serves as a critical resource for stakeholders, policymakers, and researchers, underscoring the urgent need for proactive cybersecurity strategies to safeguard the (O&G) industry's assets and infrastructure.